The first reply I received is exactly the same as yours. But I am not giving up. See below email thread of their second reply and my further questioning. May be you would like to chase them up as well. In the mean time, Alan Boys, the company secretary of PLS replied to me today saying he will reply to me after consulting with the company solicitor.
"
Hi Daniel,
Thanks for the reply.
However, I disagree with your administration team’s comments. The SPP prospectus document does allow the custodian to extend the offer to member, and I quote from Paragraph 11:
“If on the Record Date you are a Custodian and hold Shares on behalf of one or more persons each of whom is an Eligible Shareholder (each, a Participating Beneficiary), the Offer is made to you and you have the discretion whether to extend the Offer to the Participating Beneficiaries. You may apply up to a maximum of $15,000 worth of New Shares for each Participating Beneficiary.”.
Note the words “ …for each…”.
The paragraph then goes on to the steps the custodian shall take to extend the offer.
I again attach the SPP document for your reference.
Are you reading a different document from the attached, or reading it differently? I urge your team to thoroughly read it again.
In the meantime, I am writing to the company (PLS.ASX) to clarify.
From: AustralianSuper Member Direct [mailto:[email protected]]
Sent: Monday, 2 May 2016 07:07
Subject: RE: Member - Other (Share Purchase Plan for shares held under MembersDirect)
Dear Phillip,
Thank you for your email.
I have confirmed with our Member Direct administration team that we can’t currently offer Share Purchase Plan (SPP) in the Member Direct option as members’ super holdings are held in trust by AustralianSuper and not by the individual member.
This is due to the fact that all shares bought by members on Member Direct are consolidated at fund level and held by the fund’s custodian. Please note that the $15,000 limit is applicable per custodian.
This restricts the fund from being able to offer SPP’s to members via Member Direct.
If you have any questions, email us at [email protected] or call 1300 300 273 8.00am to 8.00pm AEST weekdays."
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