I think the error would be at the international broker level not at the SWF level. If you did go to sell the addtional stock that you think is in your account the registered holding would flag as incorrect a should disallow the trrade, nonetheless if this is true it os poor form and Open Markets who ever the actual holding is registered with has a lot to answer for. Good news is the stock has been rising last few weeks and the AFR reported Open Markets are about to be sold derisking Self wealth from their financial concerens previously flagged by the AFR

Street Talk

Openmarkets finds light at the end of the tunnel, finally

Anthony Macdonald, Sarah Thompson and Kanika Sood

Aug 24, 2022 – 9.33pm

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It’s finally down to the short strokes at clearing and broker services group Openmarkets.

Nearly six months after the group was due to repay convertible notes, and nearly one year after it pulled a planned ASX listing, Openmarkets expects to have locked in its white knight within the next few days.

Barring any final hiccup - and there have already been a few at Openmarkets - the deal would have the company head to New Quantum, an Australian wealth management software group that has big plans in financial markets.

The deal would re-set Openmarkets with a clean slate (from a financial perspective), a fresh set of shareholders and new faces around the boardroom table.

It also would end 12 months of uncertainty, temporary capital injections, upheaval and talks with buyers, aided by Loftus Lane Capital and Shaw and Partners (also the former home of Openmarkets’ new CEO Dan Jowett).

The scrambling started earlier this year, after Openmarkets was unable to list on the ASX in late 2021 and the IPO market all but froze over.

Openmarkets had $10 million in convertible notes due in March, according to its financial statements for the year to June 30, 2021, which were issued with a 12-month duration and redeemable at an initial public offering, share sale or trade sale.

It raised another $1.5 million in convertible notes sold to BMY Group in July last year, and another $6.2 million in September. Eric Gao’s BMYG then snapped up $3.5 million worth of redeemed notes from the company’s sophisticated investors via E&P Corporate Advisory.

Last year’s accounts made it clear that Openmarkets’ ability to continue as a going concern – and offer its online stockbroker services to traders, advisers and intermediaries – was contingent on its ability to finalise a capital raising.