This new float may very well turn out to be a "non-event"
The ASX listing rules (7 ) state:
"There must be at least 500 holders each having a parcel of the main class of shares with a value of at least $2,000."
This implies at least 500 holders taking a minimum of $6,000 of the IPO.
Given the track record of the 3 Directors they may well struggle to meet this criteria. However, I reckon the underwriting broker (whoever it is) will probably put some of the IPO into the discretionary accounts they manage just to try and get the numbers.
The fact the Directors are underwriting the public issue is academic - they still new 500 new holders (aka suckers).
Personally I would love to see the IPO fail just to teach the Directors a lesson, and land the bills for the new listing effort at their feet.
the boys are back in town..., page-10
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