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SP Ausnet Retails rights- Can it be sold?
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Alligator
Veteran |
03-Jun-2009 12:21
Yells: "learning from past " |
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hi anselmang, I read briefly on this 'entitlement' of 1 for 4 at 0.86 and find that this is " NON-renounceable", you should read your document properly. I just copy here from SGX website 4. No Entitlements trading Entitlements are non-renounceable and cannot be traded on the ASX, SGX-ST or any other exchange, nor can they be privately transferred. So what it meant is : This is different from all those RENOUNCEABLE rights issue you have been reading like DBS, Capland, Chartered , Kepland and so on. There is NO nil-paid rights trading period as you have read from those RENOUNCEable rights. For this SP Ausnet, i think you have only two choices: 1. Subscribed, pay 0.86. and you shall be credited with new shares. 2. Ignore it and let is lapse. As this one 1 for 4 will have odd lot, they have applied for a temporary odd lot counter to deal with odd lot trading ( that is AFTER you exercise your subscription). copy here for your reading: ODD LOTS TRADING COUNTER SET UP FOR THE NONRENOUNCEABLE ENTITLEMENT OFFER TO ELIGIBLE RETAIL SECURITYHOLDERS IN SINGAPORE (“RETAIL ENTITLEMENT OFFER”) Unless otherwise defined, all terms used herein shall bear the same meaning as in the offer booklet dated 14 May 2009 issued by SP AusNet in connection with the Retail Entitlement Offer. SP AusNet has applied for and obtained the approval of the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the establishment of a temporary counter to facilitate the trading of New Stapled Securities in board lots of 50 Stapled Securities per board lot (“Temporary Trading Counter”), in addition to the existing board lot size of 1,000 Stapled Securities. The Temporary Trading Counter will be made available from and including 29 May 2009, being the day on which New Stapled Securities allotted on the Initial Allotment Date are listed for quotation on the Main Board of the SGX-ST, up to and including 17 July 2009, being one month after the day on which New Stapled Securities allotted on the Final Allotment Date, 17 June 2009, are listed for quotation on the Main Board of the SGX-ST. Securityholders can also trade odd lots of Stapled Securities in board lots of one Stapled Security on the SGX-ST’s Unit Share Market. For the avoidance of doubt, the Temporary Trading Counter is only available for trading of Stapled Securities on the Main Board of the SGX-ST. |
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anselmang
Member |
03-Jun-2009 11:32
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Hi, I've received the document for the rights subscription for the retail portion of SP Ausnet. Can it be sold under the SPAusnet 50 counter like most other rights, for nil-paid rights? Or must I keep it until the commencement of normal trading of new staples securities on 18Jun09? |
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