share purchase plan

The last thread on this subject seemed to stir a few posters up. I don't know why but for the record this quote from the spp ann.

"New shares will be issued on or about 28 December 2007. New shares will rank equally with existing fully paid ordinary shares in Matrix and will carry the same voting rights, dividend rights and other entitlements at the issue date.

"It is expected that the new shares issued to you under the SPP will be quoted on ASX on or about 7 January 2008 and you should receive your holding statement or confirmation advice shortly after that date."

In case some holders are wondering about the delay, let me explain.

Firstly the delay isn't really unusual. I've participated in a number of spps and they always take time. We all need to be patient. The company needs to reconcile applications with payments and there is no room for error. Generally some cheques will take longer to clear and some companies choose to delay presenting cheques until allocations have been determined. This causes more delay. Running the spp over Christmas Hew Year wouldn't have helped.

If there is oversubscription, a scaleback process will need to be developed and implemented. I would expect refund cheques to be posted with holding statements.

Once holdings are allocated to HINS, the electronics take over and shares should be in accounts the next day. I use ETRADE and find new share issues appear in my Account Positions file before they reach my trading window. I'm not planning to sell any of my new shares so it's not a problem for me.