Well Lenny I got this one wrong..............I'm a shareholder,...

Well Lenny I got this one wrong..............I'm a shareholder, sent my cheque for $50000 and my allocation is ZIP.............yep zero.

The existing note-holders got a priority (as they should) - but the owners of the business got none................my guess is that the underwriter's clients (NAB as I recall) got the stock that the shareholders didn't.

So much for governance - I'll be voting against the Remuneration Report and any directors up for re-election at the AGM as a protest against such poor form.............if enough pressure is applied over time these guys will get it eventually and exhibit a clear shareholder bias in their decision-making instead of gifting an investment house with a benefit that could have, should have, but didn't find its way to to shareholders.

As it turns out at $100 and a few cents which is where they're trading at, they're a good buy, in my opinion.