Yes, this is my first post. I have been a long time reader of Hotcopper without contributing. However, I do feel it necessary to bring to the attention of AQD holders who missed out on their SPP shares that we may have been disadvantaged by a management decision to reject some applications that were made before the closing time.
After discussions with both management and Advanced Share Registry today, it appears that AQD management may have rejected applications made on 18 November (the closing date) as they only saw the funds in their bank account on 19th November. So whilst shareholders like myself applied and paid for shares via Bpay before the closing time and these payments were accepted by the registry, AQD management rejected the applications as they do not understand the Australian banking system.
I have applied for and paid for shares via Bpay on the closing date in share offers from many companies over the years and this is the first time a company has rejected my application as it was a 'late application'.
The AQD announcement states late applications were made for 25 million shares. This is over 20% of all SPP shares applied for! Has anybody ever seen a company have that many late applications before? Clearly a very large portion (if not all) of these applications were made before 5pm (WST) on 18th November just like mine.
I encourage all of you who are in the same position as me to contact both the Australian Shareholders Association and the ASX itself.
I have been a shareholder in AQD since listing and hold shares in various entities. The allotments I missed out on are material. I have already sought legal advice on the matter and urge others to do the same.
I believe we have been severely disadvantaged by managements lack of understanding on how Bpay payments work.
Please make contact with me if you wish to discuss further.
AQD Price at posting:
2.7¢ Sentiment: None Disclosure: Held
