Anyone who buys after 27th will not be entitled to the rights...

Anyone who buys after 27th will not be entitled to the rights issue.
"Persons who acquire the Company’s shares after the commencement of the trading halt on Monday, 27 July 2009 are not entitled to participate in the Entitlement Offer."


"T+3 (Thursday 30 July 2009)
Record Date for Entitlement Offer – Books close at 7.00 pm, for the purpose of identifying shareholders entitled to participate in the Entitlement Offer."

Does this mean if you sold today you would still be entitled to the right issue as you would still be registered with chess until 4th August?

If this is so, I am very surprised there is such a strong demand for the shares. I would have thought there would be some selling pressure as shareholders could get back the shares cheaper at 20c later.


"Despite the fact that the securities are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages. As a result, CHESS will not maintain cum balances in these securities within the system.
In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date."

Can anyone please explain what this means in relation to being entitled for the rights issue if one has sold their shares after the 27th.