Cuttlefish, if there is someone prepared to buy - as Enzyme has pointed out and is confirmed by screenshot of market depth - then wouldn't it be unfair to all the existing holders who are desperate to sell?I still don't understand why this stock hasn't been suspended to prevent people from falling into the trap.
Someone just brought 1,000,000 Briscon shares.
$1,000 for a $2 million debt.
Sorry, I'm not sure which bit you mean.Why would anyone do this??? I don't understand.
Cuttlefish, if there is someone prepared to buy - as Enzyme has pointed out and is confirmed by screenshot of market depth - then wouldn't it be unfair to all the existing holders who are desperate to sell?
E-trade still have the $1 paid, $2 to be paid in bold letters on the order screen. Can any Comsec user have a look and see if they have added this to their website?
Yes, It's along those lines that I was thinking, i.e. that it just wouldn't be right for current holders not to have the right to legitimately sell them on the open market.While the units should not be trading suspending them now does not solve the underlying problem and could create now ones. If suspended it's easy to imagine the lawyers slugging out over "You denied me the right to be able to offer the securities for sale on the market".
In theory. In practice all you have to do is sign the paperwork to say you've read said educational material, but you don't have to actually read it.Broker software currently disallows trading in derivatives unless separate paperwork is filled out and relevant, basic education material (PDF files available online) has been read.
In theory. In practice all you have to do is sign the paperwork to say you've read said educational material, but you don't have to actually read it.
Of course you could then say that it's your own fault, in that you should have read it before you started trading derivatives, just like you should read every PDS before trading those instruments, just like you should read every licence agreement before using new software, just like you should read every word of your mortgage agreement before signing on the dotted line, just like you should read...
It's getting to be like the boy who cried wolf. So many of those things you should read are a waste of time, that you're likely to assume the same about things that actually are important.
GP
The PDS document states that chairman Trevor Rowe and two other directors of the BrisConnections board must spend a percentage of their annual pay buying the toxic stapled units.
"Trevor Rowe will receive a base fee of $210,000 per annum and $10,000 per annum for chairing remuneration and nomination committees," the document states. "Forty per cent of these fees will be directed to the purchase of stapled units on market."
They are the same BrisConnections stapled units that flatlined at 0.1 ¢ each on November 23, and haven't budged since.
Indeed, if Rowe has been spending 40 per cent of his weekly $4230 pay packet on the units since November 23, the chairman should have bought about 16.92 million of them in the past 10 weeks alone. The instalment payments due on those shares would be $33.84 million.
It's a similar story for directors Richard Wharton ($110,000 a year) and John Allpass ($130,000 a year) who, under the plan, must spend 20 per cent of their pay on BrisConnections stapled units.
That would be another 9.2 million units bought by the the directors since November 23, and a whopping $18.4 million of debt.
Based on the above those directors will still have a keen interest in the share price after that installment, particurally if it remains at or near $0.001.The salary deductions that will go towards buying the stapled securities have so far gone into a trust account. No shares have been purchased so far. They will be purchased on or around the last week of June. Obviously after the first installment.
The salary deductions that will go towards buying the stapled securities have so far gone into a trust account. No shares have been purchased so far. They will be purchased on or around the last week of June. Obviously after the first installment.
Sorry, I didn't quote that bit from the original story and that was misleading. It just sounded so much better without including it.
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