Will SPP Harvester apply for shares in every Share Purchase plan?
If a Share Purchase Plan (SPP) launched by a SPP300 entity is in-the-money you will automatically be invested in that Share Purchase Plan, subject to having sufficient Buying Power to apply for the minimum amount.
To see how much will be invested into each SPP see FAQ: How much will SPP HarvesterTM apply for in each Share Purchase Plan?
There is 2 instances where SPP HarvesterTM will not apply for shares in an SPP:
- The SPP is not in the money.
- The client does not have sufficient Buying Power to apply for at least the minimum parcel size for the SPP.
What does ín-the-money’ mean? This means SPP HarvesterTM will apply for an SPP on your behalf unless:
- the SPP does not contain a Price Fall Protection Clause meaning that the price at which the shares offered under the SSP will be calculated as the lower of a fixed price and a discount to a price on, or prices leading up to, the closing date of the SPP; and
- the SPP Price is higher than the ASX opening price of the securities on the SPP HarvesterTM Acceptance Date (after adjusting for any differences in the dividend or distribution entitlements between the securities to be issued under the SPP and existing securities); or
- the clearing broker or Custodian does not advise the Manager that the Custodian will accept applications in respect of such SPP.