I feel for you @Solvetheriddle !

My holding is split between personal account where I did apply for the full amount and was scaled back 15% but then my industry super fund where I wasn't able to participate sadly, so also got diluted in total.

I agree - I wonder what % of shareholding the 3% have, and how much it would have taken to have kept them whole?

I've just checked my refund and while overall SOI have increased by around 5.5%, my holding has increased by 7.4%. So from a selfish perspective, I'm content.

However, I see your point - if you are a large, long-term retail holder looking at a dilution, you're one of a small number who can rightly say they've not had a fair crack of the whip.

It does seem that, with a little more nuance, a completely equitable solution might have been possible, given that they stuck rigidly to $10m in the SPP and did not exercise discretion.

Hi @mikebrisy - I'm a shareholder too and sought an allocation in the SPP. But I haven't had any advice on refund or allocation - where did you find that? I thought refunds would be sent tomorrow?

Me neither @rh8178 however the shares can hit your account any time between now and tomorrow night, and the refunds will be processed today, however not everyone will receive those refunds immediately. In the past I have found the money sent to CBA and Westpac often goes through first, the other major banks next (my refund is going into a NAB account and hasn't arrived yet) and the credit unions and online-only banks can take up to one day extra. Hope that helps.

Additional: Anyone who hasn't provided EFT details to NCK's share registry for their NCK shareholding will receive their refunds via cheque as per today's announcement, but assuming your refund is going through electronically, it can take up to 24 hours to show up.

Their indicative timetable can be found in their Announcement-and-Share-Purchase-Plan-Booklet.PDF:

There is no date listed there specifically for the refund processing, but we can assume it would be done on the same day as the SPP Shares Issue (i.e. today).

P.S. - There is one other possibility - which is that small amounts, such as up to $2K (for example) might be processed immediately (in real time) and larger amounts might be scheduled to be processed as a batch in the evening - similar to when you make electronic funds transfers from your own bank account to someone else - there is often a limit below which the payments are processed immediately and above the limit they are batched and processed later - and the limit can vary from one financial institution to another, but that may well not apply here, it's just one possibility. But in any case, everyone who has previously lodged valid EFT details with NCK's share registry for their NCK shareholding should receive any refund that they are due by tomorrow at the latest. Those who have not provided those details could be waiting a week for a cheque to arrive.

@rh8178 and @Bear77 when I saw the ASX announcement, I checked my CommSec CDIA account and the refund was there.

From the refund I was able to calculate my allocation.

I haven’t received a notification and my share balance hasn’t been credited as yet.

Thanks both - refund looks like it's in now. I'm not sure on the pro rate, but about 2/3rd's of my request was refunded. So seems it was heavily oversubscribed.

I did do SOME work on vacation! I applied for the maximum allocation in the NCK SPP on 3 accounts (sometimes it’s handy to have a margin loan account, even if you’re not using it). We received 28% of what we applied for. I’m happy with my allocation. It frees up a bit more cash for other ideas and I think there’s still plenty of risk here at the current share price, especially when it makes up 7% of your IRL holding.