I did not receive any information about the process of subscribing to the rights.
I sent an email to inquire with Central Depository (i.e. Singapore Exchange).
Soon after that, I found the letter giving instructions for payment of the rights. I was shocked to see that the deadline had already passed. I missed the opportunity to subscribe for the rights.
Later, I received an email reply from Central Depository that the rights subscription had already closed on 14 January. The letter was supposed to have been sent out at end of December.
It is not enough for CDP to give only 14 days between the mailing and the deadline.
In recent years, it takes many days for mail to arrive by post. There are many cases where mail were delivered to the wrong address.
In my specific case, I was not sure when the letter did arrive. It might have arrived earlier and I missed it. It may have arrived after the deadline.
We should now move towards electronic mail, rather than rely on paper mail.
For this rights issue, the price is the same as the mother shares. So, I could have bought the shares from the market at the same price.
But in most cases, the rights price is at a discount to the mother share. It could have caused a big financial loss to the shareholder who missed the rights issue.
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