AU2020101031A4 - Method And System For Acquiring Rights to Participate in Share Purchase Plans, Acquiring and Disposing of the Newly Issued Securities - Google Patents

Abstract

A method/system for acquiring rights to systemically participate in capital raisings conducted by way of share purchase plans, harvesting the discount, and recycling investor's 5 capital, as opposed to a manual, ad-hoc, discretionary process. A host computer system or computer receives bid data indicative of one or more bids for the identified securities from one or more eligible investors. Purchases of at least one-security in a wide selection of companies are allocated across multiple client accounts to establish individual rights versus a collective investment vehicle, applications are undertaken collectively via a single 10 selection, subject to individual investor's opting out, allocations across accounts are undertaken by the computer system, and sell-downs are undertaken individually, with order flow taking the market impact of the collective sell-down of investors that received newly issued securities under the share purchase plan. - 1/4 FIGURE 1 Master Account Tranche 1 Tranche 2 ...- > tranche x Purchase portfolio (1)4+- Nu mber of erinetrnche - - - h(10) Purchase portfolio 2) M kt prices of portfolio company- OnallcatioofSFioeac OAllocationof llctoea Allocate 1 Allocate Minirmum market parcel-- Allct1Aloae share in each excess shares share in each excess shares company to to overflow (1) cornpany to to ornnibus each Investor account each investor account (8)) (17] App forSPPin each individual - d alinvesor's Cash Account Apply for SPP in each individual Receiptfundsosell-down~an Reciptundonsll-ownan ccltaccount r(5) ( ) account Maxilu1rn offer per investor On a|||ocation of SPP to each On allocation of SPP to each account initiate sell| down account, initiate sell down (8) (7 1) (17) Cosrfrence sell c rder to total order flow of all1 sel ling acco, its (all| tra nches) to -Ittminimize collective price Irnpact Receipt funds on sell|-dorwn, and Receipt funds on se|||-down, and recycle to cash account --- recycle to cash account

Description

- 1/4

FIGURE 1

Master Account

Tranche 1 Tranche 2 ...- > tranche x Purchase portfolio (1)4+- Nu mber of erinetrnche - - - h(10) Purchase portfolio

2) M kt prices of portfolio company- Allocate 1 Allocate Minirmum market parcel-- Allct1Aloae share in each excess shares share in each excess shares company to to overflow (1) cornpany to to ornnibus each Investor account each investor account

OnallcatioofSFioeac OAllocationof llctoea

App forSPPin each individual - d alinvesor's Cash Account Apply for SPP in each individual ccltaccount ( )r(5) account Maxilu1rn offer per investor (17] (8)) On a|||ocation of SPP to each On allocation of SPP to each account initiate sell| down account, initiate sell down

Receiptfundsosell-down~an Reciptundonsll-ownan

(8) (7 1) (17) Cosrfrence sell c rder to total order flow of all1 sel ling acco, its (all| tra nches) to -Ittminimize collective price Irnpact

Receipt funds on sell|-dorwn, and Receipt funds on se|||-down, and recycle to cash account -- recycle to cash account

Method And System For Acquiring Rights to Participate in Share Purchase Plans, Acquiring and Disposing of the Newly Issued Securities

Technical Field

[001] The present invention generally relates to a computer-implemented method of and system for acquiring rights to participate in capital raisings, harvesting the discount, and recycling invested capital in a manner that minimises entry costs and capital outlay, administrative burden and price impact of sales.

Background

[002] Presently, already listed companies or trusts generally raise equity capital through the issue of new securities, generally at a discount to the prevailing market price, via one of the following described methods.

[003] A placement, which is the offer of new securities (i.e. shares or units) on an invitation-only basis to selected institutions, and possibly selected high-net-worth investors. Currently, the Australian Securities Exchange regulations limit the percentage of new equity that may be issued without shareholder approval to 15%, unless the issuer accompanies the placement with an underwritten share purchase plan or underwritten rights issue to all shareholders, in which case, under current temporary regulations the limit is 25%'', subject to certain exemptions.

[004] A rights issue, which is a pro-rata offer to all shareholders or unitholders. The issuer sets a price at which new securities (e.g. shares or units) will be offered and each shareholder/unitholder is entitled to apply for new securities, with entitlements determined pro rata by reference to their pre-offer shareholdings/unitholdings. Currently, the Australian regulations limit the rights entitlement to 1:1 for each share/unit currently held, unless shareholder approval is obtained.

[005] A share purchase plan (each an "SPP" and collectively "SPPs"), where the issuer invites shareholders to apply for an equal dollar value amount of new securities (e.g. shares or units) offered at the lower of a pre-specified price or price determined by a formula referencing the traded price of the securities on or leading up to the close of the offer period.

Currently, Australian regulations limit the dollar amount which may be offered annually to each shareholder to AU$30,000. Commonly, the company may specify a total number of shares or units that may be issued, and if the total number of applications exceed the number specified, the company may decide to scale-back applications or increase the size of the offer.

[006] The currently used method of share purchase plans causes various issues, for example while any institutional investor that is invited can participate in placements, a retail investor may only invest if they are a shareholder in the company at the record date. Additionally, the minimum market parcel regulations require the first purchase of any securities to be a minimum of $500. This means an investor that seeks to establish entitlements to participate in many, or all, share purchase plans undertaken by the approximately 2,200 listed companies would incur a substantial capital outlay, in addition to brokerage, to establish a shareholding in each. Also, in the currently used method, each share purchase plan requires an individual application to be made by the shareholder in respect of each offer, and initiate individual electronic payments for each SPP, imposing substantial administration burdens on investors. Also, each shareholder seeking to recycle capital has to individually arrange to sell-down the issued SPP shares/units, increasing administration burden, and as each shareholder will be acting individually, there is an inability to limit the collective price impact of the sell-down actions of disparate shareholders that have participated in the SPP, potentially decreasing the collective profits of the selling shareholders.

[007] There is a need for a computer-implemented method, system and/or computer readable storage medium having computer-executable instructions which addresses or at least ameliorates one or more problems inherent in the prior art.

[008] The reference in this specification to any prior publication (or information derived from the prior publication), or to any matter which is known, is not, and should not be taken as an acknowledgment or admission or any form of suggestion that the prior publication (or information derived from the prior publication) or known matter forms part of the common general knowledge in the field of endeavour to which this specification relates.

Brief Summary

[009] According to one aspect, there is provided a computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions for acquiring at least the minimum market parcel in a custodial account, allocating one or more shares or units, being less than the size of the minimum market parcel, to beneficiary accounts held with the custodian, and allocating the remainder, if any, to an overflow account held by a person other than the aforementioned individual investors.

[010] According to another aspect, there is provided a computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions for applying for SPPs for multiple accounts, possibly via a single electronic entry during the offer period, based on each individual account's application entitlement for up to the maximum number of securities per individual account.

[011] According to another aspect, there is provided a computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions for allocating such shares or units from a custodial account to each beneficiary account when the shares or units are issued to the custodian.

[012] According to another aspect, there is provided a computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions for selling such SPP securities subject to minimising the price impact referable to aggregate sales by all holders and not only to the sale by the individual's own account.

[013] In a particular example, there is provided a computer-implemented method of in a manner that minimises entry costs and capital outlay, administrative burden and price impact of sales, including using at least one processing system or computer for performing the steps of: buying more than $500 of securities in each of the largest 300 companies listed on the ASX, automatically allocating 1 security to multiple client beneficial accounts, and where more securities were acquired in a company to fulfil the $500 minimum market parcel requirement than the number of client accounts, allocating the balance of securities in each company to an overflow account owned by a party other than the aforesaid client accounts, such as the arranger's account.

[014] In another particular example, there is provided a computer-implemented system for identifying which beneficial accounts under a custodial account structure hold securities in a company or trust at the record date for an offer of an SPP and causing such accounts to make an application for new securities up to the lesser of the maximum size permitted under the offer and the amount of cash in a linked cash account, including one or more servers configured to receive bid data indicative of one or more bids for the identified SPP securities from one or more eligible investors.

[015] In another particular example, there is provided a computer-implemented method of allocating newly issued securities under the SPP to each beneficiary account for which SPP securities were applied, wherein such securities have been registered in the name of the custodian.

[016] In another particular example, there is provided a host computer system for, comprising: at least one processor and, an input device to receive sell data indicative of aggregate sales by investors for at least some of the identified securities; wherein, the at least one processor determines a selling order volume and timing of orders and price for the identified securities for each individual account after receiving at least some of the sell data from each of the accounts and the trading volumes and prices of other, unknown, market participants which may include the purpose of limiting the impact of the sales on the market price of the securities.

Brief Description Of Figures

[017] Example embodiments should become apparent from the following description, which is given by way of example only, of at least one preferred but non-limiting embodiment, described in connection with the accompanying figures.

[018] Fig. 1 illustrates a flow diagram of an example computer-implemented method of acquiring rights to participate in capital raisings, harvesting the discount, and recycling capital in a manner that minimises entry costs and capital outlay, administrative burden and price impact of sales;

[019] Fig. 2 illustrates a structure diagram of an example system for acquiring rights to participate in capital raisings, harvesting the discount, and recycling capital in a manner that minimises entry costs and capital outlay, administrative burden and price impact of sales;

[020] Fig. 3 illustrates a functional block diagram of an example processing system or computer that can be utilised to embody or give effect to a particular embodiment;

[021] Fig. 4 illustrates an example network infrastructure that can be utilised to embody or give effect to a particular embodiment.

Preferred Embodiments

[022] The following modes, given by way of example only, are described in order to provide a more precise understanding of the subject matter of a preferred embodiment or embodiments. In the figures, incorporated to illustrate features of an example embodiment, like reference numerals are used to identify like parts throughout the figures.

Overview

[023] In example embodiments there is provided a computer-implemented method of, system for, computer-readable storage medium having computer-executable instructions for, and/or computer program product for acquiring rights to participate in capital raisings, harvesting the discount, and recycling capital in a manner that minimises entry costs and capital outlay, administrative burden and price impact of sales. These embodiments can include, for example, where a batch of identified companies or trusts are purchased in lots above a minimum parcel of $500 in each company or trust, and allocated in 1-security lots in each company, being less than $500 of securities, across multiple beneficial accounts, with an overflow account being allocated any remainder, where applicable, being the number of securities purchased exceeding the number of beneficial owners participating in the tranche of purchased securities.

[024] In a particular non-limiting example, the shareholding in each company entitles the beneficial owner to participate in an SPP conducted by such company.

[025] For clarity, embodiments of the present invention are distinguished from, for example, where investors own at least one security in a company or trust for a substantial purpose of an entitlement to the dividend or growth prospects of the company or trust, and can participate in SPPs as an ancillary benefit of ownership by applying for an SPP through the lodgement of cheques or electronic payment by referring to a unique identifier, such as a BPAY customer reference number and selling without taking into account the price impact of other selling shareholders that acquired securities under the SPP.

[026] In an example embodiment there is provided a method of applying for the lesser of the maximum entitlement and the cash balance of a linked cash management account of the beneficial holder, a method of allocating newly issued securities across the accounts that have applied for, and been issued an allocation of, shares or units, and a method of selling such securities having reference to the total number of securities available for sale for all accounts and the volumes and prices of other investors selling securities acquired under the SPP as well as other, unaffiliated buy or sell orders for the securities.

[027] Referring to Fig. 1, there is illustrated a computer-implemented method 19 of acquiring rights to participate in capital raisings, harvesting the discount, and recycling capital which includes using at least one processing system, for example a host computer system or at least one computer. At step 1 a portfolio of companies is purchased, with the number of securities having regard to the number of investors in a tranche, the market prices of the securities and the minimum market parcel size. At step 2 at least one allocation is made by the host computer system for the identified securities for or on behalf of at least one investor. Subsequently, at step 2, excess securities, if any, in at least one company are allocated an overflow account. At step 3, any securities in the overflow account are sold for recycling the capital for later tranches. At steps 4 and 5, where a company within the portfolio announces an SPP, the application is made for each individual account, having regard to the individual's cash account, and maximum offer per investor, by the host computer system. At step 6, the host computer system makes an allocation of newly issued securities to each account. At step 7, the processing system cross-references the individual sell-order flow to the total order flow of all selling accounts, across all participating tranches, for at least one purpose of minimising the collective price impact of the sell orders on the market price of the securities. At step 8, the proceeds from the sale in step 7 are receipted, and at step 9 returned to each investor's cash account, to be applied to the next SPP. In steps 10 to 18, the steps are repeated when a second tranche, and thereafter following tranches, of investors are introduced.

[028] Novel methods/algorithms are utilised, preferably by the host computer system, to determine the number of securities to purchase in the initial portfolio, the number of SPP securities to apply for in each SPP, and the method by which all accounts can be applied for at once, the price, volume and order flow of selling SPP securities and the recycling of capital for deployment in future SPPs. A plurality of different methods/algorithms for determining the allocation method and the selling order volume and prices, by the host computer system, can be provided, with one or more specific methods/algorithms being chosen.

[029] Referring to Fig. 2, there is illustrated a system 20 for acquiring rights to participate in capital raisings, harvesting the discount, and recycling capital. One or more servers 22, i.e. the host computer system 22, provide at least one processing/host system on which method 19 can be performed. One or more terminals 24, i.e. at least one client computer system 24, can be used by or on behalf of at least one eligible investor 26 to send/receive data 28 to/from one or more servers 22 via network 30. Price data indicative of the at least one price and allocation data indicative of the allocation of the identified securities can be sent from the host computer system to at least one client computer system.

[030] Exchange server(s) 22, i.e. the host computer system, allocate or associate identified securities that may be actually selected by a human operator, which can be stored in or retrieved from database 42. A particular terminal 24, i.e. client computer system, receives unique code 32 to allow a particular eligible investor 26 to specify the identified securities of interest. Exchange server(s) 22 receive bid or sell data 34 indicative of one or more bid orders or sell orders from an eligible investor 26. Exchange server(s) 22 apply at least one algorithm 36 after receiving bid data 34. Price data 38, indicative of one or more prices, and allocation data 40, indicative of order flow from the one or more eligible investors 26, are generated or produced using algorithm 36. Price data 38 and allocation data 40 can be communicated to or requested by terminals 24 via network 30. Data or information can be stored in and retrieved from database 42.

[031] Software applications, modules and/or procedures can be used to provide functionality on the terminals 24 and server(s) 22. Terminals 24 could be provided with a web browser or dedicated software application to interact with server(s) 22. Functionality on the server(s) 22 can be provided by dedicated programs, for example to implement algorithm 36 and associated parameters, and could utilise parts of existing software used by brokers.

[032] Previously, an investor acting individually, could not establish beneficial ownership of 1 security in a large number of companies cost effectively, due to the minimum market parcel rule of acquiring at least $500 worth of securities in each company. Also previously, a collective investment vehicle does not entitle the investees in the vehicle to participate in SPPs, as a collective investment vehicle is only treated as a single holder, and therefore only entitled to $30,000 maximum in an SPP. Also, previously, an investor that was entitled to a specific SPP would need to arrange a new payment for each SPP. Also, previously, an investor that was allocated securities in an SPP would need to arrange to sell each SPP when the SPP securities were issued. Also, previously, there was no mechanism for individual holders that were selling SPPs to co-ordinate their order flow with other selling holders so as to minimise market impact of the collective selling actions of investors that acquired securities pursuant to the SPP.

[033] Thus, according to various embodiments, it is advantageously provided for identified investors to acquire rights to participate in capital raisings, harvest the discount and recycle capital by methods/algorithms applied to bids made through a computer-implemented method which includes using at least one processing system, for example a host computer system or at least one computer. The commercial advantages include: 1. a lower cost and with lower capital outlay for investors to establish their right to individually participate in SPPs; 2. a lower administrative burden of individually applying for SPPs; 3. a lower collective market impact, and therefore greater individual profits, from selling down allocations in SPPs.

[034] A dedicated software program(s), or alternatively a web based interface such as a browser or a mobile device or telephone app, could be used by a beneficial holder to select their preferences in relation to an SPP on the host computer system, for example by selecting the desired algorithm(s) and setting the various parameters associated with specific algorithms to be applied by the host computer system. Server based applications can be used to implement pricing, allocating and order flow for the identified securities and to apply an algorithm to determine participation in the identified SPP. The algorithms are embodied as applied methods or in systems, preferably a computer-implemented method or processing system, and can be embodied as software applications, programs, procedures, modules, etc.

Processing System and Network

[035] In a networked information or data communications system, a user (e.g. an eligible investor, bidder, applicant, etc.) has access to one or more client terminals which are capable of requesting and/or receiving information or data from local or remote information sources. In such a communications system, a client terminal may be a type of processing system, computer or computerised device, personal computer (PC), mobile, cellular or satellite telephone, mobile data terminal, portable computer, Personal Digital Assistant (PDA), pager, thin client, or any other similar type of digital electronic device. The capability of such a client terminal to request and/or receive information or data can be provided by software, hardware and/or firmware. A client terminal may include or be associated with other devices, for example a local data storage device such as a hard disk drive or solid state drive.

[036] An information source can include one or more servers, such as a host computer system, or any type of terminal, that may be associated with one or more storage devices that are able to store information or data, for example in one or more databases residing on a storage device. The exchange of information (i.e., the request and/or receipt of information or data) between a client terminal and an information source (e.g. a securities exchange server or the host computer system), or other terminal(s), is facilitated by a communication means. The communication means can be realised by physical cables, for example a metallic cable such as a telephone line, semi-conducting cables, electromagnetic signals, for example radio-frequency signals or infra-red signals, optical fibre cables, satellite links or any other such medium or combination thereof connected to a network infrastructure.

[037] A particular example embodiment of the present invention can be realised using a processing system or host computer system, an example of which is shown in Fig. 3. In particular, the processing system 100, i.e. the host computer system, could be embodied as one or more servers providing a platform that links to a securities exchange. Processing system 100 (e.g. exchange server(s)) generally includes at least one processor 102, or processing unit or plurality of processors, memory 104, at least one input device 106 and at least one output device 108, coupled together via a bus or group of buses 110. In certain embodiments, input device 106 and output device 108 could be the same device. An interface 112 can also be provided for coupling the processing system 100 to one or more peripheral devices, for example interface 112 could be a PCI card or PC card. At least one storage device 114 which houses at least one database 116 can be provided. The memory 104 can be any form of memory device, for example, volatile or non-volatile memory, solid state storage devices, magnetic devices, etc. The processor 102 could include more than one distinct processing device, for example to handle different functions within the processing system 100.

[038] Input device 106 receives input data 118 (e.g. bid data 34 indicative of at least one bid, for example including a bid price and a bid volume, or a bid price range and/or a bid volume range) and can include, for example, a data receiver, network interface device, antenna such as a modem or wireless data adaptor, data acquisition card, etc. Input data 118 could come from different sources, for example keyboard instructions in conjunction with data received via a network. Output device 108 produces or generates output data 120 (e.g. price data 38 indicative of at least one price, and allocation data 40 indicative of the allocation of the identified securities) and can include, for example, a display device a data transmitter, network interface device, antenna such as a modem or wireless network adaptor, etc. Output data 120 could be distinct and derived from different output devices, for example a visual display on a monitor in conjunction with data transmitted to a network. A remote user could view data output, or an interpretation of the data output, on, for example, a monitor or using a printer. The storage device 114 can be any form of data or information storage means, for example, volatile or non-volatile memory, solid state storage devices, magnetic devices, etc.

[039] In use, the processing system 100 is adapted to allow data or information to be stored in and/or retrieved from, via wired or wireless communication means, the at least one database 116. The interface 112 may allow wired and/or wireless communication between the processing unit 102 and peripheral components that may serve a specialised purpose. The processor 102 receives information or instructions as input data 118 via input device 106 and can display processed results or other output to a user by utilising output device 108. More than one input device 106 and/or output device 108 can be provided. It should be appreciated that the processing system 100 may be any form of terminal, server, specialised hardware, or the like.

[040] The processing system 100 may be a part of a networked communications system 200, as shown in Fig. 4. Processing system 100 could connect to network 202, for example the Internet or a WAN. Input data 118 and output data 120 could be communicated to other devices via network 202. Other terminals, for example, thin client 204, further processing systems 206 and 208, notebook computer 210, mainframe computer 212, PDA 214, pen based computer 216, server 218, etc., can be connected to network 202. A large variety of other types of terminals or configurations could be utilised. The transfer of information and/or data over network 202 can be achieved using wired communications means 220 or wireless communications means 222. Server 218 can facilitate the transfer of data between network 202 and one or more databases 224. Server 218 and one or more databases 224 provide an example of an information source.

[041] Other networks may communicate with network 202. For example, telecommunications network 230 could facilitate the transfer of data between network 202 and mobile or cellular telephone 232 or a PDA-type device 234, by utilising wireless communication means 236 and receiving/transmitting station 238. Satellite communications network 240 could communicate with satellite signal receiver 242 which receives data signals from satellite 244 which in turn is in remote communication with satellite signal transmitter 246. Terminals, for example further processing system 248, notebook computer 250 or satellite telephone 252, can thereby communicate with network 202. A local network 260, which for example may be a private network, LAN, etc., may also be connected to network 202. For example, network 202 could be connected with ethernet 262 which connects terminals 264, server 266 which controls the transfer of data to and/or from database 268, and printer 270. Various other types of networks could be utilised.

[042] The processing system 100 is adapted to communicate with other terminals, for example further processing systems 206, 208, by sending and receiving data, 118, 120, to and from the network 202, thereby facilitating possible communication with other components of the networked communications system 200.

[043] Thus, for example, the networks 202, 230, 240 may form part of, or be connected to, the Internet, in which case, the terminals 206, 212, 218, for example, may be web servers, Internet terminals or the like. The networks 202, 230, 240, 260 may be or form part of other communication networks, such as LAN, WAN, ethernet, token ring, FDDI ring, star, etc., networks, or mobile telephone networks, such as GSM, CDMA or 3G, etc., networks, and may be wholly or partially wired, including for example optical fibre, or wireless networks, depending on a particular implementation.

[044] It should be appreciated that throughout the description, discussions utilizing terms such as "processing" or "computing" or "calculating" or "determining" or "displaying" or the like, refer to the action and processes of a computer system, or similar electronic computing device, that manipulates and transforms data represented as physical (electronic) quantities within the computer system memories or registers or other such information storage, transmission or display devices.

[045] Optional embodiments of the present invention may also be said to broadly consist in the parts, elements and features referred to or indicated herein, individually or collectively, in any or all combinations of two or more of the parts, elements or features, and wherein specific integers are mentioned herein which have known equivalents in the art to which the invention relates, such known equivalents are deemed to be incorporated herein as if individually set forth.

[046] The present invention, in various embodiments, may take the form of a computer implemented method, system, processor, computer-readable storage medium having computer-executable instructions, firmware, or an embodiment combining software and hardware aspects.

[047] Although a preferred embodiment has been described in detail, it should be understood that various changes, substitutions, and alterations can be made by one of ordinary skill in the art without departing from the scope of the present invention.

[048] Throughout this specification and the claims which follow, unless the context requires otherwise, the word "comprise", and variations such as "comprises" or "comprising", will be understood to imply the inclusion of a stated integer or step or group of integers or steps but not the exclusion of any other integer or step or group of integers or steps.

Editorial Note 2020101031 There is only two pages of the claim

Claims (1)

1. The claims: 1. A computer-implemented method of and system for acquiring rights to participate in capital raisings, harvesting the discount, and recycling invested capital, the method performed by at least one computer and comprising: acquiring securities of at least the minimum market parcel in at least one listed company or listed trust; for, or on behalf of, at least one investor accounts; applying for securities for at least one share purchase plan relating to at least one company in the one or more companies or trusts purchased; and selling down some or all of the securities issued under the aforesaid share purchase plan;

   2. The computer-implemented method as claimed in claim 1, wherein an smaller number than the minimum market parcel and of at least one security is allocated to each participating beneficial investor account, and the balance of the minimum market parcel is allocated to an overflow account held by another person;

   3. A computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions as claimed in any one of claims 1 to 2, also comprising an electronic method of applying for share purchase plans for multiple accounts, based on each individual account's application entitlement for up to the maximum number of securities per individual account, having regard to the cash available in an affiliated cash account and the maximum permitted number of securities under the offering;

   4. A computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions as claimed in any one of claims 1 to 3, also comprising an electronic method of selling securities issued pursuant to a share purchase plan; and

   5. A computer-implemented method, system and/or computer-readable storage medium having computer-executable instructions as claimed in any one of claims 1 to 4, also comprising: at least one processor to purchase the identified securities; an input device to receive order data for at least some of the identified securities; wherein, the at least one processor determines the extent of the eligibility of investors to apply for a share purchase plan after receiving at least some of the data relating to the investor's holding in the company on a specified date; wherein, a computer-readable storage medium having computer-executable instructions for selling at least some of the securities issued pursuant to a share purchase plan, the computer-executable instructions that when executed by at least one computer are configured to minimise the price impact of the sales having regard to the aggregate sales of all individual holdings of newly issued securities under the share purchase plan and not only the sales by each individual account as well as the volume and price of orders by other market participants in the securities of the company or trust.

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   FIGURE 1

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   FIGURE 2A

   20

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   32

   34 30 36

   28 38 40

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   FIGURE 3

   100

   Input data

   118

   112 Input 106 Processor Interface 102 device

   110

   Bus

   104 Output Memory 108 device 116 Database

   Storage device 120

   114 Output data

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   FIGURE 4

   200

   248 244 232

   242 238 236 250

   234 246 240 230

   100 204

   118, 120 116 252

   206 218 224 220

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   212

   270 266 260 268 262

   264 264 264 264