AllDay Marts released an updated list of brokers that will offer direct-to-account refunds
AllDay Marts' [ALLDY 0.60 pre-IPO] underwriter, PNB Capital, amended the cumbersome and time-consuming refund process for investors for unfilled allocations on subscriptions made through the PSE EASy program by expanding the list of participating brokers in the direct-to-account refund process to 17.
That means that any PSE EASy investor that made their payment through any of the brokers listed in this disclosure may receive their refund directly to their brokerage account, instead of having to make a physical journey to a PNB bank in Pasay City, or waiting up to 2 months for a mailed check.
MB BOTTOM-LINE
This is a welcome change, considering the undue hardship and risk the refund process originally placed on us small-time investors, and how poorly this process appeared to reflect on the PSE and its initiative to broaden access to the capital markets to more retail investors.
Before this update, only COL Financial, First Metro Securities, and AAA Equities were confirmed to have been able to process refunds in this electronic way. Fairness and common sense say that this should be the standard practice for all PSE EASy refunds going forward, regardless of the sponsor, issuer, underwriter, or broker.
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