Here's the story.
Late last week, my online stockbroker sends me an email to say that they would be handling the upcoming float (IPO) of a particular company whose business model I respect greatly and would very much like to own shares in.
I immediately rang my margin lender and asked if they could approve me investing in the float. They said that they would pass on the pdf copy of the float prospectus to their risk area and let me know in the next working day or so if this would be OK.
On Tuesday of this week, the company in question started getting applications via an electronic form online at my stockbroker's website.
Still no word from the margin lender.
I learned today that the electronic application facility for this float had closed - a mere 48 hours after being opened - and the company has indicated that the float has been, from what I can tell, massively oversubscribed.
And still no word from the margin lender.
So I've missed out on what I think might have been the float of the year due to my margin lender's tardiness.
Now I'll have to invest the hard way when the company lists in May.
I am so totally not happy.
Disclosure: This blogger wishes!
Standard but necessary disclaimer: This is not advice. Only a complete idiot would think that any of this constituted advice. It's not even vaguely reasonable to consider this to be advice. If you are in any doubt as to the content of this, see a good, independent financial adviser immediately. They do exist.