Author Topic: DSP Email From Fidelity  (Read 11051 times)

samybob

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DSP Email From Fidelity
« on: December 02, 2014, 06:15:11 PM »
I spoke with Fidelity today and they said that an email will go out by the end of today asking if you are interested in the DSP and how many shares you would be interested in. Then by Dec 11 they will allocate the shares to us and we will have 3 days to pay for them. The rep also said that there is no guarantee that I will get any shares at all.

Did anyone get this email yet?

Does anyone have any idea how any of this is allocated? Could someone get 1000 shares and could I get none? Or will they give everyone even amounts if there is huge interest?       

hessinger

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Re: DSP Email From Fidelity
« Reply #1 on: December 02, 2014, 06:22:20 PM »
I had mine hours ago.

On that note... I was capped at 350 shares

Quote
As communicated earlier, LendingClub Corporation (“Lending Club”) plans to offer stock through an initial public offering (IPO).  Currently, it is anticipated that the initial offering price will be between $10.00 and $12.00, however the price range and expected pricing date are subject to change prior to the offering. The final purchase price will not be known until the night of pricing of the IPO. It is expected that Lending Club, will be listed on the NYSE under the symbol “LC”.  Fidelity Investments® is pleased to have been selected by Lending Club, to administer the Lending Club Directed Share Program.
 
You have the opportunity to request to purchase Lending Club shares at the IPO price through the Directed Share Program.  Should you decide to participate, you must request to purchase a minimum of 25 shares and in increments of 25 shares in excess thereof.  If you are allocated shares in the offering, you are obligated to pay for the shares in full by the settlement date, which will be three business days after the shares first trade on the NYSE.  Payment for shares must be made by check or wire.  Credit card, third party checks, cash or using the proceeds from the sale of allocated shares are not acceptable means of payment.
 
If you do decide to participate, the Directed Share Program web site will provide you with the materials you will need, including the preliminary prospectus.
 
The first step for someone who is considering purchasing shares through the Directed Share Program is to determine if it meets your personal investment goals. Like all publicly traded shares, Lending Club’s shares will go up and down in price. In making your decision, it is important to note that if you invest, you could lose some, or even all, of your money. The choice to invest is yours, although you may want to consult with an investment adviser, financial planner, or anyone else who you choose to include in your financial decisions.
 
Be sure you understand the process and deadlines set out below, as you will need to closely follow certain requirements to remain eligible to participate in the Program. These requirements are not difficult, but anyone who wants to participate in the program needs to follow them very carefully.  The Directed Share Program web site will take you through each step of the process and highlight the critical deadlines. The key steps are outlined below.  Timing and deadlines are subject to change.  Any changes to the offering will be communicated to you via email.  If you have questions, please call the Lending Club Directed Share Program telephone line at 800-358-2670.
 
Key Steps
 
Step 1  Open and fund a Fidelity brokerage account.
 
Step 2  Review the Preliminary Prospectus, which describes Lending Club, the initial public offering and its potential risks.
 
Step 3  Complete the FINRA Rule 5130 Qualifying Questions.
 
Step 4  Enter your Indication of Interest.
 
Step 5  Confirm your Indication of Interest after the registration statement has been declared effective and the offering has priced.
 
Step 6  Pay for any shares allocated to you within 3 business days of the first day the stock trades on the NYSE
 
To learn more or participate in the offering, please access the directed share web site Click Here
 
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This notice shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such an offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
 
No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. An indication of interest response to this notice will involve no obligations or commitment of any kind.
 
« Last Edit: December 02, 2014, 06:27:46 PM by hessinger »

borrowbuddi

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Re: DSP Email From Fidelity
« Reply #2 on: December 02, 2014, 06:38:01 PM »
I too was offered up to 350 shares in the program

DLIFVOIP

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Re: DSP Email From Fidelity
« Reply #3 on: December 02, 2014, 06:40:44 PM »
350 cap here as well.  I am rather disappointed.

 

Rob L

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Re: DSP Email From Fidelity
« Reply #4 on: December 02, 2014, 06:45:10 PM »
1400 here; why am I so lucky?

brycemason

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Re: DSP Email From Fidelity
« Reply #5 on: December 02, 2014, 06:46:21 PM »
350 for me. Lame, but grateful for anything. Nice, Rob. Probably because you have a larger account? Mine is ~43k

stanny2

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Re: DSP Email From Fidelity
« Reply #6 on: December 02, 2014, 07:01:41 PM »
350 cap as well...$20K acct

jakeprops

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Re: DSP Email From Fidelity
« Reply #7 on: December 02, 2014, 07:03:00 PM »
350 here. LC account around 10k.

Would love to know LC account balance for that guy that got offered 1400!

hamblingl

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Re: DSP Email From Fidelity
« Reply #8 on: December 02, 2014, 07:04:05 PM »
350 max also. account balance at $25k

yojoakak

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Re: DSP Email From Fidelity
« Reply #9 on: December 02, 2014, 07:08:45 PM »
350 max for me.

samybob

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Re: DSP Email From Fidelity
« Reply #10 on: December 02, 2014, 07:11:45 PM »
Got the email half house ago, also 350 cap, 12k acct.

mindbowels

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Re: DSP Email From Fidelity
« Reply #11 on: December 02, 2014, 07:12:53 PM »
Decently sized account (bit larger than the others posted) but still just 350.
Wonder if it is
a) Based on size of LC account
b) Based on size of Fidelity account
c) Fixed and the guy who got 1400 was making it up :)

DLIFVOIP

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Re: DSP Email From Fidelity
« Reply #12 on: December 02, 2014, 07:14:52 PM »
350 cap.

I have an account value of over $550k in LC.

Below is the response I received from LC rep.  Think the 1,400 is BS.


"Apparently the structure was to treat all investors equally, so I'm sorry that you're disappointed in the plan.  Most companies don't even attempt these programs when going public because of the complexity and high degree of regulatory oversight involved.  I'm happy to pass along the feedback internally and will do so now but I'm told that there can't be any changes to the structure of the program."
« Last Edit: December 02, 2014, 07:17:43 PM by CircleT009 »

samybob

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Re: DSP Email From Fidelity
« Reply #13 on: December 02, 2014, 07:16:56 PM »
Show us screenshot for 1400 because everyone I know got 350. It makes sense they do not have enough shares to allocate so they have to offer very little, my guess is that if there are still shares that are available they will let us up the amount as it gets closer to opening day.

Fred93

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Re: DSP Email From Fidelity
« Reply #14 on: December 02, 2014, 07:17:11 PM »
Fitted anecdotal reports, my theory of the moment is ...

DSP shares offered = min(4000 , max(350, accountvalue/18) )

This presumes that the formula is linear with limits.  If it is nonlinear then I don't have enough data by far.