The Medibank Private float process is unfair and puts retail shareholders at a disadvantage. Medibank Private is a solid business and so its float has the potential to offer good value at the right price, namely the bottom end of the price range of $1.55 to $2. The problem is that retail investors are being asked to send off cheques before they know the price, so they won't be making a sound investment decision based on a price to value comparison when deciding to invest. We think that is unfair and investors need to be aware they're participating in a tender structure which would not be allowed in other aspects of commercial life. Yet it is being sanctioned by the Government and regulator ASIC. The advisors, who are purely focussed on fees, don't seem to care either. (VIEW LINK)