But also, not true.
Took me two minutes to find and digest the relevant info - that the £40 can be redeemed against the ST. And the price of a 'Waiting List' ST is £39 cheaper than a 'General Sale' ST anyway. So you effectively pay £1 more to get first dibs, after renewals. Sounds perfectly reasonable to me.
The only way you lose the £40 is if you turn down the opportunity to buy the ST. Sounds good, gets rid of time wasters.
Oh, and I can also see that there are 3,283 on the waiting list at Pompey.
All very clear, and very transparent.