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Looks like I will have to move my shareholding from HL then as that's 70k shares I cant buy at the discounted rate. Not really what I want to be doing but why should we lose out on the benefit, I've been holding here for 6 years, want to maximise my returns.
Sustained rise coming up. Reason being ? All the sells are getting soaked up which is a key sign to any decent sustained rally in sp rather than everyone selling at the same time after a huge rise.
20p is definitely on for tomorrow and hoping 21p gets breached.
Could do with 23-24p sp settled before they update us. The perfect storm is brewing here. Seller done ? Looks like it.
Hi Ehseem, yes that’s correct. Just the 1 for 8 in-specie distribution, but not the discounted rights issue. This applies to all HL accounts because Ricca is listed in Australia.
Cheers, Ash
Hi Ash. So HL have said we cant participate in the rights issue, but can they still hold the free shares we get until RICCA actually lists?
So we get 1 share in the new company for every 8 we currently hold of IRR, plus we get to double our holdings at a discounted rate. HL will allow us to get the free shares but not buy any of the discounted ones, Is that correct? Is that for any shares held in an ISA and SIPP?
Hi Bozi, yeah not great. Just had confirmation from HL that it will not be possible to participate in the right issue. I just wonder, if they realise the value of funds that could be moved to get round this issue - millions at a guess!
Then again, I suppose each individual has to weigh up the value of the lost profit opportunity vs the hassle. For me it’s about £3.4K, assuming an IPO price of 0.20 AUD, but in the long run, that could be a lot more.
Oh well, time to ponder and research alternative providers.
Cheers, Ash
Sometimes a right issue is only open to those living in the country in which the shares are listed, HL might not have a say in it. No contact from ii regarding any of this yet.
I'm sorry but that's poor from HL.
They confirm that Ricca settles via CREST, which is idea.
Why then, are they not able to offer the rights issue, the fully paid shares of which should also settle via CREST?
IPOs can be a bit different but again shouldn't be that big of an issue. All HL would need to do is contact the broker leading it and arrange delivery of shares into their CREST account (in lieu of the monetary consideration).
It's a cowboy service in my view to offer to take on the in-specie distribution and nothing else.
If people are serious about holding IronRidge as an investment in the coming months then other brokers should be considered. Once you have moved you have moved, you can deal in other ASX listed securities.
There was a good post yesterday, possibly from Appletree concerning the rules.
Quick search confirms Ricca Resources Limited was incorporated in Australia on 19th October - not going to be simple, I feel.
Cheers, Ash
https://www.australiacheck.com/business/53617729521/ricca-resources-limited
Follow up question:
“Hi, if the offer to subscribe for the additional shares takes place before the ASX listing, would that be possible or does that depend on where the new company Ricca Resources, is incorporated.
Thanks“
Morning all, response from HL below. I assume, if the corporate action is before any ASX listing, that would be ok, just not afterwards.
Cheers, Ash
“It's our understanding that whilst Ricca will be listed on the Australian market, there will also be a Crest Depositary Interests version. As this version settles in CREST (the UK-based Central Securities Depository that holds UK equities and UK gilts) we should be able to hold it on our platform. We will write to clients when we have more information and will be able to confirm definitively the options available. We believe this is due to complete January 2022.
You wouldn't, however, be able to participate in any corporate actions or IPOs of overseas stocks such as Ricca.”
I think the name change will have a positive impact too
Those that bought at 17p as the sp dropped yesterday got an absolute bargain. Sentiment is positive here now & the sp slowly recovering but still absolute miles to go as to what it can & should be. All things are moving in the right direction. We have been under the radar sp wise for far too long but people that know about IRR know what an absolute prospect this is & I expect the sp to creep up with more jumping on board for the free shares leading up to the deadline date of the 23rd November.
After the 23rd will some sell, possibly & we may get a downward trend but once the demerger is done & dusted there’s a good possibility as the Piedmont CEO says that this could & possibly should 3-4 times. In his interview VM has said there’s a lot of good news to come in 2022. The signs are looking good folks. GLA
Sorry (not) to gloat, but I topped up yesterday @18.8, thought at the time I had overpaid, haha.
I am hungry. Tried 18, then 18.25, 18.40, but had to pay 19.
After seeing Vince's Pro Interview. I am quite certain, Ricca will list here Down Under where many West African Gold companies have thrir home. 20cts is the listing minimum price, so you do the maths. (0+10:2)=5cts not bad. I am sold.
not2sure, abso;utly agree, makes you wonder what made the Piedmont CEO so confidently say 20mt on the next resource update.
its only then i feel the penny will drop here, remember buying in the late 20s early 30s few years back but luckily i sold out as it was all hype then..... now its all real and a beast of a company is about to be formed.
lets see that 20p get broken and it will be brakes off when the rns drops. glad i piled in when i did.
With 5 rigs doing the infill drilling for the last month we should be due an update on those results soon I would have thought
must admit looking at trades someone is hungry.
dare i say i dont think Piedmont is buying ...yet. or maybe they are ? who knows ?
hope u guys sort out your holdings and account issues, looks like its going to rain profits here especially once the upgrade on ewoyaa comes in.
Please do share detailed reply from HL. I hold substantive IRR in ISAs and JISAs in HL. Unwanted complications tbh, but ASX sounds promising. ATM sounds like I might enact 3 new II accounts and hold the Ricca in there. Albeit they wont be tax wrapped.
Other option is to just move all JISAs and ISAs to II, but I'm wary of charges, lots of different funds and shares held. In the meantime any ideas appreciated.
I thought the market was shut at the mo and I am sure we will get an Rns to signal start of trading on the otc !
Looks like first trade gone through. Small buy of 2500 just above bid.
Ticker is IRRLF.
I've mailed HL with something similar Ash. Hopefully one of us will get a response we can share on here.
Agree, it's absolute madness to sell Ricca shares just because HL don't list ASX stocks. Just move them to another platform.
It's also worth noting that there is a 99.9% probability that all spin off shares will be subject to a 1 year lock in. This will ensure an orderly market in the shares (imagine everyone dumping on day 1) and will provide plenty of time to sort things out with a new broker etc. I hold IRR with both HL & II, I plan to migrate the Ricca shares post IPO once I have the share certificate. It'll probably take a while but we'll have time.
For what it's worth, I also think ASX is a far superior exchange to LSE with regard to mining shares. It's embarrassing to see how few PI's, never mind II's, are even aware of IRR at present.
Cyfalafwr
I'd urge you to consider another broker for your Ricca Resources shares if HL are unable to accommodate.
ASX is a well known market in this space and it's pretty ridiculous if one of the major platforms in the UK don't have a custodian in the region.
You have to bear in mind as well how little recognition IRR have had from the London market despite announcing a promising starter resource along with some fantastic economic forecasts in the scoping study and some great follow up drill results. Oh and then there was the tie up with Piedmont funding us until production of that clean spodumene concentrate.
If you don't believe me then I'd urge you to look at some of our lithium peers listed on the ASX and how well they have done with similar or weaker fundamentals.
The grass isn't always greener over here. In fact, in IRRs case I would say it definitely isn't. AIM is full of spivs who are only interested when there's a discounted raise going with warrants attached. True story.
Evening all, rather than read a lot of speculation about the shares in Ricca Resources, I thought I would just message HL - see below. I’ll let you know what response I get.
Cheers, Ash
“Hi, I hold IRR shares in both my ISA and SIPP. Following yesterday’s RNS and an interview on Proactive Investors with the CEO Vincent Mascolo, I understand that, subject to shareholder approval, I will receive 1 for 8 IRR shares in Ricca Resources Ltd, a new unlisted company, and can subscribe for the same number of shares at 0.10AUD per share in addition. It is then a possibility that there will be an IPO next year on the ASX.
Please would you advise what my options are to ensure I receive my allocation and can subscribe for the additional entitlement, given that I cannot hold and trade unlisted shares in an ISA or SIPP or shares listed on the ASX through the HL platform.
Many thanks”
I also hold my IRR shares in a self select shares ISA with HL. Does the company know that they will be ****ing off a load of shareholders if they list the gold shares on ASX. I am considering selling my IRR shares just before demerger and then buying back into the new lithium company when listed.