London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Interesting logic from Steven. Because not everyone took up their allocation it therefore wasn't oversubscribed. What? Oversubscription refers to the requested number of shares exceeding the maximum available. That's it. Simple. And that's what happened.
Strange I normally see corporate actions in my account, I completely missed that I had to apply so kicking myself. Regardless I am happy to be in ODX long term and especially with the current pandemic making medical stocks more attractive and with the wider backing / positive sentiment they have.
"Interesting. It seems that those that wanted shares also asked for extra and did not get all the extra that they were hoping for. But nearly half (46%) didn't even apply for the basic entitlement."
I don't think that's what the sentence in the RNS means. The 54% relates to the number of shares available in the OO - not to the number of eligible investors. My reading of the initial offer was that the number of shares that were being offered exceeded the number that would allocated using the 1:20 entitlement.
'The Open Offer closed for acceptances at 11.00 a.m. on 7 July 2020. The Company has received valid acceptances from Qualifying Shareholders in respect of their Basic Entitlements in respect of 4,089,048 New Ordinary Shares, representing approximately 54 per cent. of the Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 6,138,510 New Ordinary Shares, representing approximately 82 per cent. of the Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements. As applications under the Excess Application Facility cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.'
Have a read of the extract again everyone. I have copied it above. There are 7,531,100 open offer shares. 4,089,048 of the open offer were taken up representing 54% 6,138,510 of the open offer shares were received as extra's representing 82%
So the open offer at 100% has 7,531,100, there is only those shares available. 7,531,100 - 4,089,048 = 3,442,052 (left for excess applications) 6,138,510 extra shares were requested with only 3,442,052 available.
In this instance the people wanting excess shares were scaled back. If as you believe only 82% were taken up then everyone would have got their basic entitlement plus their extra requests and the extra requests wouldn't have needed to be scaled back.
I trust this explains to all - it was over subscribed - the extra requests were scaled back and all funds were raised to enact the expansion as per the presentation.
The Open Offer closed for acceptances at 11.00 a.m. on 7 July 2020. The Company has received valid acceptances from Qualifying Shareholders in respect of their Basic Entitlements in respect of 4,089,048 New Ordinary Shares, representing approximately 54 per cent. of the Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 6,138,510 New Ordinary Shares, representing approximately 82 per cent. of the Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements. As applications under the Excess Application Facility cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.
There were a lot of people on here saying it was oversubscribed and they didnt get there allowed amount . Someone said they ask for more and was surprised they got them. Someone said it was oversubscribed they didnt get their desired amounts. Someone said FINNCap shorted the book ?? Finncap advises companies of how much to raise and at what price to the market. -they take a fee for this. !! I try to keep a balance view and post the facts, there are lot of people on here who dont seem to read RNS's You were only allowed 1:20 - with an option for asking for more if the balance wasn't subscribed in full. It wasn't oversubscribed the Majority (54%) didnt want them, so the leftovers went in the pot for the the others , and was gladly taken up by the minority This could be as people cancelled their OO and bought direct yesterday at 40 or below, like me. I think we are all on the same page, a certain few just seem to twist the info, and only look at 1 sentence. thats all I was trying to point out. I would also like to point out yesterday I clearly stated today would be blue and we would close at 42p, so far so good. GLA
The end result is they have the money. Those that wanted the basic amount got them, those that wanted more than basic have something but maybe not their full request. I imagine they are the ones buying the stock at this price now.
Agreed Dodge. Not sure what stevenmerret is getting at but think his logic is incorrect. Everyone was guaranteed basic amount. I applied for excess and understand from the RNS I will get the excess scaled back as it was Oversubscribed. Not rocket science is it
'Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements.'
If you were an existing holder you were guaranteed to get the open offer basic entitlement as long as you ticked the box to inform you wanted them. The excess open offer facility was scaled back as there was a requirement for 6,138,510 but they were not available. The excess amount wanted was 82pc of total allocation, the basic entitlement was taken up at 54pc meaning 136% was asked for.
Only 100% available - over subscribed. £11m in the bank for expanding the production to deliver all those tests around the world.