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I did some digging into the topic
Mary is right....
Tomorrow is ex-entitlement...and that is all that matters.... buy today and you get the Open Offer
The record date is actually only used in this case to take a record of those investors who have Certificate Shares.
If any of those investors sell between the Record Date and the day before Ex-Entitlement day...then they have to forward to their Broker..so their Entitlement is passed to the new buyer....
You cant have a certificate holder selling and the Ex-Entitlement giving them the Offer
So for digital traders with the broker holding their shares...( most PIs )..none of that matters
All that matters is Ex-entitlement.....despite the poor wording and lack of real explanation given today
It’s a lot clearer in the original release
PETROFAC LIMITED: PROPOSED FULLY UNDERWRITTEN US$275 MILLION FIRM PLACING AND PLACING AND OPEN OFFER Tue 26 Oct 2021 07:27
The confusion is that .
“The Open Offer will open on 28 October 2021 with Qualifying Shareholders having an Open Offer entitlement of one Open Offer Shares for every four existing ordinary shares registered in the name of the relevant Qualifying Shareholder on the Record Date (and so in proportion to any other existing ordinary shares then held) on the terms and subject to the conditions set out in the Prospectus (and in the case of Qualifying Non-CREST Shareholders, the Application Form will be despatched to shareholders). The Open Offer is expected to close at 11.00 a.m. on 11 November 2021.”
But it refers to the the Record date - that is 6pm on the 25th .
The open day is just the first possible day the shares could be trading -28th
The document to read is titled
PETROFAC LIMITED: PUBLICATION OF THE COMBINED CIRCULAR AND PROSPECTUS
Tue 26 Oct 2021 17:37
Here you go check it yourself
https://www.hl.co.uk/shares/shares-search-results/p/petrofac-ord-usd0.02/share-news
First line on timetable
Detailed timetable
Record Date for entitlements under the Open Offer 6.00 p.m. on 25 October 2021
oh long day this has been. it does say 27th ex entitlement which is tomorrow. confusing this is
Interestingly the share price only really ticked up when the US woke up and they realised!
Record date is 26th 6pm. Ex entitlement date is 27th. This means you are no longer entltled on the 27th. It's like when a share becomes ex dividend. That is when you no longer get the dividend
I guarantee that you are wrong but anyone in doubt should phone your broker.
Don’t trust BBs - as a general rule!
No point in arguing about it as it is now a mute point. It will become clear over the next few sessions.
I held before, added today @ 127, sold part of the trade bought today @ 144, so I will be able to confirm exactly what entitlement I get.
I stand by what I have posted as being correct. We will not have long to wait.
GLA.
I could tell you the answer in plain English but you lot are not only blind it’s like you can’t hear either. I would say you can’t understand English but I may be accused of been something!
Other explanation being of course Rye and Cape closing big time?
Just to make this even “clearer”
Mary, you said ‘ Record date is for admin only - it determines the number of shares attracting entitlement. This is a finite number and was needed to be calculated for inclusion in the prospectus.
If the Record Date determines the number of shares held (by individual investors, by inference), surely today’s trading would upset that and individuals’s share holding would be difficult to determine?
Not saying you’re wrong, but surely the record date is there for that purpose, no?
By same token the rise today is certainly ‘explainable’ with what your understanding is.
Overall I’m still confused and I’m leaning towards Record Date being the cutOff date for entitlements
No nowt about stock market legal speak....But I've got to agree, bought today will not qualify. As it clearly states in the release...
The Open Offer will open on 28 October 2021 with Qualifying Shareholders having an Open Offer entitlement of one Open Offer Shares for every four existing ordinary shares registered in the name of the relevant Qualifying Shareholder on the RECORD DATE
Later clearly stating the record date to be 25th, 6pm.
even more cracking if they get the discounted shares as well
Anyone that bought today especially this morning effectively got a cracking deal.
Amazing how long it took for the penny to drop!
You're the man!
Not true yesterday was the entitlement date not today.
No reversal tomorrow.
Closing price today still a small discount to those holding last night.
25% at 115p
75% at 158p
= 147.25p
Likely to rise above this over coming days.
Yes JG68 too late now but the opportunity to add was the reason behind the reversal today. SP likely will go down tomorrow and over the next sessions.
Record date is for admin only - it determines the number of shares attracting entitlement. This is a finite number and was needed to be calculated for inclusion in the prospectus.
The shares cum (with) entitlement were free to trade following the announcement and may have been bought or sold during the day today with the entitlements attached.
Signing off for now, GLA.
Forget it, I know you explained but I'll just wait and see what unfolds, too late now anyway!!
Mary
But what does this mean then?
Record Date for entitlements under the Open Offer
6.00 p.m. on 25 October 2021
To clarify beyond doubt.
The stock does NOT trade ex entitlement until the open tomorrow, so it is your holding at close of play TODAY that your entitlement is based on 1/4.
The record date is a cut off for the propspectus that confirms the total number of shares that have the entitlement. This is a finite number and was needed to be calculated for inclusion in the prospectus.
The shares cum (with) entitlement were free to trade following the announcement and may have been bought or sold during the day today with the entitlements attached.
The stock exchange will adjust on the 27th October and trade ex entitlement.
Buy tomorrow - you buy without further entitlement.
Sell tomorrow, stock held at close on 26th and you still retain the option to buy the rights.
I have been through many RI & open offers and people on these boards confuse the dates.
The above will play out as far as I am concerned.
Hope this has helped.
has not yet traded ex entrights IMHO and the record date of 6pm yesterday is just validating the number of shares participating. The entitlement under the open offer will be ex and cum at a later date.