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i just seen in my ii isa account my portage share are now showing value.
So because this is delisted, can it not list again as it’s over it’s 6 month period. Anyone have any info. Cheers.
Hi All,
First time posting here.
I am with ii and am awaiting my Portage shares also. I have had email correspondance with them on the potential to trade the shares via the platform. The most recent answer from them is that i can trade them on the CSE via ii, albeit it will have to be a telephone trade. The trade will also be subject to currency conversion as my ii account is an ISA.
However, I'm not convinced this response from ii is accurate as i had previously been told that i couldn't trade the shares on the CSE. And that seems to be the information others here have received.
Who knows!
I am on Telegram but could not find Quint's Portage 2 group, any idea of the correct username?
When is a Medallion Signature Guarantee required?
Generally, a Medallion Signature Guarantee is required when an owner wants to sell or transfer securities held in physical certificate form, including stocks or bonds. If the securities are held through a broker, the owner will not need to obtain a Medallion Signature Guarantee.
Hi Pesto,
Portage are tradeable from Monday/tuesday 8th/9th; New listing (s) to be announced in due course.
Are you in Quints Portage 2 telegram group ?? There are around 150 Portage holders in there with all the answers !
Jesterman,
Im assuming if i do nothing and sit on the Portage Shares in my II ISA, albeit no value or not tradeable in the hope that when Portage do indeed become tradeable on Senior Listing and ii ISA will then recognise, at that point they become tradeable? I believe the senior listing for Portage is imminent, NASDAQ?
I have previously instructed ii that I want them to transfer my shares/ certificate over to HL; I just need to open a trading account with them. ii also stated that a transfer would be free of charge. Maybe not so if there is this medallion stamp guarantee charge, but I would pay it just to get the hell out of ii quite frankly. No doubt HL does except Portage in an isa but it would mean transferring my ii isa to them, for me thats to much hassle.
Now as we all know Portage will be 'up listed' to a more senior listing which then it may be possible to buy the new listed shares in a ii isa. If that becomes the case I would be inclined to sell my shares on my trading account and buy on my isa. Bit of a spread loss I know but long term Portage and or new listed companies from them have a great future. My goal would be to see a share price alot higher than the current $10/12.
Reply from II received today. Im going to push back on the charge as they accepted the Portga eshares into my II ISA when transferred out of Barlcays SI ISA. So now they want to charge to get out. !!! Any commenst/support welcome..
Good Afternoon Mr
Thank you for your patience when dealing with this matter.
Our settlements team have managed to get in contact with the transfer
agent for Portage.
International deposits and withdrawals are no longer part of our product
offering, but if you are sure you wish to go down this route we will
accommodate this.
However, there will be a charge of £295 for the medallion stamp
guarantee and other potential admin fees that yourself would need to
cover.
I do have to make you aware that once the certificate/statement is issued,
we won’t be able to re-deposit the shares into your account with ii, so
you would need to find an alternative Broker who supports this service.
I hope this helps, please let us know how you wish to proceed with the
withdrawal.
Kind regards,
Interactive Investor
Share certificate for Portage Biotech has been followed has been followed by a letter from Barclays SI informing me that my holding is now my own responsibility and they are no longer nominee holders on my account.
If I wish to sell the Canadian Stock Exchange registered shares I need to appoint a broker who deals with this, but there is no time limit.
They will be reduced in number by the coming 1 for 100 share consolidation and a new revised certificate issued in my name.
While there is a prospect of the value increasing I am inclined to leave them be and hopefully rise from their current £28k+ return (was around £20k when the deal was done with SALV).
Kentan,
email i received from Barclays yesterday. I too have holding with II and not received by share certificate for these to date.
Dear Mr
I hope you are well and sorry for the delayed response.
The certificates for Portage Biotech are now in transit, I will then send these to your home address via courier.
I appreciate your patience throughout although the delay was out of our control.
I will update you further when you should expect to receive the certificates.
Kind Regards
Alan
My share certificate for my holding in Portage Biotech arrived by special delivery yesterday.
Now waiting to see what Barclays Smart Investor propose to do.
Portage dipped to 12.0 UScents on Wednesday, but closed at 13.5 on Thursday on the CSE market.
Whatever happens, I would not be allowed to subscribe for the placement shares as I do not live in Canada or USA.
Still nothing from Barclays Smart Investor, the notice still shows on my ISA .... "this product not eligible in an ISA account" ... ... and shows in the corporate action as share certificates awaiting issue by Canadian Registrar, dated 6th February 2020:
Portage Biotech Ltd:
As a result of the SalvaRX Group Plc demerger, you acquired a holding in Portage Biotech Ltd. At the time of acquiring this holding, we informed you it could not be supported in your Smart Investor account and the following action would be taken: SIPP Clients Investors’ holdings would be sold and proceeds would be paid to your SIPP account. ISA/GIA Clients Investors’ holdings would be registered to a holding statement which would be posted to the address we hold on file for you. A holding statement is a representation of your shares which are held electronically at the Registrars. At the time of writing to you, we anticipated the sale & registration of the holdings would have taken approx. 12 weeks. We are sorry that this has not been the case. Portage Biotech share certificates were expected to be despatched on or around 15 January 2019. Unfortunately, Portage Biotech shares were subject to a restriction period which resulted in a delay in the certificate being issued. The certificate was not received until 4 June 2019. The Canadian Registrar has since requested we provide additional documentation in order to proceed with the re-registration of your holding into your own name. We are working to obtain the required documents and will update you in due course. Portage Biotech is currently subject to a CTO (Cease Trade Order). Trading in the shares is currently suspended. Trading is expected to resume on the Canadian Securities Exchange (CSE) as & when the CTO is revoked. We reminded you that it is your responsibility to ensure you are aware of any tax implications & to seek independent tax advice if you are unsure."
Since then Portage has been reinstated on the CSE since 16th April 2020 and they have been traded daily.
As of the moment, their share price has increased from around US9.5cents to US14.5cents, so whilst it is still rising on news of further investments & a new CFO, I am inclined to let them carry on increasing in value. If they are listed on the US main market they will surely go higher.
I will forgive Barclays for the debacle if the share value of Portage rises.
Have looked at some of Jim Mellon's latest utterings, apparently, SALV is in talks with another biotech company with views on bringing it to market as an RTO, but Covid-19 has impacted on progress. I also see that there has been lots of interest in his Juvenescence Ltd longevity of life venture ... could SALV be the vehicle to bring it to market?
With the focus on pharma & biotech companies, there will undoubtedly be lots of JV's, mergers & t/o's.
Another stock that has been delisted, that I am also invested in, is Bould Opportunities (BOU.L) who are also in advanced talks with companies in t
You had a better response than I did Pesto; I messaged ii on the 5th and their response to me was 'I refer you to the message sent to you on the 12th Feb 2020. (which stated Portage was suspended) So far they have not responded to my last message correcting them.
I think the more that 'we' collectively pester ii action is forthcoming. Understandably if the Canadian depository is closed then not much can happen, fair enough.
I would not be surprised now that we have Allan L. Shaw as CFO A US listing will be on the cards. With so much going down at Portage it surely has to happen. So we could end up regretting holding a Canadian share certificate.
But this does not detract from the fact that ii, Barclays and maybe other brokers did not use 'Due Diligent s' trying to dump us on the American OTC which we cant trade on let alone list on!
Latest message re share certificates from II. I received this on 11th May.
Dear Mr
Thank you for your secure message.
We are sorry for the delay in our response,
we are currently handling a high number of messages.
I have looked into this issue for you and
confirmed with our corporate actions team that the cease trading order has been
lifted however, due to Canada's response to COVID-19, the Canadian securities
depository remains closed until further notice and we are therefore currently
unable to deposit the holding certificates with our international custodian,
this means that we are also unable to withdraw share certificates at this time.
As soon as it is possible we will request the share certificates be sent to you
so they can be deposited with another broker.
Hi Kentan,
were you able to get your share certificates from II in the end?
Mine are still unavailable due to the delisting per their corporate events message to me.
thanks