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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 ÂŁ295 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 ÂŁ28k+ return (was around ÂŁ20k 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.
yes things are looking good!
Canadian TSX is one 'senior' market and American NASDAQ ; Could be one of those or both. As soon as an announcement is made I'm going to instruct ii to hold fire and await further news. I believe either of those markets may qualify for ISA to take either a bumper future divi or/ and a big capitol gain.
Not long before will find out
Portage Biotech have announced a share consolidation (reverse stock split) as approved by the BOD in January 2020, of 1 new share for every 100 held on 8th June 2020, subject to CSE approval.
They plan to offer a non-brokered private placement to raise US$10million at US$10 per share, post consolidation, with a weighted 20 day calculated price less a 10% discount.
Directors Dr Gregory Bailey and Jim Mellon have agreed to support the offer up to US$2million for any unsubscribed stock. This will be reduced if oversubscribed.
The funds will be available in tranches to enable acquisitions of new products and expansion of the existing portfolio.
Could this be a prelude to a listing on the US market?
Portage Biotech closed on Monday at 15US cents with active trading, recovering from Friday's dip to 13.5US cents. Looks strong to challenge the last resistance point of 20US cents with the focus on the sector.
Maybe more news of a listing on the DOW now that their portfolio of Biotech companies need greater exposure to finance.
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.
Anyone know if this company is re-listing?
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
https://webfiles.thecse.com/PR5122020.pdf?o_uqrOY.nGzmOOfI9f3l7LNsYKOeXpuK
Portage Biotech has appointed a new Chief Financial Officer, Mr Allan L. Shaw, who replaces Mr Kam Shah, who retires after 7 years service to the companies.
Mr Shaw has a wealth of experience with over 20 years in the pharma/biotech sector.
This clears the decks for the next stage of the burgeoning acquisition programme that Portage has undertaken.
Portage rose to US$0.13 (touched US$0.14) on the news.
PORTAGE MAKES ADDITIONAL INVESTMENT IN STIMUNITY S.A.S, A PARIS-BASED CANCER IMMUNOTHERAPY COMPANY.
Invested $900,000
Shares up on CSE
To: US$0.14...
Portage Biotech rose slightly on the CSE to US$0.12 (up 14.29%) today on news:
Portage makes an additional US$700,000 investment in subsidiary company Saugatuck therapeutics after achieving proof of concept for NLG, one of its cancer treatment drugs.
NLG technology, invented in the lab of Dr Tarek Fahmy at Yale University and commercially
developed by our joint venture partner, Immunova, allows different combinations of drugs to
be encapsulated in a single nanomedicine and delivered selectively to the tumour
microenvironment, thus potentially minimizing systemic side-effects. Saugatuck which has
acquired an exclusive license from Yale University via Immunova for use of the NLG platform
for delivering DNA aptamers and certain aptamer-based combination products. Immunova is
developing a pipeline of NLG drugs focused on cytokine and other immune-modulating drugs.
Here are the latest trades recorded on The Canadian Stock Exchange for Portage Biotech:
https://thecse.com/en/listings/life-sciences/portage-biotech-inc
Average around 10USCents.
Haven't been informed by Barclays if they have notice of my share certificates yet, happy to wait if the value goes up as expected.
Last price of US$0.104 on the OTC market on Friday 24th April so maybe CSE price will appear today.
With plenty of upside in the offing I am not in a hurry to have my shares sold by Barclays... they were up to 20 US Cents not so long ago, so you can see why.
Its been a long wait, hopefully now i will receive my share certificates from with Barclays and Iii. I cant believe its almost 2 years since the de merger of Salv with Portage.
Great news this week with the tie up with Bristol Myerrs Squibb.
Correction - CSE not OTC
Portage up and running again on the OTC ! as from 16th April. Hopefully now at least some of us will get our share certificates.
Not long now Kentan https://twitter.com/1971bod/status/1229798342089154561?s=21
In the OTC market, I can see Portage Biotech spiked to 18US Cents on Jan 24th and 20US Cents on Feb 6th. 2020 so this bodes well for when they are restored to the full market.
What isn't shown is the spread on the OTC market, which I assume will be quite large (depending on what buyers are prepared to pay).
At 15US Cents it gives a market cap of circa US$148million and at 20US Cents around US$200million.
Is Jim Mellon's "Juvenescence" part of Portage holdings or is it with SALV or FFWD? ... that will be a major game-changer.
1971Bod,
Here is the latest press release I can see published by Portage on their website:
https://www.portagebiotech.com/wp-content/uploads/2020/01/iOx-loan-and-CTO.pdf
You can see their application for the revocation of the cease trading order (CTO) submitted 13th January is still being considered by the Ontario Securities Commission. From reports at the end of December 2019, I thought they had been granted a temporary lifting of the ban on trading their shares, but I can see prices for PTGEF on the over the counter markets
... OTCMKTS:PGEF on Yahoo:
https://finance.yahoo.com/quote/PTGEF/
Currently 15US Cents ... up from 14.
My Barclays Smart Investor ISA portfolio shows the original holding for SALV and Portage at 18x their number. But the corporate action notice says these are to be sold as they do not comply with ISA rules and because SALV has delisted there is no value attached to them.
Agree with you, the whole scenario has been completely mismanaged by Barclays and will hold them to account once this is resolved. ... last time I had a problem with them they sent me a hamper as compensation ... but I would need more than that to compensate me for my loss and inconvenience this time (despite the total value of my Portage holding going up 50%).
Kentan you need to have a word with Barclays as I hold salv in both isa and trading accounts so I now have portage shares in both types of account. Barclays have been utterly useless dealing with salv and Ffwd.