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Thanks for that. I've applied for quite a few excess shares, will act according.
Noone can tell you how many OO excess shares you'll receive at the moment. You need to decide how many excess you want and then ensure the cash for those and your entitlement is available on the date that is advised by your brokerage. Since the excess number you apply for will be scaled back if the OO shares left after allocation are few, you may apply for many but receive many fewer than you wanted or even none if all entitled shareholders take up their full entitlement. Your money for the excess shares you wanted but didn't get will be returned to you in a few days after the result of the OO. Hope that helps.
Also a successful and over subscribed Open Offer would probably need both Vulpes and Calculus Capital to take part.
Vulpes full Entitlement is 6.161m shares = £ 338,840 after they have just put up £1m in the Placing.
Calculus full Entitlement is 3.909m shares = £ 215,014 but I don't think they took part in the Placing.
So to my way of thinking for it to be Over Subscribed both Vulpes and Calculus need to be fully involved.
Chester.
I've been told by my broker that the funds need to be in place on the 4th August.
Enough for both the Entitlement and to cover the Excess that has been applied for.
If the money is not sat in the account they will only request an Excess to the value of the balance amount in that account.
Chester.
LL
In order to be entitled to take part in the OO, you must have been holding shares at close of play on 21st July. Anybody buying after this date won't qualify. Also shares for the placing and subscription won't be issued until after the GM (assuming all resolutions agreed) - think from memory they're expected to be admitted to trading on 12th August.
LL .. bit confused you need cleared funds on the 5th and to over subscribe ... how can you order a chunk without ?
LL,
That was me, HSBC Investdirect will not allow me to go for additional shares, much to my disappointment.
ATB
Chester, IDK how big the demand for extra shares at 5.5 is. I've asked for a big chunk rather than buy in the market - one can still save 1p/share when I checked this morning.
Because others have posted they know how many extra they can take up I shall be on the phone again tomorrow.
I do not want to exit any investments for the possibility I could get all of my request without a guarantee of fulfilment.
Hello, I asked the same question, forgetting that it is an Open Offer and not a Rights issue when it was first announced.
I believe many holders that can are requesting additional shares in the open offer, but one holder said their platform didn't allow anyone. My platform has not indicated how many I might receive, and I've asked for clarification so that I can deposit sufficient funds - I was told the pay date was 12 August, but I received notice today that it is earlier.
Also, I believe read recently that those who bought in the placing may be able eligible to take up 4 for 51 and apply for extra shares at 5.5.
I hope this helps.
Hi Belerno
I think AfamaMan means once the Open Offer shares hit the market, we know it isn't a Rights Issue.
I am surprised nobody has engaged my question about thew impact of an Over Subscribed OO, this board is sometimes very fickle. Perhaps everyone thinks that Scancell wont shift 36,000,000 shares ?
Chester.
If there was a market in rights then these would have been traded now. So clearly there isn’t
Notwithstanding the difference between wanting a discount at 5.5 and paying full price I think some who have spare cash from proportionately reduced excess apps will want to put it to work here. Conversely some might want to lock in profits if there are any when the right issues shares can be traded. Rumour and news flow are really the key influencer though.
I have applied for my entitlement but wont be applying for any excess as I have enough in here already. Things are looking better than they ever have. Hopefully we will all make a decent return soon.
I've read on here that some have the feeling is that the OO will be oversubscribed.
I don't know but I'm going to presume that our Institutional Investors get two bites at picking up shares at 5.5p, once in the Placing and then again, being entitled to their 4/51 shares.
Most posters on this board who are holding shares have said they will apply for some 'excess' so can we predict that the OO will be oversubscribe and will that translate into pressure on the Share Price ??
Chester.