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Indeed it does state mon 2nd November as ex-entitlement date for accustem shares, however is it beginning of trading OR close of play on the 2nd?
raaydarr & JohnHenry, thanks guys I think you're right. I'll be straight on the phone to HL first thing on Monday to correct them.
Really not sure why everyone is wanting to sell TILS after receiving Accustem shares. The clever money is In Tiziana in my view with Foralumab, trials imminent and results in December, milciclib, patents & more. Accustem still needs to be commercially developed and grown. Each to their own I guess. GLA
GLA.
Steve 777 - I agree with that advice and will be checking this with my broker as well. BTW did Interactive Investors advise when you could sell the shares without losing the free shares. It gives more confidence if different brokers are all saying the same thing, and what they say is clearly going to be more authoritative than us posters.
Not the case with Interactive Investor they have confirmed to me I would qualify for the new shares if I buy up to close on Thursday. Suggest everyone who is interested checks with their broker.
Hi all
I think there is a lot of confusion about the deadlines for 1) buying into Accustem, and 2) selling TILS without losing Accustem. Dates for the former have variably been given as Tuesday, Thursday or Friday of next week. Dates for the latter have variably been given as Friday (30th) or Monday (2nd).
Let me start by saying that I don’t know the correct answer. DYOR
But I wonder whether the confusion has arisen because of settlement periods being given prominence over transaction dates (incidentally, on my platform it says T+2 for the UK and T+3 in the US, which might be relevant to the whole ‘when do shorts on NASDAQ have to close by’ discussion). The following question might help in understanding this:
If you sell your TILS shares at any stage BEFORE the ex dividend date, are you not also selling away your right to the stock dividend (in this case the free Accustem shares)? Does any such sale not include an obligation to deliver any free Accustem to the buyer, irrespective of the settlement date for the transaction?
IF the answer to this is YES (and i don't know if it is), it might explain why some people have been told by their brokers that they are entitled to Accustem shares even if they buy on Friday (30th) itself. Because, what they are effectively advising is that it’s the date of transaction and the EX date that matter?
The other question this then presents for me is when exactly is the EX date for this demerger? For example, on 16 September, the Press Release had a timetable which gave an “ex DIVIDEND date” as 30 October. However, that same day, there was a Circular which gave an “ex ENTITLEMENT date” as 2 November. A few weeks later on 2 October, following the AGM, the “ex ENTITLEMENT date” was again given as 2 November. I’m assuming ex dividend and ex entitlement have been used synonymously by TILS here.
Anyway, hope the above helps and apologies if it doesn’t and merely causes more confusion.
GLA for next week (and beyond)
Friday after 8:00am I believe
so long as you are on the register at 7:00am on Friday is my understanding
If I were a shorter I would short like mad on Thursday/ Friday
There was a discussion earlier in the week with regards to T+2 or T + 3. My understanding is that if you want to benefit from Accustem shares you would need to purchase on Tuesday at the latest (I am assuming anytime before 4.30pm).
Weds and Thurs would be pretty benign days, you wouldn't buy given you have missed the Accustem deadline, would wait till Friday. Might drift lower if US sells keep ticking over. I was of the view Friday am was the date at which people could sell and still benefit from the Accustem shares, but others have suggested Monday 2nd...
Would appreciate view of others...
I think, but stand to be corrected, that you need to have bought the shares at cob on Tuesday for them to be in your account definitely on Friday....
cheers Interesting perspective. I'm new to this demerger stuff so still getting my head around it . are you saying shorters and any sellers need to be out by Tuesday pm or the new buyers of their shares will not be registered for stem p shares due to settlement. I thought you just needed to be in possession of the shares first thing first thing Friday morning.?
Horde1i HL are wrong the record date is 07:00 on the 30th. You can sell your TILS shares at 08:00 on the 30th October and still receive STEM shares.
MMS can lower the price to what they like, shorters can only close if there are willing sellers.
If there are no willing sellers then they cannot close. However I think the shorters are probably shorting through an instrument at a pre determined price.
Mac4eye...I wish I knew more than I do. This is my reasoning. Anyone please feel free to correct it.
There will be some shorters who haver borrowed shares to short. IF the holder wants to qualify for the Accustem shares the shorter will have to return the shares to that holder by cob Tuesday 27th...allowing for the T+2 settlement time.
So the shorters have all day Monday/ most of Tuesday to get the price down to maximise their profit. However later on Tuesday we could well get FOMO buying...So if TILS price is going to be dropped for them my bet would be Monday...
In my experience (limited) the MMs have always seemed to collude with this need...I have never been on board for a short squeeze, where the price rises when shorts have to close. I hope this is a 1st and TILS price soars to 230p and beyond burning them...
However if the price drops below 160p on Monday (my personal buy in point...I have ****loads already) then I will be tempted to buy more before cob Tuesday...which would qualify for the Accustem shares.
I personally feel that later in the week the TILS price will drop based on the Accustem value no longer being in the TILS price. This might well be enough for any shorter that does not have the need to return borrowed shares to their owner...for those shorters, given that there is no acknowledged value attached to the Accustem share, what better time to short TILS? That also might prove to be a good buying opportunity
My time on MTRO taught me the shorters always have a plan to exit, and are never stupid...
HL have got that wrong. You MUST be on the register at 7am on 30th October to qualify for the Accustem shares. It's all quite clear in the documentation, look through the relevant RNS
Jh2704 could you explain what you mean a bit more, why do you think traders will have left by 27th why wouldn't they wait till Thursday or even Friday? I also don't understand why you think the price will drop below 160 I think it will rise significantly as shorts close and might peak on thursday. Some shorts are bound to end earlier than others and push the price up I am guessing this will start on Monday.
I repeatedly read messages on BB about "burn the shorters"..a "short squeeze is coming". I wish! My experience todate (limited I agree...mostly METRO and SHI) is that the MMs appear to lower the price to enable the shorters to escape relatively unharmed.
Much as I would like to see a short squeeze on Monday/ Tue (TILS is my biggest position by far)...I dont expect it. So how do they escape? The share price has to come down...
I hope I am wrong. I wont be selling any whatever happens. However I have freed up a chunk of money to buy more if the price drops below 160p.
GLA
Below is an email i received from my broker HL. As I understand it, to qualify for the Accustem shares you need to hold TILS shares in your account at close of buisness on Friday 30th Oct. I am then assuming that anyone wanting to "top slice" should be ok for Monday 2nd Nov. Hope this helps. GLA
"The Board of Tiziana Life Sciences Inc has announced that it intends to demerge its StemPrintER and SPARE business into a separate company, Accustem Sciences Limited. Subject to Court approval at a Hearing to be held on 27 October 2020, Shareholders as at close of business on 30 October 2020 will receive 1 additional Accustem Sciences Limited share for every Tiziana Life Sciences plc share held.
The new Accustem Sciences Limited shares will not be trading immediately as the Company has to apply for admission to list on the London Stock Exchange. It is expected that the new shares will be admitted to trading on the London Stock Exchange on a date expected to be in the fourth quarter of 2020.
We will credit your account with a dummy line of stock representing your entitlement to Accustem Sciences Limited shares whilst we await the new shares. "
You will be sent confirmation once the new shares have been credited to your Account.
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Big short attack on the day that they need to close them??
Jh dream shorter !!
big short attack on Monday is what I am expecting...
The way nasdaq are playing this I'm starting to think we are in for a big spike. Lets see folks
Usain
When you say you’re all in , do you mean you have put all 100% portfolio into Tils ? ie all eggs in one basket ?
To my reckoning they will have to return those shares monday. It would be good to see a late rns on monday around 2pm and blow them shorts out the water.
Usain
So presumably you are going to leave as is ?
Wingandprayer I had a letter- can't remember specifically the wording but essentially they'll be credited on your account and will be untradeable until they are listed