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Hi mas,
Many thanks for sharing - interesting they quote 'transfer to their international custodian', which likely suggests that they use a third party for trading in German shares? As such, transfer time etc may well be lengthy - may want to check who the third party custodian is?
Doesn't mention anything about the 14th May though and that you have to sell by then, or is that a separate note?
"Before the cancellation on the lse , we will convert your Tui Depositary interests to the underlying Ordinary Shares and transfer them to our international custodian. This will allow you to continue trading in your Tui shares on the Frankfurt exchange. We expect the transfer to take several days. The Tui shares will continue to be eligible to be held in an Isa or Sipp following the transfer to Frankfurt."
Hi mas,
Many thanks for coming back - if I'm honest, I think many on here are simply 'very interested' in Halifax's stance and especially as it seems so far away from what we've already been told by Tui and their prospectus.
As SK suggests, it may simply be that their systems are less advanced than others and they need some time to get things sorted.
Would you mind checking out more with Halifax and letting us know - if not, totally understand, but if you or beatrootjuice are up for contacting Halifax; sharing the prospectus maybe and letting us know their thinking, would be great.
Equally of course, Tui could come out with an announcement tomorrow - would just be my luck eh ref timing etc and say exactly what Halifax has said - hence our curiosity
Best
My assumption from their wording is that there will be no fees involved in the transfer for us. Certainly no mention. Basically says --- do nothing by 15th May and our shares will be automatically transferred over. But as you say better to clarify
Mas/Mike... what's also unclear is if Halifax goes early and sells its clients holdings on LSE, to move them over to Frankfurt, perhaps simultaneously allowing its clients to commence trading on the Frankfurt exchange, then what impact will that have on the SP for the remainder held on LSE? With trading set to continue on LSE could there be a price adjustment? Or will the qty of shares being taken out of circulation on LSE mean there's no SP adjustment (as simultaneously there would also be fewer shares in circulation too?)... Lots needs clarifying here imo and I agree with you there mike, It may be well worth putting in a call to Halifax. I'd be working on basis there's something in this for Halifax, charges to move clients holdings/exchange fees/trading fees for those who get concerned and just sell up?.. It's all quite odd! HL should be easy as they already permit trading on the key global stock exchanges and more.
Hi mas & beatrootjuice,
Many thanks for the clarity, although like SK, it seems 'really strange' and certainly not in line with what Tui is saying about trading through to and including the 21st June 2024.
Like SK, I'm with HL and I'm certainly expecting HL, like most others if not all other brokers to wait until Tui comms to us all about the relevant next steps and very likely on the 15th May 2024, alongside the Half Year results.
Additionally and as shared previously, if you do indeed sell or transfer WHO will pay the charges for Halifax? Really does sound 'peculiar' and if I was with the Halifax, I'd drop them a line directly to the trading team; send over the copy of the prospectus as I shared yesterday and ask for more information and again clarify on costs.
GLA
I suppose it depends how you look at it. It probably means us Halifax customers will be able to trade on Frankfurt sooner than we anticipated.
I find the Halifax approach a tad strange... Glad I'm not with them tbh! HL here.
Halifax will start trading Tui on Frankfurt on 16th May and when their transfer process is complete we will be able to trade on there. All the info i have given is what Halifax have stated on their corporate action notification to me.
Yes , Halifax will stop trading Tui on Lse at close of business on 15th May
Mas... so anyone wishing to sell after May 15th gets blocked from doing so on the Halifax platforms?
SK -- Halifax are simply saying that if you don't want your shares automatically transferred to Frankfurt then you must sell by 15th May simply in order for the transferring process to be as quick as possible to enable trading on Frankfurt to be as quick as possible.
Most notable & hopefully has follow thru for TUI - "Fuel CASK (cost per ASK), including the cost of carbon and fuel hedging, is expected to be 23-24 per cent lower vs. last year".
https://www.ii.co.uk/news/f24-post-close-trading-statement-rnsLSE20240425070009_5156844
Halifax look to be washing their hands of the delisting? Almost reads (and I'm not with Halifax, I don't have copy of their words) as if they're setting the earlier date on May 15th to make it easier for themselves? They may be banking on vast majority of clients reading the info and selling up?
Hi Mike , in the corporate action notification sent to me today Halifax state that if I dont want my shares transferring to Frankfurt then I must sell them on Halifax Share Dealing by end of business on 15th May , the last date Tui will be traded on this platform. Maybe this is what beatrootjuice means.
Hi beatrootjuice,
Not quite sure where you're getting your dates from, but they are incorrect I'm afraid.
Please see the link below, which is the prospectus for delisting directly from Tui and simply go to page 5 towards the bottom, where they clearly state that share dealings in the UK market will finish at the end of trading on Friday, 21st June 2024.
Hope this helps
https://www.tuigroup.com/damfiles/default/tuigroup-15/en/investors/7_AGM/2024/TUI_FINAL_Circular_website.pdf-2562eea93ca1fefa435a3fe123381125.pdf
Hi mas,
Hope you're very well and yes, I am.
Today was all about the trading statement from Jet2, which seemed to be on a downer in the market - looked like they were suggesting that they'd seen 'more competitive pricing' in last two months and their package holiday to individual flights had softened by 1 ppt yr on yr. My guess ref the pricing is that either ourselves or indeed Easyjet and/or a combination of both of course are putting price pressure on Jet2 - remember that right now and in the last 12-18 months, Jet2 make MUCH more money profit wise than we do and so if they are facing pricing pressure, then of course their profitability going forwards will be under pressure too! Interestingly, they wouldn't give a projection for FY25, which again is interesting.
Why pressure from us and/or Easyjet - because WE have the power to do so as the biggest travel business in the world - remember in our full year results last year, we BLEW the competition out off the water with regards sales and delivered our BEST ever sales on record - so clearly the BOD and the business know how to drive sales and the top line eh - and Easyjet, because their package holiday business is growing well and of course, they are more at the discount side of things anyway - so all, in all, for us Tui, believe this is good news as we're squeezing a key competitor!
Ref the Half Year - just like Easyjet and their results a few days ago, we have Easter in our Q2 this year, which simply has to help our figures year on year and especially as we know, because they told us last year, that Easter 2023 was one of our best ever - so why not this Easter too?
Secondly, we knocked the competition out of the water really with our 24Q1 results and making positive EBITDA for the 1st time ever. Clearly Q2 including Winter will be negative EBITDA wise, as is the case for the rest of the market, but with a great Q1 and continuing momentum and Easter and the possibility of pricing pressure adding even more to Q2 this year, then feel strongly, that we'll have a strong Half Year.
Hope this helps - clearly just my thinking and GLA
Yes, got until 14th May to sell in UK.
Mike --- are you still as confident for the half year?
Hi mas,
HL also has a delisting message when you trade the stock and simply confirming the date as the 24th June and the fact that they will be continuing to trade the stock in Frankfurt - so again, nothing we don't already know.
Not long now for the Half Year results on the 15th May and when I believe Tui will provide full details for all
GLA
Just had corporate action notification via my HSD regarding Tuis delisting from Lse
Wackwack... oh yes, DIY is required and that's because many homeowners have been incredibly lazy, with assuming ever cumulative paper gains on their homes while simultaneously putting zilch into them to genuinely lift their value (obviously sweeping generalisation, some have taken very good care and have added extensions/renovations) but... the sheer quantity of poorly maintained property stock out there is shocking... particularly so for a strong and wealthy developed nation the UK is portrayed by many as being... people are really going to get a shock when this realisation comes to bear little fruit.
As for Tui... yes, I think it'll drop some more yet... 540p perhaps not outside of the possible? Longer term TUI will do very nicely indeed, travel will benefit hugely from the recoiling back in of work from home (as Gov loses the battle to get workers back into the office)... that spare disposable cash will be spent on leisure and that's a good thing.
SK, Best wishes in your new house. Maybe you can get busy with some DIY and spare us your repetitive, negative prognostications. We get it already. You love this stock and you have made a fortune from it but you think it is going to tank and it makes you feel good to warn everybody. Enough. I have your profound thoughts plastered on my wall so they are easy too consult. Anymore, you just distract board members from things they might benefit from. Thanks.
Thanks OTC - Fair comment, although reading the press would have the majority believing that offers have to be at or above asking prices to secure purchases right now... There's widespread attempts to ramp/pressure buyers into significantly overpaying imo. Agents and sellers certainly trying it on, and no doubt occasionally getting away with it too! Cheers for the congrats and I think pushing harder may have possibly opened us up to risk of seller pulling the plug (in the event of another buyer falling under the spell of the rhetoric)... 9% drop is ample for us, we hit our target so best to just do the deal imo!
SK congratulations on your offer being accepted, however 10% under asking price isn't unusual under 'normal' times I would push further if I was you? Property market is and will continue to struggle as a result of current interest rates and exacerbated by the planned rate cut for June being pushed back to Aug as a result of inflation challenges in the U.S.