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Cash arrived in my account.
The Volcan offer document on page 3, paragraph 3 states:
In addition, Vedanta Shareholders will be entitled to receive the dividend of US$0.41 per Vedanta Share in respect
of the twelve months ended 31 March 2018, confirmed by Vedanta Resources on 17 July 2018 for payment on 22 August 2018 in respect of those shareholders on Vedanta Resources’ share register on 20 July 2018 (the “FY2018
Dividend”).
This seems to extend the official dividend date, which was on 19 July 2018 for those who accepted the Volcan offer to 20 July 2018.
I purchased the shares on 19 July 2018 AND I was on the register on 20 July 2018.
The broker now states that the Volcan Offer is poorly worded and I am not entitled to the divident and that the offer document is poorly worded.
https://www.investegate.co.uk/Index.aspx?searchtype=3&words=VED
Any updates on this? Are we just waiting for the cash? Any dates specified? Has the exchange rate changed to any significant degree or has that already been locked in now? Thanks.
Might VED be interested in buying out CNE if the tax case against the Indian Government were going their way?
thanks blackbird, god I wish I was more clever, snooze you lose
the offer seems to be priced in US$. the pound has fallen quite a bit. so at the current exchange rate of $1.28:£1, the offer is worth £8.50
Thats it folks all 135k gone!!
Thank you Vedanta xxxx
Sold all my holdings in multiple batches around 827.x. Despite the currency weakening and the offer being higher than 828 i'd take my money and run. Dividend due later in the month as well. Been a cracking dividend, trading and long term hold :(((
Hope you didnt get a hit on FXPO yesterday Discgolfer
FXPO and HOC both now looking at lows again
I will start selling my holding today,after all these years this share has made me very happy!!
What the logic is of buying at 8.28 when the take over price is 8.25
Vedanta was a good share for day trading - can anyone suggest a replacement?
If you buy now, you will buy ex-div - ie. you will not get the dividend but you would get the take-over price.
Assume we get dividend if we had shares when ex dividend? If someone buys now will they get the takeover price plus the dividend due to be paid later also?
If that is case like others no point me keeping share for such as small uplift.
Discgolfer - I congratulate you on your initiative - I have always been wary of daytrading my smallholding of 1500 shares but clearly it can be very profitable
I bought a 10K shares at 7.17 only to watch it fall, then the bid came in. I day traded this share extensively based on movements in the pound and commodity prices over the last few years, last year it paid for my X6 and this year will cover all the holidays, I was going to buy X6VED number plate but my wife said no! I know there is some money if i hold, but only 1%. I will look forward to the £6K divi this month. Anyone into OPTI, I think this company has major potential and an interesting business to read about.
Discgolfer - congratulations on building up such a large holding and selling them at (presumably) a good profit. I imagine that before selling, you had taken into account the fact that had you kept your shares and sold them into the offer, you would have gained another £1653.00. Well done, that man!
I dumped by 19,000 odd shares last night for 819.3, so happy with that and look forward to the dividend next month. This has been a great share for me
The offer price could be higher than 825 or lower depends on the exchange rate. At the rate used it's 828p.
Yup,that's how I see it, can't see the point in buying now, there's now way this can go over 825 bid, seems a waste of time for peanuts 5p a share profit and no Divi, I get the selling though.
I see from the offer details that completion of the offer is expected in Q4 of 2018, so taking into account the 28-day period for issuing the offer plus say another 28 days for acceptance, we are looking at a payment date of around mid October.
Also, re equivalent value of the share offer, is this not £8.56 per share made up of £8.25 offered plus 31p dividend?
Some holders are selling out now to avoid the wait but at a lower price.
8.59 plus or minus a penny if you include the div, obviously if you didn't have any at the record date, why would you pay more than 8.25 now, interesting to see what happens today
The Offer Price implies an equivalent value of 828 pence per Vedanta Share.
The share price is being shorted to shake out institutional investors.
Current offer is 825.
Could be lower if they don't play ball.
Also, if the price was to rise too high shareholders might reject it.