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Also just noticed, can't keep these in an ISA, so will be moved into a standard share dealing account.
Also had notification from Halifax, and although it does say no further action is necessary if you want to convert to ADS shares, they do ask that you complete either a W-8BEN form or a W-9 form to register to trade on NASDAQ.
The forms are on the Halifax Share Dealing site, and it sounds a lot less effort than I thought it would be.
Just received this from Halifax
VERONA PHARMA - Important Information
Verona Pharma (Verona) intends to cancel the admission to trading of the Company's Ordinary shares on the Alternative Investment Market (AIM).
Following the Cancellation, all public trading in Verona's shares will take place by way of the Company's American Depositary Shares (ADSs), which will remain listed on the NASDAQ Stock Market (NASDAQ).
In order for shareholders to continue trading in the Company's shares we will take the necessary action to convert your Existing Ordinary shares into the Company's ADSs. Such conversion will take place on the following basis:
1 New Verona ADS for every 8 Existing Ordinary shares held.
We will commence the conversion into ADSs on 19th October 2020, at which time your Ordinary shares will be removed from your account and will not be visible for you to see.
I have to admit that I am a bit late joining the debate on ADS conversion, but, I have received paperwork form VRP which includes forms so simple to fill in and send to computershare , that most of the board members of VRP could probably do it!
It seems so easy when I look at all of the posts from people who are struggling with this, or am I missing something?, please tell me, somebody.
Interactive investor is where I have an account. If you have a trading account with them and you try to buy the VRNA you will first be asked to complete the NASDAQ trading agreement. Takes a couple of minutes to fill in, all very straightforward after which you will be able to trading the ADS shares just like you where buying on AIM. Very easy, only thing you need to bear in mind is the trading hours for the NASDAQ if you want a live quote.
I complete an electronic form when prompted which didn't require a paper signature.
https://help.ii.co.uk/system/templates/selfservice/ii/help/customer/locale/en-GB/portal/402800000001013/content/Auth-3573/Investing-in-US-stocks-and-shares-W-8BEN-Form
Still nothing from Halifax, do we have a definitive list of UK brokers that will trade VRNA?
My AIM (excuse the pun) is to set up a back up account this week to deal with the transfer for me, or if I am forced down the sell and re-buy route, a broker that can defiantly handle to transaction for me.
On the sell and re-buy route I am tempted to sell the entire holding, throw it at BooHoo ahead of the results on Wednesday and then use that money to re-buy VRNA.
I spoke to Lloyds at 4:30 this afternoon. It sounds like Corporate Actions are being really inefficient and the call centre teams are giving clients slightly different answers.
I've contacted Lloyds/Halifax three times about this so far. They have confirmed they can't trade VRNA at the moment because the stock doesn't meet their eligibility criteria. My guess is this means insufficient liquidity/volume. They also said Corporate Actions are still working on a response for all VRP holders on their platform (that's Lloyds and Halifax). This will be published early next week. They might have to go back on their decision not to allow clients to buy/sell VRNA. Otherwise their message is going to be sell your shares while they are still tradeable, which isn't a great message from them. We'll have to see what happens.
Just spoken to Halifax and got a slightly more positive response.
Sounds like there shouldn't be an issue with converting these into ADS shares and keeping them in S&S ISA - stopped short of confirming that, so will have to wait for confirmation through corporate actions.
They did say the reason that you can't currently buy VRNA in S&S ISA is because of the AIM listing, and this should be possible after delisting from AIM.
OK, I contacted Halifax Share Dealing today. It seems someone else was speaking to Mark at their call centre on Wednesday about the same topic. Halifax have stated that they DO NOT have formal notification from Verona Pharma about their decision to delist on AIM. Halifax Corporate Action Team have stated they know nothing about the Annexe A and Annexe B forms that are available on Verona website about shares held in nominee accounts on CREST. The chap at Halifax Share Dealing stated that Verona should have let them know but the Corp Action Team were looking to Verona site and communicated that we must wait to see if Halifax can manage the transfer at 8:1 and still be able to trade Ordinary VRP shares transferred to ADS's (Nasdaq) as in use the Halifax Share Dealing platform to trade internationally. He stated it was very complex but I stressed we need an urgent answer as there is a deadline for paper documents to be in with Citibank by not later than 12 October. Yet again this bunch of twisted Charlatans screw the PI and create total chaos and lazy admin but this nothing new from those fraudsters such as the lying twisted board of Dic, oops Directors. !
If you trade using Halifax, get on the phone, the more they hear from us the more they will get their act together and sort it out.