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same happened with afren a british company, noones been punished,
I meant "There will presumably be..."
I think directors and financial auditor must face tough consequences for this. I think they should set an example to prevent this from happening in future as lot of director are playing out with investors money. Earlier i mentioned about the loss was with quindell 4 years ago, they had similar case when they made up financial figure which were incorrect causing sp to tumble. Then there was a RNS for director purchase which few days later turned out to be a sell before sp tumbled. Would this mean they were in debt when they paid out dividend last July?
went past howsons mansion weds, tv cameras all over and brand new range rover outside. hes at his skt chalet in Austria out of the way,
I'm pleased you have a contract number. // There will be presumably people who sold their Carillion shares & bought other shares with the proceeds of sale. Presumably they are now facing an enforced sale of their current shares, a demand for payment or the risk of a demand for payment.// I still think you'll get your money.
It explains why there was no rights issue in the first place, yes share holders who got in after the original bad news took a gamble but it was a gamble that most wouldnt have taken had the proper details been released?!?! If they came out that day and said we have 4 or 5 billion total dept then the company would have failed there and then that!
alright got it.. https://news.sky.com/story/revealed-carillion-collapsed-with-5bn-of-financial-liabilities-11213303
Seems to me the Broker is either protecting the Buyer or double dealing. Most Brokers will have a Settlement date, many will not process a Trade if an account has inadequate Funds. Some will allow a delayed settlement, however it is settlement of an agreed Contract. It is the Buyer's misfortune and not you Stanc, consequently the Broker should be in a position to retrieve funds from the Buyer. Would it be the same if the situation were reversed? I very much doubt. I would let the Broker know in no uncertain terms, I expect the funds to be returned immediately. If they do not contact the FCA with all copied documents relating to the transaction. Give them Hell.
It mean they were covering up around 3.5 billin dept... there must be some jail time coming
what does it mean?
Fule is that serious? 5 billion ?!?!?
I take on board what you are saying I only see the email on in box after hours I have sent of a message to equiniti asking questions first shot I think they are playing games. This sort of message must have been sent to others I have the I think they are using the settlement date being Tuesday I do have a contract number for the deal
Badshah13, I've made a similar point to you. I was typing my reply when you submitted yours - I didn't see yours.
It sounds as if they simply haven't got the money to give you now, not "you're never going to get it". They do say it's "very unusual" and they don't say anything definitive (e.g. you're not entitled to the money). I would try not to worry too much (easy for me to say). I would be very surprised if you don't receive your money.
Agree with Jambon, even if you had bought on friday instead of selling, they wouldnt have returned your money back as the settlement date was on Tuesday. Pose them this question and get a written response. I am sure there are people who would have bought on Friday, I think i saw few posting here too. I think you should chase them and go to regulator if not settled. these guys lack transparency and play with investors money, if they fail with their tricks then they fob onto the PI. By any chance, did you see your sell appear on trades at the time? I know there was a lot happening with CLLN on Friday.
"..., we are now, removing the sale proceeds from your cash account pending clarification from CREST/the Liquidator. This is a very unusual situation for the market and we hope it will be resolved ..." OK, so it may just be a temporary situation. There's hope there. //What strikes me is that they can't have it both ways - if a sale hasn't gone through, purchases shouldn't have gone through either in which case they should be refunded. That would mean that the person who posted on here that he bought a little under £20k worth of shares on Friday should have his money returned. (I expect he'll have lost his money and you'll get yours). It's a point I'd raise with the regulator if they don't give you your proceeds of sale in full.
badshash13/ hereshoping/ kenj/jambon/fairdealer20/cloudymountain the I put on is coped word for I would think any one who sold of on Friday 12 will find money will be taken back I have contacted equinity to late in day to get a reply message came from equinity
Would it work the other way if you sold on a friday and then monday it rocketed?? If you said on the monday "actually i want my shes back at fridays price"..... they would say two words to you... one begins with f and the other an o
Sounds to me like they were happy relieving you of your shares at a "bargain" price only for the shlt to hit the fan monday and then not be such a bargain, they have basucally gave you your valueless shares back lol!! I wouldnt settle for this if i were you
"Stanc.....perhaps cloudy....will comment, but to me that is totally out of order. You should take it up with the Broker and if NO satisfaction, the Regulator should be informed. Cloudy.......do you have an opinion?" It's kind of you to ask. I agree - I'd complain to the broker and, if they don't pay, then to the regulator. Stanc50 needs to check the terms & conditions too but even if they allow it, i'd still complain to the regulator - just because a term is in a contract, that doesn't necessarily mean it's enforceable. As Hereshopin said, it looks as if the deal was done and payment is two days later. As a broad parallel, it sounds like buying a house - the deal is done when you exchange contracts. If you refuse to complete, you're in breach of contract. If this practice were normal, I'd expect someone on here would have heard of it before.
I had a bit of similar issue with IG a few years ago when the stop loss was not executed at the right time and then later executed at the lowest price for the day. The share had a slide on the news but my stop loss was executed 30 mins after triggering at the lowest spike. the sp recovered after that but they told me that they sold the bulk in auction for all their customers together and paid out average price to everyone. I am not sure how could average price be lowest price of the day. Nothing much happened after the complain and I didnt bother going to FCA at the time. I lost over �2k due to their mess up. They sold it at 18p while the stop loss was trigerred at 30p. I would recommend you to go to FCA. / ombusman. I am sure they are covered by their terms and conditions, but remember T&C are set by them and not necessarily mean they are fair.
message from Equiniti Sale of Carillion Shares -12 January as you may have read in the press, Carillion PLC went into Liquidation on Monday and trading in the stock was suspended. This has also prevented the settlement of trades which were made on the 12 January which were due to settle on Tuesday. So we have not received the proceeds of the sale from the market. As we had in accordance with our standard procedure, added the sale proceeds to your cash balance and auto-settled trade on your account, we are now, removing the sale proceeds from your cash account pending clarification from CREST/the Liquidator. This is a very unusual situation for the market and we hope it will be resolved very quickly. we will of course advise you of any further development if I have any queries please contact customer services. and some use they will be
Stanc50, You referred to CREST in your post. Are these shares held in an individual named CREST account where you are the registered share owner? Or are the in the far more common Nominee account? It could make a difference. Like most punters I only have experience of Nominee accounts. If this is in a Nominee account, then I believe that Jambon is right and the deal is done. The settlement date is simply when the money for a trade is debited or credited to your account. Though most brokers allow you to make other purchases using the expected credit immediately.
Once you accept a quote the deal is done, the shares are bought or sold that instant, if they offer you a price and you accept that price im sure that is a legally binding contract that very second? I dont see how there can be a question over it?
Stanc.....perhaps cloudy....will comment, but to me that is totally out of order. You should take it up with the Broker and if NO satisfaction, the Regulator should be informed. Cloudy.......do you have an opinion?