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Lessons from the past.... always pass on excess monies to shareholders to reflect "tangible" shareholder value: from the ghost of the previous BODs .
Then with time, they will back you for merger opportunities.
All that happened is par for the course. This happened last time.
1. Ex-Dividend date comes
2. Shares owned gets reduced (consolidated)
3. The new value reflects dividend amount (so your getting 50%)
4. You banking on long term investment and price to recover to "cost per share" - this is your break even point
Cheer up... we have a potential Q4 dividend, plus 25 mil stock repurchase(which should increase the current value....
The last BOD did us dirty with a Tinder offering which passed on ZERO value to shareholders.
I think in time they will sell this company and thats when you can cash out. Think long term.
Rags I am raging, although there is nothing I can do about it.
I am approximately £10k worse off than if we had accepted the Newmed deal. Even if by some miracle the SP goes back to 270, we only have half the number of shares now. And why would it go to 270p on the basis of the Egypt asset and some legacy payments?
What benefit did the one billion tax rebate provide shareholders?
Would have expected better from a major bank
Barclay's still haven't done the corporate action :( so I still have the old number of shares & not able to trade the stock either way.
Can't even buy the new stock, which is really annoying as the price will rise once everyone get's used to the change, not to mention the large wad of cash next Tuesday.
LOTM
Where are all those who believed the hedge funds rubbish about £3+ a share and voted down a £625m dividend and £2.75 share price? Kite lake (one of those funds) has sold 5% of its holding.
How there is hardly any discontent among all of you amazes me…..
MM's taking everyone for fools with the massively wide spread & sharp drop in the share price.
It should have opened at roughly £2.15 bid & £2.17 Offer following the share consolidation.
A 7p spread compared to the 0.8p or less that has been there for days is just ridiculous, MM's are just loving the confusion & profiting handsomely from it
LOTM
CAPRICORN ENERG
Another name change .
Another loser might be a special div coming .
The dividend payment will be on the original number of shares as it has gone ex divi before the consolidation
payment for the divi is due on 23rd May
That is correct
on every dividend the SP drops by the amount given in the dividend
in most cases people do not really notice it over a longer term investment - but in this case it is very large - and that is exactly why they did the consolidation to give the appearance of share price being roughly the same
if consolidation was not done the SP would now be showing as approx 105p
... also, does this mean I only get the divi on half the shares?
This looks like a right-royal *** up to me!
I expected them to pay the divi before consolidation the number of shares. Either way, should they not consolidation the sp too? I'm currently showing 50% of my investment has disappeared!
Its as Horults examples,
page 15, point 12
https://www.capricornenergy.com/umbraco/surface/media/mediaitem/501307-capricorn-circular?path=/media/3538/501307-capricorn-circular.pdf
Kite Lake selling down 5% of their holding.... says everything
My CNE shares no longer have buy/sell buttons available on them in Barclays.
It will be interesting to see when then shares change over and when they start to be tradeable!
I'm hoping 1st thing tomorrow morning but it was like 2 hours after the market opened before I could trade something else that went through a share consolidation. :(
It's going to be interesting to see what price they open at and how quickly the share buy-back kicks in again & how aggressively they buy in the stock. I know it all depends on the daily volume traded, but I'd like to see them buying in aggressively when the price is £2.15 or under, even if that eats up £1.5M of the buy-back amount in a day.
LOTM
You only lose fractions of share not anything which does not match up exactly to a multiple of 70. So take your number of shares, divide by 70 and then multiply by 33
so if you have 70 shares (70 / 70) * 33 = 33 new shares
if you had 69 shares (69/70 ) * 33 = 32.53 shares - so you get 32 shares and the 0.53 they add to everybody else's and give it to charity
if you see what I mean 😀
Been double reading the circular
"Fractional entitlements arising from the Share Consolidation will be aggregated and sold in the market on behalf of
the relevant Shareholders. Given the proceeds of sale are expected to be less than £3.00 per individual
Shareholder, and consistent with the Articles of Association, the Board intends to donate the aggregated sale
proceeds of the fractional entitlements to charities chosen by the Board"
My guess fractions will be sold, and money given to holder, as it would add up to quite a sum..
But not sure..
I imagine that you will be paid for them, presumably at todays market close price. They would not just be lost.
LOTM - I assume any shares held over a multiple of 70 are just lost?
Took them a long time to release the result of the meeting !
Looks like its going ahead and on the same 33 new shares for every 70 existing ones term's.
Could be a very interesting close to trading today ..........
LOTM
Should be getting an update shorty from the general meeting which started at 10am to confirm if the voting agreed to go ahead with this
Boracic,
Yes CNE is going to pay out a special dividend of £1.15 per existing share. You need to be holding the shares at close of trading on Monday 15th May to qualify (they go ex dividend before the market opens on the 16th of May) & the dividend will be paid to you on 23rd May.
However you also need to know that they are consolidating the shares at the same time. For every 70 existing shares you will only get 33 new shares instead. That will reduce the number of shares in issue from just under 315M to approximately 148.5M.
LOTM
Yes
Special dividend payment is showing GBP1.15 per existing share , paying out 16th May 2023 . It looks like £1.15 but is it ?.