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StockGREAT EASTERN ENER GDR EACH REP 0.5 ORD 'REGS'
Event TypeDe-Listing
DescriptionDelisting
Effective date: 21st April 2023
Market affected: London Stock Exchange (LSE)
Trading restrictions: The last day of trading is 21st April 2023
Great Eastern Energy Corporation Limited has announced its intention to cancel its listing of Global Depository Receipts (GDRs) from trading on 21st April 2023. This is expected to become effective on 21st April 2023 at 16:30pm.
As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker.
If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.
Thanks both for the helpful information. Halifax have responded to me and also confirm that after delisting my holding in GEEC will stay in the account with a zero value. They will forward any information from GEEC. Halifax will not be able to trade GEEC stock OTC on my behalf and so the holding would need to be transferred to an entity that can trade OTC for that to happen. Halifax stated that a share certificate can be requested for the GEEC holding but only while the shares are listed. After delisting they will not be able to issue a share certificate. They also indicate that GEEC may not issue a share certificate. cost of issuing the certificate is £25 and takes 2 to 3 weeks.
Also confirmed that it is possible to move the holding after delisting is completed (im not sure what the charge for this would be). Dividends and any return of capital would be received by Halifax after delisting and would sit within the account and be available for reinvestment (but not in GEEC obviously). They also confirmed that GEECs record of share ownership would be automatically updated with any move of holding to another stock broker after delisting.
Question fin my mind is whether to get share certificate issued now so that i have a tangible record of ownership as i doubt GEEC will issue these. Management own over 70% of the company and have demonstrated that they barely even acknowledge other shareholders - so best to assume that GEECs efforts to communicate and support minority holders through the delisting will be non-existant.
IMO you should note that an investment in e.g. GEEC through e.g. AJB or any other platform provider (whether in a SIPP wrapper or not)........you are not the legal owner and therefore any "share certificate" will be in the name of your nominee...e.g. AJB. Their share certificate will be in their name and be for their total shareholding (in other words for the sum of all their customer's "allocated" holdings. Therefore you will still have your allocation of "your shareholding" on your portfolio page (albeit with a £0 value) and it will only be removed if the company ceases to exist!
This is my understanding!
Thanks both for the updates. A couple of things have crossed my mind.
I've read that you cannot hold delisted shares in an ISA. Presently I'm not but I'll remember not to buy or transfer any there.
Mine are in my SIPP but I'm wondering how I would transfer them out of the SIPP if AJB or Interactive will not do OTC trades (same as Halifax)? My guess is that I'd need to open up a new SIPP with a broker who will OTC and do an "in specie" transfer to them. Presumably I cannot just transfer from SIPP to a non-SIPP broker account, or can I do that and the money goes back to the SIPP?
Lots to figure here, but i suspect that you are right Bismarck that to sell OTC, shares will need to be transferred out of a SIPP to a non SIPP broker account that can execute OTC. Once the trade is complete then there should be no problems returning cash proceeds to a SIPP with existing SIPP providers.
I couldnt find an ISA account that would accept GEEC shares so i have some in a fund and share account and some in a SIPP.
For the share certificate issuance, i think that if you pay £25 or whatever the fee is to have the shares registered in hard copy you will receive your own share certificate with your own holding and not a certificate representing the whole holding of the broker. My understanding is that the shares will no longer then be shown as a zero priced asset in your account and the only record that you will have of ownership is the certificate. I suspect that the broker will also update the company with owners details and total share holding so that the new registration is updated on the company records as well.
Interesting to see what looks like quite a large purchase of stock in GEEC today. I guess there are some investors who are comfortable with private markets and OTC trading and see GEEC at this price as a favourable risk/reward.