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Does anyone know what will happen with these stocks? As they're not tradeable anywhere or if they'll ever be, we're just stuck with them. I may be wrong but it seems unusual to issue shares with no par value. We could be waiting forever...
Hi Lotm-13,
Apologies for belated response - been a bit poorly.
No, the IMP shares no longer listed in my ISA. Instead the Heather and Tapir shares are listed in my share dealing account, but with no values. No information on when/if those shares can be traded but it seems unlikely that any proceeds could be credited to ISA (although I suppose they could be bed-and-ISA in another tax year).
Hi Dramchat :)
Oh No :(
I don't suppose they let you transfer in the said dividend value of those shares into your ISA to compensate for the loss of cash from your ISA ?
LOTM
Just a received Corporate Action note from broker confirming that Heather and Tapir cannot be held in ISA and will be transferred to my share dealing account. I guess that when they are listed on a market, it may then be possible to transfer into an ISA.
Woohoo :)
I got my Heather & Tapir shares today :) (overnight) no value against them & they can't be traded yet but there their :)
GLA
LOTM
Hi Wolfbag2
I still haven't been credited with mine yet by my broker - they are always slow at doing these types of things :(
Hopefully they'll be in my ISA as well.
Did you get 1 new share in each of them for every IPEL share you held at that date ?
ie 1000 IPEL = 1000 Heather & 1000 Tapir
Thanks
LOTM
OOOhhhh just got my Heather and Tapir shares credited to my HL ISA account (of nil value atm) - be interesting to see further developments !
Wow gone Ex-Dividend for the 56.2p a share payout in shares & no drop in the share price at all.
LOTM
Hi suppersaints66,
If you've got in at the ground floor level of all these spin off companies you must have amassed considerable wealth, just like Lord Ashcroft.
If instead you got in higher up the ladder with these investments then you won't be anywhere near as well of.
Good Luck
LOTM
I have lost count of the number of his spin off companies I've amassed over the last 40 years.
Well today Wednesday 14th Feb is the last day to qualify for all of the remaining £10.06 of value from the offer.
Tomorrow the shares will go Ex-Dividend & you'll miss out on the special dividend of £0.562 per Impellam share that's in the form of shares in new investment vehicles - currently called Heather & Tapir.
At 1st this was the least attractive part of the whole offer to me, however I recent realised that this is in fact an opportunity not to be missed!
You are in fact getting the chance to put your money in at the ground floor level along with that of Lord Ashcroft, when & wher else is an ordinary PI going to get such an opportunity you have to ask yourself ?
Each of the 2 shell company's is getting £12.5M in cash & Lord Ashcroft will own approximately 62.9% of each one. In other words around £8M in each vehicle will be his money. Even for someone as wealthy as him £8M x 2 is not to be sneezed at. So he really will be looking for good investments for that cash & we as small shareholders in the same vehicles get to come along for the ride.
GLA
LOTM
Hi Elrathia,
Sorry I didn't see your post until now.
Good question!
Well the bid company has made 3 purchases for something like 355,000 shares & Impellam themselves have bought in over 45,000 shares. There are 2 or 3 insto's who have been mopping up stock in the background if you look at the holding announcement carefully.
I think PI's are avoiding it so far because its a complex offer & you don't get all of the cash at once, but quite frankly the 3 year loan note with 17% compound interest will be a fabulous asset to own etc.
The 2nd reason its unloved at the moment is the fact there's no firm dates as to when everything is happening, once there is I think the share price will reflect the offer more ( I don't think the share price will drop at all when it goes ex-dividend on 1st Feb for example).
3rd reason is no-one can tell you whether all the offer elements can be held within your ISA or SIPP ? which just confuses things further & makes it more of a hassle until people know all the facts.
Otherwise the discount is just plain crazy because its free money of £1.60+ if you own the stock at close of business on 31st Jan & just wait for it all to be paid out.
Good Luck
LOTM
Sorry but i must be missing something.
if the offer is £10+ and present share price is £8.65 why is no one buying all available shares below the offer price?
please excuse my ignorance.
Company just announced the next dividend payment of £0.225 per share with an Ex-dividend date of 1st Feb 2023.
So the value of the offer will drop on that date from £10.286 rather than the £10.285 in the thread title (because of the extra 0.1p they are paying out in the next dividend due to there being less shares in issue now) to £10.061 per share.
Which is still a very hefty discount to the current share price.
GLA
LOTM
Who on earth is stupid enough to be selling the buyer 150,000 shares at £8.25
That's over £2 below the offer price, in other words the total cost of the purchase of Impellam for them just dropped by over £300,000
GLA
LOTM
Reply wasn't helpful in the slightest which is pretty disappointing really.
LOTM
I've ended up writing to Impellam to see what they can tell me about what elements qualify & what doesn't for an ISA.
GLA
LOTM
As far as I am aware you can't transfer from ISA or SIPP into a standard trading account or vice-versa. You would have to sell them and buy again.
Hmm that's some reply!
Spoke to Barclays while arranging proxy votes for the meetings.
They can't tell me what is or isn't able to be held in my ISA until after these meeting are completed !
They don't believe the unlisted vehicle shares will be able to be retained within it thou.
So I have no idea what to do until after the 17th January. I am contemplating whether I can transfer them to my ordinary account in effect doing a reverse bed&breakfast or bed&ISA.
The current official spread & share price is ridiculous, I presume it will tighten-up etc after it gets the 75% vote in favour.
GLA
LOTM
I did but as I’d sold the shares they said that they don’t need to respond to my question
Dave did you get any answers from HL on this?
Hi RG33,
No the only thing anyone who has sold since the EX-Dividend date is entitled to is the £0.559 dividend that will be paid on 12th Jan 2024.
No Ex-dividend date has been set for the £0.224 cash dividend yet, nor has it been done for the non-cash dividend of £0.561 either.
So if you think your entitled to them, your not.
Season greetings to everyone as well.
LOTM
LOTM-13
Thanks for your excellent summary, but as I understand it, anyone selling after the ex-dividend date, should be eligible for all the things you detail anyway, won’t they?
Good luck everyone, and seasons greetings to all.🎄🎄
Hi SaintPeter1,
Lots of interesting questions ........
I guess it depends how & where you hold your shares.
Mine are in an ISA & I'm still waiting to find out what would still be retainable within the ISA. Until I know that it will be impossible to know how to proceed.
Ideally I wouldn't mind holding on to the 17% Loan Notes - where else are you going to get that sort of yield & for 3 years on your money ! Yes I know its only paid out at the end of the term, but its compounding all the time. 1000 shares = £2582 to start with 3 years later it will be paying out £4254 to you a gain of £1672
The convertible ones I'm less sure of but they are only due to run for 1 year. A 12% coupon is not to be sneezed at but you only end up with a gain of £124 at the end of the year which is insignificant compared to the loan note one.
As for the non cash dividend in the Bermuda company - who knows what they'd invest the cash in etc It might turn into something worthwhile or it might just be a dud, but it only makes up 5% of the total offer price. £559 invested per 1000 shares.
I don't think any of them are going to be easily tradeable as you put it.
There is still £10.285 of value on offer yet the current share price is miles away from that figure.
It seems madness to sell out at £8.50 ish & just give that £1.75 per share away. That's 20% when you think about it & no access to that 17% yield.
Hopefully the bid price rises as more details emerge & the buy-back takes loose stock out of the market.
Good Luck
LOTM
The dust is settling on the Impellam acquisition and I guess that I am unsure what to do now. The intetim dividend is nice but is it worth holding on for the additional dividends? Whrn will the "Effective Date" be for receipt iof the additional dividends? Is it worth collecting the non cash special dividend? Are the loan notes going to be worth holding onto - or indeed will they be easily traded?
So many questions and just unsure of the best way forward.