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I think this is ex rights now.
The record date was 20th May. That's when the rights were counted. This doesn't work like dividend record and ex dates I don't think
So when will the new shares bought be live for us to sell.
I'm certain you are wrong on this.
If you (or anyone) are going to rely on it check with your broker.
Ex- rights means the rights have gone, exactly like ex-dividend.
They go ex-rights tomorrow.
Today's drop is because of the rights issue, no one likes rights issues.
Tomorrow they will likely settle at a price that takes account for the new cheap shares, and may well go much lower than today.
DYOR.
See here. Record dare was 20th may https://www.chittorgarh.com/glossary/rights-issue-record-date/165/#:~:text=A%20rights%20issue%20record%20date,to%20apply%20for%20rights%20share.
The date that matters is the Ex-Rights date,.....
SERIOUSLY, do check with your broker, I am certain you are wrong about the record date.
That date was used for the calculations, it is not the date of ex-rights,
Think, they trade today with rights, they trade tomorrow without rights, do the math!
Not 100% sure. It does say marked ex rights 8.00am 24th May ie tomorrow first thing. But it also says the record date is 6pm 20th? Search me.
We shall see.
One thing I would like to know (which may be in the documnet somewhere) is whether the new 'fully paid ' shares will be eligible for the dividend.
§ the Issue Price of 645 pence per New Share represents a 34.7% discount to the theoretical ex-rights price based on the closing middle-market price on 22 May 2024 (being the last business day before the announcement of the terms of the Rights Issue) of 1,127.5 pence per Share, adjusted for the recommended final dividend for FY24 of 39.12 pence per Share
The ex-rights date marks the end of privilege subscription rights for a share of common stock. For instance, when a company announces the issuance of new shares to existing shareholders, these shareholders have the privilege to purchase the new shares at a discounted price, but only until the ex-rights date.
After this date, any bought or sold shares will not include the privilege subscription rights. Similarly, if a company issues bonds to raise capital, the ex-rights date for the bonds signifies the point at which investors can no longer purchase the bonds with the attached rights to convert them into shares of stock. Investors should monitor the ex-rights date as it impacts the value of their investments.
Buying shares before the ex-rights date provides the opportunity to purchase new shares at a discounted price, whereas buying shares after the ex-rights date eliminates this opportunity.
Source.......
https://dlssolicitors.com/define/ex-rights-date/
Double whammy for s/h today innit? First you're forced to shell out more to buy the rights or see your shares diluted by those that do buy. Plus you've had a 10% hit to the SP today. Tomorrow ... who knows?
Bloody confusing this. I read more and change my mind.......
No one listen to me.🤣🤣🤣
RE divi, the new fully paid shares are admitted 2nd Jine, the last day for acceptance and payment is 10th June. Ex div 7th June. So non the wiser? Anyone?
The new shares will NOT be eligible for the next div. They go ex on June 6th and the RI shares are not added to your existing holding until June 12th. Pretty clear to me. PS will be taking this up in full as in my past experience over the longer term (2 x PHNX, 1 x RR) these discounted purchases are worth every penny spent.
Thanks Grayling. Pity really but expected.
The record date is the date used to identify the qualifying shareholders. Normally the record date is one day after the ex div date and snce transactions register on a T + 2 basis , you need to buy2 days before the record date. Since he record date has already passed for NG rights, it is akready too late to buy - presumably. even though theoretically they are still pre ex-rights. It makes no sense to me. They seem to have changed the order to stop people buying with rights after the announcement but created a share paradox.
Oh dear......
They trade today with rights, the trade tomorrow ex-rights.
Where is the confusion?
if they wanted to only allow current holders (i.e. last night close of play) they would have announced ex-rights today, they didn't.
OK, I give in......
BUT, watch the price tomorrow.
If you are right it will not change, if I am right it will.
It's all very confusing to me. Partly because when it's divis you know where you stand because it's normally 1 day before.
The way I'm interpreting this though is my broker (II) which will be making the call at the end of play tonight before the stock market opens. After all it's them, not me that's the registered shareholder.
No idea if I'm right, but that's how I've "played" it.
From the prospectus........
6 If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?
If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.
If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.
If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.
If it closes tonight at 1000p, it opens up tomorrow morning, ex-rights, at 919.8387p
Also, if you sell today, take note of this, also from the prospectus........
---
Subject to the restrictions set out below, if you sell or have sold or have otherwise transferred all of your Shares (other than ex-rights) held in certificated form before 8.00 a.m. (London time) on 24 May 2024 (the “Ex-Rights Date”) please send this document, together with any Provisional Allotment Letter, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations, including but not limited to the United States or any Excluded Territories. If you sell or have sold or have otherwise transferred all or some of your Existing Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Shares (other than ex- rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction regarding split applications in Part III (Terms and Conditions of the Rights Issue) of this document and in the Provisional Allotment Letter.
---
You will not keep your rights, they will be passed on to the buyer.
I bought a modest holding today at 1013 after realising I would qualify for the rights which equates to somewhere around 936p with rights averaged in to what I have bought. Most of the share drop in the rights issue has materialised today. I have held some monies back to buy without rights in June as an average down. Will certainly take up the rights assuming I am right on getting them.
Announcement of Rights Issue........................................................................
23 May 2024
Publication of the Prospectus...................................................................... …
23 May 2024
Record date for entitlement under the Rights Issue.......................................
6.00 p.m. on 20 May 2024
Despatch of Provisional Allotment Letters (to Qualifying Certificated Shareholders only).........................................................................................
23 May 2024
Admission and commencement of dealings in New Shares, nil paid, on the London Stock Exchange...............................................................................
8.00 a.m. on 24 May 2024
Existing Shares marked "ex-rights" by the London Stock Exchange.............
8.00 a.m. on 24 May 2024
Latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters...............................................
11:00 a.m. on 10 June 2024
Expected date of announcement of results of the Rights Issue through a Regulatory Information Service.......................................................................
12 June 2024
Commencement of dealings in New Shares, fully paid, to commence on the London Stock Exchange...............................................................................
8.00 a.m. on 12 June 2024
The RECORD date was 20th May. If you were a shareholder then, you get the rights. We are currently effectively trading today EX RIGHTS and is why they are sending out notices to PAPER shareholders TODAY. Look at the dates.
Also, if you sell today, take note of this, also from the prospectus........
---
Subject to the restrictions set out below, if you sell or have sold or have otherwise transferred all of your Shares (other than ex-rights) held in certificated form before 8.00 a.m. (London time) on 24 May 2024 (the “Ex-Rights Date”) please send this document, together with any Provisional Allotment Letter, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations, including but not limited to the United States or any Excluded Territories. If you sell or have sold or have otherwise transferred all or some of your Existing Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Shares (other than ex- rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction regarding split applications in Part III (Terms and Conditions of the Rights Issue) of this document and in the Provisional Allotment Letter.
---
You will not keep your rights, they will be passed on to the buyer.
From the prospectus........
6 If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?
If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.
If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.
If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.
The Record date is moot......
I have posted pages from the prospectus, seems pretty clear that if you sell today you will not receive the rights, and if you buy today you will.
Don't get hung up on the record date.