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For every 2 shares held get 1 share for 115
The only thing that I’m not comfortable with is the CEO can buy £250,000 at the £1.15 after not currently holding shares and us PI can only get 1 for every 4 shares held. The 6 months figures were better than I thought and the re-introduction of dividends from Jan 2023.
Hi, Where did you see every 2 or 4 shares hold you can buy 1 at 115p ?
on the rns 115p 1/4 record date 25.10.21, not seen ex rights date as yet.
Mary it's not a RI as such. It's open offer so you can't sell rights. Have to stump up the cash today as i understand
FWIW, the RI debate goes on and on re dates and entitlements. I have just topped up, but the price may drop further.
The stock has not yet traded ex rights IMHO and the record date of 6pm yesterday is just validating the number of shares participating. The entitlement under the open offer will be ex and cum at a later date.
As with the other numerous RI this should follow suit so I am buying today on the basis that it is still cum rights. On balance I belive that to be true., but do your own research here.
NOT A RECOMMENDATION
Paddy,
If that is the case, I stand corrected.
Paddy give up your wrong lol
Given that they had the £300 million in commercial paper under the Covid Corporate Financing Facility due to be repaid in Feb 2022, and the £70m fine to pay also....I thought a fund raise seemed inevitable
Will be good though to now set everything up for 2022 and some of those big tenders ... get the sector woken up again
Market cap is currently £455 now. Does it mean that market cap increases to £755, so the share price will be around £1.2. or something else?
The open offer closed at 6pm 25th October so anyone buying today won’t get the chance to participate.
I will take all mine and sit on this stock for a few years. Only way is up from here IMO.
Hojj - that would not be a good move ... with respect
thanks Jimjam for the clarification, my assumption was based on the subject title so assumed it was a rights issue.
Anyhow, onwards and upwards with the SP. This should stabilise matters going forward. (Famous last words)
This may help clarify. Interesting to see the excess application facility details.
What is an Open offer
An open offer (also known as an entitlement issue) is a type of corporate action. In order to raise money, a company may offer its existing shareholders the right to buy new shares at a discount to the market price. In this way, it works very similarly to a rights issue, another type of corporate action.
Let’s say you own 400 shares in a company. They announce an open offer of subscription shares, giving you the right to buy one share for every five you own – meaning you could buy up to 80 overall. This is known as the ‘basic entitlement’, a guaranteed offer that can’t be scaled back. And let’s say the company is offering these shares at £1.20 each, rather than the market price of £2. That means you can buy these 80 shares for a total of £96 (a discount of £64).
On top of your ‘basic entitlement’, open offers also have an ‘Excess Application Facility’, giving you the chance to buy additional discounted shares. This is a separate pool of subscription shares. As it isn’t guaranteed, it can be scaled back if oversubscribed.
Where an open offer differs from a rights issue is that you don’t have the option to sell your rights in the market. And if you do nothing, unlike a rights issue you won’t receive a lapsed payment.
So as a shareholder, you typically have three options when an open offer is announced:
• Take up all or part of the basic entitlement – by paying the discounted price of the subscription shares, and increasing your holding in the company. There are no dealing charges or stamp duty payable when you take up shares in an open offer.
• Do nothing – you won’t buy the basic entitlement of subscription shares, and won’t receive a lapsed payment (as with a rights issue)
• Take up excess shares – by buying more discounted shares on top of your basic entitlement. If this is scaled back, the additional cash put forward will be returned to you.
If a company you hold shares in announces an open offer, we'll send you a secure message. This will explain your entitlement, the cost involved, and how to confirm your chosen option. We’ll also let you know the deadline for when you need to make a decision.
thanks Jimjam for the clarification, my assumption was based on the subject title so assumed it was a rights issue.
Anyhow, onwards and upwards with the SP. This should stabilise matters going forward. (Famous last words)
This may help clarify. Interesting to see the excess application facility details.
What is an Open offer
An open offer (also known as an entitlement issue) is a type of corporate action. In order to raise money, a company may offer its existing shareholders the right to buy new shares at a discount to the market price. In this way, it works very similarly to a rights issue, another type of corporate action.
Let’s say you own 400 shares in a company. They announce an open offer of subscription shares, giving you the right to buy one share for every five you own – meaning you could buy up to 80 overall. This is known as the ‘basic entitlement’, a guaranteed offer that can’t be scaled back. And let’s say the company is offering these shares at £1.20 each, rather than the market price of £2. That means you can buy these 80 shares for a total of £96 (a discount of £64).
On top of your ‘basic entitlement’, open offers also have an ‘Excess Application Facility’, giving you the chance to buy additional discounted shares. This is a separate pool of subscription shares. As it isn’t guaranteed, it can be scaled back if oversubscribed.
Where an open offer differs from a rights issue is that you don’t have the option to sell your rights in the market. And if you do nothing, unlike a rights issue you won’t receive a lapsed payment.
So as a shareholder, you typically have three options when an open offer is announced:
• Take up all or part of the basic entitlement – by paying the discounted price of the subscription shares, and increasing your holding in the company. There are no dealing charges or stamp duty payable when you take up shares in an open offer.
• Do nothing – you won’t buy the basic entitlement of subscription shares, and won’t receive a lapsed payment (as with a rights issue)
• Take up excess shares – by buying more discounted shares on top of your basic entitlement. If this is scaled back, the additional cash put forward will be returned to you.
If a company you hold shares in announces an open offer, we'll send you a secure message. This will explain your entitlement, the cost involved, and how to confirm your chosen option. We’ll also let you know the deadline for when you need to make a decision.
" The open offer closed at 6pm 25th October "
No..that was the Record Date ....
I suspect the 24th was actually the ex-offer day ...so it will be the shares anyone had at the end of 23rd that will make it on to the Record .....If you sold on the 24th, then you could still find yourself on the Record....and if you bought on the 24th those shares may well not be on the Record ..because of the time delay...although they may attempt to get those updates intot the Record by the 6pm deadline
It is all because of the T+2 deadline to pay for any shares bought ....
"Record Date for entitlements under the Open Offer 6.00 p.m. on 25 October 2021"
Same old same old with this company
Paddy
I am surprised you stated cash has to be stumped up today....not like you mate
George, that is my understanding of this. You have to at least have the cash ready today. It actually hardly seems worth the bother for an 8-9p discount!
Be interesting to see if it goes below 115
" You have to at least have the cash ready today"
Paddyboy1
It states :
"Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instructions (as appropriate) - 11.00 a.m. on 11 November 2021
You will receive notification through your broker who will ask you to confirm if you want to buy any extra shares by a given date ...
The money to pay for them will be collected later on ...
Thanks for that Poker. Ah OK so we have a bit of time to see whether it's worth bothering with & for the ticker price to settle. I see it a bit differently then!
what's the story with shares held in an ISA if you're up to your cash limit? do you have to sell some of the existing ISA ones to make ISA cash available to buy the discounted ones?