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Nice one Poker....Now off on my walk..head down n glum..will listen to Chat with Traders Podcast !
Made me smile that Poker!
Don’t think we’re the only ones swearing and cussing - Rye and Cape have been closing out their shorts at 170 odd pence. They could have held on and closed at much cheaper!
Nice to know not just us pi’s get caught out
Still not concerned for future and taking up all my rights
ge0rge123,Paddyboy1
if you buy in the Open Offer , instead of the market..you will be raising money to pay the SFO fine
- - all in a good cause :-) lol
Well at least Sami is finally buying some shares, even if they are at a discounted price.
Good for him to have some skin in the game at last.
DT
well George, as i see it, we have a couple of weeks to decide whether it's worth it. Who knows what will happen in that time space. Best to wait & see till nearer the time. This is not a time for any panic. This will bounce back stronger once all this is over so no real concerns for the longer term but it is a bit of a bummer!
Yes Paddy i guess you do (me to btw)
You make a good point about the 8p discount as i think this could retrace further as well...
Seems harsh that the shareholder pays for others misgivings and that the board can profit from their buy in price should the sp stay the same....you couldnt write the script..but wheres the cheque book lol
Paddy..........bugger, just realised that. Cheers. Only way then is to sell other shares to fund the open offer.
aspers, it's not a RI though so can't flog the rights
Paddyboy1
yes..plenty of time.... this morning was all about dumping shares ASAP to get them back cheaper again....as you are already "booked" on the Record for entitlement
The question for me as a current non-holder is ...who exactly is buying the shares in "The Firm Placing and Placing" and do they intend to keep them at 115p or sell them into the Open market ??
There wont be any TR-1 until the new shares are actually listed ...but I imagine some of the II holders like Schroders will buy into it
If you are on your ISA Limit, yes, you will need to sell something to take up the share offer.
Does anyone know what the holding date is to receive the share offer?
DT
Paddyboy....I have had the same problem in the past. Last time I sold some other shares that were doing OK to fund the purchase of the RI shares. I understand too that you can sell your rights once they appear on your account and hope that once the RI shares hit the market the shares possibly fall to such a level that you just buy back more shares. I never really like Rights issues as they generally force you into thinking you are picking up a bargain......quite often that is true but also the opposite.
So if you have 30k shares and don't take up the issue, you will still have 30k shares at the diluted price?
So how do you work out if its worth your while?
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?
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!
" 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 ...
Be interesting to see if it goes below 115
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!
Paddy
I am surprised you stated cash has to be stumped up today....not like you mate
Same old same old with this company
" 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"
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.
Hojj - that would not be a good move ... with respect
I will take all mine and sit on this stock for a few years. Only way is up from here IMO.