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Which broker are you with?
Still nothing on HL
Logged on this morning and the shares are now tradeable with the locked in restrictions removed :)
So if 97% of the shareholders didn't accept the offer what's happened to nearly 250 million shares that the brokers cannot get their hands on after nearly a month of trying?
Not that I care, just bored. Sooo... they must have managed to get some of them from Croft to allow those that took up the offer to sell theirs. So they obviously haven't just vanished. As much as some like to create a conspiracy out of thin air I would imagine that the offer may have slowed things up a bit. But again, just adding more speculation.
" legal action", oh Moany. lol :)
So is there some sort of fraud going on? How come all the major brokers cannot get hold of Croft, what have they done with 250 million Poolbeg shares?
As I said earlier moniman your this is a Croft issue, not ORPH or POLB
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.openorphan.com/sites/openorphan-v2/files/2021-10/Croft_Nominees_Trust_Undertaking_Redacted.pdf&ved=2ahUKEwi8-o7cmOL3AhWJa8AKHRXUC6M4ChAWegQIBBAB&usg=AOvVaw33bAUuE_LJ4gzYXeh5Ytuu
The above link (I hope it works, if not Google is your friend) is the agreement between ORPH, POLB and Croft Nominees setting up the trust. If you look at page 2 para 5 it quite clearly states that it's Crofts responsibility to forward the shares in line with the register after not more than 5 days from the end of the lockin period. Your question should be directed to them, although I haven't yet discovered either a phone number or email just a snail mail address, bit I'll keep digging.
I'm thinking of contacting those useless numpties at the FCA if this charade goes on any longer... I can't understand how brokers like HL, Barclays etc cannot get any word from Poolbeg or Orph...appears very suspicious...I hope it gets sorted in the next week or so otherwise legal action potentially on the cards I would image from OO shareholders..
It's not necessarily a case of wanting sell, it's a case of being lied to about a 9 month lock in period being changed to a 12 month lock in period without any communication!
Sorry, I can't understand why those of you moaning about non-receipt of the divi in specie as you want to sell the shares, didn't just accept the 5.9p offer? It's very likely that you will get far less than this when the divi finally arrives & you sell up.
DYOR
Open Orphan IR don't have a clue what's going on with the in specie shares as I've contacted them, as far as they are concerned it's all sorted...
hitthebigtime,
Why didn't you take up the 5.9p offer then? Those that did have been paid for their shares.
It's Croft causing the delay, I'm sure they won't see it as such just going through the process type of thing. POLB lost control of the shares when they were locked into the nominee trust account.
My main criticism of CF, and it was he rather than JS, is that he went into this arrangement admittedly on "expert" advice without fully understanding the process himself; I bet he won't do it like this again.
I'm in IG and there is still diddly squat showing. Have pestered them over this and they just hide behind answers like their corporate actions department are waiting for this and that from Croft or whoever it is. I get the feeling it's POLB dragging their heels because they are worried the share price is going to collapse completely once everyone's had their in specie allocation and are ready to run for the hills. I will be - should the allocation ever turn up. .
oh I forgot, it was a 12 month lock-in period not 9 months....?
That wouldn't fit his agenda...
I'd chill out if I were you Moniman. I'm sure we'll get them in due course.
Surely the company shares should be suspended until this farce is resolved? Is this fraud if we don't get the shares due to us?
I still find it strange that HL didn’t pass on the 5.9p corporate action to their clients. I didn’t really buy their explanation that “Due to holding in nominee form, you wouldn’t have received a form of election directly”. I wrote back asking for an explanation as to why they hadn’t been able to facilitate passing on the offer when most major brokers had been able to do so.
I finally got a reply that completely avoided the question and I must admit I have given up, which is probably what they were hoping for.
Hi moneyman
I’ve phoned HSBC about it a few times and they are clueless.
Needless to say nothing in my PF yet still waiting.
I'm with HL and II. Not tradable in either!
This delay is strange don't you think,
I’m with HL. Still showing as a ghost holding not tradable.
Just made another round of call but nothing yet received
So I was just wondering has anyone yet received their Poolbeg shares in Nominee accounts, like HSBC, Barclays, HL, IG etc?
What do they look like?