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Remember that only those who actually own current shares, not the proposed new shares being issued, can vote at the AGM for the issue of new shares. Could get messy about the voting rights of those shares that have been forward sold.
naked share selling was what I was implying...
https://en.wikipedia.org/wiki/New_World_Oil_and_Gas
Worth reading what happened to new world oil and gas.
Bond-investments - it has been possible to sell shares prior to owning them for decades. It is an accepted practise.
The seller is taking a gamble that the AGM is passed and that they will get their allocation of shares as advised to them from the recent placing. Only then can he/she deliver the shares to meet the sale.
This has caused a number of unsettled trades as shares are not available.
mrcautious - not sure this was the 'brokers' making a fast buck albeit it is clear that some prime brokers have allowed the 'naked' sale of shares (naked meaning clients sold without having shares in place to deliver) and hence the issue has arisen.
What this says to me is that 'some' brokers have seen a quick buck in agreeing a virtual sale of x-num of units confident they can make a healthy profit by slightly flouting the rules.
How can people sell placing shares when the placing hasn't even happened yet, and shareholder consent hasn't been given? I didn't know that was possible.
Exactly that MasterRSI.
Brokers allowed their clients to sell and they have not got the shares to deliver and settle each trade.
Rule 5000 insists that brokers meet their obligation to settle each on exchange trade.
Hope they force the 'buy in rules' and close any sale that cannot be delivered.....
Most likely is due to some of the ones taking stock in the placing, were already selling and they do NOT have the shares to settle till after the AGM " AGM Company in February 2021"
LSE Announcement. :
28 January 2021
N04/21 - Ridgecrest PLC - Suspension of trading and settlement situation
1. London Stock Exchange ("the Exchange") has been monitoring the settlement situation in Ridgecrest PLC (ISIN: GB0004251970) following the Company's recent notifications in relation to the issue of new shares which are conditional on shareholder consent. As a result of the deterioration in settlement performance, the trading of Ridgecrest PLC shares has been temporarily suspended under Rule 1510 of the Rules of the London Stock Exchange. Settlement of outstanding transactions can continue whilst the security is suspended. The Exchange will continue to monitor the settlement situation and when trading is to be restored, the market will be notified by Stock Exchange Notice.
2. Rule 5000 (Obligation to settle) and its associated guidance places an obligation on member firms to ensure that every on Exchange trade is duly settled on the agreed settlement date. This obligation remains even if the reason for non-settlement is a customer or counterparty having failed to settle other transactions in the same security
If it was suspended why is the price dropping ?
Cant buy or sell any quantities....
I'm just surprised there's no suspension RNS...
That is the normal thing it happens when a deal is ON.
So expect what was expected a RTO on the cards
RTO or is trouble brewing?
Oh is that what happened, thought it had ticked up to 0.0% after a quick look!
Appears to be