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The board should be prosecuted. FCA should get involved
Does anyone know how much Polar still holds? FT data appears to show they still the second largest shareholder, though guessing might be out of date. How much in total is held by proper IIs like Polar by the way? (not in platforms like IG etc)
Unfortunately you've been conned by Redx management it appears? Following the Jazz deal and the fact they have finance until 2025 this should have been put up for sale imho?
Been trying to sell up this morning and can’t bail out. Would rather take a loss now than wait for what is coming
Assuming you are correct, surely they and the company are guilty of insider dealing, as they had information that was going to have a material effect on the share price to the disadvantage of other shareholders that were not party to this information?
I guess we know now why Polar cashed out at a time when the share price was looking like it should have been going north. I thought it was because Polar had had a slightly choppy time in 2023 but they must have been given a heads-up in intent. This is compounded by the fact that recently Polar chucked a ton of cash at RENX. I'm f'ing furious with this stitch up on REDX, PIs are being sold down the river!
I think it a con. The 84% II's will get their shares which they will be able to sell on, the 16% private investors won't I assume? It seems on the face of it a corporate con job isn't it? JMO
As far as I can tell there's no need to try and con us. It's already been agreed by the 84% anyway. But they are shareholders as well, so they looking to get value in the end as well out of the shares.
I think Redx management are trying to con private investors with this delisting. They obviously have been speaking to the 84% institutions behind the scenes prior to today's announcement? JMO
This sounds like the answer actually. I'll have to move the whole SIPP to a more expensive provider by the looks of it!!:
https://www.investorschronicle.co.uk/ideas/2022/06/30/how-to-hold-unquoted-companies-in-your-sipp/
Would appreciate if anyone has an idea about the answer to the SIPP question if they could respond? I not finding the answer online at the moment...
Kind of relevant article:
https://www.hilldickinson.com/insights/articles/delisting-option-and-opportunity-some
Presumably the SIPP provider will have to hold onto the actual share certificate on my behalf??
I don't think they allowed to just send you a share certificate??? Because you not meant to get SIPP holdings until you retire etc? I worried, but can't see how anyone can just confiscate my shares anyway....?
One assumes they will be suspended in your SIPP until you get a paper certificate from the company. How you trade that in future is not clear. The three times that I experienced a Private Equity buyout you just got the offer price as cash once tge shares were delisted, but just delisting without an offer is a first for me to.
They can't "cancel" your shares. You still own x percent of the company until its bought outright. Remember, the IIs didn't want to invest in a private company at the beginning either. So they looking to make a profit at the end of the day as well.
But my holding (quite large) here is currently held in a SIPP anyway. To be honest, I'm not really sure what happens, or if I need to do anything? I've never experienced this before.
How will you hold on if they cancel your shares?
The trades going through are tiny anyway.....end of the day, there's the short term and long term. This benefits no one in the very short term (except someone who was lucky enough to have a short position open this morning..)
I basically agree with Bermuda and will look to hold on.
So how will it be beneficial for institutional investors but not private investors? 🤔
Bermuda
So you will hold even when the company is private? That is very interesting. Because this is not the only company that is going private - not just pharmas but many high value/high potential companies on AIM are delisting at the moment. Most investors don't want to hold a stock when its going private - see sp above. I don't suppose you are adding to your holding then?
Unfortunately you will receive a share certificate that no one wants to buy
Not sure what happens in ISA or SIPP in these situations as they cannot be held in these investment vehicles?
Thanks Bermudashorts. Totally agree, this company has great potential. I would also like to hold but unsure what to do next, can anyone share their experience on what are the options and how to hold the shares privately? How do platforms typically deal with such corporate actions. Thanks!
They've obviously been talking to institutional investors as they say they already have 84% backing for the delisting.