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You now have to look at this as a merged company and value it accordingly with SDX shareholders 36%.If you thought SDX was undervalued before then it still as the new organisation is now much larger,better funded and has better opportunities to grow.
Dumping 20% at a price they will be happy with is unlikely. More likely some sort of transfer.
The dilution should already be priced in because that's part of the deal.
If you mean a mechanical fall in the share price as SDX holders start dumping Tenaz shares then I'm sure that'll happen. WAHA want out for starters..
True. Another concern I have is if the deal goes through, will Tenza drop in price with the dilution?
It's only a bargain if the price is the same on the day the deal closes.
Yep, I should be able to sell them.
Fair point, I'll see what they say..
They may hold them but can you trade them?
I have IWeb, and with another share I received Aclara shares which are held and shows up in my pf. But I can’t do anything with them except transfer to another sipp that trades on tsx.
Just got another reply from AJ Bell.
"It is worth noting that Canadian shares are held on the AJ Bell platform as CREST Depositary Interests, rather than directly. Consequently, provided the underlying New Tenaz shares do settle in CREST as the announcement says, then we would be able to hold them on the platform."
So it looks like I'll be transferring my SDX to AJ Bell!
What's a Canadian tax pool and what is the significance. Is this a tax allowance that can be claimed ?
Haha,I invest via a platform so maybe they will need to.
I am beginning to warm to this merger despite the Canadian listing.A more resilient company will emerge with plenty of resource to grow.
Littlened. Don't forget to put in your form 8.3.
Includes confidentiality agreements (?) and a 14page presentation
https://static1.squarespace.com/static/6164cf34a8e54b2e687f89e3/t/628f3d8862625f156a28f145/1653554575562/Tenaz+Energy+-+Acquisition+of+SDX+Energy+Plc.pdf
There is a lot of content on tenaz website of the merger
https://www.tenazenergy.com/new-page
Tenaz Energy Was up again last night. 16% for the week
II can trade it. I have an account.
So the likes of ii and hargreaves L are able to trade Tenza shares?
Can anyone confirm which platforms are able to trade it and what are the costs?
I hold sdx in both isa and sipp.
But I don't think it will because of the Canadian listing. AJ Bell offer Canadian stocks and you can find Tenaz on their website but they said the following:
"Please be advised, while Canadian shares can be traded on the AJ Bell platform, it is dependent on whether the stock settles via our custodian CREST.
CREST is a UK-based central securities depository that we use to settle all US, Canadian and European equities - if a stock from one of the regions does not settle via CREST, then we are unable to trade it.
Unfortunately, Tenaz Energy does not currently settle via CREST.
If you have any further queries, please feel free to contact us."
I've asked them about the following quote in the deal announcement:
"Unlike SDX Shares, Tenaz Shares are not capable of being directly held, transferred or settled through the usual UK settlement systems, such as CREST. For this reason, it is intended that Scheme Shareholders who hold their SDX Shares in uncertificated form through CREST will not be issued with New Tenaz Shares directly but will instead (subject to the position of persons in Restricted Jurisdictions) be issued with depositary interests to be delivered, held and settled in CREST. Such depositary interest arrangements will reflect the economic rights attached to the New Tenaz Shares. However, while holders of depositary interests will have an entitlement to the underlying New Tenaz Shares, they will not be the registered holders of the New Tenaz Shares."
Hopefully they'll say they will be able to handle those..
You would expect this to follow it up and down. A field day for arbitrage traders!
Up another 5.5%..
OK, thanks.
Absolutely sure. Just checked.
TNZ Bid:C$2.36 Offer:C$2.37 Change:0.18
You have sign the exchnage agreement form first to see the equaities.
Are you sure II let you trade Tenaz? Nothing comes up when I search it on their website.
Guys, what's the threshold for approval. Does anyone know? I heard it was 90%, if so, surely we have enough shares collectively to vote this down?
It’s a naff offer. I was hoping for a 12p bid. What is worse is it’s not cash but shares not listed on LSE. Personally I use iWeb which does not trade on tsx.