The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Did he still not get his shares yet with IG?
Is that why they compensated him?
I asked for compensation too, instead a week later they gave me my shares. My holding is very small maybe that’s why. Who knows.
There's reference to this on Stocktwits with a suggestion that compensation of 1.6 x share price at the time of merger, and keep the shares. If anyone has any info it would be great to share so we're not all starting from scratch. I'm going to register a claim with Halifax Share Dealing and will post anything useful.
Same said on Stockwits about IG. HL still not released shares. Anyone else waiting? HL not very responsive at times
Some guy on The Hive telegram groups reckons he’s received compenation from IG.
Two very interesting and thought provokingcontributions from Nilnvestor and Medjed - thank you.
I hope that the management and investor relations at Spectral are aware fully of the inconvenience the long delay - now over 2 months - for the majority of UK shareholders, I believe, to receive their shares, including myself. In my view this does not show the Company in good light , is highly unsatisfactory and a degree of negligence in planning the switch to Nasdaq. Howver, I do hold the Company in a good light regardimg their future prospects.
I have purchased a few more shares today at $2.65 but am concerned about the effect of the Shorters on the share price, especially the Naked Shorters. I have no idea what percentage of shares they have an interest in and how it will affect the share price in the short/ medium term. Let us hope that they disappear before too long after which I am sure that we shall see the share price return to a more realistic level.
I’m not very knowledgeable about shorting either.
I don’t think its normal shorting at play here because the borrow fee is 400% I doubt they could make a profit with such a high interest rate even if the sp went really low from here.
The problem is naked shorts who don’t pay a borrow fee since they didn’t borrow the shares in the first place and can’t even locate them!
These dirty thieves seem to have many tricks and loopholes to use to keep rolling their naked position forward and would only pay a fine if the SEC bothers to investigate them.
Good article here, apologies I posted it before.
https://prospect.org/power/gamestop-mess-exposes-the-naked-short-selling-scam/
Despite this I’m still not selling. If the government is supporting MDAI and wants it to succeed surely these naked shorts have to get lost eventually.
I'm not too knowledgeable about shorting, but I take my cue on that sort of stuff from Jimzi on stocktwits. So apparently at the minute the shorts have to close some time around end of November. They know that as the price rises any profits they have will be eroded and with shorting there is the potential for them to lose infinitely. So they continue to try to take the price down to scare those current stockholders into selling as there are very few shares available, so that they buy, return those shares and can get out, but they are struggling to do so.
Personally I put most of my money in pre-merger and have bought a bit more around the $3 mark. I will definitely be holding long term. I thought it was a bargain at around breakeven for me which is around $6 and believe this should go well into double figures. I look at many companies and this really stood out for me with the unique product, patents and large addressable markets, zero debt and backed by the US Govt. I'm feeling surprisingly confident despite the shorting.
Sometimes it's hard to see the price fall to these levels and it creates uncertainty. That's what the shorts want. I've read that investors like Buffett invest in companies as if stock market doesn't exist ie. their decision is purposefully detached from the stock price working on the principle that in the short run the market is a voting machine and in the long run it is a weighing machine. Spectral AI should already be double figures and shows so much promise to build further on that, so for me it will be a long term hold, but also feel that it won't be long before it at least doubles if not triples from here. (Hopefully in late November we'll see significant upward movement).
Ps: Vince at Spectral AI investor relations replied to my earlier question about non-delivery of shares. I informed him that AJ Bell had delivered and he thought it was odd that delivery had taken so long.
As mentioned previously, I do not understand shorts. Is there a fixed date when shorters have to buyback the shares that they have already sold? Also I am trying to figure out how the share price will go when the UK shareholders receive their shares. To my way of thinking, shareholders might well hold for the time being whilst the share price is so depressed. Perhaps also they will buy more because of the depressed share price as I am thinking of doing but because I know so little about shorting I am so uncertain what to do. Any thoughts,please?
Thanks for that NIinvestor. Glad to get them too. Just waiting on a few I had with HL. Big hit so far but like yourself I'm confident in this company. Don't understand all the shorts business but the sooner they leave the stage the better 🙂
Great to see you're all getting your shares now - I've had mine for a while and have grown accustomed to the hole (temporary, I hope) in my pocket where the value all fell out!!
If I'm honest I don't quite understand (thanks to the conflicting info on the Internet) how Shorts work but I'm buoyed by the feedback, comment and optimism on here - It would be good to see some swing back in our favour given the poor efforts of those who have held our shares whilst we watch them bleed almost dry! GLA
Glad you got them ehoey. Hoping the rest of the brokers follow swiftly. I'll be so glad to get rid of these shorts. Jimzi mentioned on ST that they will have to close by late November / early December. Hopefully there will be a big jump upwards to double figures or thereabouts when that happens and then it will be good to finally enjoy trading on company fundamentals rather than market manipulation.
Got mine too from AJ Bell
Yes, I've just checked and I've got my shares now in AJ Bell. About 50% down and that's after buying some more post merger. Glad I've at least got the shares now. No regrets in investing in this company which has very strong potential. Just a poorly executed transaction. Hoping the share price can bounce back quickly.
AJBell have issued the shares today. I’m 63% down, yay!!
II have advised me today that they have received my shares in statement form and they are now doing the necessary work to complete the process. Things are moving!
Desperate shorts back on the attack.
Friday 10th Nov. short volume 83% of all trades
Monday 13th Nov. short volume 75%
Funny that they ramp it up just before and on the day of positive news.
https://fintel.io/ss/us/mdai
Some great work here. There is an MDAI dedicated telegram group.
Is everyone here on it?
Same reponse from HL and similar from II for me. I pursued with SEC/FCA. Ombudsman sensible step at this point. Also waiting for further input from red mist.
I was a big advocate of action in numbers rather than individual cases but didn’t get much uptake for it…
I am with interactive investor and my shares haven't landed yet.
From reading Stocktwits site, somebody (maybe someone who is here too) mentioned that Interactive Investor shares have landed. Not HL though and I'm still waiting for AJ Bell. Will be interesting to see if this impacts the stock price today in any way. Also, watch out for after hours when the third quarter results are announced. Hopefully the announcement will give a strong picture.
All that matters is there's a 16m share naked short that can't close on current volume so when those shares hit...
HL are trying to absolve themselves of responsibility. They chose to use HSBC for this process and that has cost shareholders a lot of time and money. As the shares have not been delivered in a timely fashion, shareholders now have a case for legal action and compensation in my estimation. I suspect it is a case that shareholders would likely win if they are willing to see it through.
Quick update for those interested. I spent an hour this morning filling my complaint with the Financial Ombudsman Service. I have never had to use them before thankfully, but will keep this board updated as things unfold. All part of the journey now I suppose, so chins up, and lets see where the rabbit hole goes!
Received the message below - Now filling with the FCA
I’m writing further to your concerns raised regarding an ongoing merger of Spectral MD Holding Ltd into Spectral AI. Specifically, I understand you are frustrated with the length of time this merger is taking and the inability to trade these shares. As a result, you feel you have been impacted financially by the fluctuation in price of the stock.
At the outset, I sympathise with your frustration you have experienced due to the length of time this merger is taking. We take pride in providing a high standard of service, therefore I’m sorry to learn of your dissatisfaction in this instance.
I feel it is important to clarify that we expected to receive the shares through CREST which typically take 3-5 working days. The shares were unfortunately sent to us in Direct Registration Share (DRS) format. We are unable to process DRS shares without involving our third-party global custodian HSBC. We must first transfer the shares to HSBC and then back into CREST to facilitate trading of the stock. I appreciate this is a frustrating outcome that has led to a substantial delay for you, however, we are actively monitoring this transfer and hope to complete it as soon as we can.
At present, HSBC have rejected our first attempt to complete this transfer on 27 October with no clear reason as to why. We have since responded to query this further and are currently awaiting a response. I can assure this event is being treated as a priority and we are keeping in contact with HSBC to ensure this merger is completed as soon as possible.
Whilst I do sympathise with your frustration, and after viewing the communications, I’m afraid I cannot agree this delay is due to negligence from HL. I understand that the fluctuation in share price of the new holding on the NASDAQ is putting you in a difficult position and I can assure you that we are proactively chasing. Unfortunately, we are reliant on HSBC, and this is out of HL’s control. Our Corporate Actions department have provided a contra line on to your account in the meantime and confirmed that we will contact you once the tradeable Spectral AI Inc shares have been applied to your account.
Taking the above into account, I recognise that this is a frustrating outcome and you are being kept out of the market. However, I am satisfied that HL have acted proactively in chasing this transfer, and we were not made aware at the offset that we wouldn't be able to credit you these shares via CREST as we normally would. We hope to facilitate trading in these new shares as soon as possible.
While conscious that this response may be disappointing, I hope the above clarifies our position. If you think that I have misunderstood anything, please do not hesitate to contact me. I have attached a copy of our complaints procedures for your reference. This can be accessed via the link below.
I'm filing with the financial Ombudsman next week. Will update accordingly. They have a good success rate with this sort of thing apparently.