More legalised theft!5 Jun 2023 16:03
Following on from KAPE and Metal Tiger, I have just received the following from Barclays Smart Investor
"FOR INFORMATION ONLY
Scheme of Arrangement Notification
Xpediator PLC has announced a Scheme of Arrangement, subject to shareholder approval at the company AGM on 7 June 2023
It is intended that the London Stock Exchange will be requested to cancel trading in Xpediator Shares on AIM shortly after the effective date for the scheme.
Proposed Terms
The proposed terms of the Scheme of Arrangement are:
44 pence in cash for each Xpediator Share. (DEFAULT) Comprised of 42 pence per share and a special dividend of 2 pence
OR
A Loan Note Alternative
What this means for you
Your Smart Investor accounts won’t be able to support the Loan Note Alternative as these are not listed on a UK stock exchange. We will accept the cash option on your behalf.
You can sell your holding of Xpediator shares at any point before cancellation from AIM. The last day of dealings in Xpediator Shares is expected to be the Business Day immediately prior to the Effective Date.
If you decide to sell your holding you will need to follow the normal online dealing process. Online transaction fees will apply. Alternatively, you can sell by calling us on 0800 279 3667 or if calling from outside the UK +44 141 352 3919. Telephone transaction fees will apply. Please note this action may impact your eligibility for future dividends or any special dividend the company may pay.
It is your responsibility to ensure you are aware of any tax implications. Please seek independent tax advice if you are unsure.
Further details on the Scheme of Arrangement can be found on Xpediator’s website https://xpediator.com/offer-for-xpediator-plc/
Important information
We will aim to update your account within five business days of receiving the proceeds. Overseas residents should consult their professional advisers as to whether they require any governmental or other consents or need to observe any other formalities to enable them to participate in the offer.
By Accepting the offer, you will be representing to us the local laws and regulatory requirements have been complied with, including the obtaining of any governmental, exchange control and another consents that may be required and the payment of any issue, transfer or other taxes or duties due in that jurisdiction.
The cash must be available in the relevant Investment Account, ISA or SIPP to take up any voluntary corporate actions. If you have an Investment Account, you may need to transfer cash from your Investment Saver or add funds using your debit card before you can take up a voluntary corporate action.
Please note that this does not constitute advice. If you are unsure of what option to take please contact your financial advisor."
When shares can be taken from the holder and the holder is effectively powerless to do anything about it, is it any wonder that private investor hold