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Stims read the JP Morgan releases for the Nasdaq shares ...

However, for technical reasons, the ADR Record Date can only be established at a later date.
***Due to complexities of the US securities laws and the rules of the Nasdaq Capital Market, the ex-entitlement date for holders of the Tiziana ADRs (traded on Nasdaq) is dependent on the actual delivery date

The statement you have included states that the entitlement will be distributed to the shares on the record date. That is very different on Nasdaq stocks than the exDate, "due notes" mean that they pass to the holder on the exDate.

It's confusing which is why the price isn't reflecting it, but if I am right then it will correct and the Nasdaq will fly above the LSE when the payment date is confirmed as this will allow them to set the exDate on the Nas.. probably the day before.

At the end of the day there isnt anything to be lost by moving my holding to the Nasdaq and possibly a lot to gain. Gla

There is no ex date yet, it's likely to be announced as the listing date but they have not been able to do that until that date is a certain exact date due to Nasdaq regulations.

Take a look at pappa John's explanation of the same situation TLSA is in now.
It specifically says if you buy after the record date but before distribution date the share entitlment possess to the the new buyer.

Give TLSA shares are still cheaper than TILS the downside also happens to be zero.

There is a good chance the market has missed a trick here and TLSA is massively undervalued today.

That's exactly what I am saying.

No guarantee but it looks very very likely imo, gla

Here is an example of a Nasdaq traded stock.
If you have the ability from your broker such as IG it may be worth looking in to this, it may make your head hurt, but it may also make you a lot of money.

See the example below traded on the Nasdaq...

Any trade of PZZA stock on the NASDAQ Global Market executed prior to the ex-dividend date includes the
right to the additional shares. A record holder that sells his or her stock will not be entitled to the receipt of
the additional shares. In order for a record holder to receive the additional shares, the record holder must hold the shares through the distribution date, December 27, 2013. Buyers of PZZA are rightful claimants to
the additional shares if purchased prior to the ex-dividend date; they need not be a holder of record. Trades
of PZZA stock on the NASDAQ Global Market that settle between the record date and the distribution date
will be considered “trades with distribution”, those that ultimately entitle the buyer to the split shares even
though the buyer did not own the shares on the record date.
^^^^^^^^^^^^^^^^

https://www.google.com/url?sa=t&source=web&rct=j&url=https://ir.papajohns.com/static-files/61e230db-b38b-409f-a059-b3f3c70b5748&ved=2ahUKEwif5-qcq4XuAhX0oFwKHZpuB6EQFjAJegQICxAB&usg=AOvVaw1xb1JWdEO5kIoggPDgUofD

Good work, but...

The record date means nothing, your share can be entitled to it on the record date but the entitlement is attached to the share as a due note on Nasdaq traded shares.

For this reason we can ignore the record date, the only thing that matters is the ex date... And there isn't one yet.

The fact that they have avoided my question and yours by deflecting it with the record date is interesting.

Hi Wolf - I actually didn't agree with you at the time... After deeply analysing it over the last couple of months I now think you have been right all along.

Without the ex date being set then yes people are selling adr shares far below there value as this has been missed. It does happen, the market has simply got confused in the mess which was the spin off.

I think there is no economic impact to the ADR share.. so the RNS is correct. If a seller sells at a low price before the exDate is set and met, then it's on the investor. It's not an economic impact caused by Tiziana, just investors making mistakes as they are confused.

Should investors be confused ? Probably not but it's been par for the course especially with the ADR and there has been no come back.
What it does is create an opportunity for smart investors.

Also to flip things around with what you said, wouldnt it be a problem if new investors bought TLSA prior to an exDate being set and then told they can't have the spin off shares despite owning TLSA?

I really do think there is an excellent chance.

Time will tell about the TLSA shares not having the exDate set yet. If I am right it needs to be announced just prior to the Accustem shares being listed which is about 2 weeks away I believe.

If I am right and this is announced to the market over the next week or two I would expect TLSA to move a minimum of 20p higher than TILS.

Personally I really think there is a huge opportunity by selling LSE TILS and buy Nasdaq TLSA.

Eitherway the share price is firmly moving in the right direction on both markets. Gla

tourtim - As SWLC says

TLSA shares are a bundle of two TILS shares, so each TLSA share represents 2 TILS shares.

I also asked a few questions in the conference call, and this specific question was the only one that got missed.

I think they messed up and the market hasn't spotted this yet. Fingers crossed gla

Personally I have moved my holding to the Nasdaq as I think there is a huge potential upside and you get more shares as it's trading below the LSE price.

Nasdaq is cheaper for exactly the same share so you get more shares for the same money (Nasdaq bundle 2 shares of Tils in to one TLSA)

There is also a chance that the ex date hasn't passed on the Nasdaq traded shares. If I am wrong you haven't gained or lost... Just got slightly more Tiziana shares for the same money.

If I am right and you get Accustem shares again then that's a massive win.

So I only see upside to moving my holding to the Nasdaq. Cheaper, and I have a chance for extra Accustem shares.

Interestingly the Nas was trading about 35p above LSE, but in all the chaos ended up level and now below. There is no reason for it not to be level and if I am right about Accu then it should be above.
Market may have missed this , DYOR imo it's Nasdaq switched to for the same price as LSE is a win... Lower as it is now is a no brainer.

I'm the same with my HL account I have a LISA there and I couldn't find a way to do it there either.

With IG it's easy on my sharedealing and normal ISA, you just fill in an online form if you have never traded US stocks with them before. It's almost instant... Don't mess about with a paper form you can do it all online instantly.

Phil - ex date has passed on the UK stock, it's just waiting for the shares to be registered and allocated.
So no I don't personal see how you can lose a share entitlment once you have passed the ex date.

With the TLSA shares I dont believe the exdate has even been set due to the rules on the Nasdaq.

So with a disclaimer that it's all in my own opinion and dyor, I personally do think you can have your cake and eat it.

I don't think it's deliberate, I think the Nasdaq rule threw a last minute spanner in the works for the BOD.

This is true, however Tiziana is unlikely to pay divs.
I dont believe that stock splits incur any tax.

Plus even if it did, you are still getting 85% more than you would by not switching to the Nasdaq if I am right about Accustem.

Blue - Here is the latest JP Morgan announcement

All documents appear to be saying that the 2nd November EX Date that the LSE had didn't apply to TLSA, and that it would be announced in due course, which it hasn't yet.

https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=80119e4a885748449322bda9a6e3741d

Again personally I think this reinforces that the Exdate will be announced once the Accustem shares are actually registered so that it complies with the NASDAQ rules.

I wouldn't get over excited about the Accustem entitlement but I think its a very real possibility that this has been lost by the market in the madness of the spin off.

Boards - The Accustem demerger
The below was the latest release to the market

***Due to complexities of the US securities laws and the rules of the Nasdaq Capital Market, the ex-entitlement date for holders of the Tiziana ADRs (traded on Nasdaq) is dependent on the actual delivery date of the new Accustem ADRs

http://www.tizianalifesciences.com/news-item?s=2020-10-27-update-re-demerger

If you buy TLSA on the NASDAQ now I believe there is a very good chance that Accustem entitlement is very possible and that the market has missed this, there was an ExDate for LSE TILS, but the above problem with "Complexities" means there isn't one on the NASDAQ until Accustem is actually listed.

It was an absolute mess of a demerger, so I don't think anyone knows for sure but I think there is an excellent chance of qualifying for Accustem based on the above. Also worth noting is the the NASDAQ uses "Due notes" attached to shares so the demerge can be completed before the ExDate and the holders on the ExDate would normally obtain the share entitlement even if they didn't hold on the record date.

Given NASDAQ TLSA is 10% cheaper there isn't really much downside.
If I am wrong there is a moment of disappointment until you remember you still have 10% more shares :)
Food for thought, GLA

This is true, but the exchange rate could easily boost your profits as much as it could work the other way. However the exchange rate movement is so marginal that it hasn't had any effect at all for me.
I believe that IG fees work out cheaper for me to buy and sell on the NASDAQ than TILS on LSE, although IG fees are so cheap anyway that it also doesn't make a notable difference.
^ With the exception of the people who like to buy and sell one share at a time lol.

10% more shares for the same money, plus MAYBE a second payout of Accustem shares makes it a no brainer imo.

Boards - What are your thoughts on the ExDate for TLSA shares ?
My thoughts are that there isn't one yet, as the NASDAQ rules prevented it being distributed to holders until the Accu share was an actual listed stock. By contrast LSE don't require this hence the exdate for LSE shares has already passed.

Yes I have some of mine in an ISA with IG

Another possible win is I am very unsure that the exdate on Nasdaq TLSA entitlement for Accustem has been set, I think it will be announced at the same time as its listed.

Could be 10% more Tizianq shares plus 100% more Accustem. Could be an amazing move gaining more shares in both with the same money. Might not pay but at the very least you will have 10% more Tiziana

I use IG and it lets me buy Tiziana on either exchange.
It looks like a no brainer, it's exactly the same stock but is costing me 10 to 15% less.

Over the last few weeks I have sold my UK TILS and bought straight back on the Nasdaq making an instant 15% plus increase in shares.

If your trading platform let's you do it then it makes a lot of sense in my book. Gla

18% up currently on the Nasdaq