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@Bannor
If its any consolation, a certain broker I am with simply doesn't even recognize the "Excess" part of the open offer. They have offered the basic entitlements to me, and have said that's it - take it or leave it!
I have never been a fan of this broker, except for their UI which I think is amazing, but that's about the only positive I can think about this broker.
Been wondering who took part in the first placing? It did say, "new and existing" shareholders, so I am wondering if the existing would be some IIs (who are they anyway) and some new IIs that have come on board.
Anyone have a clue?
Response from IG re taking up the open offer. Confirms the link Obs sent earlier on:
=====================================================================
Thanks for your email.
If you hold the shares in ISA account, then you should make the funds available in your ISA account.
However, in the case that you hold the shares in your ISA account but you have used up your ISA tax allowance for the tax year, you can give the instruction to take up the additional shares in your share dealing account instead and you can make the funds available in your share dealing account, then our Corporate Actions team will book the shares in the share dealing account as per you instruction, that way you avoid oversubscribing your ISA allowance.
If you have any further queries, please do not hesitate to contact us.
I also have an IG ISA and have received their email today. I think its an oversight they have said "money should be in the share dealing account" as it makes little sense - you get the entitlement shares exactly where your current shares are held (and ofcourse the money too needs to be in the same account).
I will email them for a clarification and revert.
So, what a day!
Having read today's RNS before the start of the trading day, like many I too was super excited. But at the back of my mind I thought, "damn the RNS should've dropped a few days later" - this to allow me to load up on my entitlement shares and possibly some excess ones too (yes I was feeling greedy!).
When there was no movement at the start, I wondered whether there were some latency issues with my trading platform and told myself, just wait a couple more minutes. I stared and stared hard, but nothing happened. To my utter disappointment, the SP didn't move. Arguably, today's news was the culmination of why a lot of us are here. For me personally, this should've been the highlight of my 9 odd years in REM/KDNC. And boy did I feel like all my conviction, recommendations, thought process, research etc. yielded zilch!
And so I'd been thinking all day today about what's gone wrong. And yes I can see the obvious oversight (some will call mistake) of the fund raise before the 20% news, which if the order were reversed would've allowed the share price to re-rate first.
But then I thought surely the board would've known the ramifications/impact of their actions. They have skin in the game (not to forget the 29p options). Surely they want to be successful and see the share price rise and get rewarded themselves. Surely there has to be some wisdom in their actions, which perhaps we will come to realize soon.
So ask yourselves, have the fundamentals changed? If not, then surely it'll all be fine. Look at the bright side, for those that can or want to take up their entitlements, 20.5p isn't such a bad price after all. It gives me a lot of hope that since the rights were announced, the share price actually didn't dip to, nor below 20.5p - surely that's a good sign.
If I've had the patience to stick with KDNC for this long, surely I can wait a bit longer.
GLA (and DYOR)
@CrystalBall - Sometimes brokers do make "school boy errors".
I've recently had a shocking experience with Close Brothers on BCN, who accepted the offer on my behalf without me having asked them to do so. The resolution worked out quite well for me in the end, but it took quite a bit of "educating" them on how to read RNS's - something I thought their Corporate Actions team should've known like the back of their hands !
So I am expecting my broker (IG) to add a new row to my portfolio to represent this offer, which I can subscribe to if I wish.
What I am not so clear about is how would one request to be considered for the "excess" shares, should any be available? Any pointers from previous experiences?
Thanks!
Regardless of all that's happened over the last couple of days, I note that the share price has been quite resilient and hasn't dipped to the level of the placing. When placings of this sort happen, it is quite normal for the SP to drop to, or below, the level of placing. Seems like a good sign to me in addition to the fact that there has been good II interest. Today's trading volume is also a positive sign.
Now eagerly awaiting if/when existing PI will get an opportunity to buy a piece of the pie at placing price.
GLA.
Nice to see KDNC appearing in headlines/news etc. I recall when Alba hit the headlines when they confirmed large deposits of gold, its SP went beserk.
KDNC Finally getting the recognition it deserves. Will hopefully help in getting the share price where it needs to be.
Stumbled across my brokers statements and was amused to see my very first investment in REM:
BOUGHT 664565 CADE MINE @ .000735 on 21-JAN-13
Unfortunately I didn't hold, and had been trading the share back then :-(
Care to share your story?
Hey folks,
Congrats to everyone who's held on thus far, and good luck for the future which looks pretty rosy to me.
I too, was in a similar position - invested in the days of REM and saw it being heavily diluted. Wrote-off KDNC for a period in time (also in part thanks to my broker that went bust and I didn't have access to my ISA portfolio). But had the nerve and confidence to average down heavily in the past 12 months to get to a point where I am now in profit at these levels.
I sit tight as I can see that this is just the beginning - there are so many short to medium term catalysts that it would be insane to sell just yet. I was expecting the price to already be trading around 40-60p on the back of Amapa, but as we all know this share has a mind of its own.
I would also like to take this opportunity to thank the genuine investors who have been sharing their wise words and research and helped us all keep sane and focused on the end goal - I know I will miss out some names but EV and Obs immediately come to mind.
Hey Folks,
Ganfeng has made the formal offer for BCN today, and I am thinking the potential impact on KDNC. Surely Ganfeng would like to have all of BCN to themselves, and therefore potentially come after KDNC's 30% JV with BCN?
Any opinions/thoughts?