Member Info for Billyboy2fromiii

Dropside,

Do you mind emailing Pablo or Chirpy as per my last post to Tomat02.

BB2.

Tomat02,

Do you mind emailing Pablo or Chirpy your details so that I can update you on situation. Their emails are in the 07.58 and 08.24 post earlier this morning.

BB2.

BB2

Yes,

For every 1,000,000 Keras shares you would have received 289,690 Calidus shares.
At a price of 0.023 AUD per share , this equates to approx. £3,510 per 1,000,000 Keras shares.

BB2.

Hi,

If you sold on the 20th and are willing to state your sales figure, please use this thread so that we can collate the info;

I sold a total of 2,300.000 shares in total (split between Mr/ MRS) on 20th.

BB2.

Hi,

I am in contact with the LSE stock situations team and have asked a series of questions to ascertain the correct process for capitalisation issues, both generically and in this particular issue. Once, I get a reply we will see who set the 21st and why. I have also requested the LSE complaints procedure.

In the interim, it would be good to identify exactly who has lost their entitlement to Calidus shares by selling on 20th. Once, we know who has suffered a financial loss by selling on 20th, we can agree what options we may have collectively.

I will start another thread in order to collate the info.

BB2.

Hi,

Chirpy,

I am going to speak to the LSE today to specifically ask regards the LSE complaints procedure. There has been no mention of the XC date in any documentation (ass far as I can see). On that basis, you may feel that information provide was unclear and that you have been mis-informed and as such have suffered a financial loss.

BB2.

I

Hi,

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/KRS/14322585.html

So Keras finally inform shareholders of the XC date!

BB2

Pablo,

I think it is fair to say that there is definitely an issue here. The outcome of which will need to be released to the market via either a Company RNS or statement by LSE. I would not expect a CEO to reply to an individual shareholder.

BB2.

RNS feed now closed so no news till tomorrow.

BB2.

Pablo,

I have detailed the situation to LSE but also asked six questions to (hopefully) enable me to see how this situation has occurred.

It is my understanding that a meeting has been held this morning but I do not know who was present.

BB2.

HI Pablo,

I have telephone and emailed the LSE.

I have had an email reply to say they are consulting internally and will reply soon.

BB2.

Hi,

I can confirm that the London Stock Exchange Stock Situations Team are aware of the situation.

BB2.

Chirpy,

That is correct, "entitled to receive". That unfortunately is different to "entitled to receive and keep".

The XC date being 21st means that sellers on 20th sold that "entitlement to receive" which now passes to the purchaser on 20th.

BB2.

Mog,

Valid point. However, you would think the Financial Conduct Authority would state the rules of the race should have been transparent, clear and not misleading!

BB2.

GG,

The terminology is cum (with) capitalisation and ex (without) capitalisation.

It appears that (intended or not) the demerger had been classed as a capitalisation event by LSE. As such, as it stands presently, anyone buying on the 20th were buying Keras cum capitalisation (with entitlement to the Calidus capitalisation shares) and those selling were not only selling their Keras shares but their entitlement to the Calidus shares. On that basis, any new Keras shareholder on 20th gets the Calidus shares and any existing Keras shareholder increasing their shareholding on 20th will receive Calidus shares based upon their new, higher holding in Keras.

Going Ex Capitalisation on 21st means that buyers on the 21st or thereafter are buying Keras shares excluding/without entitlement to the Calidus shares. Sellers on 21st, selling Keras XC get to keep their Calidus shares.

BB2.

PC,

Yes, that is my understanding.

However, it is not restricted to Hargreaves. Even if the other Nominees are saying it is the Record Date that applies, the Market Maker that bought shares on the 20th from any platform will want the Calidus shares. So even if a Nominee initially allocates Calidus shares to a seller on the 20th they will then, from what I have been told, have to take them back from the seller in order to give to the purchaser on the 20th. Lets face it, Market Makers are far from daft and are not going to say "I know there is some confusion here so don't worry about giving me "my" Calidus shares which I believe that I am legally entitled to from the Keras shares that I bought on the 20th".

BB2

Dropside,

If you think about it though, "The Market" did not react to the demerger straight away on the 20th. Keras shares actually opened about the same sp as close on the 19th rather than "the expected" significantly lower opening sp to reflect the demerger. It would appear that pi's selling early on 20th then dropped the price???

There was comment on here that "The Market" had been asleep early doors. However, you could argue "The Market" was actually wide awake and there was no reason to open the shares lower on the 20th as they knew the XC date was not until the 21st???

BB2.

Dropside,

I would suggest that you call them tomorrow and ask for the Corporate Actions Team to ask the question to ensure you get the same info as me.

i understand that there were about 20 trades on HL on the 20th. So not just us two!

Does anyone know how I can see how many traders there were in total on all platforms in Keras on 20th? Would be interesting to know that.

BB2.

BB2.

Chirpy, I also have an account with them and I called them for a second opinion to the HL view. I asked for the Corporate Action Team but they would only put me through to the Dealing Desk (they said they were the same thing???). The guy that I spoke to asked me what a XC date was!!

Based purely upon my conversations with both, I would unfortunately suggest that HL are factually correct in what they are saying (if it is true that the Keras shares only went XC on 21st rather than 20th). I have not been able to confirm this XC date factually but am going to speak to LSE tomorrow unless things change in the morning.

BB2