Another Corporate Action Adjustment!!17 Nov 2021 15:50
From !!:
]CORPORATE ACTION NOTICE
Important information about your stock 17 November 2021
A corporate action is taking place in relation to ACCUSTEM SCIENCES (stock code BNT2JT9), which you currently hold in your portfolio (a/c 0988934).
What is happening?
Scheme of Arrangement & Consolidation
Effective date: 29th November 2021
Terms: 1 US Accustem share in exchange for every 20 UK Accustem shares held
Pay date: Upon receipt
The Board of Accustem has announced its intention to enter into a Scheme of Arrangement whereby Accustem Sciences Limited (the UK company in which you currently hold unlisted shares) will be incorporated into Accustem Sciences Inc (a US incorporated company, for which the Board intend to seek a NASDAQ listing), subject to shareholder approval at a meeting to be held on 18th November 2021. Under the terms of the Scheme, your UK Accustem shares will be converted into US Accustem shares, and these will be consolidated on a 1-for-20 basis, such that you will receive 1 US Accustem share for every 20 UK Accustem shares currently held. The company have stated that fractional proceeds will not be issued for holders whose UK Accustem
share quantity is not exactly divisible by 20.
Once the Scheme has become effective, your existing UK shares will be removed from your account. New US shares will only be credited once we receive holding statements from the company. This is expected to be within 14 days of the effective date, but this timescale cannot be guaranteed. The Board intends to seek admission for the new US Accustem shares to be admitted to trading on NASDAQ. They have stated that this is expected to happen in early 2022. If and when this occurs, we will seek to move your shares from statement form to our international custodian so that you can trade them via our platform. This process can take some
time and you may not be able to trade the shares until several weeks after any NASDAQ submission goes live.
Please note, as a consequence of this Scheme, our previous announcement offering to convert your shares to Accustem American Depository Receipts (ADRs) will no longer go ahead and existing elections to convert will be disregarded. This is because the company intends to cease its ADR programme and convert existing ADRs to US ordinary shares, as part of the Scheme proposals.'
So tradeable only after several weeks from listing & if you elected to sell - it won't go ahead (I didn't )
BB