Member Info for CloudyMountain

Very good points, IsolatedBod.

... and ask them which term in your contract supposedly allows them to do what they've done. Then check to see if the term actually covers that. // I still suspect that you're facing a delay rather than a refusal. It sounds as if they haven't received the money yet and that's why they've taken it back.//You could contact the national newspapers' money sections to see if they are interested. Your story has the triple allure of a new slant on Carillion (which is very much in the news) plus something that would shock and grab the attention of any reader who has ever bought shares, plus the paper's awareness that there must be many others out there who have received the same email.

LOL. Something else gillpat said in his most recent comment was "To be successful at trading, requires intelligence before anything else..." He has a nerve saying that if he indeed recommended buying Carillion when it was in a dire state and a mere month or so before it went under.

Hi IsolatedBod. I thought that the "unusual" situation referred to Equiniti not having received the proceeds of sale rather than Carillion's liquidation. I'm not criticising your comment - far from it.

LOL. There was his other comment this week where he referred to a polite comment he had written recently - as if that excused his rude ones. //I've seen others do this before - Machiavellian people do it. It doesn't necessarily mean people who do it are Machiavellian but it is a tactic used by Machiavellian people. I'm not accusing gillpat of being Machiavellian as it requires a certain level of intellect.

Did you see gillpat's most recent comment (starting "stop trying to appear brighter than you actually are" and going on to criticise Jambon's English & intelligence)? What jumped out of the comment was gillpat's poor English. The irony was remarkable - I felt gillpat should stop trying to appear brighter than he actually is. This wasn't the first time he had criticised someone's English in a comment written in poor English. //Gillpat strikes me as a classic example of the Dunning-Kruger effect.

I meant "There will presumably be..."

I'm pleased you have a contract number. // There will be presumably people who sold their Carillion shares & bought other shares with the proceeds of sale. Presumably they are now facing an enforced sale of their current shares, a demand for payment or the risk of a demand for payment.// I still think you'll get your money.

Badshah13, I've made a similar point to you. I was typing my reply when you submitted yours - I didn't see yours.

It sounds as if they simply haven't got the money to give you now, not "you're never going to get it". They do say it's "very unusual" and they don't say anything definitive (e.g. you're not entitled to the money). I would try not to worry too much (easy for me to say). I would be very surprised if you don't receive your money.

"..., we are now, removing the sale proceeds from your cash account pending clarification from CREST/the Liquidator. This is a very unusual situation for the market and we hope it will be resolved ..." OK, so it may just be a temporary situation. There's hope there. //What strikes me is that they can't have it both ways - if a sale hasn't gone through, purchases shouldn't have gone through either in which case they should be refunded. That would mean that the person who posted on here that he bought a little under £20k worth of shares on Friday should have his money returned. (I expect he'll have lost his money and you'll get yours). It's a point I'd raise with the regulator if they don't give you your proceeds of sale in full.

"Stanc.....perhaps cloudy....will comment, but to me that is totally out of order. You should take it up with the Broker and if NO satisfaction, the Regulator should be informed. Cloudy.......do you have an opinion?" It's kind of you to ask. I agree - I'd complain to the broker and, if they don't pay, then to the regulator. Stanc50 needs to check the terms & conditions too but even if they allow it, i'd still complain to the regulator - just because a term is in a contract, that doesn't necessarily mean it's enforceable. As Hereshopin said, it looks as if the deal was done and payment is two days later. As a broad parallel, it sounds like buying a house - the deal is done when you exchange contracts. If you refuse to complete, you're in breach of contract. If this practice were normal, I'd expect someone on here would have heard of it before.

I'm sorry to hear that. Did you receive a contract note when you sold on Friday? What reason have they since given for not paying you?

Thanks fairdealer20 & Jambon. I'm amazed gillpat changed his mind. Astounded. I haven't been on here since I posted my question on Wednesday - thanks very much for your replies. I see that gillpat has posted some rude comments since then, even including Jambon's wife in his insults. Those insults backfired - they say nothing about Jambon and everything about gillpat. They vanished today - I assume they were taken down.

gillpat, you made so many errors in that one comment (at 1344 today). The irony is remarkable - especially your first sentence.

Re gillpat: I don't understand - the last I heard (unless I have confused him with someone else), gillpat was constantly telling people that the SP would fall, potentially to nothing, and that he had shorted it. In which case, why would he be keeping his head down? If he is the person I am thinking of, he was also rude to people and would tell us what a great trader he is. Am I thinking of the right person?

illbetabuck "I am surprised that Hargreaves Lansdown Asset Management held the biggest stake, " The shares are in 'nominee' accounts, they are not owned by them but by private shareholders. They are one of the biggest retail brokers in the UK, so it's not a surprise at all".// I know. I expressed myself poorly. I meant I am surprised because HL's fees for trading used to be very high so I assumed most investors would use other platforms. Maybe their fees are more reasonable now.

I posted the article as it comments on why private investors invested in Carillion, among other things (not just the percentage held). I am surprised that Hargreaves Lansdown Asset Management held the biggest stake, which then continued to grow.

I don't think Nucky sounds bitter. Just upset which is understandable.

There's an interesting article in the Times today regarding private investors & Carillion. It also states the percentage held. Due to the lack of formatting, I've indicated new paragraphs with "//" CARILLION COLLAPSE// Retail investors count the cost of optimism// Callum Jones// January 17 2018, 12:01am, The Times// Optimistic private investors were badly burnt when Carillion collapsed on Monday morning, with retail platforms holding three of the four largest stakes in the contractor.// Stockbrokers described how, as the company’s shares fell by 93 per cent in the wake of series of profit warnings, retail investors bought shares in the hope that they would bounce back.// Hargreaves Lansdown Asset Management had the biggest stake, with a 13 per cent position in November that continued to grow. Retail investors also held 6.4 per cent through the Barclays Smart Investor service and 5.5 per cent of Carillion shares through the Halifax Share Dealing platform.// Laith Khalaf, a senior analyst at Hargreaves Lansdown, said that it was possible for shareholders to “learn lessons from any situation like this”, and added: “What we don’t know is how many retail investors are affected across the board. This is quite an unusual case, in that companies encountering difficulties don’t always end up in liquidation.// “There were some investors who look to invest a portion of their portfolio into turnaround situations like Carillion, where there is potential for significant upward movement in the share price if they resolve their problems. There is obviously a risk here.”// For some time Carillion was the most-shorted stock on the FTSE 100. To short a company, investors borrow shares and sell them, hoping to buy them back for less, return them to the lender and keep the difference.// Ahead of the first of three profit warnings last July, more than 25 per cent of Carillion’s issued share capital was out on loan.// When the music stopped this week, Standard Life Investments was Carillion’s largest institutional shareholder, with a 5 per cent stake. On Friday evening, when trading ceased, Kiltearn Partners held 4.9 per cent and Majedie Asset Management had 3.5 per cent.