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Oh dear...
Eeeeeek...
Can't stay up today...
Come on guys, surely there's no need for all this to cause hassle! It's a forum, everyone has a viewpoint, it's only bad language and intolerable opinions that we need to censor. Let's not waste time on arguing over trivialities, after all we're all here to be positive aren't we? (No criticism of anyone by the way, just think we should get back on track if possible).
Wasn't on the register in time to qualify, and HSBC persist in telling me that this share is suspended...not sure what rights I have given the situation, but it's clearly trading!
Someone is able to sell, yet the share is untradeable on HSBC. Have enquired and they just repeat that the capital has been returned to shareholders. Surely if the share is untradeable, it would not continue to operate on here? Does anyone else know if you can buy or sell ECPC at present?
Couldn't agree more. The market is shedding so much at present, am coming to see more and more that now (by which I mean the general period) is a bad time to invest, as the air is thick with uncertainty. IPL are worth at least twice what the price is currently at, although the salt water ingress is bad news, and will certainly offset gains to an extent (impossible to say how much of course). Will be staying put for now, but definitely not adding to my holding (T20 seems a fair bet though, if you've cash to spare).
Yes, I've never come across it either. I've emailed HSBC to ask exactly what it means, and as to how I go about doing something with these shares, as I don't want them lying around dead on my account for ever! If it's 3 days after the day of trade, it's the same as settlement terms then, T+3 and all that. In which case, I'm going to get no payout and I've lost my investment, or so it seems. Very disappointing, but I don't think there's much more that can be done.
Allegedly, HSBC has these shares marked as 'Extinct' now! Can't sell them if I wanted to :(
Clear in the sense that if you are on the register, you will receive the return of capital, but naturally, they could easily drag their feet in adding shareholders, and so achieve their aims! If the ex-marker start was the 25th, does that not include it? I guess nobody wins in many ways, current shareholders get the return, but have suffered a near 80% loss on their shares, whereas I seem to have a bargain, but with the capital sold, has the company a future? :) If I do receive a cheque, I shall merely hold onto it pending further communication from the relevant bodies. Should there be none after a significant period of time, I will happily cash it. I doubt they'll just overlook me, but I have a fool's hope that Friday will bring good news. If not, I'll sell and take a very small loss. It's not the end of the world :)
Still alot of conflicting information flying about...I definitely wouldn't like to say that anyone is wrong here, but I may aswell hold until the end of the week and just see, have only a little to lose. As I bought in on Friday morning, naturally I hoped that my admission to the register would be processed by today. I still believe that once a position has been stated, it should be maintained (but naturally, I am perhaps thinking ideally, and I do know that the financial world isn't made so, at least for much of the time). As ever, thank you all for the input, if nothing else, I'm happy to learn from the experience! :)
Thanks for the update! Very disappointing to hear, guess I won't ever really trust a RNS to be accurate again! Or maybe some companies are just more unreasonable than others. Will no doubt sell up shortly then, it was merely an opportunity! :)
A most excellent rise, no doubt fuelled by the anticipation of the target depth being reached!
I would have thought so myself, your viewpoint lies with my own, but after F104's conversation with ECPC, one wonders that is all...perhaps they're merely trying to deter people from jumping onboard as a result of the mistake, but we shall have to see. Thanks for the input guys :)
It's not deterring some reasonable buys! Over £8k on the last sale (not sure why this site reports the value incorrectly, mine were reported in a similar fashion).
Of course, were you to have bought in at the very beginning this morning, before the drop, would one be eligible? Or when they mentioned about being on the register on the 29th, did they mean at the commencement or the end of trading? There's a lot of hazy and indistinct points here, naturally the advantage goes to the company, but I still cannot conceive a change would be made without an announcement and presumably some kind of reasoning for shutting the window on eligibility. I agree that a company has the freedom to do alot, but if it makes and reneges on announcements in such a situation, it makes one feel unable to trust any further comments by them, as a result of sheer inconsistency. I realise that this return of capital had been discussed some time ago, but the admission of a statement yesterday morning confirming what was suggested last year, seemed all in all a rather firm decision. Certainly, an offer that appeared too good to miss (and yes, it is opportunistic, but then is most sharedealing). I am just surprised and disappointed, for although I'm sure I can get back basically what I paid (as the SP is slowly rising), I'm annoyed at feeling slightly duped. I'm actually glad I can't call them, as negative answers wouldn't help :)
Looking at the situation, the drop in the SP is difficult to understand, unless one takes the MMs to know that the return of capital qualifying date had arrived. Still, a drop of almost 80%? Doesn't seem to justified, at least not until the return of the capital and the subsequent situation with the company no longer possessing such a large amount of money resulting from the sale of assets. Frankly, has the drop left the company undervalued? It would seem so, and yes, anyone who bought in now would have felt surprised that a large payment was in the offing, subject to one being on the register on the 29th.
Re-reading my message, I apologise if I seemed to be grumbling at your reasoning. I was most definitely referring to theirs. I would love to call them, but am not in a position to do so. Thank you for the info you've gleaned, it is frustrating, I just thought that they would have stuck to a stated intention, and only revise it with an announcement. But I'm a rank amateur :)
Not quite sure I understand it, they announce the payment yesterday, with a set date of the 29th to qualify, so would have thought they could not have brought the date forward before yesterday in any case. No doubt they're not bound by any admission they make, or at least, were you to challenge them, one would lose. I guess I'll just have to wait and see, though no doubt they've effectively cheated people out of an opportunity through admitting misleading information to investors.
One asks the question then, do those who have invested today benefit from the payment? No RNS anywhere to state the payment had been rescheduled.