Member Info for dropside

It's odd, you can sell for 2.44 and buy for 2.425

While we enjoy Boxing Day, the palm oil price continues its run, nice rise today.

https://uk.investing.com/commodities/crude-palm-oil

Hi BB2

I've just mailed Pablo. I've been tied up on hospital visiting (my mum) so haven't been following the BB today. Personally though, I've felt like I am in a bit of shock over the shares.

Thanks
Dropside

Problem here is it all appears to be being done back to front. In every other case the ex date is either before the record date or, if after, it is always at market open the very next day so there is no post record-date trading time.
Typical example, the Rolls Royce capitalisation:
Ex-entitlement to C Shares 24 October 2019
Record Date for entitlement to C Shares 25 October 2019

Who on earth set the KRS ex-C date a day after the record date? Unprecedented if true. And it's still an if...

gg- it does make no sense. Its like running in a 100M race and being told afterwards we decided it was 200M but we didn't think to tell you.

BB2, Yes I know, that doesn't look good. If the market wasn't asleep as we first thought then it looks like half the market thought it was ex split and half thought it wasn't. Even the CEOs of Keras and Calidus thought it was the 19th based on their emails! So that is hardly a fair and transparent market and not consistent with the LSE's statements that buyers and sellers have to be fully aware.. Which is back to the problem of where did the 21st come from and how was it notified?

dropside

Chirpy, HL said this:
we have been made aware from the London Stock Exchange that the ex date for the Demerger was today, Thursday 21 November 2019.

Is that false information?
Thanks
dropside

Yes I wrote to HL on Friday and can call them on Monday before I go out. I expect they will say the same, they should be pro-active enough to interrogate the LSE Special Situations team but we may have to help ourselves.

Critical thing is who set this XC date and on what authority. Clearly KRS and their advisers intended 19 November 6pm for the capital spilt so they would be ex on the 20th. That someone set it at the 21st is a mystery. It may just be that the LSE picked up it had happened already and belatedly added the XC flag on the 21st. Certain brokers then took this date as gospel. Won't know until the LSE are asked directly where, and from whom and on what authorisation, the 21st came from. In the meantime it would make sense to put a hold on passing the shares around or it could become nearly impossible to unpick.

Hi BB2

It is Hargreaves Lansdown :-(

Dropside

BB- thanks, I think your post 148 captures the issues perfectly. I too traded KRS, half my holding, on Wednesday so would see a good loss if this issue was screwed up. I have been in Ferrex/Keras since about 2011 so it would be somewhat disappointing to rescue defeat from the jaws of victory!

It is confusing comparing this XC with the dividends XD. Shares typically go ex-dividend a day before the record date. Taking this into account all the LSE statements about sellers and buyers transferring rights to each other around these dates makes sense.
None of it makes sense if the record date comes first followed by the ex date (XC). The logic of the KRS action was that ex and record were confirmed as 19 November in the court ruling.

My best guess is that this is a bit of 'afters' from the last problem. There may have been a bit of bad feeling after KRS publicly corrected HL in October. The record date is what matters as the RNS makes clear, however maybe someone on the KRS side was a bit slow updating the LSE with the X-C flag. So HL are being awkward by working very strictly to process on the X-C flag. They may know they will have to back down once the SRNs arrive but they can make life very hard for KRS and their advisers in the meantime. Egos getting in the way wouldn't be a first in the City. Probably wrong but I wouldn't rule it out either.

*do the same

If Automic issue SRNs for CAI share quantities based on the 19 November 18:00 holdings what are HL going to do, throw them in the bin and use their own numbers? It sounds like HL don't want to admit they have made an error. I'll be asking them for their complaints process and suggest other customers the same...

Up 17%. Thanks Cat this is all down to you :-)

HL used to be really good. They are scoring so many own goals these days.

Now at a one year high

https://uk.investing.com/commodities/crude-palm-oil

A question for those brokers the are allocating CAI shares based on 20 Nov instead of 18:00 on 19 Nov is have they received an SRN from Atomic Group? If not, then they are making the numbers up themselves and they are subject to confirmation. If the numbers are supported by an SRN then that is contrary to the timing given to the market by Keras in an RNS and a false market has been created. Russell would certainly know about that as it would be a big deal, likely to end in court. That this is news to him suggests that HL and a few others have just looked at a belated LSE flag and drawn erroneous conclusions. In the case of HL they got it wrong in October and KRS had to put them right, so they don't have an unblemished track record on this process.

Had to go through broker manual dealing to get £2K at 2.1 yet could sell any amount at 1.95. Looks like the MMs must be fairly short of stock right now.
Good run on the CPO price, 2020 could be very profitable year if this goes on.