From HL Yesterday.....30 Jun 2023 07:20
To be honest, unless they bounce to 5p this morning I'll just let them die. They're worth nowt now. Still, in another world they could have gone back over £1. You live and learn:
Cineworld Group plc - Chapter 11 Bankruptcy
Your holding of shares within your Stocks & Shares ISA
What has happened?
Cineworld Group plc has filed for Chapter 11 Bankruptcy protection in the US. This is usually done when a company is in financial difficulty and trying to restructure its debt.
Shortly before completion of the restructuring in July, the company plans to appoint administrators in the UK. The administrators will look to transfer substantially all of the company’s assets to a newly created company.
The company has stated that given the level of existing debt, the Chapter 11 restructuring does not provide for any recovery for holders of Cineworld shares. Shareholders will not receive any shares in the newly created company.
Delisting from the London Stock Exchange (LSE)
The company’s shares are expected to be suspended from trading on the LSE once the plan to appoint administrators is formally announced and will then delist shortly after.
You should note that following the suspension you may have difficulty selling your shares at a reasonable price and, in some circumstances, it may be impossible to sell them at any price.
If you wish to sell your shares before the suspension, you can do so when logged in online at hl.co.uk or by calling our Dealers. Please note dealing charges are higher over the phone. We can only sell your shares if a market still exists, and the amount raised is more than the dealing charge for the sale.
Important information for ISA holders only
Please note, under HMRC rules delisted shares are not eligible to be held within a Stocks and Shares ISA. As a result, any holding of Cineworld Group plc shares within a Stocks and Shares ISA will need to be removed within 30 days of the effective date of the delisting.
If you hold these shares within a Stocks and Shares ISA we will write to you again after the delisting with more information.
If you have any questions about this, please contact us.
Yours sincerely
Henry Milsom
Corporate Actions