Member Info for IDoMyBest

One last source....If you want to follow the case.

https://www.catribunal.org.uk/cases/13817721-justin-le-patourel

Strike123....

The court case in question was mentioned in the last set of accounts (under risks).

Class action claim

In January 2021, law firm Mishcon de Reya applied to the Competition Appeal Tribunal to bring a proposed class action claim for damages they estimated at £608m (inclusive of compound interest) or £589m (inclusive of simple interest) on behalf of our landline customers alleging anti-competitive behaviour through excessive pricing by BT to customers with certain residential landline services. Ofcom considered this topic more than five years ago. At that time, Ofcom’s final statement made no finding of excessive pricing or breach of competition law more generally. The claim seeks to hold against us the fact that we implemented a voluntary commitment to reduce prices for customers that have a BT landline only and not to increase those prices beyond inflation (CPI). At the reporting date we are not aware of any evidence to indicate that a present obligation exists such that any amount should be provided for. In September 2021 the Competition Appeal Tribunal certified the claim to proceed to a substantive trial on an opt-out basis (class members are automatically included in the claim unless they choose to opt-out). We appealed the opt-out nature of that decision and in May 2022 the Court of Appeal determined that the claim should proceed on an opt-out basis. A hearing window has been set for January – April 2024. BT intends to defend itself vigorously.

Source....

https://www.bt.com/bt-plc/assets/documents/investors/financial-reporting-and-news/annual-reports/2023/2023-bt-group-plc-annual-report.pdf

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The case has now ended and we are awaiting a decision.

A few points worthy of note......

From BT.....Source R&A 2023, noted above.

"Ofcom’s final statement made no finding of excessive pricing or breach of competition law more generally. The claim seeks to hold against us the fact that we implemented a voluntary commitment to reduce prices for customers that have a BT landline only and not to increase those prices beyond inflation (CPI)."

From OFCOM.....Source below text.

"In our February consultation, we proposed regulated price reductions and a requirement for BT to work with us to encourage their customers to consider what better deals were available. We have now received an offer from BT that matches our proposed regulation for voice-only consumers. Here we set out our consideration of BT’s offer."

Source....

https://www.ofcom.org.uk/__data/assets/pdf_file/0015/107322/standalone-landline-statement.pdf

Whilst BT stated one thing, clearly OFCOM stated quite another.

Anyway, that is the case and we await the findings.

As to the liabilities, anything from £600million, and that was an estimate from 2021.

Link to the organisation making the claim.

https://www.callclaim.co.uk/the-claim/

It may go to explain why the shorts are hanging about.

Well, unlikely....

Even so, the rights issue may not be taken up in full, leaving the underwriters to pick up the tab (which is why they charge an arm and a leg), which will depress the price further, and later the underwriters will ultimately sell what they are left with.

But, that's all for another day.

If I recall the last time they had one, it went rather well and the price soon recovered.

Oops, perhaps knocking something off for the next div they will be missing.

After tomorrow's ex-rights, I'd hazard a guess at circa 870-900p.

...and they will be eligible for Dividends.

as for the nil paids, which will not get dividends, I'd guess at normal share price my guess 870-900p - the 645p.

So picking the middle price of my finger in air guess, 885p-645p. circa 240p.

All guesses of course.

Spot on........

Https://www.nationalgrid.com/document/152061/download

For those that wish to check my source.....

Give me strength........

'May' means you have to ensure that your broker will claim your right, most do this automatically based on holders after close today.

As it states, if you are unsure check that they will claim your rights.

REGARDLESS, the EX-RIGHTS DATE is tomorrow.

Also if you do have them on paper and have sold them, you are asked to return the document you have been sent, it's the first page of the prospectus, kind of gives it a level of importance, don't ya think..

IT'S ALL IN THE PROSPECTUS.

Rather than continue to CONFUSE people, why don't you either give up, or provide evidence of your assertions.

LIKE I HAVE.

READ THE PROSPECTUS......

I HAVE POSTED THE IMPORTANT POINTS TWICE.

There is no confusion, the prospectus makes it clear, it also directly answers the question....

I'll quote the question and answer AGAIN......

6 - If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?

If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.

If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.

If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.

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That seems to make it crystal clear, ignore it at your risk.

If you are still CONFUSED ask your broker.

Tedmark...... "The RECORD date was 20th May. If you were a shareholder then, you get the rights. We are currently effectively trading today EX RIGHTS and is why they are sending out notices to PAPER shareholders TODAY. Look at the dates."

interesting........then why does the prospectus, that document you receive state this.......

Subject to the restrictions set out below, if you sell or have sold or have otherwise transferred all of your Shares (other than ex-rights) held in certificated form before 8.00 a.m. (London time) on 24 May 2024 (the “Ex-Rights Date”) please send this document, together with any Provisional Allotment Letter, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee

I rest my case.

The Record date is moot......

I have posted pages from the prospectus, seems pretty clear that if you sell today you will not receive the rights, and if you buy today you will.

Don't get hung up on the record date.

From the prospectus........

6 If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?

If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.

If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.

If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.

Also, if you sell today, take note of this, also from the prospectus........

---

Subject to the restrictions set out below, if you sell or have sold or have otherwise transferred all of your Shares (other than ex-rights) held in certificated form before 8.00 a.m. (London time) on 24 May 2024 (the “Ex-Rights Date”) please send this document, together with any Provisional Allotment Letter, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations, including but not limited to the United States or any Excluded Territories. If you sell or have sold or have otherwise transferred all or some of your Existing Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Shares (other than ex- rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction regarding split applications in Part III (Terms and Conditions of the Rights Issue) of this document and in the Provisional Allotment Letter.

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You will not keep your rights, they will be passed on to the buyer.

You are assuming that the fund does not have a long position. They maybe using the short position as a hedge.

Also, the Pension fund mentioned has a JV with Hermes. Hermes as you know is the manager of BT's pension fund.

It rose so much on numbers day, it was clearly a short squeeze. +8% in the run up, and almost 20% on the day.

What do we expect when the short squeeze is over.

The price will drop back, it has, and it continues to.

I'd expect it to retrace back to circa 115p.

...and if the overcharging case is lost, below £1 is still possible.

Also, if you sell today, take note of this, also from the prospectus........

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Subject to the restrictions set out below, if you sell or have sold or have otherwise transferred all of your Shares (other than ex-rights) held in certificated form before 8.00 a.m. (London time) on 24 May 2024 (the “Ex-Rights Date”) please send this document, together with any Provisional Allotment Letter, if and when received, at once to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations, including but not limited to the United States or any Excluded Territories. If you sell or have sold or have otherwise transferred all or some of your Existing Shares (other than ex-rights) held in uncertificated form before the Ex-Rights Date, a claim transaction will automatically be generated by Euroclear which, on settlement, will transfer the appropriate number of Nil Paid Rights to the purchaser or transferee. If you sell or have sold or otherwise transferred only part of your holding of Existing Shares (other than ex- rights) held in certificated form before the Ex-Rights Date, you should refer to the instruction regarding split applications in Part III (Terms and Conditions of the Rights Issue) of this document and in the Provisional Allotment Letter.

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You will not keep your rights, they will be passed on to the buyer.

From the prospectus........

6 If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?

If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.

If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.

If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.

Oh dear......

They trade today with rights, the trade tomorrow ex-rights.

Where is the confusion?

if they wanted to only allow current holders (i.e. last night close of play) they would have announced ex-rights today, they didn't.

OK, I give in......

BUT, watch the price tomorrow.

If you are right it will not change, if I am right it will.

The ex-rights date marks the end of privilege subscription rights for a share of common stock. For instance, when a company announces the issuance of new shares to existing shareholders, these shareholders have the privilege to purchase the new shares at a discounted price, but only until the ex-rights date.

After this date, any bought or sold shares will not include the privilege subscription rights. Similarly, if a company issues bonds to raise capital, the ex-rights date for the bonds signifies the point at which investors can no longer purchase the bonds with the attached rights to convert them into shares of stock. Investors should monitor the ex-rights date as it impacts the value of their investments.

Buying shares before the ex-rights date provides the opportunity to purchase new shares at a discounted price, whereas buying shares after the ex-rights date eliminates this opportunity.

Source.......

https://dlssolicitors.com/define/ex-rights-date/

The date that matters is the Ex-Rights date,.....

SERIOUSLY, do check with your broker, I am certain you are wrong about the record date.

That date was used for the calculations, it is not the date of ex-rights,

Think, they trade today with rights, they trade tomorrow without rights, do the math!