Member Info for jun_man

That's good that Halifax re-invests within 24 hours. With HL I have to wait until the next 11th of the month. Sometimes that pays off, sometimes it doesn't. Kind of hoping the price stays below £5 for another few days...

Shares and money deadline is 14 days but it should be a lot quicker. It does depend in part on how quickly your broker moves as well. The shares have been admitted to trading, but that's not tied to whether or not your allocation is available for you to transact on. As of trading today, the total number of shares in issue for GTE (which are all tradable across the various exchanges) includes the shares issued to complete the I3E acquisition.

If 44% of new holders want to sell (implied by the mix and match elections) the GTE share price could be in for a hard time in the short term, let's see.

TL;DR if you wanted more shares, you got them. If you wanted more cash, you're getting 3.3% more, so 10.54p rather than 10.43p per share. Go wild, as I will do.

Announced as follows:

"Under the Mix and Match Facility, valid Elections for more New Gran Tierra Shares were received from Scheme Shareholders in respect of 5,397,705 Scheme Shares, representing approximately 0.45 per cent. of the aggregate number of Scheme Shares, and valid Elections for more cash were received from Scheme Shareholders in respect of 528,817,169 Scheme Shares, representing approximately 43.98 per cent. of the aggregate number of Scheme Shares.

The ability to satisfy Elections was dependent upon Scheme Shareholders making equal and opposite Elections.

Scheme Shareholders who made valid Elections for more New Gran Tierra Shares have had such Elections satisfied in full. In respect of the Scheme Shares for which valid Elections have been received for more New Gran Tierra Shares and which have been satisfied, Scheme Shareholders will receive 0.02042172 of a New Gran Tierra Share per Scheme Share.

Scheme Shareholders who made valid Elections for more cash have had such Elections scaled back on a pro rata basis by approximately 96.7 per cent. so that approximately 3.3 per cent. of a valid Election for more cash has been satisfied. In respect of Scheme Shares for which a valid Election has been made for more cash, Scheme Shareholders will receive 10.536460 pence in cash per Scheme Share and 0.004672 of a new Gran Tierra share per Scheme Share.

Scheme Shareholders who did not make valid Elections have not participated in the Mix and Match Facility. In respect of Scheme Shares for which no valid Elections have been made, Scheme Shareholders will receive the default consideration, being 1 New Gran Tierra Share for every 270 Scheme Shares held and 10.43 pence in cash per Scheme."

Agreed that it read very weirdly. It certainly suggested something outside the expected course of the acquisition.

Yes, the timetable has the 11th or thereabouts as the deadline by which it needs to be done, but hopefully it's done on Friday ("on or soon after 8.00 a.m. on the date of Admission [1st November] but not later than 14 days after the Effective Date").

Apropos of nothing, we're now in the final days and we should know the result of the mix and match later this week.

Court meeting is in 25 minutes; last day of trading for I3E shares is tomorrow (trading suspended at 6pm UK time); effective date is Thursday and Mix & Match announcement expected on Friday (I assume 7am); and we'll get our new GTE shares later on Friday.

But current earnings is not a cash number, particularly for Phoenix with the number of non-cash items that run through the P&L, so a payout ratio metric is not relevant. The figures on how cash does cover the dividend payment is included in the materials linked by Meconopsis. I was equally baffled by your prior comment, as Phoenix sets out at great length in its interim results presentation how it covers dividend (and debt) payments from operational cashflow.

@tonynorstrom1 and others - the HL communication is consistent with the Scheme document, as set out on its page 53 (and I had thought you'd made this observation earlier, which I found surprising but ultimately correct).

The price per GTE share was fixed in the Scheme document at 668.98p per share (as mentioned, ref page 53) so if you divide this by 207 you get the 3.32178744p figure used in the HL communication.

On this basis, unless you want to avoid dealing costs in GTE shares, it is (currently) the logical option to elect for 100% cash, and then use those proceeds to buy GTE shares. This logic doesn't hold if the GTE share price increases above £6.69 between now and the closing date. If the mix and match elections are satisfied, you are guaranteed to get the c.13.92p including in the original offer announcement (including the 0.26p divi)

I would add, ref Trek's comment below about monthly income, having glanced briefly at the price chart for the Royal London money market fund, it seems to me you could achieve this outcome by selling 0.33% of your holding each month (for a 4% return), so you'd not have any capital growth (or minimal) but you could redeploy that monthly amount as you saw fit. I accept that's not perfect, but it doesn't look like there's much (if any) volatility in the price of the underlying.

Just noting for info that I’ve received the Mix & Match election request via HL.

@TerryM1 and @Trek - you've both mentioned this issue of not being able to get a price for orders, which I find a bit confusing. It's been a while since I did my regulatory exams, but the EMS for DEC is showing as 500 shares. So I understood that market makers are required (by law) to give a price for any trade larger than 500 shares. Is that no longer the case?

Responding to a few of the separate comments in the thread below...

No there were fewer than 18 shareholders physically present at the meeting, I think one or two only. The others will have voted prior to the meeting.

In terms of management, as far as I could tell only Majid and Linda Beal were in the meeting, and candidly they just looked a bit bored by the whole process, which I found a bit disappointing. Whatever your views on the merits of the deal, I'd have thought they might have rustled up a bit more excitement for achieving an exit which they, at least, thought was a good outcome.

As regards retail shareholders being ignored, well we have the same rights as every other shareholder, and I don't see why we should be treated any differently. We're smaller shareholders, but we've also got less capital at risk. The fact is, if 43 retail shareholders had done what I did, they would have been able to vote the deal down. Sadly - but truthfully - most retail shareholders CBA.

Sorry, just to add: I assume that it's after market close, because like others I would have thought they'd have something ready to go and drop in the numbers, and get it out shortly after the meeting. That not having happened, the next logical thing to me would be to put it out after hours, when there's no trading.

Hi Stas20 - that is correct, but from the purpose of disclosing material non-public information, I would expect that the content of the meeting would be treated as 'non-public'. I'm assuming they'll put out the RNS after market close.

As it happens - and it deals with my point below - they don't announce the result in the meeting itself, so I'm as in the dark as the rest of you. It means the RNS is the first communication of the result.

It's not a public meeting - you can't just show up. I needed a letter from HL via Broadridge or whoever it is they use to run this (which was signed) which gives me the right to vote at the meeting, and that was verified before I could join. The meeting at the High Court (date TBD, per the Scheme Circular) is I think a public meeting, as in anyone can go to a court and observe a hearing. None of this is official advice, just my opinion (i.e. I'm not qualified as a lawyer)

Ha! I can’t risk leaking confidential information. I wondered whether pre-empting any RNS would be a breach of confidentiality. I think so as the meeting is not public?

No, I am in the meeting right now and they are about to count the votes

The result of what? The vote hasn't taken place yet...

It seems odd that anyone would belittle the Directors' purchases. Money is still money, whether received via dividends or salary or however, and these people have agency, so they're free to spend it on something else if they want.