Member Info for MacF1

All done. I’m pleased. Managed to manually sell £20k in my trading account at 4.4p average and bought £20k back in my ISA at 4.4p average.

Happy with that.

Only thing I’m not happy with is that there’s now a very un-rounded number of shares in my ISA and I can’t add any more cash to round it up. To the nearest million. My OCD is going to struggle with this. Haha.

This was my fear of doing a bed and isa on a small stock with a big spread. There’s just not enough liquidity in these little shares.

The bid offer spread was huge on Monday when I tried to do it so I had decided it may be safer to do my own sells and buys with new cash put into the ISA.

Only risk now is that if we get a big SP jump up to 8p, those gains will be subject to CGT in the non-ISA account. So time is of the essence.

Bed and ISA trades work far better on stocks with much more volume and liquidity.

I tried a £2k “market” buy a few mins ago to see what happens (I only ever use limit orders) and it filled immediately at 4.59p.

Never even gave me a quiet price. Haha. I guess the pro traders who use this IBKR platform know what they’re doing better than I do!

It took a while to learn how to use it all.

https://www.interactivebrokers.co.uk/en/trading/ibkr-desktop.php

Me too using HL. Usually a seamless transaction. You can see them on the order book, a matched buy and sell at the same moment and same price.

It seems odd that one of the biggest and best global brokers doesn’t do them, but then I guess IBKR are not really targeting the bedroom retail market. Their platform is brilliant for everything else apart from retail ISA stuff, which they only launched in the UK recently.

I’ve added £10k cash to my ISA and am going to have to buy at a price, then try and sell £10k from my regular account at the same price or higher, then move that cash into ISA and do it again. Might take days or weeks as it’s sloooowww getting big orders filled at the price you want!

Well, that was my query actually…..what happens with abed and isa transaction if the spread is 17% like it was today at various points ?

There is such a thing as two of my other brokers offer the service and it worked perfectly fine in my wife’s account with HL and ii. The buy and sell is matched and instantaneous so you don’t run the risk of losing anything.

But I use the pro trader station at Interactive Brokers (IBKR UK) and they simply don’t offer the service.

How did it go?

I tried to do a “bed and ISA” transaction this morning, but my broker doesn’t offer that service!

I’m nervous to sell £20k of QED and have to transfer the cash to my ISA as Sod’s Law the following morning will land the biggest and best RNS ever…..

Ahh sorry DoN, it’s not an error, it’s just I don’t really want to have to download the app and sign up, just to read one post.

Was wondering if you could post your write up here for us to read?

Is there any other way to read Dusty’s Reddit posts?

It won’t let me read them as they not reviewed, whatever that means. I don’t have the app etc, so can’t access.

That was a standout semtemce in the RNS.

Did we officially know that already? I mean, we all hoped it'd be the case, but I don't think we've had that RNSed before, right?

I got 100% of what I requested on HL too.

If you asked for less than 12% of your holding, you’ll have got 100%.

If you asked for more than 12% you should have got around 35% of the oversubscription amount you asked for.

I only had £2000 spare and didn’t want to risk selling any QED shares incase I only got a fraction back.

It’s great news.

More dilution than we’d have wanted but to be fully funded to possible full commercialisation is a fabulous prospect.

Not great that everyone couldn’t participate in the retail offer, but the amount of cash missed out on is pretty small in the grand scheme.

You’ve sunk another ~£250k in to QED this last two days? Fair play!

Along with all your previously announced big buys, you must be getting near the 3% threshold for declaration of your holdings by now!?

Well done, you’ve certainly got conviction!

I agree with DoN. A proper open offer takes a month or more and is a massive faff for the company and administrators.

I actually think, in this instance, either they should have stipulated that everyone could apply for up to 1/50th of their holding amount plus another 25% on top, if desired. Would have simplified things but still not made it fair for all as not all brokers can offer the opportunity.

Or, and probably would have been the best option here…..they shouldn’t have bothered with the retail offer at all. Them no one feels hard done by and the ii raise is done and dusted in 24 hours.

It also might not have trashed the SP as badly.

Hopefully, in a week or two, when the SP is back beyond 8 pence again, we can all forget about this blip on the chart.

HL add a 0.6% commission on top of whatever allocation you get.

I asked for £2k worth which is 66,666 shares.

I suspect it’ll be so oversubscribed that I’ll only get about 11,111 shares or so.

That’s only £333 at 3p. So about a £160 saving on what I could buy the same amount for on Monday morning at 4.5p.

Not exactly an amount worth getting upset about, really.

To add.

I’m with Hargreaves Landsdown for about half of my holdings in ISA and SIPP and they were well on the ball with this offer.

My other half is with Interactive Brokers IBKR who aren’t on the list. Annoyingly I have free cash in that ISA and trading account, but not in my HL one.

Oh well, as I say below, in the grand scheme of our holdings, this is a fractional “pocket change” amount.

Plus, we all had the opportunity to buy shares at 3.2p yesterday and for the past months, at as low as 1.2p!

It’s a tough decision.

Sell some QED shares at 4p+ to free up cash to buy back at 3p, but if you ask for £5k and only get £2k then you’ve got to buy £3k back at a higher price!

I decided it wasn’t worth it for the bulk of my ISA and other accounts. (I did ask for £2k worth in my SIPP as I had some free cash in there)

If we were guaranteed to get an amount, we would all go for it, but it’d be a tiny fraction of our holdings anyway, so nothing much we’re missing out on.

1/50th of your holding at best, I’d guess.

Example.

If you’ve got 1,000,000 shares, your allocation would be 20,000 shares, that’s £666 worth at 3p.

If you sold 20,000 shares at 4p and got 20,000 back at 3p, brilliant, you’ve made £134 for your trouble.

However, if you’re only allocated 10,000 new shares and have to buy the other 10,000 back at 5p, you’re at a loss!

Not worth the bother or stress in my view.

About 6% IIRC. Nothing serious. And well worth it as QED now has no money worries for two years plus.

....4 of my 5 accounts...

The only constraint on how many you can apply to buy, I think, is that you have to have the available funds in your account.

I never tend to sit on much cash and didn't want to sell other positions in 3 of my 5 accounts, so only asked for some offer shares in my SIPP account.

I expect I will only be allocated a fraction of what I applied for.

Don't feel too hard done by if you can't take part.

Agreed. Not sure I want to raise my average though - haha!