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I prefer their Royal Blend, which I always purchase when I visit London (yes me, not my butler). However I have not been to London since 2018, as first the pandemic hindered and since aversion towards British government after their money grab. Oh well, my friend asked me the other day if it's not time to go soon. He is a member of one of the Gentlemen Clubs at St. James' square where we would then stay. Just around the block from the Enquest HQ. I might go just to stand outside HQ and confront AB about lack of investor returns.
The conversion seems to take a week or so during which shares can not be traded. First conversion was the 8th and then every Wednesday until dec 13th. After it's converted the trade is in London. I don't think inability to trade during conversion is a problem. Some share holders are holding through insurance accounts and there is a fierce battle to get all insurance company's to convert the shares instead of forcing customers to sell.
What I really meant though was that Enquest is saying that trading in Stockholm will end two weeks after dec 5. According to the delisting rules, this is only possible if there is a buy out, otherwise at least four weeks. So either Enquest is clue less about the delisting rules, or they by mistake revealed something.
According to the rule book for Nasdaq OMX Stockholm (link below you can do your own google translate) it says under section G, that normal time for trading after delisting decision by Nasdaq OMX (which can be made earliest dec 5 after application has been sent from the company) is four weeks. If there is a buy out then they can give two weeks. Enquest has said in its communications that they think trading will be for circa two weeks after dec 5. Are they totally oblivious to the listing rules or is there something else? I am not saying that it is, I just do not understand how they otherwise can be so uninformed.
https://www.nasdaq.com/docs/2023/02/27/Nasdaq_Nordic_Main_Market%20_-_Shares_-_Rulebook_(SWE).pdf
Romaron,
Don't need to be a trade going through, just that bids are pulled a few seconds. I have an account at IG (apart from my plethora of Swedish accounts with real shares) and if bids are pulled my capital goes down as well as margin indicator up, even if there were no actual trades.
Here is Andurands comment:
"Many people asked me if the Hamas attacks on Israel will have an impact on oil prices. As the Levant is not a large oil producing region, it is unlikely to impact oil supply in the short term. And therefore one should not expect a large oil price spike in the coming days. But it could eventually have an impact on supply and prices. Global oil inventories are low, and the Saudi and Russian production cuts will lead to more inventories draws over the next few months. The market will eventually have to beg for more Saudi supply, which I believe, will not happen sub $110 Brent. Now, over the last 6 months we have seen a very large increase in Iranian supply due to weak enforcement of sanctions. As Iran is also behind Hamas’ attacks on Israel, there is a good probability that the US administration will start enforcing those sanctions on Iranian oil exports more tightly. That would further tighten the oil market. Also the probability that this will lead to direct conflict with Iran is not zero."
https://tinyurl.com/nbpskk8y
And it will highlight the relatively safety of the the NS, that is from war not taxes, but if I were a politician looking for a reason to relax tax while saving face, this would be such a reason.
Hamas is doing this supported by Iran, I think chances that the market will reason that that Iran which have been boosting oil exports will be further isolated and that oil prices rather will rise than fall. They are saying it's the worst attacks since 1973 and totally unexpected. Not like the random people rocket against a refinery the other year. Then it was a spike and fall. Not this time I think. We will see next week.
Jan,
Firstly, when holding through insurance accounts the insurance company is legal owner of the shares, and the policy holder is the beneficiary. The set up is very usual here and am unsure of how usual it is in the UK, or rather how usual it is over there to be able to fill the accounts with shares with the beneficiary doing the trading decisions . Way back that type of account was always tied to the insurance companys own slow (often heavily bond weighted) portfolio. So of course in legal terms, the owner, which is the insurance company, decides if I can hold on, not me. I am hoping that the institutions don't want to mess the situation up even more by saying I can't own British shares in the account so I would have to sell (but that is exactly what the terms say, just hoping they will not enforce). But I am not sure, and nobody seems to know for sure. And it's not as easy as just moving the account, as you normally just can move the money and hence first have to sell. This is for K-accounts. It is a real hassle to move a P-account, you can only move the money and it can take months, let's not even go there). ISK was mentioned and is usually possible to move between institutions with holdings intact, but not always. So this is the reality that Swedish holders suddenly faced the 5th of September, and the reason for much selling since. And much aggravation. Would you be able to hold on hoping for the best if your account type is not allowed to hold British shares? As I said, I am holding and I hope that the institutions in question do keep the shares in a side pocket and at least let me wait with selling until later.
Maybe Craig's reassuring "we think everyone can hold on, but we could not check beforehand) I am making the exact words up, but that is how it comes across) helps some, but not me. They seem very clue less.
Let's not downplay either the issue of waking up with the shares still there on the one hand (we are now talking about the positive scenario of no "actual" forced selling) but not being able to buy and sell normally through computer, only sell through phone to broker. Not very investor friendly.
Bias,
The actual procedure is shrouded in mystery and though our UK friends are apt to conclude that the only difference will be that we will only be able to sell and only through telephone with broker, I am still not sure. I hope that is the "only hassle" As you I have holdings (about 7 times your size) in two institutions and in 7 different accounts. In ISK, but also in K-försäkring and P-försäkring (that is accounts where an insurance company is legal holder of the shares and I am policy holder, and as an aside the type of accounts where Avanza flagged down their holdings the other day due to policy holder selling). There are as you know restrictions with these types of accounts, but hopefully the insurance companies (as well as banks) will try to find a way to accomodate holders instead of doing like clue less Enquest just throwing us in front of the bus. Craig said something to the effect that they could not find out everything beforehand (not wanting to disclose what they were up to as I understand) but they thought that everyone could keep the shares. He did not know exactly how though and I have not very high expectations that he ever will, or that he will come back when he knows, although he promised to do just that (it took him a couple of weeks and three reminders just to answer my email and with a non answer when he did).
That said, I am holding, hoping that Swedish institutions will fix this mess for Enquest, otherwise I would also contemplate litigation.
And they thought savings from delisting were smart... now here is a savings suggestion: get rid of AB immediately. Could be replaced at a tenth of the cost for what he does, or the person could actually bring something of value if one goes for the same salary.
Shorts were 1,45% when I looked yesterday. Now 1,35%. That's about 1,9 million shares. Caused one if these short lived spikes of a couple percent I guess. Otherwise just down, down, down... If only AB could do some good capital allocation with buy backs.
Many in Sweden still does not know if they actually can hold on. Until the procedure and possibility is clear, more will fold. Unclear if sp will just linger or go down. I think the first, but I am not objective any longer due to very strong finacial pressure.