Rights Trade13 Jul 2017 15:36
I am slightly confused by the whole Rights Issue; I trade with Halifax.
I have contacted their support team who have given me an FAQ on the Rights Issue, however, I do not know how much in value this will work out at though...
Q: When was the ex-date/entitlement date for the rights
A: 6th July 2017
Q: What is the ratio of the rights?
A: The ratio of rights credited is 1 for 1. However, if we were able to, the shares would be redeemed at 1 new share for every 10 rights held.
Q: Can the rights be transferred?
A: No.
Q: Can I sell the rights on the open market
A: No, as we do not trade on the Spanish market
Q: If I transfer the stock, can I take up the rights with another broker?
A: No as the entitlement date has already passed and rights cannot be transferred.
Q: Do the rights expire? When?
A: Rights are expected to expire on 20th July 2017, but Banco Santander can change this at any time.
Q: Can I buy extra rights?
A: No, as we do not trade on the Spanish Market.
Q: Why can’t I have the shares?
A: In line with the approach taken by Equiniti (who administer direct holdings in the UK on behalf of Santander) the application process, including individual applications and instructions on a beneficial holder level, is too complex to administer for the number of shareholders within the short deadline provided. By selling the rights we can ensure value is returned to shareholders.
Q: Can it be invested automatically?
A: No as it is not a dividend.
Q: Why haven’t you told me sooner, so that I could transfer the stock to another provider?
A: The company registrar did not confirm the event soon enough, therefore we were unable to notify you sooner.
Q: Will Banco Santander offer lapsed proceeds?
A: No.