hargreaves lansdown5 Apr 2022 20:44
I write in response to your concerns regarding your holding in Napster Group Plc and HL’s communications about the speculative upcoming Corporate Action.
To summarise, you have contacted us about a speculative proposed acquisition of Napster by Algorand. While I appreciate you feel strongly that HL should have been notified of this proposal, I can confirm that we have received no communication from either company, nor our custodian for overseas stock. Similarly, we have received no notification from our Corporate Actions Database. There is no mention of the acquisition on the investor relations section of the Napster website. Without any formal notification of the Corporate Action, we maintain that the acquisition is speculative, and it would not be appropriate for us to communicate with clients about this matter and speculate on an outcome without concrete terms.
Crucially, even if we were to receive formal documentation which states that shareholders of Napster would receive tokens as a result of an acquisition, we would not be able to participate in the Corporate Action. Without wishing to repeat information you already know, HL does not hold Crypto assets on its platform as these are not supported by the Financial Conduct Authority (FCA). Likewise, we cannot comment on the suitability of other providers to receive proceeds in the form of tokens.
For reasons already explained, and as I have highlighted above, we will not be contacting Napster directly about the speculative acquisition, and I feel it important to note that we are not under any obligation to do so.
As is outlined in section A18 of our terms: There may be instances when we are not notified by the company, its registrar, CREST or our third party data provider of a Corporate Action (or are not provided with sufficient information in time by them) and as a result are unable to pass on the details to you. In such circumstances, we will not be liable to you for any loss suffered.
I hope this has been of assistance to you. If you have any further queries, please view our http://www.hl.co.uk/help">Help and Support centre or contact us on 0117 900 9000.
Kind regards,
Buster O' Brien
Senior Corporate Actions Assistant
Hargreaves Lansdown
One College Square South | Anchor Road | Bristol | BS1 5HL
Tel: 0117 900 9000
Please note the information contained in this e-mail should in no way be construed as personal advice. If you are unsure about the suitability of a product or investment for your circumstances or do not know how best to proceed you should seek professional financial advice.
this is the response I've had to my enquiry of HL.it's self-explanatory and whilst very unhelpful,is exactly what i expected.on your own on this one lads!