CatoCR
21 Dec 2016
Re: not 3.8% not 9%, but 28% Message rom HL today:"Chesnara plc: Open Offer Results What has happened? As you will be aware Chesnara plc recently announced the terms of an Open offer giving existing Shareholders the Entitlement to purchase additional Shares at 300p each. The Open Offer has now been completed. All Basic elections were satisfied in full. Excess elections were satisfied to the extent that Shareholders received approximately 10.4779% of the excess Shares applied for."
Andinvestor
20 Dec 2016
Re: not 3.8% not 9%, but 28% I am on Barclays, received entitlement at 61, no problem, applied for 300 excess, debited £900 on 12 Dec and allocated 300 and so far no change or clawback. Maybe the brokers are struggling to work it out as well.
r21442
20 Dec 2016
Re: not 3.8% not 9%, but 28% Could it be somehow that each nominee broker was dealt with as a separate 'account' such that PI clients got allocated the shares not taken up by other clients of the same broker?
In the dark yet again
20 Dec 2016
Re: not 3.8% not 9%, but 28% A large part of the new shares were indeed placed with the institutions and it's always a little disappointing when existing shareholders are not offered the opportunity to take 'their full share' particularly when the shares are placed at a significant(?) discount to the prevailing market..... but a full rights issue can incur significant costs so the City does tend to get a bit of a sweetheart deal on relatively small capital raisings - certainly did with this one IMO.Interesting that this one is in some ways more complicated than a normal issue so curious (well just a little, not huge) about what the admin costs really are - particularly when it's clear as mud whether the 3.8% figure has any substance.All I can say is what was in my ISA account:2000 CSN to start with generating a 73 basic entitlement.£3308 in cash in the account at the 'close' date - couldn't get anymore in there; (Selftrade's cutoff for instructions was approx 1 week before the one on the formal timetable so applied for 1102 additional share of the max 4000 allowed. I have 196 of them (total 2000 + 73 +196 = 2269) and 3804 'Open Offer Excess Entitlements' remaining as Selftrade call them which are worthless.196/1102 = 17.78%. Selftrade have 'credited' back £2,718 being the cash balance albeit not available for withdrawal: I guess they haven't actually received the money back but know it's in the pipeline and are making it available for reinvestment.The numbers don't seem to stack up against any others but that's what's there in black and white.Who knows? Will we ever know? More importantly, would it make any difference if we did know?Regards,ITDYA, this one behind me, feeling slightly short changed by CSN but clearly not quite as shortchanged as a few other private investors less fortunate.
CatoCR
20 Dec 2016
Re: not 3.8% not 9%, but 28% The large part of the new share issue was placed with institutions.The excess applications were intended only to mop up any declined basic entitlements."Excess applications will be satisfied only to the extent that corresponding applications for Basic Open Offer Entitlements are not made by other Qualifying Shareholders or are made for less than their pro rata entitlements."
fourpiece
19 Dec 2016
not 3.8% not 9%, but 28% To read your posts guys none of us seem to understand the allocation of the excess shares.I'll join the club.However, I see that Prudential has aquired 2mil plus on the 15th Dec to bring their holding to 7.6mil from 5.5mil now over 5% which did not appear on the major shareholders list before the 15th DecMy calculation would make that trade about 28% allocation Now,looking at what I received it wasen't 3.8% but 9% of what I applied for(6000) sharesI welcome the pru as a substantial shareholder in CSN, and wonder if the management have allocated other institutions with higher levels than us. To move forward this co should have more institutions and higher trading volumes, which hopefully would attract more research on the company My view is this co should trade upwards as the aquisitions should add to the NAV (Now around 340), as it was bought on a 27% dis.
tallyfox
19 Dec 2016
Re: Excess applications get 3.8% of shar... Hi,I applied for the same with ATS and have also received 310 shares.Will wait and see what happens as still to receive excess money back.
r21442
18 Dec 2016
Re: Excess applications get 3.8% of shar... Ditto strange for me! With Alliance Trust. Applied for 500 including 147 entitlement. Been clearly allocated (showing in my holdings) 310 including the entitlement so received 163/353 extra applied for or 46%.
strapuk
17 Dec 2016
Re: Excess applications get 3.8% of shares a... Something really odd in my II account then - definitely received 61 "excess" shares on an application for 495. Just checked my II account again - yep, correct. The "basic" element of 182 shares shown separately.Presumably an error along the line somewhere and I'll have 43 shares clawed back and £129 added back to my a/c.Very odd as I say.Good to see the sp has held up well after the new shares admitted to the list.
Speedo Boy
17 Dec 2016
Re: Excess applications get 3.8% of shares a... Good to see the offer was well supported, but not so good news on the small percentage for the excess shares. Hopefully the brokers will not sit on the money till the new year but given some people's experiences I don't hold out much hope!
S17
16 Dec 2016
Excess applications get 3.8% of shares applied for Applicable applications under the Excess Application Facility will receive approximately 3.8 per cent. of the number of Excess Shares applied for. See; [link] a lot!
In the dark yet again
16 Dec 2016
Re: Open offer 3.69 for 100 @ I use AJBell for my SIPP - nothing is 'perfect' but it all works fine when you figure it out...... and @£100 a year on half a bar is almost impossible to beat. (Can anyone else do it cheaper? Still £100 even though they need to do almost nothing???) 77 out of 2033 doesn't match my 196 out of 1102.Regards,ITDYA, no clue but grateful for every little thing I get. All of my 'new' are sold already.
yeehar
16 Dec 2016
Re: Open offer 3.69 for 100 @ FWIW, just had my my sister on moaning about this.She tells me she applied for 2033 excess shares and got 77 (i.e near as dammit the 3.8% mentioned earlier).She's with A J Bell who also advised she'd get her surplus cash back in "up to a week; basically, when we get it back. Any intermediary crediting now is doing it out of their own pocket".
In the dark yet again
16 Dec 2016
Re: Open offer 3.69 for 100 @ FWLIW but, hey ho anyway...........Mine are in my SelfTrade account. The basic entitlement plus 196 'additional' of the 1102 I applied for. I know...... 1102? It was just the maximum amount of juice I have available at that moment.Anyway, so £2700 and change back plus a huge RDSB and BP div in the account. At zero % on cash my fingers are twitching but slow is usually the best option.Regards,ITDYA
budu
16 Dec 2016
Re: Open offer 3.69 for 100 @ Mine has gone through smoothly. I did not specify a number of excess shares, merely to buy "to the limit of the credit in my ISA account" ( which was not much).
