Hardboy
16 Dec 2016
Re: Open offer 3.69 for 100 @ Why they can't make a simple announcement as to what the allocation was v number applied for?Their official announcement made no indication of any sliding scale, it was purely pro rata; so either they have lied or one of you has got his/her sums wrong. The Share Centre have not acted on my application yet (and they are usually quicker than ii)
strapuk
15 Dec 2016
Re: Open offer 3.69 for 100 @ Thought that was a misprint and you meant 38 per 100 applied for, but perhaps not.Must be on a sliding scale though as I applied for 495 in the excess and got 61 - so 123 per 1000 for me. And II credited surplus cash back today, same day as new shares were credited. So fair play to them.
mr5percent
15 Dec 2016
Re: Open offer 3.69 for 100 @ surplus allocated at 38 shares per 1000 applied for
strapuk
14 Dec 2016
Re: Open offer 3.69 for 100 @ To be fair to Barclays, the Open Offer did require all shares applied for to be paid in full at the time of application. Chesnara will being paying back any monies not used to buy shares "as quickly as possible" - which could mean anything, and of course Barclays could hold onto it for a bit as well!Had a similar situation with II on SXX recently. Excess monies were returned within 24 hrs I think.
Andinvestor
14 Dec 2016
Re: Open offer 3.69 for 100 @ I subscribed for 300 from the excess offer, scaled back this must be 114, Barclays have taken for the full 300 at £900. cheeky. I hope they pay back quickly Xmas is coming.
Hardboy
14 Dec 2016
Re: Open offer 3.69 for 100 @ For a relatively simple transaction, they (all companies) do make it very complicated.
strapuk
14 Dec 2016
Re: Open offer 3.69 for 100 @ Not sure. As I read it, the "3.69/100 Offer" and "Excess Offer" were together oversubscribed 2.67 times. The 3.69/100 will be met in full as the company has already stated, so the Excess Offer shares will be scaled back. But I can't find the total shares available for each part of the Open Offer. It's likely that the Excess Offer part will be scaled back more significantly than 1/2.67 if I've read that correctly.I could of course be totally wrong! So I'm a load of help!
Hardboy
14 Dec 2016
Re: Open offer 3.69 for 100 @ So does that mean we get 100/267 x all the additional shares we applied for?
musker ron
06 Dec 2016
Re: Open offer 3.69 for 100 @ BuduTrading in the new shares commences on 15th December. Interactive Investor has told me that my application has to be in by tomorrow.As to dilution, from the prospectus."A Qualifying Shareholder who does not take up their Basic Open Offer Entitlements in full (and does not receive any other New Ordinary Shares pursuant to the Issue) will have their shareholding in Chesnara diluted by up to approximately 15.6 per cent. as a result of the Issue. Furthermore, a Qualifying Shareholder who takes up their Basic Open Offer Entitlements in full (and does not receive any other New Ordinary Shares pursuant to the Issue) will have their shareholding in Chesnara diluted by approximately 12.5 per cent. as a result of the Firm Placing. "So quite a dilution if the offer is not taken up. The excess entitlement is also subject to scale back if it is oversubscribed. I have taken up the full entitlement but will sell a portion on 15th. The order is already in.
Guitarsolo
06 Dec 2016
Re: Open offer 3.69 for 100 @ Speedo, "Going from holding .0000000012% of the company to .000000011% doesn't really seem to affect me, but I could be wrong."Well, quite right but it is the total value of your shareholding and dividends on which one should focus."As for dilution I haven't done the maths but I'm sure it's only institutions that hold a significant number of shares that need to worry"OK, this is a bit like Countdown. Start the clock. [Genuinely going to try and do this in 30 seconds so stand to be corrected]CSN looking to raise £70m from the placing. At £3 a share that is 23.3m "newly placed" shares. Total existing shares in issue: 126m. New shares account for extra 18% (circa) (126/23) Being placed at 10% discount to market price (est.) (300p v 340p)So if those 18% new shares being offered at a 10% discount should be overall dillutive effect of 1.8% (call it 2%). So not a lot!Da Da Da Da Da Da Da Da Bong.....Was I right Miss?
budu
06 Dec 2016
Re: Open offer 3.69 for 100 @ >>when the shares hit their accounts. When do you think that will be, Speedo?
Speedo Boy
06 Dec 2016
Re: Open offer 3.69 for 100 @ Likewise I've decided to take up my full entitlement to the 3.69 offer shares, luckily I trade with ii so I have also requested an additional 1000 offer shares from my entitlement in the hopes that this amount won't be scaled back and TBH I haven't 10K to take up the full amount!.As for dilution I haven't done the maths but I'm sure it's only institutions that hold a significant number of shares that need to worry about this. Going from holding .0000000012% of the company to .000000011% doesn't really seem to affect me, but I could be wrong.Will be interesting to see if the price dips south if people decide to take an immediate profit when the shares hit their accounts.
Guitarsolo
05 Dec 2016
Re: Open offer 3.69 for 100 @ I've taken up the 3.69/1000 share offer although giving us such a short time frame to have funds ready is a bit harsh - especially for shares held inside ISAs (if the ISA is fully paid up and no cash is available in such a short time frame). I've got shares across 3 different providers but unfortunately for me my two holdings in CSN were both with HSBC inside and outside an ISA....both nominee accounts. I get the benefits of a nominee account (slightly cheaper) but their offer letter states that the extended offer is not available below nominee level and I haven't got time over the next couple of days to challenge them about this.....Oh well, I get diluted. I'll just have to hope that with all that is going on at the moment there is a chance to add later at £3 odd to make up for the dilution. Whilst peeved, I can understand that the company has done what it has done to raise the money cheaply and efficiently. Guitarsolo gets shafted though. Guitarsolo.
ZEAMI
02 Dec 2016
Offer I note that some of you have been having difficulty with your brokers. I use TD Trading for my ISAs. Although I have had some minor issues with them they have on the whole been good on corporate actions such as the current CSN offer. They also offer proxy voting and letters of attendance at agms without extra fees. Regarding the CSN offer TD are facilitating the right to apply for "up to 2 for every current share held" in addition to the 3.69 /100 entitlement. I have applied for the maximum allocation on the assumption that there will be a substantial scaleback. As I currently have enough cash in my account to cover this I didn't ask TD whether I could apply for an allocation in excess of this.Regarding the actual offer priced at a discount of +/- 10% to current SP, it seems like a good deal if you like already like CSN. However the SP could drop back if demand is weak or the market sees the post offer NAV lower, or whatever. Buts that's part of the fun of investing. Good luck everyone if there is a stagging opportunity next week.
In the dark yet again
01 Dec 2016
Re: Open offer 3.69 for 100 @ budu,That's how I read it. They have messaging within the 'logged in" site so it's secure. 5.00pm Monday 5th it says but I tend to call that at close. Whatever I ask them to do it must be fully funded at the moment of instruction. Given T+2 settlement I could always sell today to generate any necessary liquidity. Regarding the basic entitlement there is enough cash already in the accounts. Regarding any additional application, well I don't know how many I will actually get so can't really sell my existing holding to try to get them back at £3 - if I knew I'd get them all it would be a slam-dunk; sell all my CSN today and tell them to buy them all back for me at £3 a pop..... but then everyone else would be doing exactly the same.If I couldn't fund my core/basis entitlement then obviously sell enough to generate the cash necessary for the core basic entitlement unless it's a relatively small holding and the 'profits' don't cover the dealing costs.Fortunately my ISA is rarely fully funded until late March then usually topped out with 'Bed and ISA' trades to max out the subscription limit while utilising as much of my CGT allowance as I can. I don't leave it all until the last minute but that's when the waters tend to be least muddy.As long as the SP holds up until Monday afternoon I'll be going for as much as I can. Just treating it like a free option with 5pm Monday expiry at the moment.Regards,ITDYA
