budu
01 Dec 2016
Re: Open offer 3.69 for 100 @ >>Close of play on Monday 5th is the cut-off specified by Selftrade, presumably to give them a couple of days to get their end sorted. I suspect there will be significant scaling back of the additional application given it's at a 10%+ discount to the current SP and the money will be of limits up until the deal is completed but I reckon it's worth tying up some money for a week or so on the off chance.Does this mean you have until the 5th. to indicate interest ITDYA? what date must you come up with the cash for extra shares? My CSN holding is in a fully-contributed ISA account which only contains £1K cash just now, to cover my entitlement plus any extra shares, however I would like to add proceeds from a redeeming bond a few days later.
In the dark yet again
01 Dec 2016
Re: Open offer 3.69 for 100 @ Well Selftrade have come back to me and said of course I can participate in the 'Excess Entitlement Offer' as they call it. All just a bit of a misunderstanding apparently. My accounts even have them in there at 2 per existing CSN as a 'share holding'. Apparently they were credited on Tuesday in response to customer queries with apologies that there weren't there day one.So that's all sorted, now the question of how many do I go for? Close of play on Monday 5th is the cut-off specified by Selftrade, presumably to give them a couple of days to get their end sorted. I suspect there will be significant scaling back of the additional application given it's at a 10%+ discount to the current SP and the money will be of limits up until the deal is completed but I reckon it's worth tying up some money for a week or so on the off chance.Regards,ITDYA, much happier, all sins (such as they were) forgiven.
Speedo Boy
01 Dec 2016
Re: Open offer 3.69 for 100 @ Sorry to hear that some people haven't had an opportunity to participate fully. I've been with II since the days when they were III and I haven't had any major complaints. I think their charges are one of the lowest and with my portfolio with the dividends reinvested I get these back over the year. I'm encouraged by the responses over the company and will take up some of the additional shares, although they may be over subscribed. II will ring fence the money from 7th December so I'm not sure how long it will be tied up if they are oversubscribed. The TA by II seems to be positive although the 450 target seems a bit optimistic given the market conditions, although there's always the santa rally to hope for if you've been good boys and girls this year!
72_fastback
30 Nov 2016
Re: Open offer 3.69 for 100 @ Thanks, foolish learner - I hadn't come across X-O before.I do have an account with HL, but I am (rightly or wrongly) a little uncomfortable putting everything with one company, however well regarded they may and how well separated the nominee might be.
budu
30 Nov 2016
Re: Open offer 3.69 for 100 @ Disturbing thoughts on nominee accounts, "in the dark yet again". I must say I had never thought about the drawbacks. However, my own brokers does offer the option to buy the extra shares and I have applied for them.
II Editor
30 Nov 2016
NEW ARTICLE: A share poised to paint new highs "Tuesday, 29 November 2016 - 10:47pmThis made an appearance in the top 10 discussion topics and it's not hard to see why. Currently, LSE:CSN:Chesnara's share price is in the situation where closure above just 351p is liable to prove interesting.As ..."[link]
II Editor
29 Nov 2016
NEW ARTICLE: Trends and Targets for 30/11/2016 " CHESNARA (LSE:CSN) This made an appearance in the Top 10 discussion topics and it's not hard to see why. Currently, the share price is in the situation where closure above just 351p is liable to prove interesting. As the chart shows, there's ..."[link]
r21442
29 Nov 2016
Re: Open offer 3.69 for 100 @ Dark, I don't necessarily disagree with your summary but 'the company dies when all the policies mature' - is an important but unknown part of the value equation not that there will be a surplus? Have not thought when or how much or what CSN would like to do with it but it seems to the popular opinion of commentators about the business model.
In the dark yet again
29 Nov 2016
Re: Open offer 3.69 for 100 @ Gentlemen, Ladies,As hinted, it is the 1st time Selftrade (in my shareholding experience) haven't supported the full rage of options other than the lack of scrip instead of cash as dividend......which is the same as the majority of them. What got me was the Selftrade dismissive attitude as much as anything; me getting too sensitive in advancing years no doubt.On the brightside... CSN have gone for a much cheaper option than a full Rights Issue while still offering even entitlement without dilution to all shareholders who choose to take them up. In addition they are offering 1st dibs on any 'spares' to the existing shareholders rather than the usual City vultures. In that sense, very difficult to criticise the way they have structured it - as long as you assume all beneficial shareholders will have all options.Can I criticise CSN for anything? Well yes but, with this one, I suspect I'm on the margin. I bought CSN years ago because it was closed end life/endowment funds, no growth just significant embedded value - for me, pay up now, get significantly more back later as the policies mature but, ultimately the company dies when all the policies mature. A little more complicated than simple fixed interest arithmetic (stuff I've well understood since I was a teenager) but not a huge leap. I didn't particularly like the Movestic acquisition a few years back because it changed the rules - writing new policies is new risk; managing out the old ones, cheaply bought, was almost zero risk. This acquisition is more of the same - a company still writing new business hence new risk, probably at nearly full price.I know the majority will see this as a long-term, on-going business plan but I don't want Chesnara to have one other than buying up other zombie funds cheaply - there are a thousand and one places I can choose to invest in companies writing new life policies so I certainly don't need the board of CSN choosing how, when and where (and for how much) on my behalf. There isn't much out there doing what CSN have been traditionally doing as well as they have been doing - CSN isn't unique but equivalent is very thin on the ground so 'diversifying' into what everyone else is doing can only ruin value for me....... unless what you're buying is massively under-priced..... in which case why are L&G selling it and why isn't anyone else crashing the party?To the BoD of CSN: When you have a 'unique' business with bu55er all risk (for those of us who can count), please, please stick to the knitting...... even if, in the long run, you're putting yourself out of work. Don't worry, do this right and some of us will quite happily stump up new cash for your next foray.Regards,ITDYA
maproom
29 Nov 2016
Re: Open offer 3.69 for 100 @ Some companies give a better service than Selftrade. I'm lucky - Hargreaves Lansdown is letting me take advantage of both the "Basic Entitlement" and the "excess Shares". But they don't mention the "up to twice your holding" limit. Their letter says "Applications for new Shares in excess of your Basic Entitlement can be made. Shareholders can elect for any number of excess Shares, in addition to their Basic Entitlement, also at 300p per Share. Excess applications may be subject to scaling back".
foolish learner
29 Nov 2016
Re: Open offer 3.69 for 100 @ 72-fast backHave a look at X-O.co.uk under the Jarvis group. Its a no frills service, cheap dealing cost, dividends on time and no mistakes (that i am aware of) to date. On the very odd IT failing their telephone support is good and they are quick to respond to any general questions on emailsThey suit me but then my portfolio is fairly simpleFL
r21442
29 Nov 2016
Re: Open offer 3.69 for 100 @ Alliance Trust offering the additional shares. Don't mention any 2 for 1? Just say may be scaled back. No costs for either.
72_fastback
29 Nov 2016
Re: Open offer 3.69 for 100 @ And to add insult to injury, I've just had an email from my broker (Barclays) telling me the fees are going to at least treble!I'll be moving elsewhere then - any strong recommendations from personal experience?Perhaps I'll just trim down my holdings and go for certificates!
le vin est par
29 Nov 2016
Re: Open offer 3.69 for 100 @ SVS is providing the entitlement and the additional subscription but at a £10 fee for each option. With my modest holding I am only entitled to 15 additional shares so their fee adds 67p to each one making the unit cost 367, way above the current 338 price. CSN is my only remaining non-ISA holding so I have taken the opportunity to sell at over 45% profit plus all the dividends I've had over the years. Will see how it all shakes out after the entitlement and may add some CSN into my ISA or SIPP.
musker ron
29 Nov 2016
Re: Open offer 3.69 for 100 @ ITDYA, FWIW the NAV will be 296 on admission. With no track record the shares could trade at a discount so you may be able to pick them up at circa 290 when they start trading. There will be trading costs and stamp duty of course.I am with Interactive investor who not only offer the entitlement but also the extra subscription as well. I also prefer II for the dividend re-investment at 1% charge (capped) no matter how small it is.Take your point though about nominees accounts often not being fit for purpose.
