In the dark yet again
04 Jun 2015
Re: I still haven't accepted In case it past anyone by:[link] Sabadell don't get further acceptances to take them up to the 90% level (at which they can automatically take out the rest whether you want to accept or not) by 7th July they will declare it unconditional in all respects. The money will come within 2 weeks of that unconditional date, either by 90% acceptance or 7th July whichever comes first.If you don't accept by that date you could end up being a 'minority shareholder'. They can (and probably will) keep the offer open after that date to try to mop up the rest but they don't have to. Whatever, the TSB shares will be delisted and (if the offer is no longer open) selling them won't be that easy - there will be no market making in the stock and your broker may not be able to sell them unless they can match the trade.Very unlikely Sabadell won't keep the offer open indefinitely but they can close it if they want to and it leave the minority holders twisting in the wind.TSB have not announced a date when they will actually issue the bonus shares, 'a year from the IPO date' was only guidance for the entitlement so take the offer, everything else involves unnecessary risk.Regards,ITDYA
Hardboy
04 Jun 2015
Re: I still haven't accepted If you accept you still get the free shares
The Man Who Wins
03 Jun 2015
I still haven't accepted I should get my free shares in a few weeks.Then I can do what I want.
Hardboy
02 Jun 2015
Re: A lesson learnt Appreciate all the tick ups - I was just passing on someone else's words of wisdom. Maybe: "every time I make a loss on a trade, I learn a lesson, so I never look on it as a loss, but paying for training," but it still hurts!!!!Happy to sit & wait here and let the wheels of deals slowly grind their way to fruition.
In the dark yet again
02 Jun 2015
Re: A lesson learnt DM,You should be fine on the bonus shares - as long as it's the formal offer you accepted for shares you bought in the IPO you should still get compensation for the bonus shares. Accepting before the 1st close date shouldn't make any difference. 5% was/is the promise, i.e. 17p on top of the 340p when it eventually comes - whether it will come all at the same time or whether they take a while to sort it out, you should still get the extra 17p at some point. If you had actually sold the shares in the market rather than accepting the offer then you wouldn't be entitled to the bonus.Maybe not so bad after all? Plus, like you say, you've have had a couple of lessons. The devil is often in the detail and, even with lots of experience, it's still all too easy to make a mistake. Which is why I'd always have a read of the relevant iii discussion board because there's usually lots of us, often with a slightly different take on what's going on but between us we can usually figure it out - much easier than trying to do it all on your own plus, I always think, two pairs of eyes are better than one so, even if you do have it right, you should get some confirmation.Probably turned out for the best in the end - don't know too many places I can make 5 to 6% guaranteed in a month or so simply by waiting.Regards,ITDYA
DonkeyMike
30 May 2015
Re: A lesson learnt Hi Hardboy,a good post, that's a nice way of looking at it. I took the decision to have my money now (or so I thought) and forego the bonus shares.I suppose lesson 2 is around the corner in that having given my acceptance in early May, I won't now be entitled to any bonus shares even though I haven't got my money.I am not talking about any great sums of money here so all in all quite a cheap training course.DM
Hardboy
29 May 2015
Re: A lesson learnt I can't remember which revered investor of days gone by said, every time I make a loss on a trade, I learn a lesson, so I never look on it as a loss, but paying for training. Now you know - even when it's an obvious done deal, take-overs can take a long time to actually happen. In many cases, because the share price gets very close to the take-over price, as soon as it is a done deal, it is worth selling rather than holding on for quarter of a year just to save dealing costs. In this case, of course, it is worth hanging on to get the bonus shares.
turkey10
29 May 2015
7th July Information just published, 7th July latest date. Hopefully, matters will be concluded sooner!
DonkeyMike
29 May 2015
A lesson learnt I have learnt a bitter lesson here with respect to the takeover. I accepted the corporate action from iii believing the shares would have been sold swiftly after the 4th May and money appear in my account within a few days. I didn't happen like that and I was advised it would take 4-6 weeks. That should have been mentioned in their letter.I had an intended use for that money, which has now been inaccessible to me for 5 weeks - for what it is worth I was going to take a punt on SXX which would have given me a very nice gain (on paper because I wouldn't have sold yet!).Next time I will sell them in the normal way and have my money straight away, accepting the small price difference.Frustrated DM
Morphaniel
23 May 2015
Re: Timetable I believe that the offer is currently declared 'Unconditional as to acceptances'. The trigger for payment is it becoming 'Unconditional in all reespects' - see [link] for clarification.The note of 18th May adding that the Offer had passed EU scrutiny says that a further condition has been satisfied but still does not say that the offer is unconditional in all respects. The City code says that an offer must be made unconditional in all respects within 21 days of being unconditional for acceptances - but has exceptions for regulatory compliance, which may apply in this case of course...
In the dark yet again
22 May 2015
Re: Timetable Maybe. A little unusual in that they tend to want to pay it all in one go if they can. Whatever, the money certainly hasn't arrived in my account yet. Maybe just slow admin and it will be there 1st thing Tuesday. I will have a look then. Meanwhile, off to the pub.Cheers,ITDYA
gt94sss2
22 May 2015
Re: Timetable Are you sure? I thought that those who had accepted the offer were going to get their money today.On 8 May 2015, they declared the offer unconditional and the offer going unconditional is the trigger for the payments to be made.The offer document said:--------SettlementSubject to the Offer becoming or being declared unconditional in all respects, settlement for those TSB Shareholders who have validly accepted the Offer will be effected within 14 calendar days of the Offer becoming or being declared unconditional in all respects or, in relation to valid acceptances received after this date, within 14 calendar days of receipt of that acceptance.---------I believe the offer remains open/extended for those who haven't yet accepted it..
In the dark yet again
19 May 2015
Re: Timetable [link] they had 81.23% acceptance by the initial offer end date. They need to get that up to 90% then they can force the rest but they have to give 14 days notice before they can close the extended offer. Then it'll probably take a week (may two) to get all the Is dotted ans Ts crossed.So no date at the moment; await an announcement on the 90% and the close of the offer then add 3 maybe 4 weeks would be my best guess.Regards,ITDYA
Comedyoferrors
19 May 2015
Re: Timetable Just spoken with TSB Corporate Actions, who tell me the offer has been extended. There is no specific time period for the extension and therefore, I would assume, no specific date for us to receive the cash.
Hardboy
18 May 2015
Timetable Does anyone know the timetable for the takeover & when we will get the cash?
