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Close European Accelerated Fund Share Discussion Threads
Showing 51 to 73 of 75 messages
|Just had a message from Selftrade saying "I can confirm this election has been recorded for: CEAF 2011 – Auction of Interests." Looks like my persistence has paid off !|
|Selftrade seems to accept that the offer has been extended and appear to be implying that they will now accept specific instruction for my interests even though it's part of a pooled holding. Fingers crossed...|
|Stemis, have you now managed to convince selftrade that the offer to go into Ansons auction is still open till 28th February ?|
|I think the Notes relate to the residual assets after the cash has been distributed but yes it's Selftrade's terminology. Capital relates to Southey Capital.
My views pretty much accord to yours. I can't see why Tavira would bid less than 2p in the auction and maybe more if there is competition. In the past Paradigm Capital and Trench Capital have expressed interest and clearly there is also Southey Capital. I don't have a huge interest (30,000 so 0.5p is only £150) so worth letting it run as previous offers have consistently undervalued trust interests...(presumably hoping private holders don't understand their value)|
|I'm not sure about the terminology, there are no Notes or Noteholders at "our" level. Also, I expect you mean bids, not offers at those levels (I'm not calling you out on that, I bet it is Selftrade language!).
But presuming you mean these two brokers are bidding for CEAF Defaulting Note Trust Interests from you directly at those prices, then it's pretty simple, why would they look to scoop up Trust Interests prior to the auction at a price higher than they will bid in the auction for a much larger size?
ergo, prior bids are probably the auction minimum you will receive and so you should do nothing and wait for the auction.
I know Tavira have sniffed around. But who are Capital, in this instance?|
|I have at least received the cash from the offer now through Selftrade.
According to Selftrade both Capital and Tavira Securities have expressed an interest in purchasing any Notes from Noteholders prior to the Auction. The 'offers' are 2p and 1.4p respectively. Both have also confirmed they will be taking part in the auction.
|Selftrade corporate actions department won't even talk to Selftrade clients directly. All communication has to be through 'customer services'. However thanks for the information. I'll try and speak to Anson myself and see what they suggest.|
|Anson will and has allowed nominees to split the elections (and so subsequent holdings) on their register if beneficiaries like yourself have different preferred elections.There is no "certificated" form of ownership any more. The register is just a list held by Anson of trust beneficiaries.Your problem seems to be with Selftrade corporate actions department not performing very well, you should maybe direct them to talk to Anson directly as I understand they are being flexible with nominees in this same situation.|
|Deadline extended to 28 February which is just as well as Selftrade making a complete pigs ear of it. Say they can't accept instruction to put my residual interests for auction as its held in a pooled account. Trying to get them to transfer holdings to me in certificated form so I can accept on my own behalf. No cash received.|
|Return of cash in my HL account yesterday.|
|Also instructed Selftrade to submit my residual interests for auction. Be interesting to see what we get|
|Thanks - instructions now in to HL - lets see what happens...|
|Yes, it won't be per participant. If the auction price (for CEAF) is likely to be in the range 1.5p-2.5p, £1,000 would wipe out any participant with 70,000 interests or less, which would defeat the point of collecting these interests into one pot before conducting the auction.|
|Looking at the auction details, the trust will charge a £1000 fee.
Does anyone agree with my interpretation that the £1000 will be split across all interests sold in the auction ??|
|After the 5.88p cash on CEAF, the residual assets are worth another 2-3p fair value. But if you stay in the trust it gets eaten by fees. If you elect to join the auction, you'll get some fraction of that, best exit is if you are large in the position just to take in specie delivery but most/all brokers wont be able to receive those assets. Rational call is to auction off your residual and cross your fingers.|
I seem to recall we were offered 5.25p for CEAF about 3.5 years ago.
Nothing from Selftrade|
|Thanks - just given HL a reminder and will see what happens.|
|Anson posted out letters to beneficiaries of the Trust (ie the old shareholder list) last week, which detail the mechanics for the first cash distribution they are ready to make. See the anson client funds website:
Its 5.88p for CEAF, 10.58p for CECF/CED and 6.53p for JARF/JAC. Miles better than any bids from the brokers over the past few years.
Fees will go up if you stay in the trust after this payment, but there is a provision to elect to get the trustee to sell the rest of the assets in an auction if you want (it makes 100% economic sense for smaller players)
If you owned the shares directly you will receive these letters, but more likely it will be sent to your custodian/nominee. The timetable is short.
As these securities are not CREST settled etc anymore, and the procedure is quite laborious, I would expect the usual private client stockbrokers nominees (Barclays, HL, etc etc) to be tardy or even make a hash of setting up the corporate action to get responses from their investors.
So if you want your money you should get on to them!|
|You won't get anything in the post usually.
Nor is it easy to act on it unless shares/trust interest in your name directly as nominees have no clue about the trust thing.
The bids are very low anyway so not worth it.
The trusts now have enough CASH to pay a first distribution of the following:
Whether that is what is paid out (and when you get it) are still up for debate.
You should call John Le Prevost at Anson to find out for yourself what is happening and when.|
|Hi guys where can I find these recent bids from Southey and Tavira? Do you get a letter as I can not see them on the Anson website. Cheers|
|To be honest I've lost any feel for what these are worth but I'm assuming any bidder is expecting to make a decent turn on their offer so I'll just stick in and let it all play out.|
|Another offer on the table - via HL this pm.
Offer for your Interests in the CEAF 2011 Defaulting Note Trust
Southey Capital Ltd has made an Offer to all holders of the Trust to acquire their interests in the Trust for a price of 5p per Interest.
Any instruction to accept the Offer must be received by noon on Wednesday 29 June 2016. If no instruction is received by this time you will retain your holding of interests in the Trust.
Southey obviously think they are worth more, but a premium to the initial cash payout.|