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ITV Share Discussion Threads
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|doesn't get much more brutal than this!|
|Look like a lot of people abandoned ship before the sink, just noticed this one and it is horrific.|
|I presume you guys check out the conditions attaching to a stock like ITVC before you buy it, and it was clear from July 2005 that ITV's ordinaries were in a strong downstrend, so you could have sold long before the ITVC became effectively worthless. It's simply a punt some of you didn't appreciate the risks of, or keep a proper watch on.|
|Oh dear,oh dear, oh dear ...
03 January 2006
ITV plc ("ITV") hereby announces that with effect from midnight on 1 January
2006 its convertible shares of 10 pence each were, pursuant to Article 4A.4(F)
of ITV's Articles of Association, automatically converted into non-voting
deferred shares ("Deferred Shares"). Pursuant to Article 4A.4(F), ITV has the
right to appoint any person to execute on behalf of each holder of Deferred
Shares a transfer of such holder's entire holding of Deferred Shares to such
person as ITV may determine as custodian thereof without obtaining the sanction
of any such holder and for no consideration. ITV intends to exercise this right
shortly in respect of all the Deferred Shares in issue and, as a result,
applications will be made to the UK Listing Authority and to the London Stock
Exchange respectively for the cancellation of the listing of the Deferred Shares
on the Official List and the cancellation of trading of the Deferred Shares on
the London Stock Exchange."
|Post removed by ADVFN|
|Am I right in that the 60/90 days refers to LSE trading days so in fact the 60 days becomes in effect 3 months ??|
|Looking more interesting now .....|
|I bought some lower down for exactly the same reason's you mention above. I don't think any of the brokers that cover them have a target price of less than 140p & we have a pretty good chance of them reaching the target. The one caveat is the performance of the overall market, which is looking ominously like it could retrace to 4800. If this were to occur I'd think ITV would struggle to push on in it's face. Saying that it's only April, so plenty of time. Definitely a punt but should be some more positive newsflow between now and September so I'm not looking to cut my position just let.|
|Just wanted to bring everyone's attention to the ITV convertible shares - ITVC. They are infact more like options then Convertibles, and they work as follows:
If ITV ord shares close at or above 140p for 60 out of the last 90 days of the year, and the eps of ITV is above 6.26p in September, then these ITVC shares, convert on a 1 for 1 basis in to ord shares of ITV.
(For all the official wording see pages 8-10 on http://www.itvplc.com/itv/storage/ITV_articles_assoc2.pdf ).
The Eps is already above that, and the share price is only 11 or 12 p away, so the fact that you can buy these shares for about 60p is something well worth thinking about. If the company gets bid for, you get converted straight away, so if for example you bought some ITVC for 60p, and next week someone bid 145p for ITV , then your ITVC would be worth 145p too, an increase of 140%, as oposed to an increase (bid premium) of only 13% if you had bought ord shares.
The catch? - of course there is one... if the price/ eps doesn't make the targets (140p, 6.26%), the ITVC expire on 1/1/06 worthless, therefore I would say they are not for widows and orphans, only for the brave!
Obviously it goes without saying, I am not recommending anyone to buy these, just bringing them to your attention, as they are a remarkable instrument, which could make you very happy if you got it right! do your own research etc...|
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