Costain Share Discussion Threads

[ammu12] 30/5/2020 08:02

The National Manufacturing Institute Scotland (NMIS) has awarded the contract for the build of its new flagship facility at the heart of the Advanced Manufacturing Innovation District Scotland in Renfrewshire to Morrison Construction, part of the Galliford Try Group.The contract, worth around £42 million, was awarded after the University of Strathclyde, as the operator of NMIS, approached the market with an Official Journal of the European Union (OJEU) restricted tender process. The process saw the Scottish construction firm prove to be the most economically advantageous in terms of both cost and quality.As part of the contract, Morrison Construction is committed to achieving the design team's aspirations of the building being awarded BREEAM 'outstanding' for sustainability – the highest-accolade for sustainability in the UK construction industry.

[grahamburn] 29/5/2020 14:38

20.5% of excess application with II.

[sharw] 29/5/2020 13:38

My iWeb a/c updated midday following CREST being credited with new shares. I was surprised that I received 100% of the excess shares I applied for. Of course this is due to the nominee effect and was a result of other holders in the nominee not applying for their basic entitlement or applying for basic but not excess.

[pejaten] 29/5/2020 13:36

Look on the timetable in the first RNS as well as prospectusexpected dispatch of definitive share certificates : 8 June Obviously only of relevance to shareholders who do not hold shares in Crest

[imastu pidgitaswell] 29/5/2020 10:19

I don't see anything saying that - share certificates, for those living in the 1800s (😁) will be dispatched in early June, but I thought everything was done and dusted by 8am today, and shares started trading. All old shares and new shares indistinguishable.

It did say there would be a RNS to confirm, and we haven't had that, so maybe there is a complication. Anyway, they have stopped drifting down, so not too fussed.

[jimmywilson612] 29/5/2020 10:15

Zeek, you might be right, but I thought that was for the share Certificates being dispatched? Taken this from the Proposal:

Results of the Capital Raising announced 28 May 2020
through a Regulatory Information Service
Admission and commencement of dealings by 8.00 a.m. on 29
in New Ordinary Shares May 2020
New Ordinary Shares credited to CREST by 8.00 a.m. on 29
accounts (uncertificated holders only) May 2020
Expected despatch of definitive share on or around 9 June
certificates (where applicable) 2020

[zeek] 29/5/2020 09:44

thought it said it could be early June befire allications are settled?

[imastu pidgitaswell] 29/5/2020 08:53

Bit frustrating - not knowing the real position (how many do I hold) as the price dribbles lower. Probably would not have sold anyway, but would be nice to have the right information.

[pejaten] 29/5/2020 08:51

I have these with two brokers. My accounts still only show what I applied for, not what I got

[jimmywilson612] 29/5/2020 08:42

Ima, I'm the same with you on HL. What has happened on previous occasions is that the transaction will go through and 'live' at some point today, so keep checking

[imastu pidgitaswell] 29/5/2020 08:15

So all rights are supposed to be done, all trading as ordinary shares from 8.00am. But still showing the Assisted Open Offer numbers, with no prices, on my HL account. Anyone know better?

[farrugia] 28/5/2020 10:39

you mean its too low? it should be over 100p now that the uncertainty of the rights issue has been cleared.

[owenski] 28/5/2020 10:05

Bit of a pricing anomaly here in my view, cant see it staying at these levels for too long.

[imastu pidgitaswell] 28/5/2020 08:29

:-)

I can't be bothered to work out if I do or don't get any more than 4/13ths; it's not life-changing. Que sera sera and we will know tomorrow. Manana...

(Always been a cunning linguist, with apologies to Ian Fleming.)

[theoldcodger] 28/5/2020 08:25

By my calculations it's just under 12%, although as you say Pejaten, it may well be higher with consolidated applications, although the "Company's discretion" bit might also make a difference.

I would have thought this a positive for the share price, although with Costain I've learnt to take nothing for granted.

TOC

[pejaten] 28/5/2020 08:03

so 140% oversubscribed, with 86% taking up basic offer. That leaves 14% of shares to allocate to shareholders applying for excess. In the prospectus it says that allocation will be at Company's discretion so not clear how much of our excess application will be accepted. Guess it should be at least 25% though. Of course for platforms like HL you tend to get more if they have consolidated shareholder's application, because some shareholders on their platform will not have applied for their entitlement

[gooner1886] 27/5/2020 22:17

This likely to end up at placing price , thinkk there should be buyers at 60p

[zeek] 27/5/2020 22:11

How does the price drop 8% on so few sales vs buys. Is there some manipulation going on in the background? I sometimes feel like the odds are very much stacked against the PI.

[saltaire111] 27/5/2020 18:23

I took up rights and applied for more at 60p. I think costain’s a completely different investment proposition post rights with hs2 contract confirmed. I don’t see hs2 being canned - too much skin in the game for that now.

Salty

[imastu pidgitaswell] 27/5/2020 15:08

Also with HL - and that's what I'm seeing. Ah well, we'll see on Friday, not doing anything, arbitrage or otherwise, before then.

Although looks like some are maybe selling ahead of receiving their new shares for 60p on Friday.

Edit - these are pitifully small volumes; hopefully things will settle from Friday onwards and there will be no more farting around.

[barnesian] 27/5/2020 14:40

On HL my money has been taken and my extra shares (above the rights) are shown in my holding.

[imastu pidgitaswell] 27/5/2020 14:17

Ah, OK. So not yet known.

[pejaten] 27/5/2020 14:11

I did likewise, but the instructions I read said they would take your money and then refund any difference if oversubscribed.

[imastu pidgitaswell] 27/5/2020 12:58

Well away from anything interesting re travel and banks today (30-40% gains), this meanders on.

I applied for more than the 4/13 at 60p and money has been taken, for the higher amount. So maybe not a massive demand from current holders.

Trading starts on Friday - let's see an ASOS-style response (I wish...)