Enq 23 �pik Tog Discussion Threads

[wozzitworthit] 18/6/2022 20:12

It trades dirty i.e it includes interest

As these are PIK bonds they only pay cash interest if oil price is above 60USD (I recall from memory) otherwise you get more bonds in lieu.

[gurmit10] 16/6/2022 17:11

Does any one know if these trade ' DIRTY' or Clean at the quoted price? i.e. you pay or receive the accrued interest in addition to the quoted price.

[lonrho] 04/5/2022 11:12

Thanks Wozzitworthit my accounts have been credited too.

[wozzitworthit] 04/5/2022 10:29

All outstanding credits (fee + interest) now received into our accounts with HL

[wozzitworthit] 04/5/2022 09:26

I can sell them there (bid) at 100.6 , or I could an hour or so ago !!

[verymaryhinge] 04/5/2022 09:16

sorry Wozzit - you can sell them there (a bid price) or you can buy them there (an offer price) ?

[wozzitworthit] 04/5/2022 08:48

The new notes now appear on all of our relevant accounts with HL , but as yet no sign of fee or interest credit

Dummy trades for 5,000 and 20,000 show sell price of 100.6 p

[verymaryhinge] 04/5/2022 08:06

Crest is owned by Euroclear

[lonrho] 03/5/2022 20:02

HL say problem is with crest have received interest and compensation for bonds held in euro clear.

[ditchsid] 03/5/2022 19:34

Received rebate but no interest yet. I use X-O.co.uk

[lonrho] 03/5/2022 08:44

Still not had the rebate and interest paid by HL but received it last Thursday from Canaccord.

[catsick] 29/4/2022 09:58

Not yet, I tendered all mine and they are still sat there

[pyueck] 29/4/2022 08:27

Has anybody had their enq1 converted to enq2 and the 1.5% rebate and interest paid? I haven’t.

[spangle93] 26/4/2022 10:02

New thread started for ENQ2



Thanks to the ADVFN poster "my retirement fund"

[cc2014] 21/4/2022 09:07

It looks about perfect to me.

They started with £190m of notes and will end up with £133m.

ENQ is throwing off cash and is paying down debt so this fits and will make the refinancing of the corporate high yield bond much easier.

The remaining £111m of ENQ1 notes won't of course be paid off until Nov 23.

[damp seaweed] 21/4/2022 07:38

The exchange appears to have had an underwhelming response.



Of the existing ENQ1 notes £79m exchanged and £111m remain. New cash offer£54m. That leaves quite a shortfall and potential problem……….IMHO

[spangle93] 12/4/2022 13:10

With HL, you can place an order by phone. I think the £2k min is an ENQ specification

My consideration is based on how many I'd ultimately like to hold.

Then work out the number of additional ones to add to those transferred already.

But rather than buying all these at launch, buying only a percentage of the "gap", in the hope of picking up more in case the price falls after launch

[steve73] 12/4/2022 12:31

I-dealing have just notified me that I can apply for the new 9% bonds via their corporate actions. Min 2k.

I've been with i-d for over 20 years and never had any cause for complaint. Recommended

[cc2014] 12/4/2022 09:54

#537

I suggest you look to what you are paying for this service. At £5 per trade you are paying for cheap and cheerful execution. You get what you pay for.

[damp seaweed] 12/4/2022 09:14

It seems IWeb and therefore by extension Halifax are not going to allow their customers to take up the exchange offer.
Quote from we chat; “ after further review of this stock, we are not able to offer this exchange offer to our customers.
This is a complex instrument, with a complex instrument outturn, and as such the customer will be required to pass an ESAT which can only be done after the new stock is set up on our system and by telephone, and there is no guarantee that the customer will pass the ESAT at that time.
Due to the type of stock, the timescales on the corporate action, and the number of customers it is not feasible for us as a business to offer this type of event to our customers and therefore a business decision has been made to not offer this to our customers.”

I’m furious and have raised an official complaint.
Does anyone else know any other brokers taken this action ?

[verymaryhinge] 12/4/2022 09:06

www.enquest.com/investors/corporate-actions/retail-bond

Info booklet on their website

[my retirement fund] 12/4/2022 08:32

Online possible with AJ bell

[spangle93] 12/4/2022 07:41

HL confirmed yesterday evening that they are open for nominations to purchase new 9% notes, by phone order.

Min £2000, and you have to have completed the "I'm as smart as the average bear" MiFID 2 Bonds & Fixed Interest Questionnaire

There is an information booklet available, but I'm afraid I can't find it online outside a secure domain

[verymaryhinge] 10/4/2022 14:14

Yes. The pik / toggle has been removed.

[damp seaweed] 10/4/2022 08:11

Thanks guys for your replies, very much appreciated. After re reading then it makes sense.
Would I be correct in assuming that the clause in respect of a minimum oil price in order to pay cash dividends has been removed ?. I think in the current ENQ1 bond it is around $60-70.
I’ve yet to hear from my broker IWeb about the exchange. I have spoken to them and expressed my interest. I have considered subscribing through PrimaryBid, but I’m concerned that IWeb might not accept these new bonds, as they will not allow me to buy any more ENQ1 bonds through them.