Gw Pharmaceuticals Share Discussion Threads

[future financier] 08/11/2016 09:48

But I think it should be ok in a SIPP - although it would be nice to have this confirmed! What an omni shambles!

[simonmcruk] 08/11/2016 09:25

Would you believe it I've just had a call from TDWThey made a mistake Can't have ADR in isaNow need move the stock to an ordinary trading account

[future financier] 08/11/2016 09:25

TD cannot convert without agreement of shareholder - therefore I would expect them to send us something advising us of consequences (annual costs, partial holdings etc.) requesting approval for conversion?????

[simonmcruk] 08/11/2016 09:02

I called TDWFine to hold ADR in ISAAlso no reason to worryMy view perfectly reasonable for GWP to move to NasdaqBetter all round for a business like theirsI'm sticking with it

[etarip] 07/11/2016 20:02

Nothing more from GWP. I believe I read somewhere that GWP reserve the right to change the conversion dates if they want to do so. However, I expect that will be unlikely.

A person at TDI has told me on 26.10.16 they will convert shares into ADR's
Last week they told my Pensioner Trustee that as long as they receive shares transferred from another broker at least two/three days before December 2 they would be converted.

[future financier] 07/11/2016 16:23

etarip - re 8911 - have you had any follow up from your man at GWP? We seem to be getting nowhere fast at present. We can't be expected just to rely on what one BB member has been told by phone by somebody at TD - particularly when that advise varies from one call to the next.

[future financier] 07/11/2016 08:46

Maybe the Depository doesn't know whether they can create new ADRs in the absence of a primary listing???

What a farce - there are only 3 weeks before we have to do the conversion and nobody can tell us how to convert!!!

Hopefully somebody at GWP will read this and make sure that there is an acceptable way to convert.

[pj84] 05/11/2016 11:38

Further to post 8926 where Hargreaves Lansdown confirmed that I could hold GPW ADR's in my SIPP after the AIM delisting but were waiting for confirmation from the depository that my GPW shares could be converted I sent a further email to enquire when they hoped to be able to clarify the situation and received the following response this morning:-

"Thank you for your email.

Unfortunately, we are still awaiting confirmation from the Depository as to whether GW pharmaceuticals' shares will be converted into ADR holdings. As previously mentioned, we will be sure to provide an update to our clients as soon as we have received further information."

Not sure why it is taking so long to get the confirmation from the depository?

[nodding] 03/11/2016 12:33

LiquidKid, for tax reasons alone it would be better for GW to stay in the UK. They might move the agm to where most of the shareholders are

[liquidkid] 03/11/2016 11:27

Another downer day at the office.
That regurgence of the takeover rumour last week (wed 26) looked like a last gasp effort to manipulate the market. But all flags are indicating that the takeover rumours are high order BS from MS even GS had been trying to pump the price up & it ain't working.
The whole story was based on this:
"GWP working with an investment bank after other drugmakers approached it to express interest in an acquisition."
What they were working on was the delisting.
Should head back to $90 where its last capital raising was. No point in a pound number because it is going to cease to exist in pounds soon.
The next corporate action is going to be a shift in the head office and the manufacturing over to the US too.

[future financier] 02/11/2016 15:27

Thanks masingi - so it was an email to YOU - not a general release (I was wondering if I had missed something!). And they still have to say what we need to do to effect conversion.

Very unsatisfactory still!

[knowing] 02/11/2016 15:00

Interesting comments from City Financial

[masingi] 02/11/2016 14:30

FF- It was an email, I received assurances over the phone that the ADRs would be holdable and tradable in a TDD SIPP and I asked for an email confirmation. See my post 8922, reposted here:-


"Dear Mr XXXX

Further to your recent enquiry about the cancellation of GW Pharmaceuticals from trading on AIM on 5 December 2016 and the conversion of these shares to ADR's. We will be able to trade the ADR's under market code GWPH in our Trading accounts , SIPP accounts & Pension Trading Accounts.

I hope I've been able to resolve your enquiry to your satisfaction, however should you need to get back in touch for any reason, please do not hesitate. For our opening times refer to our website, details of which can be found below.

Kind regards,

Mike Welford | Customer Services | TD Direct Investing"

[future financier] 02/11/2016 13:35

I still have not received anything from TD - did they put in your Corporate Actions folder or did they email you masingi?

[masingi] 02/11/2016 13:08

Neilrr:
Their website might need to be updated, I and others have received written confirmation of the TDD position regarding GWP (see posts passim). The other advantage of TDD is the dollar account it offers.

[neilrr] 02/11/2016 11:41

TBH I don't know why people are rushing to open a TD Direct account when TDD themselves don't seem to know what is going on.

See 8929 & 30.

From the TDD site a few seconds ago, where their position appears to remain unchanged:


Stock GW PHARMACEUTICALS

Event Type Corporate Action Status Update

Description

GW Pharmaceuticals Plc has announced its intention to cancel the admission of its Ordinary shares from trading on Alternative Investment Market (AIM) on 5th December 2016. GW Pharmaceuticals Plc will retain its U.S. listing on the NASDAQ Stock Exchange of American Depositary Receipts (ADRs) under ticker symbol GWPH. The announcement includes conversion of the Ordinary shares into ADRs. Please note we are verifying the full details and a corporate action including the options available to you will be dispatched shortly.

[masingi] 02/11/2016 10:02

I've just opened my accounts with TDD and I'm in the process of transferring my accounts from my previous provider. I'm hoping the process doesn't take too long as the clock is ticking...

[etarip] 02/11/2016 09:49

If only my SSAS Pension holdings with a different Broker was so easy. I am having to transfer to TDI and only 28 days to do it in and that includes opening a new account. TDI cut off date to receive shares for conversion to ADRs is 30 November I am told by my Pensioner Trustee.

[nodding] 01/11/2016 21:00

Thanks etarip. That looks wonderfully simple

[etarip] 01/11/2016 17:26

My personal shares are held by Beaufort. They stated this:

CORPORATE ACTION : GW PHARMACEUTICALS
The company has announced its intention to cancel its admission to
trading on AIM with effect from 5th December 2016. Since listing on
NASDAQ in 2013, the company has found that 78% of its share base is
now held in ADR form and 94% of the trading in the last 6 months has
taken place on NASDAQ. Any holdings retained in CREST for trading on
the London market will be exchanged for ADR's shortly after the final
dealing date of 2nd December 2016 unless we are instructed by Secure
Message no later than 2nd December 2016 to keep the holding as
Ordinary Shares. 1 ADR represents 12 Ordinary Shares
Corporate Actions Department

[nodding] 01/11/2016 14:57

It looks like everyone is with TD Direct. Is there anyone not with TDD who has converted to ADRs? If so, how did your broker do?

[nodding] 01/11/2016 14:54

Randb01, bad luck. The FIFO situation is not well appreciated IMO.



To keep EIS tax reliefs on the EIS holding, you would need to separate yourself from other non-EIS shares. This might be done via a company or trust. Professional advice should be sought

[wengerb] 01/11/2016 13:16

neilrr.

I don't as yet have such an understanding as the statement on the issue on the TD Direct website still reads as follows:

"Please note we are verifying the full details and a corporate action including the options available to you will be dispatched shortly."

[neilrr] 01/11/2016 13:12

Wenger,

Is it your understanding that TD Direct will make the change to ADRs automatically?

That is, unless you tell them not to, your AIM GWP shares are going to become GWPH ADRs?