Gw Pharmaceuticals Share Discussion Threads

[etarip] 15/11/2016 09:06

My preference is to continue here on ADVFN under the GWP banner.

[pj84] 14/11/2016 22:40

Once the aim delisting is complete the main source of news and the share price will be via NASDAQ.

As others have already alluded to you can currently follow the GPW ADR's listed on Nasdaq via ADVFN through the GPWH ticker (NASDAQ:GPWH).

There isn't a thread there at the moment but if someone were to start one either now or when the delisting occurs, I for one would find it useful to follow and although I am not a frequent poster, I do regularly read this board as since the original dual listing GPW has grown to be the biggest holding in my SIPP.

I suspect that the majority of UK PI's after the delisting will be those of us who currently hold and elect to convert to ADR's, or decide for some other reason to retain there current holding as an unlisted share. Most new holders after the delisting will be purchasing ADR's directly on NASDAQ and are unlikely to frequent ADVFN.

[neilrr] 14/11/2016 21:05

nodding
14 Nov '16 - 20:16 - 9012 of 9012

I have emailed support to ask what happens to this message board when the epic GWP becomes "non-live".

Let's hope you haven't ensured this threads' death by bring to their attention a situation the skeleton crew that mans ADVFN's BBs will have almost certainly been unaware of.

[nodding] 14/11/2016 20:16

I have emailed support to ask what happens to this message board when the epic GWP becomes "non-live". I believe it is possible to have a message board that is not tied to any particular company.

In times past I did look around other boards but was not impressed. This place is better informed and much more civilised.

My guess is that we will have fewer postings from small holders. Those people who were content to leave their shares in an ISA and await developments. That money is now looking for another ISA home.

[123prezzie] 14/11/2016 17:08

Wenger. I asked this a while ago and there was no reply. I guess it will disappear because advfn only has EPIC codes and even if they would accept GWPH, nobody new would know where to look. We will have to migrate to a Us BB. Motley Fool??? Perhaps we could agree what to do before GWP disappears so that the conversation can be continued elsewhere.

[neilrr] 14/11/2016 17:06

WB,

If you look at suspended shares that have been kicked off AIM the threads are still there & alive if anyone wants to post - DAN, TEA & others.

I believe nothing will happen to this thread.

[wengerb] 14/11/2016 16:55

What will happen to this bulletin board after the delisting?

[samurai48] 14/11/2016 15:35

Thanks to Hargreaves Lansdown I too have been able to convert my GWP ordinary shares into GWPH ADRs.

Phew.

S

[pj84] 11/11/2016 18:44

Finally received the corporate action details from Hargreaves Lansdown (copy below for info.) and have completed a very simple process to elect to convert my shares to ADR's and will await the conversion and glad to be able to retain my holding in my SIPP.

"What is happening?
The Board of GW Pharmaceuticals plc has announced proposals to cancel the Company’s Ordinary Shares from trading on AIM (Alternative Investment Market). It is expected that the Company’s Shares will be delisted with effect from the close of business on 2 December 2016.
 
Why is this happening?
The Company has announced “The Company’s Ordinary Shares were admitted to trading on AIM in 2001. AIM provided GW with important access to capital and share trading liquidity during the formative phase of its business, enabling the Company to invest in and develop the cannabinoid technology platform upon which its pipeline of future medicines relies. In May 2013, the Company completed a successful initial public offering (or IPO) of ADRs on NASDAQ, with the result that dual-listed status was achieved. The liquidity of trading of GW’s Ordinary Shares was immediately enhanced by the NASDAQ listing and demand from US investors has led to a rapid increase in the proportion of GW’s Ordinary Shares that are held as ADRs and traded via NASDAQ. At the date of this letter 78% of Ordinary Shares are held in ADR form and over 94% of shares traded in the last six months were traded in the form of ADRs on NASDAQ.
 
“The Directors believe that if the Ordinary Shares were to continue to be admitted to trading on AIM the trend towards the holding of Ordinary Shares in ADR form and growth in the proportion of trading in ADR form on NASDAQ would continue, leading to a further reduction in the proportion of Ordinary Shares traded on AIM. The Directors believe that a continuation of the decline in the proportion of shares traded on AIM would be likely to lead to a decrease in the liquidity of AIM trading and that it would therefore be advantageous for all Shareholders to combine trading volumes from both markets onto a single exchange. The Directors further believe that the AIM Delisting will:
“Further enhance the liquidity of trading in the Company’s ADRs by combining on NASDAQ the volume of transactions from both NASDAQ and AIM.
“Reduce the risks and costs associated with compliance with two different sets of market regulations and administrative practices.
“Simplify day-to-day administration, allowing management to focus more time on the Group’s core business activities at this important stage of its development;
“Reduce administrative expenses associated with maintaining the AIM quotation.
“Accordingly, the Directors believe that it is no longer in the best interests of the Company or its Shareholders as a whole for the Company to retain its AIM quotation.” (Source: Company Announcement).
 
What action do I need to take?
If you wish to sell your holding before the proposed listing cancellation you must do so before 4.30pm 2 December 2016. The trade will be placed in accordance with our terms and conditions and subject to the standard Stockbrokers commission rates. To sell these Shares please phone us on 0117 980 9800 or deal online. Please note that if the cash consideration of a sale does not exceed the commission payable then the sale will not be executed. Please note that although Hargreaves Lansdown will endeavor to sell your Shares it may not be possible to sell all, or even any, of your Shares if a market for the Shares no longer exists.
 
If you wish to maintain your holding of Ordinary Shares you need take no action. You should note that following the cancellation you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price.
 
Important information for holders of GW Pharmaceuticals plc Shares within a Stocks & Shares ISA
Please note, under HMRC rules unlisted Shares are not eligible to be held within a Stocks & Shares ISA. As a result any holding of GW Pharmaceuticals plc Shares within a Vantage Stocks & Shares ISA will need to be removed within 30 days of the effective date of the delisting (3 January 2017).
 
Can I convert my Ordinary Shares to ADRs?
Shareholders have the option to convert their Ordinary Shares to ADRs (American Depository Receipts) that will continue to trade on NASDAQ in the US.
 
If you wish to convert your Ordinary Shares into ADRs you will need to give an instruction before our deadline of noon Tuesday 22 November 2016.
 
You can give an instruction to convert your Shares online at www.hl.co.uk.  Please log in to your account and click on your Vantage SIPP in the ‘My Accounts’ section of our website. Please select the dark blue Corporate Actions Icon alongside GW Pharmaceuticals plc Shares and follow the instructions provided. Alternatively you can give an instruction over the telephone on 0117 900 9000 after confirmation of your master password.
 
Each ADR represents 12 GW Pharmaceuticals Ordinary Shares, as such the conversion has to take place in multiples of 12 and it is not possible to receive a fraction of an ADR. Any holdings not in multiples of 12 will receive a fractional cash payment.
 
In order to complete the conversion the new ADRs will initially be deposited into our DTC account with our third party custodian, HSBC. They will then be transferred to our account with CREST (the UK Settlement System) allowing us to trade and settle the ADRs in the UK. Please note there may be a delay before we are able to trade the ADRs while we transfer the ADRs to CREST. Trades in ADRS will be settled in US Dollars in accordance with our Overseas Stockbroking terms and conditions.
 
Please note, under HMRC rules the ADRs will be unable to be held within a Stocks & Shares ISA as the underlying holding will not be listed on a recognised stock exchange. As a result any holding of GW Pharmaceuticals plc ADRs within a Vantage Stocks & Shares ISA will need to be removed within 30 days of the conversion.
 
Other information and warnings
Should you have any queries relating to the Delisting please contact us on 0117 980 9912. Please note, we can provide factual assistance but cannot provide advice about which option you should choose. We hope you are satisfied with our service. If you would like to set up new products, or transfer other assets you hold to Hargreaves Lansdown please go to www.hl.co.uk or call our Investment Helpdesk on 0117 900 9000."

[nodding] 11/11/2016 15:00

Maybe I should invest in an American bricklaying company

[neilrr] 11/11/2016 13:21

9001
There's a rumour circulating they have a new President.

[ih_406638] 11/11/2016 13:20

If all those nominee accounts are emptying, then presumably, it will be harder to get your short covered. In which case there would be buying to close short positions and we would see a spike in the price.

[cauchmer] 10/11/2016 16:11

Extraordinary that I sold some GWP.L this afternoon at £8.95p.
What is going on in the US?

[future financier] 10/11/2016 13:11

Yes - but I was working on 100 ADRs! - 1000 ADRs would be worth £100,000!

[ih_406638] 10/11/2016 12:42

Per your 8995 post, 2 cents per ADR. 1000 ADRs would be $20: £16.20

[future financier] 10/11/2016 12:27

etarip - I suspect that the answer is that it would incur SD - except in certain circumstances (which are unlikely to occur or possibly outside the control of the shareholder) - but frankly I have no idea!

I take the view that $2 per annum per £10,000 of shares is a cost I can just about afford - consider it an insurance policy that ensures that you can trade the shares when you need to rather than after delays (and 1.5% cost) of conversion.

[etarip] 10/11/2016 11:31

FF

Why do you think the word 'MAY' in "may incur UK stamp duty' is in there?

Under what circumstances would stamp duty not be incurred?

[ih_406638] 10/11/2016 11:21

Thanks FF. I was indeed contemplating that. Paper certs would avoid all charges and I could live with the non-trading aspect pending a takeover. But the takeover might years away, or indeed not happen. Living with that uncertainty would be irksome

[future financier] 10/11/2016 10:49

Just found this in the GW FAQs re ADRs - "There is a small annual holding cost, currently US $0.02 per ADR per annum levied by our depositary bank" - so example I gave in 8976 was spot on.

Also for those contemplating staying with UK shares in certificated form - "Note that conversion into ADRs after the AIM Delisting may incur UK stamp duty or stamp duty reserve tax (currently 1.5% of the market value of the shares converted) and fees of up to 5 cents per ADR may be levied by Citibank upon conversion".

[neilrr] 10/11/2016 10:04

Simonmc,

You sold them or converted them for free?

What advantage is there in doing either now when the deadline is the 23rd?

[simonmcruk] 10/11/2016 09:54

I've sold all my aim shares with TDW and rebought as ADRsThat's where the future is May as well act now

[masingi] 10/11/2016 09:20

Liquidkid, You would think folks would be happy to chew willow-bark and drink poppy-tea from plants they can grow themselves instead of using prescribed pharma-grade medicines. There's no accounting for some people!

[future financier] 10/11/2016 08:26

What have I missed? - this is incredibly volatile at present but up 9% on opening? Maybe relief of UK punters that TD has finally got its act together????