Invista Share Discussion Threads

[skyship] 24/6/2011 10:33

SpectoAcc, scburbs, Tilts, AlanJI et al ....

As Specto says above - "They can't have it both ways"

I've now sold my holding in parcels of 5k & 10k throughout the morning; and I'm confident I should also receive my 18p capital reduction on 29th June - I was on the register today. I will be off the register on Monday..

[spectoacc] 24/6/2011 10:32

@scburbs - original RNS, and the latest one today, and what the co told me, agrees with that.

But have to wonder why they've now decided to suspend the shares, if that's the case and it really did go Ex first thing. Still no flag on my system fwiw.

[scburbs] 24/6/2011 10:27

Skyship,

Sorry I couldn't come back to you sooner as I was travelling.

My derivative/spread accounts were showing the cash return first thing (these accounts trigger on ex dates not on payment dates). I saved a copy of the current statements and traded via a recorded phone conversation when I asked the person on the other side to double and triple check the position whilst clearly pointing out the anomaly!

The rest of my order got triggered whilst I was travelling, presumably due to the first lack of clarification RNS! This means I have closed about 70% of my position. The second RNS wasn't much better, but I think this is clear that the payment goes to the seller (as it must do if it doesn't go to the buyer!).

[spectoacc] 24/6/2011 10:21

Think they've finally suspended it (not just in auction). If that latest RNS is wrong and it's not Ex, they've got some explaining to do.

[badtime] 24/6/2011 10:18

tht rns confirms what i thought...basically for me..do nothing until monday at the earliest....now thy might hav to sort out all those earlier trades

[spectoacc] 24/6/2011 10:16

Another RNS!

"As announced earlier today, the return of capital involves a payment of 18 pence per ordinary share to those persons who are Shareholders on the register as at close of business today. As a result, Shareholders who acquire Invista shares today will not receive the return of capital. "

(As above - can't have it both ways, that means it's Ex today surely).

[spectoacc] 24/6/2011 10:14

RNS is clear in saying "the capital reduction has now become effective" and pretty sure if you buy now you're not on the register "today". However - it's clearly as opaque as before the RNS was released, judging by the current s/p.

(And there can't be a middle ground - either it's Ex first thing or it isn't, can't have different rule whether buying or selling).

[loverat] 24/6/2011 10:13

Up and down - just like Wayne Roony's underpants.

[loverat] 24/6/2011 10:11

Madness - 15 minutes ago you could buy at 18p. Not long ago you could sell for 24p.

[badtime] 24/6/2011 10:11

The only point which is clear wud b u hav to b on the register today.....balance wud b to buy more...but I am inclined to do nothing today....as things stand right at this moment...30 mins later..who knows

[skyship] 24/6/2011 10:09

tilts - surely the RNS is explicit enough - if on the register today - that always means first thing in the morning.

[loverat] 24/6/2011 10:08

Not sure about the advice from that broker. I think you will be on the register at the end of the day because settlement takes a number of days. Any experts in the house?


Anyway - I never trust brokers when giving advice. I rang mine once and I told them I wanted to buy some shares in IPM. (the shares had returned that day from suspension and could not trade online) He told me that IPM was permanently suspended and would not return to trading. A complete load of balls of course.

[spectoacc] 24/6/2011 10:05

Wish I knew for sure, or could rely on the co, though I've sold based on what I was told/the orig timetable which said ex today if court approval on 22nd. But agree it's far from clear.

[tiltonboy] 24/6/2011 10:04

Just be careful. I tried to be clever on a holding of Indo-China, and found out that there was a "transformation" event in CREST which stuffed me. I think the shares could still be cum.

[loverat] 24/6/2011 10:02

Indeed - looks like another complete shambles.

Surely all this should have been explained somewhere along the line?

[badtime] 24/6/2011 09:58

ive been told ...having rung my brokers..tht if u sell..u dont get the 18p as its at the close of business u hav to b on the register...i forgot to ask if i bought is converse true...doh!!!

either way a fekin mess

[loverat] 24/6/2011 09:55

Why was that RNS not put out first thing?

[spectoacc] 24/6/2011 09:54

@badtime - per the quotes above, I was told that if you buy today you don't get the 18p, therefore if you sell today you don't lose it.

But I'm only quoting what the geezer from the co told me - frankly if he'd got it wrong I'd not be surprised. Still: the RNS says the court confirmed the reduction of capital which implies the original timetable stands.

[loverat] 24/6/2011 09:54

badtime - I think this would work in the same way as a normal dividend. I.E if you sell today you will still be on the register (as settlement takes several days)

But just popped in so don't know whether this situation is different.

[badtime] 24/6/2011 09:50

my brokers ltr states to get the 18p ..i hav to b on the register today....wel i am at mo..but if i sell???

[loverat] 24/6/2011 09:43

SpectoAcc

That would sound right I think. As always - people will get confused and lose money though.

[spectoacc] 24/6/2011 09:40

Fwiw I also just had a call back:

"If you buy today, you won't get the 18p".
"If you sell today, you'll still get it".

However, I still don't trust them to have got it right!

[spectoacc] 24/6/2011 09:37

Finally some news..
"A copy of the order of the High Court confirming the Capital Reduction has been registered by the UK Registrar of Companies today and the Capital Reduction has now become effective. The return of cash involves a payment of 18 pence per ordinary share to those persons who are Shareholders on the register today. Payments are expected to be made to Shareholders on 29 June 2011. "

[loverat] 24/6/2011 09:36

Blimey - talk about a disorderly market.

What the hell is going on?