Lamprell Share Discussion Threads

[todismypal] 12/6/2014 15:26

Some variance in dates for the purchase of the rights issue????? The date stated by Bank of Scotland is that funds must be in place by the 20th June. I phoned and asked them to confirm that date which they did. I note however that in some earlier posts today different dates were mentioned - not sure of the significance of that!!

Taking up the full entitlement via Bank of Scotland could not have been simpler - click on the option and add funds to your account.

[deanowls] 12/6/2014 14:54

Just done mine with tdw.

[wynd100] 12/6/2014 14:48

Rights (LAMN) now in my TD account too.
They don't seem to have loaded the Corporate Actions notice yet, or emailed holders.
There does not appear to be any option to apply for an over-allocation; I guess most holders will take up the full rights so there would not be many going 'spare'!

[todismypal] 12/6/2014 14:44

Rjd You should have/will receive an e mailed notification from your broker listing 4 or 5 options - the first being to take up the total rights entitlement. At the end of the message click on the option 1 button. Then ensure you have funds in place for the date of settlement.

[rjd1233] 12/6/2014 14:10

I can see mine in the T D Account now, however how do I actually take up the rights issue?

[srpactive] 12/6/2014 14:01

Durby

No

[p_buz] 12/6/2014 12:38

Impressed with II's handling of the corporate action. Notified yesterday. Took up all rights which was processed immediately, payment was ring fenced and they didn't charge me a penny :-)

[trigger blade] 12/6/2014 11:56

Salty,

My TD account is now showing the nil paid shares. Interestingly, the book cost is zero and the value per share is 62p currently, which they show as a 100% gain, which is nice :-)

[skinny] 12/6/2014 10:43

For info - the HL corporate action area has just been updated.

Hargreaves Lansdown clients holding Lamprell plc Shares within their Hargreaves Lansdown account have the following 3 Options to consider by our deadline of 4.30pm on Monday 23 June 2014:

Option 1 - Do nothing. If you do not return an election by the deadline of 4.30pm on Monday 23 June 2014, the Offer will lapse and your Rights will be removed from your portfolio. If a lapsed Rights cash payment is made it will be credited to your Account upon receipt.

Option 2 - You can take up your Rights in full or in part. Each Right may be used to purchase 1 Ordinary Share at a price of 88p per Share. Our standard Corporate Action Fee of £10.00 + VAT will be levied should you take up Shares through the Rights Issue. This charge will be added to your Fees Account shortly after you have been credited with the new Shares.

Option 3 - You can sell your Rights. You can sell your Rights in the market subject to a special flat rate commission of £10.00. The proceeds will remain in your Account. Please note that if you wish to sell your Rights at the prevailing market price you should contact our Dealers on 0117 980 9800. Any instruction to sell Rights submitted through the online service will not be executed.

A letter has been sent to you today detailing the Rights Issue further. Should you have any queries regarding the Rights Issue or do not receive the letter then please call our Helpdesk on.

[durby] 12/6/2014 10:39

Thanks srpactive. Did they indicate when the allocation will be visible in our accounts?

[srpactive] 12/6/2014 09:32

durby

no problems there, I have spoken to them earlier.

[saltaire111] 12/6/2014 09:19

Just checked again and they're there now. Phew!

Salty

[saltaire111] 12/6/2014 09:15

I can see no sign of my rights in Td waterhouse. Any other Td account holders with the same issue?

Salty

[fearnwood] 12/6/2014 08:11

Worth bearing in mind that most brokers will levy their usual trading charge if you are selling any of your rights allocation.

[skinny] 12/6/2014 07:20

They normally do - they just appear to be slow on this occasion.

[tipjunkie] 12/6/2014 06:56

thanksdurby
i'm surprised Hargreaves landsdown haven't explained this to shareholders along with instructions upon how to take up ones rights

[davr0s] 11/6/2014 21:45

Thanks Durby, that's was very helpful

[durby] 11/6/2014 21:09

tipjunkie / DavR0:

The nil paid rights (appears as "LAMN" in your account) can be traded in the market. So the price you are seeing against it is the price you can buy / sell the rights in the market. The 88p is the amount you need to pay to exercise each right (each right will allow you to buy 1 LAM share at 88p).

To give an example, say I buy one LAMN from you. I have to pay you 60p (or whatever the price is when you are selling and I am buying). Then when I exercise the right associated with this 1 LAMN, I have to pay 88p to Lamprell to buy 1 LAM share. So my overall cost comes to about 60p + 88p = 148p (almost today's LAM share price).

So these are two different numbers.

The options you have are:

a) You don't want to subscribe to the new shares. So sell your rights (today it was trading at 57 to 59p range per right) and take the cash. The 60p you are seeing against it is the price you will *potentially* get per right if you sell it. You need a buyer of course.

b) Exercise your rights fully - in this case you will have to pay (88p x number of rights in your account).

c) Exercise your rights partially - in this case you will have to pay (88p x number of rights out of total allocated to you that you want to subscribe). You can of course sell your remaining rights and get cash.

d) Do nothing. Well if that's your plan, I will try option (a) - otherwise it is hard to say if / how much you may get paid for it.

Hope that helps.

[davr0s] 11/6/2014 19:50

So I have some rights showing at sub 88p. So tell me what are my options - sell them sub88p, buy the rights at 88p that then become shares at full price? How exactly does this work now?

[monte1] 11/6/2014 19:04

Presumably you did not take up the right and have hence been credited with the difference between what they would have cost you and the share price upon admission of the nil paids.

[tipjunkie] 11/6/2014 18:19

Hargreaves landsdown have credited me my nil paid rights but valued them at 60p each

how is this? I thought they were 88p

[durby] 11/6/2014 16:40

Ex rights price holding very well! Looks like we still have pretty strong buying. Some would naturally be selling to fund their share of rights issue.

[durby] 11/6/2014 14:09

Harry - Buying LAM shares at current market price will cost you the same if you were to take the rights route (i.e. buy rights and exercise them). But the price of rights and LAM shares will keep changing as you know!