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Morning, I am trying to see if my recent experience with A J Bell is unique or others are affected.
I executed the rights issue on my personal account within good time but on my wife's account I was waiting for dividends to be paid in order to have the funds. The right to execute the rights offer officially closed on Monday 10th June at 10am according to NGs timeline and I tried doing this at 0900 on the day only to find A J Bell had closed it on 5th! I reviewed the correspondence and the only mention of the 5th June deadline was if I wanted to sell my rights rather than take them up so I naturally ignored that deadline. My wife's account is out of pocket by >£2000 as a result of the difference in price of what they are trading at post rights and the cost of taking up each new share @£6.45.
Did anyone else find themselves affected as I feel there is a fairly strong legal case against A J Bell for lack of clarity in their communication?
The second and third secure messages I received from A.J. Bell, i.e. the ones which contained the opportunity to exercise rights, were both titled, "National Grid plc -Urgent response required by 05/06/24 - Rights issue".
The corresponding message from I.I. also stated, "Please read this notice in full and make your election by 5th June 2024."
If rights lapsed then you should soon receive money from the selling on of the rights to other investors.
Thank you for your reply Benbow 27. I have gone through all emails received to my wife (and ordinarily I am cc'd also) and neither of us received these emails so this news concerns me greatly.
I correct myself - the emails received did say that Benbow BUT in the sub-text it only referred that date to the selling of rights and not to the exercising of rights. There was no specific mention of a deadline for exercising and thus i assumed that the official deadline of 10th June at 10am prevailed.
Ftse: I too held some NG. through AJ Bell and received the same messages as you. One says:
"Please be advised that once the AJ Bell deadline passes, you will no longer be able to sell the rights. As per our procedure, rights are blocked from trading by 4.30pm on the AJ Bell deadline of 5 June 2024 to mitigate any risk of any unsettled trades automatically exercising in the market."
Your default position was to take no action. Thus the above deadline expired and you could no longer take up the rights issue. Each broker is entitled to set their own deadline for exercising rights due to their own admin etc. AJ Bell's deadline to sell the rights is the same as the deadlone to take up the rights. I'm afraid I think your position is weak (even if I understand your frustration about waiting for dividends to clear to take up the rights).
But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.
Hi Guitarsolo,
Re:' But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.'
In my son's case he did not have all the required funds required in his Sipp as at the 05th June, but did so by the so by the 10th ,so unfortunately missed out on the full entitlement of the RI.
He did however complete his election form on time as required with some funds available and so these were taken up and alloted accordingly.
However he now also has an an excess of unused rights, so in theory according to your response aboveif this is correctt as you describe now has an automatic right to receive c £2.0 per unused right? or is this wholly dependent on the broker's decision as to whether you will receive monies for untaken rights?
Jiffy,
As it was a fully underwritten offer I would expect your son to receive the closing price of the unused rights that he couldn't exercise. It was fully underwritten, so someone else got those right to buy at 645p.
I didn't pay close attention to the final value of the rights as I was exercising mine in full. But I think it was around £2.
GS
The RNS for the rump placing said that rest of the rights not taken up were then sold on on £8.35 per right.
so you can expect to get 8.35-6.45 = £1.90 less a % or two for costs
Thanks Guitarsolo & ggplyr.
Think I wil craft a letter to Interactive for my son and see what response he gets given 'rest of the rights not taken up were then sold on on £8.35 per right'
Fact is surely you still own those rights don't you irrespective that they were sold on???.
The rights expire, if you own the option to buy something by a certain date and that date is in the past you don't own much of any worth