RE:RE:RE:The actual final tendering date & time .... at CIBCSounds as though there is a bit of misunderstanding on both parties in this matter here, but most likely more so on your part here.
First of all, the first person that you talked to at RBC should not have refused your order to select one of the tender options. Unless you expected to tender your shares into RBC and get the $43 in cash immediately from RBC which is definitely not the way the tendering process is done.
Sounds as though the second person most likely did it right as he probably selected the all-cash option on your behalf for the tendering of your shares. Since the actual tendering of the shares will not be taken up by Aurora most likely until after the deadline of Friday March 9 at 11:59 PM, of course the shares will still be showing up in your account.
I am not sure what you mean by your statement that you had to cash them in yourself today. If the shares were tendered properly on your behalf, they would still show up in your account as they should. When you go to try to sell them, however, the system (on TD Waterhouse at least) will send you a red warning message that states "There has been a transfer or reorganization notice on this security, please call an Investment Representative to place your order". So, did you actually have to talk to somebody to sell your shares today?
On the accounts which I had not tendered my shares yet, my pending Sell order went straight through. Since I placed a limit price of $60.00 on my sell order, I will be sure to untendered all of my already tendered shares if my sell order at $60 gets filled tomorrow morning before TD's deadline. Good luck to me! LOL
I am also not sure why you would expect to receive $43 for ALL of your shares since it is very clearly stated on the front cover of the documents that there is a maximum cash consideration of $140 million dollars and hence, your cash request would be subject to proration depending upon how many shareholders select the all-share Option 1 versus the all-cash Option 2.
Since there are a total of 25,256,294 shares fully diluted (inc. the 421,996 from outstanding options and warrants), this means the total cash value of this takeover would have been $1.086 billion dollars for this takeover. So, a maximum cash layout of only $140M would represent a cash payout of the full $43 on a maximum of only 12.9% of your shares if we assumed that everybody selected the all-cash Option 2 alternative. The remaining 87.1% of your CanniMed shares would be converted into Aurora shares at a conversion rate of 3.4X the number of your remaining CMED shares.
Since anybody that doesn't phone in will probably be assigned the all-share option and some investors wanted the all-share option, I am guessing that the shareholders that selected the all-cash Option 2 will probably get somewhere in the neighborhood of 25% of their shares paid out at the full $43 per share, with the remaining 75% of their shares being converted into Aurora shares.
Or at least that's my take on the situation here which is always open to correction if I am wrong.
Rrbinvestments wrote: I tried to tender my CMED shares on Friday for cash last week and RBC refused. When I finally got someone else on the phone and told him how upset I was he said he "would put me on the list". Nothing changed on my account Friday or all this week, I still continued to have access to my shares with CMED. I finally had to cash them in on my own today, concerned about what kind of deal I may have to accept. Am I missing something about this deal? Did I not have the right to tender my shares for cash? From my calculations I lost several thousand by not getting my $43 per share. Any clarification would be greatly appreciated.