RE:RE:RE:When we can sell all with out loosing the Rights offer?GunnerG wrote: CC, do you think its appropriate to be giving investment advice when you may not understand how due bill trading works?
You state the ex-rights date is incorrect and follow that with advice. Maybe check if the ex-rights date is incorrect first.
I am thinking due bill trading is not the norm and the dates may not be the norm.
Gunner I agree wtih you (i.e. one should not give investment advice). My posts are
NOT investment advices. Reddy or anybody here can consider or disregard alll my posts as they seem fit.
I also agree with you that it's better to check with the company first if the ex-rights date is indeed incorrect . However, so far I have no luck in receiving any reply to my e-mail inquiry to the new PLI IR. Perhaps those who have asked and received any answer can share here.
The below is an e-mail exchange between me and someone who asked me my understanding of the rights offer. Consider or disregard it.
Hi, this is my understanding of the section below from the Prometic rights offer PR :
The due bill covers those who buy and sell Prometic stocks on the 17 and 21 (20 is Victoria Day, market closed in Canada, I think). For PLI shareholders who don't buy/sell on these two days, they don't need to worry about the due bill.
Since the transactions on 17, 21 will settle AFTER the Record Date (May 21) , the shares would have due bill attached to them to indicate that the rights offer belong to the buyers, not sellers.
The company will start to distribute the rights shares on May 24 (the distribution date) for all those who own PLI shares on May 21 (and their shares do not have the due bill attached to them, i.e. they have not just bought the shares on 17 or 21).
I think that there is an error in the ex-rights date. It should be May 22 and not May 27, because for those who buy on May 22 (after the record date), their shares are not eligible for the rights offer.
I don't understand what the due bill redemption date (May 29) and due bill payment date (May 30) are, as they imply some kind of transactions for the due bill, which is contrary to what the PR stated that there's no market for the rights offer.
The buyers on the 17 and/or 21, once they sort out the due bill with the sellers (redemption?, payment?), should have the same time frame as the rest of the shareholders to subscribe/pay for their rights shares, till June 14, 4pm. (this last one is my own interpretation from the rest of the PR).
Again, I think that for PLI shareholders who don't buy/sell on these two days (May 17, 21), they don't need to worry about the due bill.
Hope that this is clear and it helps somewhat.
Best regards,
CC
- Due bill trading will commence on May 17, 2019 being one trading day before the record date, so that trades settling after the record date will have due bills attached.
- The record date to determine shareholders entitled to receive the rights will be May 21, 2019.
- The distribution date is estimated to be May 24, 2019.
- The ex-rights date is estimated to be May 27, 2019 (the first trading day after the distribution date).
- The due bill redemption date in respect of the distribution date is estimated to be May 29, 2019 (the second trading day after the ex-rights date, when all trades with due bills attached have settled).
- The due bill payment date in respect of the distribution date is estimated to be May 30, 2019