Post by
topdop on Nov 09, 2019 8:03pm
Correction
In my example I incorrectly stated that the Lonmin takeover was done at "(effectively) 8.6p (adjusted for rollback)." This is wrong. It should be 0.86p (accounting for the 100 for 1 rollback). So less than the Rights issue price of 1p.... a shocking statistic.
Comment by
Sogosohubidu201 on Nov 09, 2019 8:30pm
@topdop, do you want to file a complaint? or you think that it is a standard process and will not help at all?
Comment by
Lech1988 on Nov 10, 2019 3:59pm
What Glencore is doing is certainly opportunistic and is screwing minority shareholders over big time. Problem is I don't neccessarily think its against the law... Another thing to keep in mind this wont be a 15:1 rights offering, it will be likely something closer to 40:1 given where the price is given the fact the final prospectus hasnt been filed yet.
Comment by
gang54 on Nov 10, 2019 8:11pm
Since Glencore is already committed to full description, which means it would pick up all the shares that not suscribed by retail. Therefore the ratio should not change, that is my understanding
Comment by
gang54 on Nov 10, 2019 10:32pm
Thanks Topdop! If the discount price doesn't change, Glencore will be able to pick up my rights at same 25% discount. Why the SP is more than 50% down??