MCAN Mortgage Corp T.MKP

News release

[wildrunner11]

On the closing of the news release it says the additional share were oversubscribed by 2.96 times, but it does not indicate how the additional shares will be alloacated. I guess we wait and see.

[JayBanks]

  Yes, seems like they were in super demand, and at around 12.3% discount to the current share price you can see why. I asked a desk trader when I exercised the rights how they decide who they go too, and he wasn't overly certain. I made a comparison to a sports draft where everyone gets 1, 2, and as you do rounds you start to eliminate people who reach their # of shares, mine would

[Strohs16]

If I had to guess, my pessimistic, and totally uneducated me, would say, that, us tinly little retail investors won't get any of the oversubscription, especially given the magnitude of it.  I would guess, the deep pockets, institutional investors, will get the oversubscription. With regards to the EPS getting out of whack with the new additional shares, I agree, it will look out of whack

[JayBanks]

No changes in my account, I was rather disappointed about it. Last time I was stupid and bought more rights than I had the ability convert, I didn't understand the process, I still don't fully, but I'm hoping we get treated right I don't have as pessimistic outlook lol

[wildrunner11]

So, I have the basic shares in my account on the rights but no additional shares. I think the over subscribed relates to the entire shares offered. So, the right offering was up to 1,306k shares so that would be 3,865k share were subscribed. So, subtracting basic subscription that would be 2,674k of additional share requested.  so only 4.3% of the Add shares will be filled (114.9k / 2,674k)

[JayBanks]

So your expecting of my additional 200 shares I subscribed for I'll get 4.3% so 8 or 9 additional shares if I understand you correctly? Your theory makes sense and is also fair. I wish that the transactions followed the dates released in the statement much closer. So far only the cease trading date has seemed legit...

[JayBanks]

I just did some major googling... According to legal terms and documentations the "Pro-Rata formula" seem like it will be based on the overall ownership share (percentage) of the company. So my 1205 shares divided by the 26.13 million shares outstanding = 0.000046% of the company multiplied by 114.9K additional over subscription shares available = 5 (5.29) shares I'll be entitled

[wildrunner11]

Well that is also a reasonable allocation but there should be an adjustment as I see it would be pro rate based on ownership that wanted additional shares since app. Only 91% of the share were allocated on basic subscription the prorate would be based on 91% so, you could get a share or 2 more. I know not much but at 15.65 a share I'll take as many as I can.

[JayBanks]

Yea I thought of that after, not everyone may have subscribed to the extra shares so I may get 6-7. And I agree at that price I'll take them all. At the end of the day this has been a good learning experience, hopefully I remember everything. I just wish this transaction would process so I know, I set aside a little over 4K to clear the transaction. I have other interests of what to do with

[Strohs16]

I agree with many of the things you said: (a) I sold some positions so I had cash in my account for the assumption I would get all shares I subscribed for, clearly, I will be lucky to get just what I requested based on the rights I had, so, I had to sell things that really I didn't have to sell. (b) As of this morning, my rights are still sitting in the accounts, and, I still haven't seen

[JayBanks]

Same here no account changes. I gotta think it's issues with our banks as dealers and them passing things through their system before it trickles down to us, I don't think it has anything to do with the company itself. I hold MKP in my TFSA and I don't really hold non-working capital in it, I was lucky I had just done my taxes and was getting a sizeable return when they made the