Re: INM Rights Issue via NIB eBanking
Hi
A little bit of thread creap here if that's OK, but I'd appreciate if someone could answer my question.
I use NIB eBanking to manage a portfolio which includes some INM shares. I have returned the subscription letter which NIB sent asking if I wish to take part in the rights issue, to indicate that I do. The allotment of rights issue shares is also shown in my eBanking account.
My question is: other than
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1) Returning the subscription letter to NIB to indicate that I wish to participate in the rights issue,
2) Having the appropriate number of ordinary shares in my account which will allow me subscribe for the number of shares I indicated I wish to subscribe for, and
3) Having the required cash in my Current Account
do I need to take any other actions e.g. using the eBanking tool to actually "buy" the rights issue shares?
From contact with NIB, I understand that once I returned the subscription letter indicating that I wanted to take part in the rights issue, in addition to points 2) and 3) above, the rights will be converted into ordinary shares as per the rights issue subscription. I understand that this means the rights issue shares will be automatically "bought" and credited to my account.
Is my understanding of how the process works with NIB eBanking correct?
If this is the case, does anyone know the settlement date on which NIB plan to complete payment for these rights issue shares? (From the INM Prospectus relating to the rights issue, the last date of payment is 11:00 on December 14, 2009.)
Thanks to anyone for their information