Is INM rights issue available to ordinary shareholders ? & Q re via NIB eBanking?

P

phenomenon

Registered User
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Does anyone know if the INM rights issue is available to ordinary shareholders ? from what i've read, i should be seeing my allocation listed on my portfolio from today (i think) ? - the option to buy 59 new shares for every 50 held @ 5c per share.

Any info much appreciated!
 
Re: INM Rights Issue

Yes INM rights issue is available to ordinary shareholders.

It should show up today or tomorrow.
 
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
====
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
 
Re: INM Rights Issue

Once you have returned your form to NIB by post or fax your allocated share issue will be bought automatically @ 5 cent a share. You do not have to buy them yourself on the NIB site. You must insure that there is enough funding in your custody account to cover the transaction.
 
Re: INM Rights Issue

Thanks for the reply, PatC, that clears things up for me.
 
Re: INM Rights Issue

I have purchased the rights issue in INM & Lloyds. I notice the rights issue shares are valued lower on my accpont than the original ones. Whats this about?
 
Re: INM Rights Issue

Took part in the Rights issue, got the shares at 5 cent even though the nil-paid shares were trading at only 0.035 on the ISEQ. Don't understand this!

I originally bought 14800 shares in INM at 20 cent a few months ago. After the rights issue I now have 17464.

In my account at the moment I have 17464 new ordinary shares (fully paid) worth 13 cent and also it says in the account I have 14800 ordinary shares at 13 cent. What's the story here? When do the fully paid shares convert to ordinary shares. Does this mean the true value of the shares is likely to be about 26 cent. Not trying to speculate on the share price but just wondering on the mechanics of the situation. Thanks.
 
Re: INM Rights Issue

The rights were trading @ 0.035 not the shares. You acquired the rights for free, if you had to purchase them from the market then you would have had to pay 0.035 for the rights and a further 5 cent to acquire the new shares. The price after the event wont double up, just your holding in the company will have increased to 14800 + 17464 shares. The price can go either way as with all stocks
 
Sorry to bump such an old thread, but I'm a bit confused. I participated in this rights issue last year with my old sharewatch account which has subsequently become an ODL account. I just logged in to ODL to take a look in my INM holding, which I only see on one line. I was expecting to see both a holding of ordinary shares, and a separate entry for the rights issue. Am I correct?
 
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