# How the Aryzta Rights Issue will work



## Brendan Burgess (2 Nov 2018)

I am trying to figure this one out.

https://www.aryzta.com/aryzta-today-publishes-the-final-terms-of-the-proposed-ordinary-capital-increase-through-a-discounted-rights-offering-expected-to-raise-approximately-790-million-gross-proceeds/

It is proposed that the new registered shares will beoffered to existing shareholders of ARYZTA at an offer price of CHF 1.00 per share.

If approved by the AGM, existing shareholders will receive 10 rights to preemptively
subscribe for new registered shares (“Rights”) for each registered share they hold on 6
November 2018 (after market close).

One Right will entitle the holder of such a Right to subscribe to one new registered share subject to certain restrictions under applicable local laws. As from 7 November 2018, registered shares of ARYZTA will trade “ex Rights”.


Expected timetable for the rights offering
1 November 2018:             Annual General Meeting

2 November 2018:              Publication of prospectus

6 November 2018:              After close of trading on SIX Swiss Exchange and Euronext  Dublin: cut-off date for determination of existing shareholders  for the entitlement of Rights

7 November 2018:             Start of rights trading period and start of trading in Rights on  SIX Swiss Exchange; start of rights exercise period

13 November 2018:            End of trading in Rights on SIX Swiss Exchange; deadline for the holders of CREST depositary interests to exercise their rights via Euroclear

15 November 2018:            12:00 noon CET: end of rights exercise period

19 November 2018:             Listing and first day of trading of new registered  shares on the SIX Swiss Exchange and on Euronext Dublin; delivery of the new registered shares against payment of the subscription  price


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## Brendan Burgess (2 Nov 2018)

_Updated to correct exchange rate. _

So, if I have 1,000 shares today, my options are

1) Subscribe for the Rights Issue
I will get 10,000 new shares for CHF 10,000 which is about €8,800 

2) Sell my 1,000 shares today in the market at €6.60 each or €6,600

3) Keep my shares, but sell my rights at whatever price they fetch on 7 November


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## rob oyle (2 Nov 2018)

This confused me too... why so many shares at such a low price in a rights issue? If you don't subscribe you are left with your existing shareholding that will be worth (1 x €6.60 + 10 x €1.15)/11?

So <€2 each?


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## Boru38 (2 Nov 2018)

If shares are bought via Degiro platform how does this work ?


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## Jim2007 (2 Nov 2018)

rob oyle said:


> This confused me too... why so many shares at such a low price in a rights issue?



Did you look at the financials???


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## RedOnion (2 Nov 2018)

rob oyle said:


> why so many shares at such a low price in a rights issue?


Apart from the financials, because it guarantees strong take-up. The dilutive effect is massive for those who don't. 

They probably couldn't get anyone to underwrite it on other terms.  If you look back at the HBOS rights issue in 2008, where only 5% was taken up, and the underwriters ended up owning 10% of the bank, they don't want that happening.


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## Brendan Burgess (2 Nov 2018)

_Updated to correct currency conversion rate _

The share price should fall to €1.38  after the Rights Issue


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## Brendan Burgess (2 Nov 2018)

If you don't take up your rights, you should be able to sell them for 50 cents  each (€1.38 - €0.88) which will leave you in the following position:


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## Brendan Burgess (2 Nov 2018)

Update 10th November 

If you do nothing, it appears that your rights will lapse and the valuation of your holding will fall by 80%. 

https://www.askaboutmoney.com/threa...ts-issue-will-work.210237/page-2#post-1589829

So exercise your rights or sell them. 

Brendan


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## Littlevillage (2 Nov 2018)

Guys,


I think ye have the exchange rate backwards.


1 Eur = 1.14 CHF

or

1 CHF = 0.87 Euro


Soo your hypothetical 10,000 new shares would cost something like €8,700


Using the closing SP today in Dublin of €6.60, by my calculations the Arytza SP will be about €1.39  after the rights issue


(Pre Rights SP + €8.70) / 11  = Ex Rights SP
(€6.60 + €8.70)  / 11  = €1.39



.....and of course this is where the win, lose or draw comes in. 

You are actually only going to know on 19th Nov, if the purchase of the Rights was worth it.  By re-running the above Calculation again.  This time already knowing the Ex Rights SP from the Stock Market that day to tell you if it was wise or not to sell at whatever Pre Rights Price you could have got on or before 7th Nov


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## Brendan Burgess (2 Nov 2018)

Hi Village

Well spotted.   I have corrected the tables accordingly and arrive at the same figures as you.

Brendan


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## Jim2007 (3 Nov 2018)

RedOnion said:


> *Apart from the financials*, because it guarantees strong take-up. The dilutive effect is massive for those who don't.



When you are dealing with a small cap speciality that can’t deliver during a recovery, it is all about the financials!


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## RedOnion (3 Nov 2018)

Jim2007 said:


> When you are dealing with a small cap speciality that can’t deliver during a recovery, it is all about the financials!


You might enlighten the less informed.
How do the financials explain the original question? Why a 10:1 rights issue, rather than a 2:1 for example?


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## joe sod (3 Nov 2018)

If you wanted to start a new shareholding in arytza , is it not just simpler to wait until after the rights issue and buy those reduced value shares. The gain or loss is going to be marginal anyway in the short term? I agree with other posters why did they dilute their existing shareholders so much, if I was a shareholder I would be very unhappy about that, it's like they are forcing their shareholders to avail of the rights issue.


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## Brendan Burgess (3 Nov 2018)

Hi Joe

We don't speculate about share prices, but I think it's worth looking at some of the technical factors here without discussing the underlying value of the company or prospects for the future. 

In theory, the rights issue should make no difference as my table shows.  You can buy the shares today which would be ex-rights or you can buy the rights or you can wait until the whole thing is through.

In practice, there are technical reasons for a fall in the share price which might be unrelated to the underlying value.

Many people, including myself, did not have the cash to take up our rights.   For me to do so, I would have had to sell other shares. On those other shares I would have a capital gain. To use up that capital gain, I would have had to sell Aryzta shares as I have losses on them. 

So there may be a lot more sellers than buyers. 

Some academic must have researched the impact on prices of rights issues and the subsequent return vs. the market. 

Brendan


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## Deiseblue (4 Nov 2018)

I will be out of the country when this rights issue needs to be progressed.
Does anyone know if it’s as simple as paying for such rights via a SEPA payment to Euroclear?


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## rob oyle (5 Nov 2018)

RedOnion said:


> Apart from the financials, because it guarantees strong take-up. The dilutive effect is massive for those who don't.
> 
> They probably couldn't get anyone to underwrite it on other terms.  If you look back at the HBOS rights issue in 2008, where only 5% was taken up, and the underwriters ended up owning 10% of the bank, they don't want that happening.



Just did the maths for the shares I hold... the rights issue means investing more in the company now that the existing shareholding is worth (i.e. the capital being raised is worth more than the company itself).

I've seen rights issues before where capital was raised on shares offered at a discounted rate to market and (say) 1 share for every 4 shares held, but never where the existing investors were asked to (more than) double down on what they hold (albeit most are probably carrying a significant loss on their investment already). Has this been successfully done before?


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## jpd (5 Nov 2018)

Well, if the alternative is for the company to go into liquidation and for the existing shareholders to get nothing, I suppose it's the best of a bad lot. Presumably the current board and management will take a hit on salaries and pensions for having brought the company to this state?


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## Brendan Burgess (8 Nov 2018)

OK, so it fell to  €1.35 after the new shares came on the market. 






But it's been very volatile since. 

It was up significantly yesterday and down again today. 





Brendan


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## wheeler dealer (8 Nov 2018)

I have 180 shares in aryzta held in trust by link corporate trustees after iaws merged to form aryzta ._I receive dividend every year but have got no communication about the rights issue.I would like to participate but is time running out_


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## shan999 (8 Nov 2018)

If you dont get the offer papers from link trustees by friday 9th,ring them on this no. 00442073976322 you will need your account number to hand as they will ask you for this.


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## rob oyle (8 Nov 2018)

Brendan Burgess said:


> But it's been very volatile since.
> 
> It was up significantly yesterday and down again today.
> 
> Brendan



I assume that those closer to this/the markets (and speculators) are judging the results of the capital raise and this is affecting the price.
Since the majority of the share value is now tied up in exercising the rights issue or selling them on, it seems way more complicated that a basic 'add x% to your existing investment to maintain your shareholding'. This means that, in theory, the cost of availing of the option is changing disproportionately, given a further investment is needed (buy 1 share now for €1.50/€1.30/€1.20 and 10 more for €9 after).


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## shan999 (9 Nov 2018)

If you dont get the offer papers from link trustees by friday 9th,ring them on this no. 00442073976322 you will need your account number to hand as they will ask you for this.[/QUOTE]

TODAY FRIDAY 9TH,THIS IS A NIGHTMARE FOR THE SMALL SHAREHOLDERS WITH LINK,THEY SENT ME A EMAIL ON THURSDAY NIGHT BUT I DID NOT RECEIVE AS THEY INCORRECTLY LEFT OUT A LETTER IN MY NAME,FIRST THING THIS MORNING I RANG THEM, THEN THEY SENT ME THE DETAILS.
THE CLOSING DATE FOR PAYMENT IS MONDAY MORNING AT 10AM,YOU MUST PAY IN STERLING TO A GB BANK ACCOUNT,THEY ARE NOT POSTING
THE PRINTED VERSION UNTIL TOMORROW SAT,THESE WONT ARRIVE IN IRELAND UNTIL TUESDAY,I CAN SEE MASSIVE PROBLEMS FOR THE SMALL SHAREHOLDERS IN THE COMING WEEKS.
I WAS LUCKY TODAY AS MY DAUGHTER WAS AT HOME,SHE WAS ABLE TO DO ALL THE COMPUTERWORK AND PAYMENTS

BRENDAN,ARE YOU IN A POSITION TO HELP TO ENSURE THE SMALL SHAREHOLDERS GET THERE NEW SHARES.


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## wheeler dealer (9 Nov 2018)

I  have 180 shares and contacted link trustees ,they returned email but they have no idea how many rights i am entitled to or the cost so i am wondering how do i work out my share rights and what will they cost


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## shan999 (9 Nov 2018)

You are entitled to 10 shares for each share you hold,so 180 shares will entitle you to 1800 shares at 1.00chf each/about 88c each, you will then own
1980 shares at the new lower price.


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## wheeler dealer (9 Nov 2018)

so basically all i have to do is apply for 1800 share rights to Link and direct credit the bank a/c in switzerland with 1800 chf


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## Deiseblue (9 Nov 2018)

Shan999 - I’ve been informed by Link that sterling transfer is not acceptable- it must be Swiss francs


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## Deiseblue (9 Nov 2018)

wheeler dealer said:


> so basically all i have to do is apply for 1800 share rights to Link and direct credit the bank a/c in switzerland with 1800 chf


Except the Bank a/c is in London and I cannot see via Banking 365 how to transfer Swiss francs to a UK bank


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## Arrested (9 Nov 2018)

Anyone know how I can sell my nil paid rights in this Rights issue?


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## shan999 (9 Nov 2018)

The iban code is for a uk bank,why didn't they do this via a irish bank in euros,maybe they are trying to get rid of us small shareholders


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## rob oyle (9 Nov 2018)

Arrested said:


> Anyone know how I can sell my nil paid rights in this Rights issue?


Depending on how you hold your shares, if you don't take up the rights issue by the deadline they will be redeemed and the proceeds paid over to you.


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## Stella66 (10 Nov 2018)

Hi
I need some help please. My elderly father has 1100 shares. Yesterday I was contacted by his broker (my father being deaf couldn’t deal with him & i’m Down as alternate contact). Anyway they want a decision by Monday. My father doesn’t have 9k hanging around to avail of rights offer.
Can someone explain in plain english what will happen should he not take up the rights offer? Should I lend him the money to take up the offer? Or would it be better to purchase his shares now & me take up the rights offer & if yes what are they worth now? Thank you in advance.


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## Brendan Burgess (10 Nov 2018)

rob oyle said:


> Depending on how you hold your shares, if you don't take up the rights issue by the deadline they will be redeemed and the proceeds paid over to you.



As I sold my shares when the Rights Issue was passed, I have lost personal interest in this and assumed that Rob was correct. 

But I just checked out what happens if someone does nothing and I am shocked!
*Download - Aryzta*
6. What will happen if I do nothing?
If your Rights are not duly exercised by 12:00 noon (CET) on 15 November 2018, your
Rights will lapse and become null and void without any right to compensation, subject
to any other arrangements made by the relevant financial intermediary maintaining the
securities account into which your respective ARYZTA Shares are credited.

So if you had 1000 shares worth €6,000 a few weeks ago, and do nothing, you will end up with 1,000 shares worth €1,200. 

I had assumed that they would sell your rights in the market but apparently not.

Brendan


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## Brendan Burgess (10 Nov 2018)

Stella66 said:


> Can someone explain in plain english what will happen should he not take up the rights offer?



His shares will fall in value from around €6,600 to €1,300. 

He should instruct the broker to sell his rights immediately. 

Or if you can get all the paperwork done by Monday and the money transferred, he could subscribe for the rights issue.

Brendan


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## rob oyle (10 Nov 2018)

Brendan Burgess said:


> As I sold my shares when the Rights Issue was passed, I have lost personal interest in this and assumed that Rob was correct.
> 
> But I just checked out what happens if someone does nothing and I am shocked!
> *Download - Aryzta*
> ...



That's incredible (and not in a good way). Given the timeframe on this (I had to take action by Monday coming with Davy's, only got their notification on Friday), there will be a lot of small shareholders that probably won't take action in time but would assume they won't be worse off. Is it possible that this is badly worded and no one is entitled to 'compensation'. I wouldn't have thought so though, these papers should've been reviewed numerous times before publication.


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## shan999 (10 Nov 2018)

I would go with brendans no 3 option,but you need to contact your broker at 9am on monday morning to arrange purchase of rights


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## Brendan Burgess (10 Nov 2018)

Brendan Burgess said:


> your
> Rights will lapse and become null and void



That seems very clear to me, incredible as it may seem. 

I believe that Rory Gillen has written to shareholders saying something different: "If you do not take up your rights they will be sold in the market place but you will not receive any on (sic.) the excess over the CHF1 issue price." 

Come to think of it, I don't understand what Rory is saying.  I valued the rights at 50 cents each:





So maybe it's the same thing? 

Brendan


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## Brendan Burgess (10 Nov 2018)

It looks as if the Rights closed on Friday on the Six Swiss Stock Exchange at

0.276 CHF which would be about €0.24 each.

The share price on Friday was €1.175 
The subscription price at 1 CHF is €0.88
So each right should be worth about €0.29 cents ( €1.17 - €0.88) 

Brendan


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## Brendan Burgess (11 Nov 2018)

I attach Rory Gillen's comments on Aryzta


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## Brendan Burgess (11 Nov 2018)

Rory has told me that Irish euro rights can't be traded. They must be taken up or the value is lost. 

Brendan


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## Stella66 (12 Nov 2018)

Brokers saying my fathers 1096 shares would sell for 24c each today - that’s it. I’m horrified. 

I think I’ll have to fund his taking up of rights to have any hope of seeing return of value. But it’s a risk for me. Any thoughts?


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## Brendan Burgess (12 Nov 2018)

Stella66 said:


> Brokers saying my fathers 1096 shares would sell for 24c each today



The share price today is €1.23 so that is roughly the price they would get if you sold them. 

However, you are entitled to buy 10,960 shares at 88 cents each. That is €9,644 

When you or he takes delivery of the shares, which is probably Friday, he should be able to sell them at c. €1.23 cents each. 

So he will get €13,480  and can repay the loan to you.

Brendan


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## Brendan Burgess (12 Nov 2018)

Stella66 said:


> Brokers saying my fathers 1096 shares would sell for 24c each today



I wonder does he mean that you can sell the 10,960 rights for 24 cents each, not the shares. 

In which case your dad would get about €2,600 cash and still have 1,096 shares worth about €1.23 each.

Brendan


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## rob oyle (12 Nov 2018)

Brendan Burgess said:


> I wonder does he mean that you can sell the 10,960 rights for 24 cents each, not the shares.
> 
> In which case your dad would get about €2,600 cash and still have 1,096 shares worth about €1.23 each.
> 
> Brendan


That's what I had understood when seeing the valuation mentioned... because of the unusual structure of the rights issue, people are perhaps more confused than normal this time round (as am I!).


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## wheeler dealer (12 Nov 2018)

rob oyle said:


> That's what I had understood when seeing the valuation mentioned... because of the unusual structure of the rights issue, people are perhaps more confused than normal this time round (as am I!).


What stockbroker is this with


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## Stella66 (12 Nov 2018)

wheeler dealer said:


> What stockbroker is this with


Redmayne Bentley

When I queried this against online share price (Yahoo) was told that price (1.21) was not available from brokers & only the 24c available. 

I’m dealing with admin person there - I had them confirm that if rights exercised he’d have 1096 + 10960 of new shares. Initially I was told 10960 only; but I queried this. 

The euro rights are not tradeable


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## shan999 (12 Nov 2018)

Stella66 said:


> Redmayne Bentley
> 
> When I queried this against online share price (Yahoo) was told that price (1.21) was not available from brokers & only the 24c available.
> 
> ...


I paid in sterling to a gb iban no,told today that sterling is not accepted,anyone can give me any advice what to do now.


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## Brendan Burgess (12 Nov 2018)

Hi Shan

Are you with Redmayne Bentley as well? 

What did they recommend that you do? 

Brendan


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## shan999 (12 Nov 2018)

Hi brendan,i am with link assets in the uk,they informed me today by email that they would be returning my sterling,i have since got a contact with
davy stockbrokers who is dealing with the rights,he said at this late stage he could not help me.
I have spoken to banking 365,he suggested i go to my bank of ireland branch in the morning and see if they could do a transfer there and then.

There was a time when i knew everyone working in my local bank,that day is gone,my local branch will not answer the phone,push 1,2,3,4,5 and so
on.


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## Brendan Burgess (13 Nov 2018)

I met an elderly person last night who is so disappointed with her investment in Aryzta that "she does not want to throw good money after bad"  by subscribing for the rights.

There will be lots more like that.

Brendan


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## Aberdeenangus (13 Nov 2018)

This whoje thing is a disaster.couldnt get money to zurich in time.got no contact from links until friday.links say my entitlements will be sold and i will get something from that.aryzta are a disgrace considering where iaws started from.small share holders were disadvantaged.kevin toland should be ashamed of his part in this.


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## shan999 (13 Nov 2018)

I think its time for small shareholders to start a class action against link/aryzta,anybody on here that would know  how to start.


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## wheeler dealer (13 Nov 2018)

shan999 said:


> Hi brendan,i am with link assets in the uk,they informed me today by email that they would be returning my sterling,i have since got a contact with
> davy stockbrokers who is dealing with the rights,he said at this late stage he could not help me.
> I have spoken to banking 365,he suggested i go to my bank of ireland branch in the morning and see if they could do a transfer there and then.
> 
> ...


I am with


shan999 said:


> I think its time for small shareholders to start a class action against link/aryzta,anybody on here that would know  how to start.


I phoned ambudsman yesterday ,you must first make a complaint to link/aryzta then wait 40 days for a answer then you can make the complaint to the ambudsman .I am waiting until i meet an inlaw who would be well versed in these things to write my complaint letter but in my book aryzta are some shambles and probably only be thrown good money after bad investing any more in them anyway!!!


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## Brendan Burgess (13 Nov 2018)

Aryzta is not a financial services provider, so you cannot make a complaint against them to the Financial Services Ombudsman.

Link are the Share Registrars? If so, then I don't think that they are regulated either.

So it's off to the courts with you.

Brendan


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## Dannypier (13 Nov 2018)

This is ridiculous only got links letter in the post today, but had been trying to contact them all last week and felt like I was going around in circles nobody could help me.
The time frame here has been too short for link. I was told today they couldn't get a stockbroker in time to act on there behalf and as it stands I'm too late to take up my rights or even sell them! So now I will end up with nothing except the diluted shareholding I owned before all of this mess.
I rang Aryzta this evening and was told they understand the situation for link holders and are trying to resolve it so fingers crossed.


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## wheeler dealer (13 Nov 2018)

Brendan Burgess said:


> Aryzta is not a financial services provider, so you cannot make a complaint against them to the Financial Services Ombudsman.
> 
> Link are the Share Registrars? If so, then I don't think that they are regulated either.
> 
> ...


Link are regulated by the financial regulator according to girl on phone ,aryzta are not so all not lost there yet (probably though)


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## shan999 (13 Nov 2018)

Its worth noting that the majority of the small shareholders in aryzta are in ireland from the IAWS many years ago.i would hope that maybe the
farmers journal would highlight this issue on behalf of the small shareholders


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## Brendan Burgess (14 Nov 2018)

shan999 said:


> maybe the
> farmers journal would highlight this issue on behalf of the small shareholders



Very good idea. Contact them as their coverage of business matters is very good.  They would understand the issue. 

Brendan


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## DL10000 (14 Nov 2018)

The Link mess has been reported in the Irish Times today. I suspect this will increase pressure on ARYZTA to ensure long term small shareholders are not screwed over. 

ARYZTA trading at 1.55 CHF today, so the potential loss is CHF 5.50 per original share for those who fail to exercise.


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## shan999 (14 Nov 2018)

I spoke to link assets today,he told me they were still working with aryzta on this ,he was aware of the irish times article today.


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## Dannypier (14 Nov 2018)

shan999 said:


> I spoke to link assets today,he told me they were still working with aryzta on this ,he was aware of the irish times article today.



That's what they told me yesterday, but this evening I was told that we more than likely have no hope of getting anything.
Link are sending out a letter explaining from there side what happened here.


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## Brendan Burgess (14 Nov 2018)

Great article by Dominic Coyle which explains it well. 

*Aryzta investors lose 90% of stake in business*


_Hundreds of long-term shareholders in troubled food group Aryzta have seen their stake in the company decimated after they were effectively locked out of a major [broken link removed]. 


The shareholders received notice only yesterday of how to go about claiming their rights. But they were told that in order to hit the noon deadline on Thursday for taking up the shares, they needed to indicate their interest to their intermediary by Monday – the day before the letters arrived.

They appear to have lost out in part because of choices they made at that time. When Aryzta was formed, IAWS shareholders were given a choice. Either they could hold their shares in electronic form and receive information electronically -– i.e. by email – or they could continue to hold their shares in traditional paper form and be contacted by post regarding company events and disbursements.


This latter group were held in what is called a bare trust, which is managed by a trustee called Link, formerly Capita. Link also manages the “dematerialised” shares held in electronic form for other investors._


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## rob oyle (15 Nov 2018)

By way of update, Davy Select processed the rights requests for Aryzta shares purchased on the Irish stock exchange on Tuesday but not yet those for shares listed on the Swiss exchange*. Could also be the case that it is taking some time longer for transactions to be reflected on accounts.

* If you had IAWS shares that converted in 2008, these Aryzta shares are traded on the Swiss exchange. Otherwise, you're likely to have Irish-traded shares if bought more recently.


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## Brendan Burgess (15 Nov 2018)

Rob 

That is very interesting and clears up something which I had not understood.

So those who had IAWS shares were able to sell their rights because they were on the Swiss Exchange.

Those who had bought recently were on the Irish exchange so could not sell their rights. 

What a mess. 

Brendan


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## wheeler dealer (15 Nov 2018)

Is it too late to sell the rights ,if you had the aryzta shares that are traded on the swiss stock exchange with Link


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## Deiseblue (15 Nov 2018)

I was informed that to sell the rights you had to have emailed such instructions to Link by 10 am on the 12th.
Your best bet may be to email Aryzta pointing out that the Link letter setting out the rights option was not received until the 13th and asking them how they intend dealing with this debacle


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## Brendan Burgess (15 Nov 2018)

Deise

Did you get to act on time? You had mentioned in an earlier post that you were away? 

Brendan


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## Deiseblue (15 Nov 2018)

No , Brendan - failed utterly, was in Seville when I got a email from Link on the Friday but far too late too take any action by the cut off point.


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## shan999 (17 Nov 2018)

Stella66,did you get sorted with your fathers shares,i still dont know if i got shares, i had replied on time but paid in sterling as this was my only
option on banking365.
Just got a email alert from aryzta,they announced that 97.5% of the shares were taken up,but that still leaves 22 million shares to be sold next week,what are the chances of getting some of these.
what are the chances of getting some of these


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## rob oyle (17 Nov 2018)

shan999 said:


> Just got a email alert from aryzta,they announced that 97.5% of the shares were taken up,but that still leaves 22 million shares to be sold next week,what are the chances of getting some of these.


Chances are the rights issue is underwritten so the shares will be purchased by the underwriters, to maintain share price stability, so not available to the public/other shareholders.


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## shan999 (18 Nov 2018)

See good article by brian carey in todays times newspaper,he is the business reporter that has been updating us on aryzta,he had a swipe at link assets.

Where do we go from here


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## Deiseblue (18 Nov 2018)

I’m told that Link are to issue a letter explaining their position which I can only imagine will be couched in an exculpatory manner.
I don’t believe that Link alone are responsible for this debacle.
Have you emailed Aryzta with your concerns ?


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## Brendan Burgess (26 Nov 2018)

So how much has the failure to take up the Rights Issue cost people? 

They could have bought 10 shares for 88 cents each. 

They are currently worth €1.14 ( although they are fluctuating wildly) 

So they have lost about 30 cents per new share 

Which is about €3 for each share they held before the Rights Issue. 

*Anyone who subscribed has also seen a fall in value 




*

They now have 11 shares worth €12.50 

So it's a fall of about 18%.  Of course, that depends on the share price of €6.40 which I took on the day I started this thread and the €1.14 share price today.  A small change in either would reduce or increase the losses.

Brendan


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## shan999 (10 Dec 2018)

SEE ARTICLE IN TODAYS IRISH TIMES RE LINK AND ARYZTA IN DISPUTE WHO MESSED IN RECENT SHARE ISSUE


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## Brendan Burgess (11 Dec 2018)

*Aryzta trustee hits back at company over rights issue debacle*
* Link Asset Services claims food firm is to blame for Irish shareholders missing out*


Two completely different versions of events: 

“Under the terms of the transaction documentation entered into between the trustee and the company, the company was required to provide notice of all matters relating to the company and the company’s shares direct to holders. It did not do so,” Link said in the letter to shareholders seen by _The Irish Times


“It became apparent to Aryzta that Link was not prepared for the rights issue – despite relevant information being distributed on October 11th to all shareholders,” the company said._


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## rob oyle (19 Dec 2018)

The fall off in Aryzta share price continues... we're almost at the offer price from the rights issue, which wipes out the benefit in subscribing.


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## Brendan Burgess (21 Dec 2018)

We do not allow speculation about the price of shares on Askaboutmoney.  Posts speculating about the price have been deleted. 

You can continue to post on the mechanics and issues such as Rob's last post.

Brendan


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## Brendan Burgess (8 Jan 2019)

Brian Carey has been writing about it in the Sunday Times a lot recently.

*Aryzta bake-off hots up*

(Subscription required) 

_Link has told the investors that it has independent legal advice confirming it fulfilled “all its legal, fiduciary and contractual duties”. This does not mean it offered a good service, of course.


The company, chaired by corporate grandee Gary McGann, was fully aware of the challenges that a Swiss rights issue held for these shareholders. While it issued warnings, its delays in issuing formal notices to Link proved critical.

...

Meanwhile, the rights issue diluted the holdings of the locked-out investors and damaged the value of their investments. Reputations have been stained. Aryzta should distribute to the locked-out shareholders all of the profits it earned from selling unclaimed rights issue stock in the market. It should screw the legal advice and do the right thing._


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## thelawyer (18 May 2019)

Has anybody had any success in follow up against Link or Aryzta, six months later?


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## shan999 (18 Jul 2019)

Have heard nothing from anyone,today july 18th 2019,aryzta shares are trading at 0.85c at close of business, i dont know if i want  to put money in to aryzta again,i also bought aib shares at 4.40 now trading at 3.50.


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