Bank of Ireland Rights Issue explained

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Yes, I got one dated 21st May also. If you check your online account you should see the rights listed there. For info, The deadline for take up the entitlement is 3rd of June in my letter.
 
Can anyone explain the CGT implications of the rights issue?
To avoid committing more cash, we are thinking of selling say 80% of the rights and using the proceeds to exercise the rights to buy more shares.
1. how will CGT be assessed on the rights we sell?
2. how will that affect CGT if we eventually sell the new shares we have bought?
Thanks.
 
hi ,
does anybody know why the adr s of bank of ireland does not sell at 4/1 ratio yet ? and when is this likely to happen (the latest)
Thanks
 
I have missed deadline to sell rights with compushare ( received by 3pm Monday and i haven't posted it yet)
1) Am i correct in saying doing nothing is the same as selling rights - the only difference being timing ( sold on market rathet than when rights lapse) ?
2) Dependin onet answer to 1) Could i use a broker directly to sell for me as deadline 31sy may appears to compushare one ?

also thank you for the clear explantions in this thread
 
I managed to hand deliver to compushare today so i avoided issue. The answer to my second question is yes if anyone is interested as i found on Sunday Buisness Post site.
 
National Irish Bank have not written to me about this at all. They hold 1000 BoI shares for me in a custody account. The 1,500 rights appear ok on the online account but I do not know what to do with them! I guess i'll ring NIB.

Slim
 
Slim said:
National Irish Bank have not written to me about this at all. They hold 1000 BoI shares for me in a custody account. The 1,500 rights appear ok on the online account but I do not know what to do with them! I guess i'll ring NIB.

Slim
Click to expand...

Similar situation to you but NIB did write to me. Defo ring them.
 
Redzer said:
Similar situation to you but NIB did write to me. Defo ring them.
Click to expand...

Rang NIB. Letter was supposedly posted 20th May! I did not get it. Anyway I can do the business over the phone today. The shares were at 73c this am, so with the rights price at 55c, I should be able to sell them for 18c each, less commission of course. That should net me €250(270 - 20 comm). Am I correct in this?

Slim
 
Yeah, but my understanding is, if you don't do anything, they get sold on the 7th June and you get whatever profit then, so the share price could go up quite a bit if people take up their rights, or if everyone sells them I assume the share price will go down...
 
Apologies for silly question,if someone could clarify, I took up my right issue. I was entitled to 1000 shares which I purchased at total cost of 550 euro. Why on my Sharewatch account do they have 1000 shares at 19 cent, total value = 190!! Have I lost already!! I expected the total to be current share price (0.76) * 1000 shares = 760!
After rights issue trading is completed will the shares be at current market price (i.e. o.76)??
 
Hi

I am not taking up the rights and want to sell them - I missed the deadlines to reply prtly 'cos the price was so low. I now don't know whether it is better to try and sell in the market or let them lapse. I rang the help line and the guy was very vague about what happens if you let them lapse- saying they will be sold IF they can find a buyer and implying that not be possible, so I'd get nothing. Is that likely?

Also, I don't have a broker so if i want to sell now, will it be possible by just going into my local bank (Natwest)?

thanks
 
I would say that it's too late to do it via a broker although the market is still quoting a price for the nil rights.

If you are in the UK, and you don't have a broker, I don't think you could do it in time.

As of this evening the rights were worth around 19 cents each. All other things being equal, this is what they will be worth next Tuesday.

If the BoI share price is 75 cents next Tuesday, people will want to buy the rights for 20 cents, so I would imagine that is what you will get. If there are huge volumes of rights for sale that day, it might artificially depress the market, so you might get less than you would get by selling them now.

But I don't think you can do anything about it now.

Note: I am a rights holder and intend to subscribe for the shares
 
Kev53 - did you do this online by any chance, in that case you may have ended up buying more rights, rather than taking up the rights. for this you have to contact you broker to to this, it sounds like you doubled your amount of rights?
 
Bank of Ireland rights ceased trading this morning at 11am. Rump (amount of rights not taken up) to be announced tomorrow morning.
 
95% of the rights were taken up

the remaining 5% were sold in the market today at 75 cents each. This means that people who did nothing should received around 20 cents for each right they had.

Brendan
 
Payout

Are those who did nothing more than likely to get a cash amount (lapsed rights*price)? The prospectus was vauge enough.

When can payment be expected and how much would the fees be?
 
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