Air France Shares Rights Issue

Hi, does anyone know when we will be offered the Air France Rights issue on the promised 3-1 ratio? Believe it’s between 27th May and June 2nd? Thank you. @David @Martin @Joey_Fantana

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Hey, @David_H.

Participation in the events is restricted due to domicile restrictions.

Hello,

Does this mean we won’t be able to take part in this offer? That would dilute positions and create losses.

Yep, apparently so!! Just kissed goodbye to £14k because they announced the raise

Yep. You have to be French.

You actually have to be in France. Mrs is French and has money invested but 212 is uk and she lives uk with French passport and still not able too

Makes sense with the pooled nature of the shares. Can you sell the rights?

Or is T212 going to sell them for you and pocket the returns?

In other words, will the shares be assigned the rights, but not be able to exercise them.

Just to sell them?

I mean, let’s not get silly. If 212 sell the rights they’ll distribute them to you as they always have done.

This is likely, in my eyes.

Hopefully.

Has this happened in the past, with just the rights but not the actual shares being available?

212 have sold the rights before and distributed to shareholders, yep. They couldn’t always participate in rights offers so this was the solution.

Hi David I am in a similar position. Trading212 tells me there won’t be rights sell and there’s nothing they can do.

Is this a problem with this particular broker or all non french residents face the same situation? if the latter, how can this not be a class lawsuit in making? Never heard of this kind of possibility (risk).

Regards,
Jed

Doesn’t look like so. No rights sell on our behalf.

It can’t be just a handful of us, right?

Why wouldn’t there be rights? Or are you trying to insight a riot on zero facts?

“As it turns out, we can not distribute any proceeds as we can not offer the event at all.”

This is what a 212 Customer Care Hero replied when asked “Does [domicile restriction] mean the rights will be sold and the proceeds be credited to investors who are not eligible?”

This happened before we the flag bearers and rights were distributed. I’d be highly sceptical of any response at the moment.

Yes there were incidences where CS doesn’t have a clue but in this case the same was repeated by two different CS reps with one seemingly more senior than the other. I don’t have a good feeling about this - not least the rights issue was to finance debt repayment to the French government.

Regardless, with so many investors based outside of France such a d*ck move, if true, by AF would either incite or instigate (not insight sorry) a riot.

It is true that AF want only French domiciled citizens involved. This is an ever present worry with all nationalised airlines that investors should have been aware of.

That being said, Lufthansa had a similar event and it was global.

Also, the prospectus does not seem to explicitly exclude all but French citizens.

So I think T212 is partially at fault here, as am I as an investor.

Sure, we can accept multiple parties at fault?

Well, if it’s ok with you - I won’t take your word for it.

Even on their website it states French citizen or qualified investor (of which no-one on 212 is).