Heya,
Was wondering if anyone could help explain how a cash takeover situation works with T212?
So as an example, Aggreko is in discussions about an 880p per share cash offer.
If that ends up being confirmed and a formal offer is made, what happens then? I understand that T212 works on a nominee basis when it comes to normal voting rights - but in this situation, could it end up as an enforced sale of my holding if everything goes through?
Will I have any option to accept the offer?
If there is a cash offer for the company’s whole stock then you will get your share of the cash. So if the offer is 880p for all the common shares you will get 880p for every share you own.
You won’t get the opportunity to vote one way or the other but as per the T&Cs you could ask T212 to vote on your behalf.
Voting Rights, interest, Dividends, and Corporate Actions.
20.1. We are not obliged to but we may arrange for the exercise of any voting rights, or the exercise any conversion or subscription rights attaching to Investments we hold on your behalf.
20.2. We will be responsible for claiming and receiving dividends, interest payments and other income payments accruing to your Investments we hold on your behalf.
20.3. You shall be solely responsible for providing us with your instructions in respect of clause 20.1 and 20.2 above but if we are unable to obtain your instructions we may, without incurring any liability, use our judgement and act as we think fit in your best interest.
20.4. As a result of corporate actions you may be allocated fractional shares. Trading 212 will aim to provide them as fractional shares, however, if that is not possible for any reason Trading 212 will pay a cash equivalent of your fractional shares to your trading Account.