I crystallised a loss on my Desktop Metal ($DM) shares after it was acquired by Nano Dimension ($NNDM) following a court ruling ordering acquisition at US$5.295 per share a few months ago. However, 212 haven’t yet paid me out…
Trading 212 are saying that their intermediary (IBKR) haven’t finalised and confirmed this corporate action, however IBKR have said it’s up to 212. Apparently (according to posts on Reddit) I need to be provided with access to forms on the NNDM portal to confirm that I’m not subject to Israeli withholding tax.
Not having any clarity over this is immensely frustrating. Is anybody else here still holding those untradeable shares, or can someone from 212 get in touch with IBKR and iron this out so I can get my cash?
The company has been delisted from the AIM market and reregistered as a private entity. It’s no longer publicly traded, and no information is available regarding proceeds or future distributions. We’ll update all Sondrel investors as soon as further details emerge.
@cnote You’ve been waiting 2 years to be compensated for acquisition? That’s mad!
@Veselin.V I appreciate that you guys use Interactive Brokers as an intermediary, but equally in my case the acquisition has been completed and Interactive Brokers have told me to come to you - and that’s super frustrating because there’s really nothing else I can do and there’s seemingly no issue on their end.
Can you maybe tell us something about 212’s process for acquisitions just so at least we can understand a bit more about what causes these delays?
@Veselin.V , would it be possible to get an update? What are Trading212 proactively doing to move this process along? If the answer is nothing, could we at least know who is waiting on what and why?
Thanks
@DeePeeCee, @oliverseymour.au,nothing has changed since @Veselin.V’s last reply. We continue to work on exploring the best possible way to execute the event. Updates will follow in due course.
@Bogi.H , @Veselin.V , I appreciate nothing may have changed, but my question was What have you been doing, what is your process, what exactly are you waiting for because from what I can read myself everything has been settled and agreed (Outside of Trading 212).
This makes me nervous about investing using this platform and I think you should take the time to reassure the people in this thread that you are being proactive.
I’m sorry to hear that the situation is leading to doubts. We do our best to reflect all corporate events as quickly as possible on our end, and this one is no exception. Unfortunately, it may take longer for everything to be finalised in some cases. While we can’t go into specific details, you can be sure that we’re actively working on finding the best solution, and we will notify you as soon as we have any further updates on this topic
Can you provide an update on the finalisation of this yet and when to expect funds? I see that even more brokers have now paid out shareholders, yet Trading212 continues not to do so.
Also, can you advise on what would happen to this position in the event that I initiate a transfer of my portfolio to an alternative broker?
I appreciate that you guys are busy, but this is highly concerning and needs to be a priority.
I completely understand your concerns. At this stage, there are no new updates, and EQT’s shareholder relations have confirmed that no additional buybacks are planned. We’ll keep a close eye on the matter and reach out if anything new comes up.
As for transferring your portfolio, shares with acquired, delisted, or restricted instruments can’t be moved over to another provider.
EQT? What? That’s not even the stock we’re talking about!
Why specifically can’t you provide the ITA portal/paperwork so users can finally be compensated for the Desktop Metal acquisition? What active efforts are you making given that your intermediary appears to have already done so?
I’m sorry, but this looks really bad from the outside…
Guys, as much as I like the app this back and forth is getting ridiculous. What specifically are you doing about this?
The acquisition of DM was completed on April 2nd, other brokers (apparently including IBKR, your intermediary) have been able to provide these tax forms to shareholders and pay out.
Not to make accusations, but when I say that this looks bad, this can easily like you’ve been paid these funds by IBKR and may be profiting from holding or using the cash rather than distributing it. That’s why the silence and vagueness is so concerning, especially as you’ve also now said that users couldn’t even transfer their portfolio - and @cnote has been waiting for two years!
We really need you to explain what’s going on here guys… you don’t seem to have any trouble executing other corporate actions like splits or dividends…
