Yea youāre correct regarding the rights. But based on current methods, I see the only way T212 can allow us entry is similar to how they do the rights offering for other stocks.
+1
Iāll be checking back once the deal has been approved. Hoping that because T212 uses Interactive Brokersā systems as its underlying infrastructure itāll be dealt with correctly for such a popular SPAC.
Saying that, the complexity of the deal will likely cause issuesā¦ a good buying opportunity nonetheless!
The best explanation Iāve heard is by SPAC expert Enrique Abeyta via his Hard Money podcast ā well worth a listen:
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Hi B.E,
Do you have any further information you can share with us, or at least the preferred plan by T212?
Thanks!
June 22nd is the Vivendi/PSTH deal vote. Details will be confirmed then and brokerages can start planning.
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Iām sure planning can start in anticipation of the vote going through; in terms of how to action the warrants, distribute UMG shares, gain access to SPARC etc.
It wouldnāt make sense to only start once the deal gets voted through, youād pre-empt the work required beforehand and get that planned in.
Iād be pretty annoyed if we didnāt get access to the full deal because one of the actions would ātake too long to implementā.
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An outside the box solution could be to sell your shares on 212 and rebuu with a broker that has full functionality rather than hoping for features/a solution to be implemented in time of you want to remain a a shareholder and participate fully?
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Good point. This would be wise if it looks like T212 cannot support the structure. Very tempted to start accumulating elsewhere while the stock is being beaten down.
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I agree with you Matt
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Great ideaā¦. Iāll sell my shares that incurred an FX fee when I bought, to then incur another FX fee to sell. Iāll then wait who knows how long to have the money withdrawn, then set up another account with a different broker, to then incur more charges when I buy, at potentially a higher price than I sold atā¦
Or, T212 could start acting like a responsibile broker and start adapting to the ever changing market - unable to support mergers/demergers according to the intended deals, stopping buy orders on penny stocks etc.
Iām not sure a great business model of stopping new accounts and then providing a sub-standard service so people go elsewhere is very sustainableā¦
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While I agree that T212 needs to be compatible with a wider range of set-ups and asset classes, which Iām sure they will be over time, we just need to be kind and patient.
Donāt forget that T212 is a free service that has allowed an unprecedented number of people, previously hit with many barriers to entry, access to the markets and on the path to financial independence. Weāre some of the lucky few who were on the platform before new sign-ups were paused. Like with a lot of industries in tech, weāve experienced five years of change in a single year and with that comes mistakes as well as opportunity.
Iām not sure of your personal situation, but I personally am likely to purchase a similar quantity via a traditional broker if it looks like T212 cannot support the PSTH set-up. As more people start to realise the value of the deal, the stock price will inevitably rise and I will be able to sell my T212 PSTH position and gain back more than my cost basis on the other broker platform.
Over time, any FX fees or small dollar difference in stock price will be negligible to 5-10 year returns.
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You do realise this is for regulatory reasons or on request of Interactive Broker, not 212. We also have to realise we pay very little right now, we ask for more, it will ultimately cost more as we request more services. Something has to cover the costs and that will be us.
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From my whole reply you jump on the penny stock mentionā¦ it was an example of why people would move away from T212 - like you suggested they do.
Regarding the costing more for more features, if they allowed new accounts they would therefore make more revenueā¦
Please keep this thread to PSTH.
Iām sorry for upsetting you, I didnāt realise only you could go off topic.
Iāll continue having a few pints in the 
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no need for the passive-aggression. If people feel your posts fail to follow the forum guidelines, donāt be surprised if you see them flagged and later removed.
The standard of service has only improved since the account registration was closed, if you donāt feel so then you should consider just moving brokers and getting all your complaints dealt with in one go even if it means a one-off ālossā.
also donāt mention things if you donāt want to see a response about it.
As far as this thread goes, āwill 212 be able to provide support for the entire deal?ā
no - but they will provide what they can and what they are already in a position to do so once the deal goes through. T212ās situation has not changed overnight, so being aware that T212 only deals in shares, clients had the option to purchase the PSTH shares elsewhere to receive their complete package.
Instead of T212 wasting time making ācould-beā plans for the result of the deal, itās better for everyone they keep their resources focused on being productive in others aspects until the deal is finalised and they can follow a set route to fulfil their obligations to PSTH shareholders upon official confirmation.
Apologies if this came across as passive aggressive - I was merely responding back in a tone that I felt matched the original statement. Flag if you must.
Iām not sure what you mean by my ācomplaintsā? Iāve not made any, Iāve mentioned a few issues that Iāve seen on the forums, however I donāt believe I said I had any involvement in these? I was stating some of the issues that Iāve seen members mention they will leave T212 for.
When I asked for an update, I didnāt expect the response from a member suggesting to go elsewhere - thatās not very helpful. I could, as many of us could, make that decision for ourselves based upon an official response from T212. This suggestion from another member is what took the thread off piste and away from PSTH.
This is speculation. I would really like a T212 representative to provide information on what they think theyāre able to achieve. The deal has been detailed by PSTH, itās a case of voting for approval. So itās not like T212 are unaware of what the deal would entail and as such could start making enquiries with IBKR etc.
Ultimately, what Iām trying to find out is what aspects of the deal T212 think theyāll be able to accommodate, as some aspects are more important/valuable than others. This should be communicated prior to the holding cut-off date, so that it gives investors the opportunity to buy their shares elsewhere, or keep them in T212. Finding out after the holding cut-off will mean investors donāt have the option of moving elsewhere if important aspects of the deal canāt be provided.
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I accept your apology. To confirm I am not a flower.
Also thank you for your reminder to be social when out with people, and not look at my phone. I have to admit it is not something I tend to forget, but some people do so thank you for making sure I am not one of them.
I do not disagree with you - 212 need to add functionality to process corporate actions - but there is complexity to this that we may not all realise.
For example:
- Voting - How do people vote on C/A options?
- Warrants/Rights - what to do with fractional?
- What limitations are we not aware with, from what IB provide(some noted above)?
The easiest path to follow to me, would be to round down any entitlement to full shares(normal practice), and pay the remainder in cash(if anything) once it was an option.
I doubt they would roll out the ability for a single stock just because people request on a forum, perhaps as a ātest caseā yes, but we have unfortunately never had this functionality before, nor is it in our T&C, so we sadly have to wait and see if/when it will be added.
I hope they are able to add the ability to action all the entitlements/cash equivalent for you on this stock and you get an official response soon as you have requested. The suggestion to look at an alternative broker was simply to ensure you get full participation in the event from your investment.
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Can anyone recommend a platform/broker that fully supports the 3 steps mentioned, I am keen on PSTH but dont want some of the value getting lost because people use the excuse āits complicatedā. Just so then at least I can buy them there and leave my T212 account for the simple standard shares.
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Probably worth reaching out to some customer service teams and seeing what they say.
I called HL this morning and am awaiting confirmation from their operations team. Will relay their response once it arrives.
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Problem with all other European brokers which would probably support the whole deal:
Their charges are anti-proportional to your monthly trading activity. If you only go there for the PSTH cluster-fudge, itās gonna hurt long-term.