I have to say I’m a bit confused about all this. Maybe someone can help me out:
What’s the delay? Why?
Shares were held in Crest. Election were made in Crest. IB (intermediary) on T212 behalf would have elected and received via Crest. All electronic. All straight through. All resolved on issue date. Who’s gone wrong here?
That’s a T212 issue and I’d imagine clients have recourse if T212 are at fault.
What I also don’t understand is why anyone surprised the price by the price going down so much. You had a company with a market cap of roughly sub £50m with a share price of roughly £1.05 (so about 47m shares in issue) and then you went and introduced 140m new shares at 75p - so about £105m new capital. You therefore have a company worth about £155m but with about 185m shares in issue … so about 84p. (wildly basic maths, I think the post dilution price was probably a little higher, but you get the point).
That said, I sympathize. This “delay” just traps you with losses. Maybe T212 will make you whole. But I’m guessing not. Sorry