TRCH/MMAT Merger + Dividend - What will happen?

Hello,

Please can you confirm what will happen post-merger of Torchlight Energy Resources (TRCH) and Metamaterials (MMAT), occurring in the coming weeks?

I have been informed by another T212 user who has been in contact with you that any shares in TRCH will be liquidated and not transferred to MMAT.

This also affects the dividend payment that all TRCH shareholders are entitled to upon the merger.

Please can you confirm your position on what T212 is doing regarding the merger, and if not carrying out the merger on the platform, explain why.

Thanks

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Hey :wave:,

We are waiting for the company to make an official announcement in regards to any upcoming merge. Once there are more details & confirmation about the event, we’ll share further updates.

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OK. Thanks for letting me know. I look forward to your update.

also waiting for update on this, spoke on live chat to 212 today they could not confirm the special dividend payment, so currently i’m looking to play the run up and exit before the merger

still no update from 212 on this ?

I checked from reddit (updates on June 16, 17th), that T212 will not convert but sell off at market price.
That means all T212 stockholders cannot get dividend?
Any confirmed updates from T212 officially?

We understand that this is a hot topic at the moment, however please bear with us - we’ll update you in a timely manner :v:

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I spoke to Trading212 and they have recently CONFIRMED (again dont know if they this person knows what he is talking about) as stated before our TRCH shares will be sold and wont move over to MMAT.

However we will still receive the dividend payment if eligible.

The div payment is shares in a holding company…

The holding company shares maybe worth $1…
However before end of 2021 the holding company should has sold all trch assest. Then they wind down the company and share out ALL the cash to the old tech shares holders which could make the SP for this holdong company $20 a share.

So yes you get your div share but they will sell you out and give you cash value… well cash value of $1 is not the end cash value it could be…

This is the difference of cash out day 1 being £1000 to once the holding company is wound down being £20k …

THIS IS THE ISSUE…
As well as why can’t we have META shares? They do it with spacs and other mergers ?

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shame we can’t get a clear response on this, have a lot riding on this will have to ladder out in the run up as i can’t risk not receiving the special dividend

Its weird that they can do a ticker change if its a SPAC, I am also in for the Dividend, so it would be nice if Trading 212 would finally put its Big Boys Pants on and get their house in order.

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It’s usually a cusip number change that causes the issue. This doesn’t happen with a SPAC.

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Just over 24 hrs to go 212… any ideas yet…?

212 and TRCH holders read this. It explains the div payment in shares… meaning TRCH div shares have £0 value untill end of 2021…

212 team any update on the TRCH situation? As you will know today is the 22nd June which is the ex div date for TRCH shareholders.

Have we " give us time " enough yet and when will " notify you in due course " be… the clock is ticking very quickly.

Let it be known I want my MMAT shares, I don’t want you to sell me out. Just watch today’s price action. You could cost your customers 1000s.
Also I want my special div payment ( shares in a holding company ) to be given. Selling me out is not what I want, and again will cost me £1000s ( up to $10k if you do…

Can we please get an update other than the two most popular responses quoted at the start.
Thanks.

Does that mean WeBull have the same issue as well?

Understand your frustration, but as a community how about we put forward a proposal and ask if 212 could accommodate.

From your multiple threads all about the same thing(bit confusing), the crux of your concern appears to be the additional special dividend shares awarded that are currently worth nil, which may pay out a special capital distribution once all its segregated assets have been sold down(if anything left after expenses).

Is this correct?

If so, until 212 have a solution to process/handle corporate action events going forward, is your question to 212, to ask if in this instance when this happens, can they ensure for all investors that held the original security, including yourself, be paid this value so you do not lose out from being customers of 212. You understand that when you signed up to 212, this was not supported by 212, however due to the nature/potential value of the event, could 212 consider this proposal.

Does that sound a reasonable ask or have I missed a step on this event?

It may also help if we as a community ask for a response to the OPs question as well.

@B.E @ThoughtExp82

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The execution of the event depends mainly on the provided options from our intermediary - IB. The matter was escalated to them a while ago, and we’re expecting further confirmation on their side. The last update by them is 2 days ago, and it states (rephrased):

“No source shows the final details yet, including the depository. Further updates will follow”

I’m sharing the information so that you could be aware that “No update” stated on our end equals to: we’ve asked the intermediary, and we’re expecting updates on their behalf. Regardless of how seamless and straightforward a corporate event could look, you should always consider that we provide execution-only service and rely on external factors to facilitate a specific event.

Bottom line - the reply to your question is:
we’re expecting IBKR’s update > IBKR are expecting an update from the depository.

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Morning,

I have a small position in IBKR and a bit more on T212. I have sold more TRCH on a loss with no news on dividend pay and auto conversion to MMTF.

I can already see on my IBKR that they have started transitioning my TRCH position to new ticker.

It would be helpful if T212 does the same so we don’t miss out on dividend and close our existing position for a loss.

I didnt expect so much interest when writing the question but just to say ive sold off all positions in TRCH yesterday. Not necessarily because of lack of any info from T212 but because of the price action.

Id held with a 1.91 average and held up to and down from the peak on monday, selling at substantially less than had i gone at the top.

However, clarity from T212 would have helped sway my decision to hold or otherwise. I may miss out on the dividend but a bird in the hand is worth two in the bush.

GLTA

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