What’s going on with 3TWT?


Can anyone provide any further details about this situation? Just went to check the position this morning and it is marked as delisted without any warning inside the ISA account?

Hey, @MSXP.

We’re waiting for further details regarding the suspension. We’ll let you know as soon as there is any news.

Why are they delisted suddenly?

Just curious, did you enter this position before or after Elon decided to pursue a takeover?

If after, why did you go 3x long on a position that is known to be most likely that the underlying asset itself (Twitter stock) be taken private at a known price?

All acqusitions I witnessed in the past, the stock price zips to the agreed share price and sits there until delisted.

I thought this was an opportunity since it hadn’t done that in this case.

Main reasons I thought people/tutes hadn’t drove the price to $54.20 yet include;

  1. Late Oct deadline for closure of deal
  2. There were concerns about Elon not being able to come up with the necessary capital

What I didn’t expect:

My broker to lock me out of a position without closing it and absolutely no communication about the delisting happening, meaning I cannot access those funds for an undetermined amount of time.

What’s to stop them from delisting other ETFs like the version of the S&P 500 ETF available on the ISA without warning?

EDIT:

I just had a wonder around the help section and found another guy who had a stock delisted with no communication back in January, where Bogi replied TODAY saying they’re still waiting for updates… I’m sorry but do you expect me to believe you are even trying to get updates after such a long timeframe?

EDIT 2:

Honestly my desired outcome is just to liquidate the position (provided it results in at least ~80% of my original investment since I was slightly green at the time of delisting) by any means necessary if possible please @Trading212

I believe in the FAQ for “what happens if my stock gets delisted”, the last case scenario outcomes go like this

  1. It frees up the capital you had initially invested in the position back to your account - which is not visible as a transaction but is obvious in your Account Value/ Free Funds.
  2. The system then adds the Profit/Loss that you have accumulated as a transaction on those shares at the last available trading price.

I would be satisfied as a customer of T212 with this outcome.

Have you checked what’s happening with the security on the exchange itself or with the company that provided the wrapper? It seems the security is delisted. Is there not a thread on here that someone from leverageshares replies to, or nothing on their website. It’s not a 212/IB issue here I think.

I would have thought that leverageshares fully liquidate your position prior to end of trading / delisting, or your shares are frozen until the pay date. Both really the only two things that could happen.

Edit:
@MSXP Your answer is on the leverageshares website, it’s not a broker issue. Mandatory redemption date is today. I suspect you will receive funds later this week once IB/212 reconcile customer positions.

It’s all under the notices section.

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I just thought that if any information had been released by the company that provides the wrapper, that T212 would pick it up and automatically distribute it to the holders of said security on their platform.

Is that a poor assumption?

EDIT:

Thank you very much @Dougal1984, that information is indeed helpful. I hope the funds are allocated in a timely manner.

Agree that would be the ideal solution, but there are 10,000 securities on here and 212 do not provide us with RNS feeds. I don’t get feeds from goLightYear/FreeTrade either. I do get voting notices and things like that.

It sounds like there is a very lucrative solution there for a talented individual/team to implement. If it’s the case that other brokers don’t have such a feature, I imagine being the one that does would put the service head and shoulders above the rest.

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I think that’s why you get the likes of wallmine and other things. I can’t quite get that to work either as an account aggregator. Someone else on the forum might be able to suggest something better, but I suspect there will be some sort of paywall. @Finki might know some if still around :man_shrugging:

Hey all,

Looks like I missed this post.

Please note that, as a result of Elon Musk’s planned acquisition of Twitter and anticipated delisting of the shares in Twitter (TWTR), we have decided to delist the below ETPs:

ETP Name ISIN
Leverage Shares 3x Twitter ETP Securities XS2337090778
Leverage Shares 2x Twitter ETP Securities IE00BKT66J95
Leverage Shares -1x Twitter ETP Securities IE00BKT66N32

Last trading day was Wednesday 4 May 2022.

Investors who haven’t sold on exchange will have their ETPs redeemed at a price based on closing prices of Twitter at close of trading on the New York Stock Exchange on 4 May 2022, less applicable costs, fees and expenses (the “Redemption Amount”). The Redemption Amount will be paid by 11 May 2022 or as soon as commercially feasible.

I’ll let you know as soon as I get confirmation on the exact payout date.

Full notice is here: Issuer Call Redemption Notice - 15:22:11 27 Apr 2022 - News article | London Stock Exchange

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And what’s going on with our investments. Its almost 13 May already?

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Hey - I was informed that the payment has already been made to IBKR. This now needs to be processed to T212, so that they can distribute to investors in the ETPs.

Let me try and get another update.

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Hi, any update on this please

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Still waiting for confirmation from the paying agent, sorry about that.

EDIT: So this was escalated internally with paying agent, hoping to get an update tomorrow.

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Still nothing? We are waiting more then half a month already.

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The ball’s with the market maker that needs some documentation on settled trades. I know this is very annoying, many apologies…

Received from Leverage Shares, why is Trading 212 taking so long to transfer our money?

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Guys, many apologies for this, I know it’s getting absurd - but I can confirm the issue is not with T212. We just got word that it now has to do with the liquidation of the underlying TWTR shares in the fund, so there’s some confirmations that the market maker is waiting from the paying agent…

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