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Call to close on IAG - wht does this mean?


macadam

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IAG went XR yesterday and I was holding stock. I now have a separate entry in my positions with call to close against it. I have 2 different entries with two different prices in different accounts. Please could someone offer explanations?

What is 'call to close"

Why are there 2 different prices?

Thankyou

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5 minutes ago, macadam said:

IAG went XR yesterday and I was holding stock. I now have a separate entry in my positions with call to close against it. I have 2 different entries with two different prices in different accounts. Please could someone offer explanations?

What is 'call to close"

Why are there 2 different prices?

Thankyou

Hi, call to close means you need to telephone to close.

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1 hour ago, macadam said:

Thanks Casey. That's useful info.

But I still have further questions.

The IAG rights issue offers holders the right to buy 3 shares for every 2 they currently have, at .92 euros.

Can I take up this offer or not?

Is IG offering to buy my rights?

30m
 

!!  IAG Rights ex-date was 14th September, please only call regarding this if you wish to trade the rights

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2 minutes ago, macadam said:

Ah - so I can trade my rights or I can exercise my rights. If so I need to decide what is the best course of action for me.

I wonder why the price IG offers varies on different accounts? 

How do you get the best  / better price?

 

by different accounts do you mean share dealing and spread betting (CDF) accounts. sorry can't give answers, not my field, just relaying anything I see.

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Did anyone actually receive an e-mail about the rights issue?

Like they usually email you asking if you want to take up the rights or do nothing or trade them?

I haven't seen any email coming in and now have the rights in my account. Weird one.

Certainly would like to take up the rights. What to do?

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Guest Jonathan

hey all, 

sharing the e-mail from IG below, so we're all on the same page. Trust you heard the share was diluted by the main share holders (meaning they issues new shares)  to make the price more attractive to the constitutional buyers. in this way they raised a few billions to support the groups liquidity throughout the pandemic.

We’re writing to let you know that International Consolidated Airlines Group SA (LSE) has announced a Rights Issue, entitling shareholders to subscribe for new shares in the company.

The terms of this Rights Issue are:

- Ex-date: 14/09/2020
- Issue: Rights Issue
- Ratio: 3 new shares for 2 shares held
- Subscription price: EUR 0.92 (GBp rate will be emailed to you when we are notified by our broker)
- Trading period: 14/09/2020 to Till IG deadline
- IG deadline: To be confirmed in due course via another email

What this means for the shares you hold

You have the following options for the shares held in your account:

-Take up the rights. Please reply to this email or call our trading services team on the number below to let us know you’d like to take up the rights
-Do nothing. The rights will then lapse (this is the default)
-Trade out of the rights by calling our trading services team. You must do this during regular trading hours
 

You’ll need to make your decision by the IG deadline. If we don’t hear from you before the deadline, we will lapse your entitlement as the default course of action.

Please make sure you have the relevant available funds to take up the offer for your full allocation of shares by the IG Deadline. The Deadline will be announced in due course and to work out how much you will need on your account the equation is below

The amount of shares you are due multiply by the Subscription price.

The information in this email is preliminary and could change. If you need help or have any questions, please contact us using the details below.
 

Kind regards

IG

T 020 7896 0079
T 0800 409 6789
E helpdesk.uk@ig.com

 

 

 

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Hello, can somebody help and explain this rights issue? Is my understanding correct that if I hold 100 shares, I would be able to buy 50 shares at a pre-specified price that will be provided by IG over an email? If I accept this, I will get my average price down but ultimately I would still be worse off than where I was on Friday. 

Also, I see we can do it over the phone or reply to the email they sent me so I guess they'll execute the shares purchase etc and won't need to do anything or is that incorrect?   

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4 hours ago, DSchenk said:

Did anyone actually receive an e-mail about the rights issue?

Like they usually email you asking if you want to take up the rights or do nothing or trade them?

I haven't seen any email coming in and now have the rights in my account. Weird one.

Certainly would like to take up the rights. What to do?

I got two emails for two accounts

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The email doesn't really have much in the way of info. No deadlines dates (just says TBA, which isn't super helpful if it's soon...), doesn't have the cost per share (again, TBA). So, hard to base a decision on this (which is what the email asks you to do).

To the contributor asking about calling to close the trade and sell your rights - be aware that this will likely incur a higher broker fee. In Australia it's $50 or 0.1%, whichever is greater. 

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