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Mergers & Settlemenet

Guest Jakeds

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Guest Jakeds


I am trying to understand something similar. 

I recently bought 21 st Century Fox Share and was hoping to execute trade such that it settled before the Disney Fox Merger. However my trade was a day late and settlement on a T+2 basis would have only occurred the day after the official close of the Merger. 

All reports have indicated that the corporate action has taken place and the merger has closed with "new fox" actively trading. My portfolio still shows my holding as 21 st Century Fox which is in a trading halt (and won't be traded any further due to the merger). Which leaves me in a unique position as I don't believe settlement has occurred. 

Would be great to hear if anyone knows what happens in this situation.

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Hey - at the moment share dealing accounts should have been accredited, however leverage accounts such as CFD still waiting to be settled. Unfortunately this is due to our broker, Citi, not completing this action yet. As an indication we know that the terms are:

0.736816999999999 for 1 in 20th Century Fox

0.4517 Per Share for 1 in Walt Disney

0.332820199999995 for 1 in new Fox Shares

The relative complexity in this is due to the number of companies involved and the division of the company. We expect this to be reflected by the end of the week, however this is currently subject to change.

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Guest Jakeds

Thanks James,

Much appreciated.

My trade was on my share dealing account which has not been accredited.

Hopefully the new share arrangement is reflected in my account next week.

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