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Tawana Shares

  • 26-02-2019 3:22pm
    #1
    Registered Users Posts: 21 patryan2


    Hello all,

    I was wondering if any holders of Tawana shares could help me with an issue that I am having with DeGiro. Basically, I held 10000 shares before the merger and they changed to as follows on my account:

    Product Symbol/ISIN Amount Closing Local value Value in EUR TAWANA RESOURCES N.L - NON TRAD... AUOSAU001002 900. 0.00 EUR 0.09 0.09 TAWANA RESOURCES N.L - NON TRAD... AU0000031270 11,000. 0.00 EUR 1.10 1.10
    I had assumed the 11,000 shares would be converted to Alliance (A40.AX) shares when they started trading but it never happened. When I queried with DeGiro they have responded with

    "These non-tradable positions are the result of a spin off and merger. In both instances the product is unlisted, and therefore unavailable to trade. There are no newer shares for these current shares to be exchanged for."

    Did any other TAW holders have this issue?

    Also, am I correct that I can't do anything yet about the other 900 shares?

    Thanks in advance.


«1

Comments

  • Registered Users Posts: 21 patryan2


    Sorry the table didn't come out right.

    11000 TAWANA RESOURCES N.L - NON TRAD - Price 0.0001 Total: 1.10
    900 TAWANA RESOURCES N.L - NON TRAD - Price 0.0001 Total: 0.09


  • Registered Users Posts: 990 ✭✭✭ cefh17


    You should have had your original TAW shares converted to A40 at 1.1:1 ratio so 11,000 shares. You would have also been awarded the non-tradable Tawana Shares (Cowan) around August if I believe. Doesn't sound right, get onto their customer care


  • Registered Users Posts: 21 patryan2


    cefh17 wrote: »
    You should have had your original TAW shares converted to A40 at 1.1:1 ratio so 11,000 shares. You would have also been awarded the non-tradable Tawana Shares (Cowan) around August if I believe. Doesn't sound right, get onto their customer care

    Cefh, thanks for the prompt reply. So am I correct in telling DeGiro that I should have 11000 x A40 trading at about aus$0.20 and 900 shares in Cowan that are not trading yet?


  • Registered Users Posts: 990 ✭✭✭ cefh17


    patryan2 wrote: »
    Cefh, thanks for the prompt reply. So am I correct in telling DeGiro that I should have 11000 x A40 trading at about aus$0.20 and 900 shares in Cowan that are not trading yet?

    No worries. I had a look at my account there and on 6th Dec 00:00 my 1700 TAW shares were sold at AUD 0.31 and (1.1x) A40 shares were bought at AUD 0.2818 and this was done automatically. I'm not sure why this wouldn't have been the case with you. In the case of the 1700 shares I can also see the 45 Non-Tradable TAW (Cowan) shares, hope this helps.


  • Registered Users Posts: 21 patryan2


    cefh17 wrote: »
    No worries. I had a look at my account there and on 6th Dec 00:00 my 1700 TAW shares were sold at AUD 0.31 and (1.1x) A40 shares were bought at AUD 0.2818 and this was done automatically. I'm not sure why this wouldn't have been the case with you. In the case of the 1700 shares I can also see the 45 Non-Tradable TAW (Cowan) shares, hope this helps.
    Thanks cefh, that is really helpful. I have asked DeGiro to figure out what went wrong.


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  • Registered Users Posts: 26 rp79


    Hi partyran,

    can you let us know how you get on as I am in a similar boat. I'm not sure if relevant but my sale in December is shown on the FRA exchange.


  • Registered Users Posts: 21 patryan2


    rp79 wrote: »
    Hi partyran,

    can you let us know how you get on as I am in a similar boat. I'm not sure if relevant but my sale in December is shown on the FRA exchange.

    Yes, I will. So far they are saying that as Alliance do not trade on the FRA exchange there is no way to exchange the old shares for new. If that was the case I would have thought they should just have sold the Tawana shares but I am seeing

    Sell 10000 @ €.183 = €1830
    Buy 11000 @ €0.1664 = €1830

    But the 11000 buy is still showing as Tawana non tradeable. I’ll post more when I hear back from them.


  • Registered Users Posts: 65 ✭✭ xDerp


    I've the same issue, the response was as follows:


    Dear Mr. Derp,

    Thank you for your inquiry.

    You should receive Alliance mineral shares due to this corporate action.

    Our Corporate actions team will send out instructions regarding this corporate action shortly.

    If you have any further questions I will be happy to assist.

    Kind Regards,


  • Registered Users Posts: 21 patryan2


    The latest update that I have got from DeGiro is:

    "You will shortly be contacted by our corporate actions department with an offer to transfer your shares to the Singapore Stock Exchange, which will move you to a tradable position. Once this email is received, please follow the instructions if you wish to transfer your position."

    I'm not sure why they are saying Singapore rather than the Australian exchange but I will wait and see what happens next.


  • Registered Users Posts: 990 ✭✭✭ cefh17


    patryan2 wrote: »
    The latest update that I have got from DeGiro is:

    "You will shortly be contacted by our corporate actions department with an offer to transfer your shares to the Singapore Stock Exchange, which will move you to a tradable position. Once this email is received, please follow the instructions if you wish to transfer your position."

    I'm not sure why they are saying Singapore rather than the Australian exchange but I will wait and see what happens next.

    Did you buy them on that exchange? If it means anything I think the sp is a tad higher on there and there seems to be more trade volume on average


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  • Registered Users Posts: 21 patryan2


    cefh17 wrote: »
    Did you buy them on that exchange? If it means anything I think the sp is a tad higher on there and there seems to be more trade volume on average

    No, the original buy was on the Frankfurt exchange.


  • Registered Users Posts: 21 patryan2


    Latest update is that I got an email from DeGiro today asking me to confirm that I want them to transfer the untradeable Tawana shares to new Alliance shares on the Singapore exchange. I've told them to go ahead.


  • Registered Users Posts: 269 ✭✭ TopOfTheRight


    patryan2 wrote: »
    Latest update is that I got an email from DeGiro today asking me to confirm that I want them to transfer the untradeable Tawana shares to new Alliance shares on the Singapore exchange. I've told them to go ahead.


    I also received this - is transferring them to the SSE our only option if we actually want to ever trade them again?!


  • Registered Users Posts: 21 patryan2


    I also received this - is transferring them to the SSE our only option if we actually want to ever trade them again?!

    I assume its that or the Australian exchange. Daily volume looks higher on SSE and the exchange rate is slightly better than the Aus dollar.


  • Registered Users Posts: 2,713 ✭✭✭ stockshares


    patryan2 wrote: »
    Latest update is that I got an email from DeGiro today asking me to confirm that I want them to transfer the untradeable Tawana shares to new Alliance shares on the Singapore exchange. I've told them to go ahead.

    I received the email also but the deadline to transfer to Singapore has passed.

    I only had 71 shares left so it wasn't worth the €25 fee to transfer.

    Are those 71 shares now worthless.


  • Registered Users Posts: 26 rp79


    I received correspondence that they could not convert into Singapore but will convert in to Asx instead. that was early last week but the conversion is still not being reflected on my account. Anyone else having the same issue. I've followed up with them but nothing concrete as a response as of yet.


  • Registered Users Posts: 116 ✭✭ Gruffalo22


    I received my AMS shares but not my Cowan shares :confused:


  • Registered Users Posts: 269 ✭✭ TopOfTheRight


    rp79 wrote: »
    I received correspondence that they could not convert into Singapore but will convert in to Asx instead. that was early last week but the conversion is still not being reflected on my account. Anyone else having the same issue. I've followed up with them but nothing concrete as a response as of yet.

    I'm in the same boat here, despite authorising the conversion to Singapore - no explanation given as to why it couldn't be done.


  • Registered Users Posts: 65 ✭✭ xDerp


    I'm in the same boat here, despite authorising the conversion to Singapore - no explanation given as to why it couldn't be done.

    Same, I asked them for timelines and the reply was along the lines of "we're working on it".

    I've about 500 shares so they'll be worth bugger all when all the fees are taken into consideration :(


  • Registered Users Posts: 2,713 ✭✭✭ stockshares


    I received the email also but the deadline to transfer to Singapore has passed.

    I only had 71 shares left so it wasn't worth the €25 fee to transfer.

    Are those 71 shares now worthless.

    Does anyone know if I can transfer these shares onto Asx


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  • Registered Users Posts: 21 patryan2


    Just got an update from DeGiro:

    "Regarding the Alliance Minerals transfer, as you are aware we have been unable to facilitate a transfer to the Singapore stock exchange, and are instead transferring to the ASX. Unfortunately, there have been delays in proceeding with this transfer. The transfer of your position is still going ahead, if there is any change we will be in contact."


  • Registered Users Posts: 269 ✭✭ TopOfTheRight


    This finally appears to have gone through for me, and was charged €25.


  • Registered Users Posts: 3,322 ✭✭✭ Wombatman


    Through for me too but still a small number of shares hanging around as non - tradeable from merger.


  • Registered Users Posts: 2,820 ✭✭✭ air


    Is this company gone bust now rendering any shareholding worthless?


  • Registered Users Posts: 2,005 ✭✭✭ crushproof


    air wrote: »
    Is this company gone bust now rendering any shareholding worthless?

    In a nutshell, yes. Many of us burnt, win some lose some.


  • Registered Users Posts: 4,542 ✭✭✭ delta_bravo


    Are we now at the stage we can write these losses off for tax? They have been frozen for months now


  • Registered Users Posts: 990 ✭✭✭ cefh17


    Are we now at the stage we can write these losses off for tax? They have been frozen for months now

    Will be closed out by end of February I believe


  • Registered Users Posts: 4,542 ✭✭✭ delta_bravo


    cefh17 wrote: »
    Will be closed out by end of February I believe

    Hooray! Might be for another thread but I assume once that's done we can use them as a capital gains loss to offset any other profits on other shares?


  • Registered Users Posts: 379 ✭✭ Mascher


    Can we write these off for as a capital gains loss yet? They're still showing in my degiro account, annoying me everytime I log in



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  • Registered Users Posts: 990 ✭✭✭ cefh17


    Soon hopefully, going through the courts now (don't know specifics, stopped being able to keep track months ago). Can find more info here:

    https://hotcopper.com.au/asx/a40/



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