The ship has sailed for your tradeable rights...
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I had to read your question several times to see what you were getting at. Then the hard part was to think what you were thinking to try to see what you were seeing.
It seems you believed that you were getting one new share for every 2 shares you held. This is completely wrong. What you got was the right to buy one new share at .8 of one cent for every two shares you held.
But as robbo24 says that is now in the past and the ship has sailed on that one.
By the way most did not take up this offer to buy one new share for every two held so you are probably not much worse off that most holders. Maybe in time you will be better off if the company does not get production underway.
That is the strange thing - for varying reasons I couldnt participate in the issue, however my account now says I own 50% more share than i used to and that it was free, hence my average price has dropped. This was not something I enacted through my account, so some other entity has changed it (maybe ANZ have just stuffed up). ie I used to own 1,000 shares at 5c each, now I own 1,500, at 3.33c (made up numbers, I hold a few more than that).
That also happened to me, I don't exactly remember how much I originally had, but the average cost price has been lowered quite a bit and I did nothing to it, it just changed by itself which kind of makes it confusing. If anyone knows why this is the case please do tell.
Go into 'movements' next to the portfolio entry for NTL. Then either:
1. If you never took up the rights, delete the entry corresponding to the new issue, or else
2. Update the price you paid - 0.8c - and check the volume.
Thanks Bobcat - will do. Im more interested in how the change came about in the first place, I'd hate to sell what I dont have.
I believe ANZ securities take up rights in your portfolio automatically. My dad thought he had a lot more ATM shares for this very reason and sold a few more than he should have. I checked later and called ANZ and they confirmed that rights issues in their portfolio system show up as if you had taken up the rights. Hope this helps. Caveat emptor.... always check with the registry who are the final arbiter of how many shares your own.
All good information, thanks all - pleased to see we still live in an imperfect world where assumptions are the mother of all evil.