Hi all - the following message has just been sent to all AMC holders. The NYSE has halted trading in $APE eight times already today so when placing orders it is possible that you may receive a rejection.
AMC Preferred Equity (APE) is now available to buy and sell in-app.
We expect APE shares resulting from your AMC holding on the ex-dividend date (one-for-one) to be credited to your account on 24 August.
As with all standard corporate actions, it is necessary for shares to be allocated and settled through the Central Securities Depository (DTCC) before allocations to customer accounts can be made.
We were hoping to have APE allocations available for distribution before the market open today. Unfortunately we have now received confirmation from our US broker that this has not been possible.
We will be in contact again once the APE shares have been credited to your account.
I getting bit concerned. Have contacted them and just giving me standard answer Iām sure everyone is getting. Obviously half of value of AMC is now in APE. So our portfolio is well down.
Seems to me our AMC shares have dropped around the same amount APE shares are. Meaning we havenāt been given anything at all. Pretty clever with the hype behind this going up to 26 dollars and now dropping to 11 and APE at 6.5 dollars. Basically we have the same shares in AMC with APE at around 17.5 dollars. Thatās how I see it? Am I wrong?
Yeah. Thatās why I said ādonāt panicā at 14:30 because we havenāt received our preferred $APE so it would look like we are down a canny bitš ( Brokers probably hoping people would panic sell) Just my opinion
In fairness Dave, it is a stock that was released yesterday on the NYSE and Freetrade has been one of several brokers that are unable to provide the shares.
For investors who have money in these shares, they are not able to access them for at least 48 hours after they have been trading with the price changing.
The communications around this were pretty poor with some being told they would have them in their account before market open, then late in the day to be told it will be 48 hours.
I love Freetrade and have been a big advocate but on this one I think they could have done much better.
I though it wasnāt release directly to the market, but was paid to AMC holder in the form of a dividend? The APE ticker is on Freetrade.
Itās pretty normal to not get dividends instantly, I imagine transactions on this scale are done in batches. Trying to roll out 500 million new shares or whatever to however many holders in one transaction seems like asking for trouble.
FWIW Drivewealth are apparently saying EOD on 24th, I wouldnāt expect them on Freetrade before that.
This whole thing was totally predictable, The only thing Freetrade could perhaps have done differently is to manage expectations a bit better
Letās hope to receive it towards the end of the day tomorrow. However the lack of clarity feels a little odd.
āWe were hoping to have APE allocations available for distribution before the market open today. Unfortunately we have now received confirmation from our US broker that this has not been possible.ā
The list seems to be growing -
but lets hope it is just a batching process, rather than the DTCC failling to allocate the shares.
Itās madness, Iām not even directly aiming this at Freetrade (although the buck stops with them).
How can we not receive shares that were created from our shares themselves and yet I am able to buy (I have successfully) and sell (I havenāt)?
The gaslighting of āmemeā stock share holders is crumbling - itās obvious there is something else going on.
AMC said they would be delivered on Monday, Freetrade said they would be as well, other brokers have been issued them but somehow a lot of us are still without them, cause you know whatās a contract these days, eh?
I donāt blame Freetrade, AJ Bell, Hargreaves Lansdown et al (all of whom havenāt delivered $APE yet - well to my accounts anyway). They can only issue the shares to us once the DTCC have distributed them to the brokers.
Iām just a conspiracy theorist, but it wouldnāt surprise me if the DTCC and its members were purposefully delaying the distribution of $APE to some brokers so that they can borrow them in the meantime to short the stock and get people to sell. It will be interesting to see what happens this Friday when all $APE is expected to be delivered. Will there be enough to go round?
now even more down 
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