Highland Gold Mining (HGM) was recently subject to a mandatory cash offer by Fortiana Holdings Ltd, meaning that the entirety of my HGM investment was sold for £3/share at the end of last month. No problem there.
The question I have is, when will I see that cash appear in my Freetrade account? I have never sold shares through Freetrade before, and am unsure if the delay is due to this particular transaction, or if there is always a delay (so far over a week) when selling shares.
The settlement time is never that long for a normal sell order on FT. Your best bet would be to talk to in-app support and they should be able to give you more info.
Please allow me to provide some further details into the sale of Highland Gold to Fortiana Holdings Ltd. As you know this sale is part of a takeover, rather then a straight forward sale of stock which would settle in a settlement cycle.
As your shares were sold as part of the takeover, we are awaiting the outturn payment from the company. The company hasn’t yet confirmed the date of the cash distribution however we are expecting funds to be distributed 2 weeks from the point the offers were accepted, which was on 3rd of November.
Our Corporate Actions team will keep our customers updated on the progress of this event, however if you have any further questions or thoughts, please feel free to get in touch.
Thanks Usman, that’s helpful to know. I guessed the process would be a bit different from the normal sale of shares, but wasn’t ever given an estimated timeline. I appreciate your input!
