Debenhams - DEB.L

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What does this mean, if anything, for shareholders?

Has anyone received cash for shares sold on the 8th of april? Apparently the trades wonā€™t settle because their setllement date fell on the same time when Debenhams was delisted. But is there an other procedure to complete the trades? Itā€™s been one month!

Hey :wave:, just an update on this. Debenhams will be withdrawn from Crest on or shortly after 10 May, at which point weā€™ll remove the holdings from individualā€™s accounts. This also allows us to reach out to the counterparties (the market makers who have pending trades with us) to arrange cash settlement outside of Crest and settle any outstanding trades. Iā€™ll ping an in app message to anyone affected.

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Iā€™ve contacted Debenhams investor relations and this is the message that i received:

Apologies for the lateness in my reply but I have been out of the business.

Any trades that were placed on or after the 5th April 2019 would not have settled due to the listing suspension on the 9th and subsequent cancellation on the 10th. Therefore all trades on or after that date were reversed in market, with purchasers receiving their money back and sellers (like yourself) unfortunately having their funds withdrawn/withheld.

Iā€™m therefore afraid that any repatriation due to you will now need to be determined by the administrators. You can keep up to date on any such decisions made by the administrators via visiting their website: https://www.fticonsulting-emea.com/cip/debenhams-plc

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I donā€™t understand, surely if you sold before the suspension, you will get the money?

If the transaction settled before suspension, then most likely yes. But if you sold up to two days before the stock was suspended on the 10th of May, you are still likely to remain a shareholder until there is more information from Debenhams themselves.

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I sold my shares before the suspension but it didnā€™t get settled before the suspension.
Freetrade then allowed me to re-invest the money as it will come at some point (I thought?).

Are you saying that Freetrade shouldnā€™t have allowed me to reinvest as the money may never come back?

Look what has reappeared in my account todayā€¦

The shares were sold the day before suspension, but obviously didnā€™t complete. Freetrade have also removed the unsettled cash from my account.

It would be nice for Freetrade to contact us by email or in chat support about something like this as a courtesy warning/explanation/apology etc. Especially as they had previously stated above that we would receive the money.

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This is a little worrying, esp. as other companies have already settled people who sold the day before the suspension (according to a couple of people I asked on the net after google searching people in other situations!).

Any update @Rob ?

Also, what happens if we have reinvested (like I have?). Will Freetrade come asking me for money if the investments go into negative? :thinking:

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What does the law say regarding pending trades that donā€™t settle in the stock exchange as a result of a delisting?
Thanks

The saga continues.

Yesterday I noticed that the balance of my share sale just reappeared in my general investment account as available funds. The reappeared Debenhams shares are still in my account and the new purchase order does state cancelled. I have withdrawn the funds so I can move them over to my ISA.

Still no message from Freetrade about it all, which is possibly worrying for any future crisis, but thank you.

Joint Administratorsā€™ Proposals (28 May 2019)

3.16 The Joint Administrators have liaised with the share registrars and taken the necessary steps to ensure that all company trades have settled.

Still not overā€¦

BBC News - Mike Ashleyā€™s Sports Direct challenges Debenhams turnaround

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And so it continues :grin:

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So if it comes back to life do the shares get reinstated?

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Iā€™d like to know this too.

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Has anyone received his cash for sale yet ?

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