If FT don’t create a way of at least obtaining the UMG shares on our behalf I’m gone. And I really hope they secure the future rights too.
I’ve already fallen foul of the very quietly introduced “Unfortunately at current (as of March 9th 2021), Freetrade is not operationally set up to support Rights Issues, Open Offers and similar events which involve subscribing to more shares, at this time.” which was frankly disgusting since they did before that date, I ploughed a significant amount of money into FT then had the goalposts moved and wasn’t directly informed of the change until I lost an RI opportunity.
The irony is that I only learnt of SPACs/PSTH through a direct marketing email from FT! (which was sent before the date their own policy changed)
Same here. It was Freetrade that put me on to PSTH. And I’ll also be transferring my isa over to interactive investors or somewhere similar if they don’t support the UMG shares.
There’s been nothing yet to say they won’t support it so let’s be optimistic. But would be strange pushing the spacs if they didn’t think they could handle them operationally
We don’t know yet. We know warrants aren’t allowed in an isa but we also know that FT doesn’t support them so the tax advantage of an isa wins out there. What we’re waiting to find out is if FT can support the rights to future SPARCs and whether they’re supported in an isa and if we’ll be able to get UMG if it’s listed on a European market.
Someone made a very good point on Reddit. BA has converted this SPAC into something that also allows us to get access to pre IPOs and direct listings by purchasing shares and not just merging mechanisms through SPACs. That’s huge! Stripe and Starlink anyone?
Think they’re looking into it still, complicated with them not offering dutch market yet, and the ISA rules where they can’t just put shares in. But hopefully ways round all of it
As Alex mentioned above, we are aware of the proposed transaction and we are liaising with our US provider to discuss it.
It’s important to note that this is not a standard SPAC merger and there are still a number of details that need to be clarified before we are able to determine how we might be able to support it.
We are monitoring this closely and as soon as there is more clarity on the precise terms of the deal we will provide an update.
Thank you for keeping us up to date! I’m a major Freetrade stan but sometimes the silence is the worst part of the FT experience so thank you for popping up, even if it is just to say “No news yet but we’re here!”
