Santander rights issue

rosygale

I thought it was a crackpot scheme sending out cheques, but it seems they are avoiding paying out as who wants all the time consuming phone calls and form filling hassle for a trivial amount.

pearl123

entropy3142 wrote: »

Have just received a cheque for £8.39 as a result of the rights issue.
Having looked through info on Santander site I agree with antrobus about what seems to be required re tax forms etc. This could well cost in excess of £8.39 as well as taking lots of time.
My thoughts : What happens if I simply don't cash the cheque? In that case I would have made no gain and presumably would not be required to do anything else.
Does anybody know if this is the case?

I got a cheque for the same amount. I'm just completely confused. I wish I'd kept the original letter, as a reference.
I though they were just selling all the shares of certain uk santander holders? i was expecting at some point a cheque for a couple of hundred pounds and the loss of my shares.
I think I need to do some googling as I've clearly not understood whats going on.

n15h

I'm lost as to what should be happening to BNC Shareholders who hold shares via a broker e.g. Hargreaves Lansdown, AJ Bell, etc.

I know that people who hold shares directly were to be receiving cheques in early August (according to the statement below). Does anyone know what is happening to the payment to UK shareholders who hold shares via a broker?

Statement on the website (http://www.shareview.co.uk/4/Info/Portfolio/santanderhelp/en/home/Documents/Web-prices-and-fx.pdf):



As the sale of the Rights has completed and settled on the Spanish market the average price per Right obtained was €0.09565194. This price was exchanged to Sterling at the rate of £0.87797817 to €1 so the Sterling price per Right will be £0.08398031.
Sale Advice and cheques will be posted to holders between 20 July 2017 and 28 July 2017.

EdGasketTheSecond

Just tell them we are leaving the EU so they can whistle for their tax.

pinkcloud

Here is my result dated 17 August

Banco Santander SA – Rights Issue Results
What has happened?

As you will be aware Banco Santander SA recently announced the terms of a Rights Issue giving existing Shareholders the opportunity to purchase additional Shares at EUR4.85 each. The Rights Issue has now been completed. The Rights Issue was oversubscribed, all Basic elections were satisfied in full and excess elections were satisfied to the extent that Shareholders received approximately 0.099313% of the Excess Shares applied for.

How has my portfolio been affected?

The Open Offer price of EUR4.85 was converted into sterling at a rate of EUR1.00 being equal to 88.69337p resulting in a Sterling cost per Share of 430.16284p. As a result your Vantage Stocks & Shares ISA has been updated as follows:

Total number of Shares successfully purchased through the Open Offer and credited to your account: 21 Shares
Cost per Ordinary Share: 430.16284p
Total Cost: £90.33

pinkcloud

pearl123

Hi I've received a letter today from giving 3 options, to keep and to sell share both on or off the market.
Re option 3 mentions selling off market at a fixed price. Any idea what the fixed price might be?

I tempted to sell as i really haven't got a clue when it comes to santander shares. I inherited them.
Any idea whether it would be better to sell under option 2 or 3. Sorry for the naive questions.

pearl123

pearl123 wrote: »

Hi I've received a letter today from giving 3 options, to keep and to sell share both on or off the market.
Re option 3 mentions selling off market at a fixed price. Any idea what the fixed price might be?

I tempted to sell as i really haven't got a clue when it comes to santander shares. I inherited them.
Any idea whether it would be better to sell under option 2 or 3. Sorry for the naive questions.

I've had a quick google and I think I understand it a bit better.

SusanSpain

I have just been looking through my fathers accounts (at his request.) We went into the local branch of Santander (UK) and quieried his 'share holding in Banco Santander' (It stood out to me as there was a witholding Spanish tax.)
The manager was able to confirm/clarify that these 269 shares my father holds were the Abbey National transfer. (And that they were a free gift?)

I have not seen a letter offering my father to do 'something' with these shares as this thread indicates.
I will be reading fully the Daily Telegraph article, but I just wanted
to say that the branch manger had absolutely no idea about how these shares work. He just kept saying Santander UK was totally separate from the Spanish parent company of Banco Santander.

I found a phone number (in Worthing) for share info and they quoted me 1-1.75% commission to broker a sale if my father wished to liquidate his shares. (Rate depends on how you do it - i.e post, phone, internet.)

Personally, having lived in Spain on/off for 20 years I think it is best to 'get rid!'
But now I see it is a more complex situation. (I know my father has 'done nothing' in regard to the letter sent to him - which I have yet to find!)

For now I am just 'tidying up' and making sure all his dividend cheques have been cashed (which he has failed to do as they were for 40p here and £12 there and it is 'too much trouble' for him - he is 88 and needs more and more help with 'smaller things' in life.)

I have been told this has to be done before he can sell.

Just wondering what his options are to get that money out (I was told at last week each share is currently worth £5 on the open market.) And what to do with it next.

Can someone just quickly clarify that he will only get ONE NEW share for every 10 he currently holds? (And what the value of each of these new shares is?)

Sorry this is a rambling message, I have just got off the plane but think I need to act quickly to help my father loosing out. (Yet again!)

clivep

SusanSpain wrote: »

Can someone just quickly clarify that he will only get ONE NEW share for every 10 he currently holds? (And what the value of each of these new shares is?)

No. He still owns 269 shares.

The recent rights issue would have allowed him to buy an additional 26 shares (one new for each 10 he currently holds) at €4.85 each. If no action was taken then these rights have a value which in this case worked out at just over 8p per right. The 26 rights your father had should net him the grand sum of about £2.17 so don't hold your breath waiting for the cheque.

novice-saver

Regarding Spanish tax, if you got a cheque for the rights issue.

Hidden in the on-line information sheet showing how to fill in form 210 accessed from the "tax information" section here

http://www.shareview.co.uk/4/Info/Portfolio/santanderhelp/en/home/shareholders/Pages/RightsIssuePage.aspx

in section 2.2 there is a link to these people:

http://www.spanishtaxforms.co.uk

The "Spanish shares" section is worth a read,
Here's the opening statement:

"By the letter of the law, income from the sale of rights on behalf of Santander shareholders gives rise to a requirement to submit a tax form to the Spanish tax authorities. We can do this for you. However, unless your gain is significant, you may decide that this is disproportionate and unnecessary. If you make this decision, it is extremely unlikely that any action will follow."

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If you feel uneasy about having the Spanish tax authorities chasing you, the spanishtaxforms people will apparently sort the filling and delivery of the forms (210, and UK tax residency) for £29.50

Above information believed to be accurate, and posted here in good faith.

I have no connection the spanishtaxforms company.


Regards,

novice-saver

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