monabri wrote:EthicsGradient wrote:The more I think about this, the less I can understand. How can National Grid set the Record Date for entitlements under the Rights Issue as the close of business on 20 May 2024, and not announce that until the start of the 23rd? Doesn't that mean that anyone who bought shares on the 21st or 22nd of May has paid a false, higher price for shares they had no way of knowing were about to be diluted?
I didn't see the 20th May declared as the Record Date in the announcement yesterday. I might have missed it but then to state it today seems wrong to me!
It was in the timetable of the announcement, without the explanation of passing on the rights (investegate link we first saw here: https://www.investegate.co.uk/announcem ... ue/8215977 )
Announcement of Rights Issue 23 May 2024
Publication of the Prospectus 23 May 2024
Record date for entitlement under the Rights Issue 6.00 p.m. on 20 May 2024
Despatch of Provisional Allotment Letters (to Qualifying Certificated Shareholders only) 23 May 2024
Admission and commencement of dealings in New Shares, nil paid, on the London Stock Exchange 8.00 a.m. on 24 May 2024
Existing Shares marked "ex-rights" by the London Stock Exchange 8.00 a.m. on 24 May 2024
Latest time and date for acceptance, payment in full and registration of renunciation of Provisional Allotment Letters 11:00 a.m. on 10 June 2024
The explanation about passing on rights was in the full prospectus: https://www.nationalgrid.com/document/152061/download