New Marconi Shares

Monty Burns

Junior member
16 0
Sharky,

With MONI's impending restructuring, will the system be reset on Monday replacing every 559 current holdings with 1 new share?
The way it stands if nothing is done to the system people who have bought overpriced MONI shares will see their values sky rocketed on Monday....
Same with shorters who forget to close...

Monty Burns
 
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Sharky

Admin
5,592 319
Monty Burns,

Thanks for the forewarning - unfortunately it wasn't heeded! Indeed all the Moni shares rocketed this morning, and we have a couple of millionaires. Suffice to say I'll make the amends tonight and the rankings should be back to normal tomorrow.

Paul.
 

Sharky

Admin
5,592 319
On reflection, I've cancelled all Marconi orders and refunded the purchase price for both longs and shorts. Those particularly astute members will also have noticed we're now into week 5 of this competition - another oversight on my part, for some reason the competition was down to finish this Tuesday - but on closer inspection it was supposed to be last Friday, all things considered I've extended it until this Friday. So four more days in which to claim the top spot.

Paul.
 

Busted

Newbie
8 0
why have you cancelled tha shares, I have owned them for quite a while????

Not Happy!!!!!!!

I dont understand this????
 

Monty Burns

Junior member
16 0
Busted,

You are better of with your shares being cancelled.

If they were reset at 559 old shares for 1 new share and if you paid 1p per share you would be losing about 500p for every new share...

If like you say you've held them for quite a while then you probably paid more than 1p and would be losing a lot more!
I'm sure you don't really want that...
 

Busted

Newbie
8 0
this is where I just never understand stuff, I think I paid 1.63 and had a 250000of em, could have been more though
 

Monty Burns

Junior member
16 0
Well then, think about it, 559 old shares at 1.63 cost you 911p. That gets replaced by 1 "new" share which opened at 60p! Massive loss mate, massive loss!
In real life you would have got 1 warrant for every 59 shares but it would be too complicated to place a value on that for this competition...
 

Busted

Newbie
8 0
just a good job I dont bet for real then, hoping to try to get to grips with things by playing this so that I dont invest and lose tons of real money.

thanks monty :)
 

Sharky

Admin
5,592 319
Yes, I tried to do the conversion myself as Monty has outlined and he's quite right - it would distort the competition with huge losses for those long and huge gains for those short. And I wasn't even sure it was possible to short them in this way for a huge profit, otherwise everyone would have done it surely??
 
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