28 October 2015 - Wednesday I did not know that the results of Croesus Retail Trust rights issue is out until my friend whatsapp me. The number of rights subscribed is a whopping 218%! You can read the full results here. With such a hot rights issue, I believe most of us are eagerly waiting to check how much excess rights we have been allocated. The expected date of issuance is 2 Nov and for those who applied via ATM, they can check their allocation on the same day based on the amount of money refunded in their bank account. Unfortunately for SCB holders, we will probably have to wait till 3 Nov to find out.
14 October 2015 - Wednesday I called SCB today to exercise my 1,100 allocated rights and applied for another 3,900 rights. Based on past experience and the the popularity of this rights issue, I'm expecting 1,500 excess rights approximately 1.4 times my allocated rights. SCB checked that I have sufficient funds in my account but the actual deduction will take place on 23 October. They will be calling me a second time to confirm my order, and if they are unable to reach me, they will SMS me. I wonder in the unlikely event that I fail to reply to both calls and SMS, will they drop my order?
12 October 2015 - Monday I received SCB SMS. My indicative timetable was accurate up to plus minus one working day. SCB account holders, please note that you only have 5 working days or up to this Friday 5pm to take action.
Dear customer, please be informed of a Corporate Action event (RIGHTS ISSUE) for CROESUS RETAIL TRU - S/RIGHT (2015031981002) that requires your action. Kindly ensure your account is funded at the point of instruction if you wish to participate in the Corporate Action. Please call our hotline 1800 242 5333 or +6562425333 by 5pm, 16th Oct 2015 to give your response. Thank You. Standard Chartered Bank (Singapore) Limited
Featured image by J. Money Inspired by Bully the Bear post, here is a timetable on what to expect if you own Croesus shares in Standard Chartered Online Trading account and intend to participate in the rights issue.
Croesus Indicative Timetable Standard Chartered Online Trading Indicative Timetable
Croesus: Despatch of the Offer Information Statement (together with the application forms) to Eligible Unitholders | 9 October 2015 |
Receive SMS from Standard Chartered Bank on the rights issue | 12 October 2015 |
Receive a postal mail from Standard Chartered Bank on the rights issue | 13 October 2015 |
Close of trading of Rights Entitlements | 19 October 2015 at 5.00 p.m |
Dateline for SCB holders to participate in the rights issue | 16 October 2015 at 5.00 p.m |
SCB will deduct the money for the rights purchase | 23 October 2015 |
Login to SCB to check the number of rights and excess rights credited | 3 November 2015 |
Hi Derek,
Do you know if subscribing for the rights is via a phone call, a SMS, or a hard copy form?
Hi SG Physiotherapist,
Another Croesus holder? ;)
The only way is via a phone call. They will SMS you to inform you on your options but will still require you to call them. A hard copy form will take too long since we only have 4 – 5 working days to react.
Hey yes. They have called me(: thanks for the info!
Hi SG Physiotherapist,
No problem. I guess we are all hopping to get as much excess rights as possible. Once the rights exercise is over, will you be comfortable sharing how much excess you received as a percentage of your allocated rights? I’m guessing no more than 1.4 times our allocated rights.
The results is out! I exercised my 4400 allocated rights unit and applied for excess 4400 rights unit. Turns out, I was given 5600 units in total (4400 rights unit and 1200 excess units).
Hi Ryan,
Thanks for the update date. Did you apply yours through SCB? I just logged in and couldn’t find any refunds or allocation.
HI Derek,
I applied using CDP account
Thanks Ryan, I suspected as much.
I will just have to wait for SCB online trading for the results.