Shares and takeovers

Pufff on 09/07/2020 - 21:25

Hi all,

This will seem like an odd question but I had shares in PanAust Ltd which was an ASX listed company. It was taken over and I wasn't paid out for my shares.

This was a number of years ago. I stopped playing the share market and a few things came up but I only came across it because I wanted to work out my CGT losses to carry forward and realised I couldn't find the sale contract.

Called them today and they said they didn't mail shareholders at the time and they would get back to me.

Is this common? Can I take this up with a government body?

Financial

Comments

  • triviums on 09/07/2020 - 21:50

    Have you checked https://moneysmart.gov.au/find-unclaimed-money?

    Unclaimed money from take overs end up there if it has been quite a few years.

    • Pufff on 09/07/2020 - 22:24

      Checked it just then and nothing under my name.

      The issue isn't that its lost money but that the company never sent me anything to say they had bought out the company which I had a holding in.

      I suspect there may be other people who they've done this to.

      Edit: and I suppose whether this is normal or not?

  • miwahni on 09/07/2020 - 22:47

    Who managed the share scheme? Was it Computershare, or Link? Your best option might be to start there, rather than with the company
    If you didn't opt into the share acquisition at the time, once GRAM had 90% of shareholdings it was going to compulsorily acquire the outstanding shares, and from what I can see, they were paying $1.85 per share. Were your contact details up to date? There were a number of letters sent out at the time to shareholders, including forms to opt in to the voluntary scheme. The takeover was completed by 12 June and the company removed from the ASX at that time.

    • Pufff on 09/07/2020 - 23:11

      I called computershare and they said its no longer with them. Then randomly the consultant said just general advice but I should call ASIC and gave me their number. Didn't call them yet but decided to call the other number I found for shareholders who took up the offer.
      The person who answered said they would raise it with their investor relations person and get back to me but he also said at the time they didn't send out letters. I found that to be an odd statement but didn't question it.
      My address was up to date.

      If I took no action I thought they would have just sent a cheque since it was a compulsory buyout.

      • miwahni on 09/07/2020 - 23:13
        +1

        Sending a cheque or paying into your dividend account is what should have happened. Good luck with your search.

        • Pufff on 09/07/2020 - 23:36

          Thanks.

          I assumed that too because I have a small dividend cheque from them which I've kept and that's about 2 years before the sale. A cheque for a much higher value I would of kept along with the sale price.

          I had another company which fell a heap after which they just sold my holding and sent me a cheque without fuss.

  • holdenmg on 09/07/2020 - 23:56

    Delisted from ASX 12/06/2015
    delisted following compulsory acquisition of the Companys securities by Guangdong Rising H.K (Holding) Limited
    https://www.delisted.com.au/company/panaust-limited

  • Baysew on 10/07/2020 - 10:40

    GRAM TAKEOVER OFFER

    • Pufff on 10/07/2020 - 11:11

      Those were the numbers I called. I am waiting for their response now.

      The question I have is whether waiting for shareholders to followup rather than just sending out cheques for shares they took over is common or is something fishy going on?

  • scanuck on 10/07/2020 - 11:13

    With having done absolutely no research maybe you got shares in the company that took you over

    • Pufff on 10/07/2020 - 13:41
      +1

      definitely cash, and the new company isnt listed. not asx anyway.

  • brad1-8tsi on 10/07/2020 - 13:36

    What was the effect of the takeover on shareholders?

    Was the offer cash or shares or a combination of both?

    Most of the takeovers I've been involved with involved a scrip for scrip offer with no cash payed out and a rollover of capital gains.

    I just read the above takeover offer. Did you take any action regarding accepting the offer or not accepting?

    Did the share registry have your banking details up to date?

    • Pufff on 10/07/2020 - 13:50

      So long ago I dont remember any letter though but as I mentioned earlier if I took no action I assumed companies just send the money as it becomes compulsory takeover.

      Initially I thought they sent me a cheque for a small interim dividend but I checked again and it looks to be EFT. Problem is I closed the account so cant go back to check.

      I might have to write this one off.

      • brad1-8tsi on 10/07/2020 - 13:56

        Keep chasing, it could be worth a few $$$

        • Pufff on 10/07/2020 - 13:58

          GRAM said they would call me back so I'll see what happens.

          I always keep the paperwork so was puzzled when I didnt have any.

          • brad1-8tsi on 10/07/2020 - 14:03

            @Pufff: Welcome to my world. I lost 30% of my paperwork in both hardcopy & softcopy backup when I moved in 2016.

            • Pufff on 11/07/2020 - 14:31

              @brad1-8tsi: As expected GRAM did not get back to me.

              Do you know which gov body looks at these types of issues.

              Even though computershare said I should call ASIC. The phone options didn't really match my issue so I never went through with it.

              • brad1-8tsi on 13/07/2020 - 09:35

                @Pufff: Pan Australia still exists as a company https://panaust.com.au/contact-us-0 so call them plus ASIC (you can always get a general customer service person) and also follow up on your GRAM enquiry. The squeaky wheel gets the oil.

                • Pufff on 13/07/2020 - 10:53

                  @brad1-8tsi: I tried them already feel like they're giving me the run around cause its been so long.
                  will call ASIC today

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