Hi
As you know RSA has been the subject of an agreed takeover but the announcement says
RSA Preference Shares
RSA has in issue 125,000,000 RSA Preference Shares which are listed on the Official List of the London Stock Exchange. With the consent of the Panel, no separate offer will be made for the RSA Preference Shares.
Does anyone have any idea what this means in pracice. I hold the RSAB 7.3/8 Cum Irred prefs?
What will happen to them in future ?are they just taken over by the offeror?
Thanks in advance
Steve
Comments
To what part of my question does your reply refer.
Can you elucidate for me
Steve
Is that based on what normally happens or is there any other announced I haven't seen.
I contacted the IR section of RSA but they are very slow replying
Thanks again
Steve
However, the offeror hasn't given any undertakings as part of the offer with regard to the prefs either which you probably wouldn't expect them to.
The question you have to ask yourself is that in relation to the new owner of the prefs how will they interpret the terms and conditions in the listing particulars/prospectus and whether you are OK with that.