Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
RE: I have not been cashed out.
Tom and TTB, I'm working on it. It's a shame that this whole process is taking so long. It didn't have to be this way.
Tom, on the flipside, it's great to hear from you again. It's bee way too long.
I do believe this now, more than ever.
Re: Is there anyone who still hasn't been cashed-out?
I have not been cashed out.
RE: Ameritrade, same problem.
Thank you!
Next step may be...
to ask Arcam or ask the minority shareholder trustee to ask Arcam to send Corporate Actions instructions to the DTC in the U.S., not just Euroclear.
Re: Ameritrade
I spoke to Ameritrade's Reorganization Department and was told that they can only act after the transfer agent notifies the custodian. The custodian for AMAVF with Ameritrade is the Depository Trust Company (DTC). Ameritrade is reaching out to their back office who will reach out to see if DTC has heard anything.
Very frustrating that all other brokers seem to have been notified except for Ameritrade.
I am with TD Ameritrade and haven't been cashed out yet. I am still in limbo will follow up again today.
Is there anyone who still hasn't been cashed-out?
I'll be making inquiries and will add any problems that you've had.
Best to all.
RE: Ameritrade, same problem.
Message Center topic: Reorganization and dividends
Ask for "Reorganization Department" at 1-888-723-8504, Option 1
Ameritrade, same problem. They are a discount broker and do not have an "international desk." I would like to have any information you may have about contacting the relevant personnel.
Thanks a bunch, this is perfect, i'll bring this to my broker. Much appreciated!
Thanks a bunch, this is perfect, i'll bring this to my broker. Much appreciated!
RE: No news from Ameritrade?
Citi issued a notice for the ADR, but AMAVF is an F-share.
https://depositaryreceipts.citi.com/adr/common/file.asp?idf=4780
How is an F share traded?
"While trades are executed in US dollars by US broker-dealers, the
shares are settled, cleared and custodized in the local market or, under certain conditions, in the U.S. (Canadian or DTC eligible F Shares)." https://www.otcmarkets.com/files/FAQ-F-Shares.pdf
Company instructions:
"The payment will usually be made through Euroclear Sweden, the Swedish Central Securities Depository. Euroclear Sweden will primarily make payment to the bank account connected to the securities account on which the shareholder’s shares in the Target Company are registered. For any further questions regarding how payment is made, You should contact your bank and/or Euroclear Sweden." https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146111270
Maybe Fidelity, Schwab, Vanguard found notices from Euroclear, but TDA didn't look there.
No news from Ameritrade?
I called Ameritrade and they have not received any notices from Citi or anyone for that matter. Still holding shares in my account. They told me there isnt much they can do and that I should reach out to Arcam legal, so I emailed the the legal department. Anyone face similar issues?
RE: is 345 SEK a fair price?
Anyone still here has almost certainly checked out the existing field of technologies and manufacturers. Arcam's Electron Beam Melting technology provides a unique method of metal additive manufacturing. Also, significant intellectual property for their unique technology is protected.
There are many reasons that we've been invested here, not since August of last year, but for many of us, for years. In an industry that's starting to get recognition within actual heavy duty manufacturing.
Take a look at a recent article at forbes.com - Why Are Investors Pouring Millions Into 3-D Printing? - "Following successful rounds of investment, three companies in the 3-D printing industry are currently valued at over $1 billion."
While any comparison to Arcam is far from apples to apples, consider how far these companies are in terms of their maturation in actual production, where they are and where they are going. Compare that to applications where the benefits of Arcam's offerings have been in place, in real production for years.
LIMACORPORATE TO OPEN IMPLANT 3D PRINTING FACILITY AT HOSPITAL IN NEW YORK - JANUARY 09TH 2019 - "GE Additive company Arcam has been producing Lima’s Trabecular Titanium products using its EBM technology for years. Recently Dr. Guido Grappiolo, the first surgeon to use a 3D printed Trabecular Titanium (TT) hip cup for a patient in 2007, reported that after 10 years in-situ the implant was still going strong."
3D-Printed Hips Versus the World's Deadliest Mountain - 10/1/2018 - "It is estimated that well over 100,000 patients around the world have 3D-printed hip cups created by Arcam EBM machines since the first 3D-printed Delta One TT cup was surgically implanted in 2007."
Also, General Electric has a long history with Arcam technology. While many of us here are intimately aware of GE's long term uses with Electron Beam Melting, I can't leave it unrecognized here. A silent revolution: Avio Aero and Arcam’s relationship is built on additive manufacturing - May 03, 2018
LimaCorporate - Open Factory 2018
Published on Jan 25, 2019
Do you still feel the same?
General Electric owned 14.3% of Arcam, *not_a_majority_stake.*
At the time of General Electric's final offer to ALL the other shareowners, GE owned 14.3% of Arcam. They had nowhere near a majority position in the company's ownership.
General Electric's FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the fiscal year ended December 31, 2017
If anyone is interested Vanguard paid me $38.02 per share which I'm assuming also includes the interest from Jan 2018.
Thanks Charlie. Appreciate all the info. It’s been a great ride and it’s a shame it’s drawing to a close.
Good luck with your next investment idea.
Is it possible the distribution was in SEK and these small differences are the result of each brokerage doing their own conversion to USD?
Merger came through and cash in my brokerage account.
Activity on 02/08 at 38.349 per share (all in).
It's been an exciting ride. Been in Arcam since there was very little volume on the stock and way before 3D bubble at about $6 bucks pre split. Grand slam for sure!
Take care everyone and good luck!
Glad to hear from you, hang in there KR_UK.
I found a solid transaction listing. Not where trades are normally found. I'll post an image of it when I can. Probably this evening.
It looks like $37.976 for me. It's strange that we see different amounts and even more strange that KR_UK (or anyone, for that matter) can place a trade order. Obviously, it looks like it's still being traded.
As always, best of everything to all here, especially the longs.
Vanguard aren't showing anything. I was even able to put in a sell order (limit $40). Obviously I don't expect it to execute.
Well, I seem to have gotten 38.32 for my AMAVF. But, this is based by simply dividing the proceeds by the number of shares. Schwab has yet to provide any notice of the transaction.
Correction on the share settlement.
The $37.976 per share price settlement of AMAVF is incorrect. I included small amounts of cash already in each of those accounts.
It should be approximately $37.47 per share. That's the approximate equivalent of 345 SEK on February 6th. We should have a final settlement 60 days from February 6th, on or about April 7th, a Sunday, "provided that appeal has not taken place."
Check with your brokers. It is done.
It shows as a transaction like no other I've seen, but why would it?
And no, there was no communication specifically about the transaction.
By my math, I've received $37.976 per share of AMAVF. Please post if you're account doesn't show the same.
I've slightly exaggerated my resultant amounts.
RE: Why would anyone sell at $32?
Best guess is that either they need the funds now or that they're in the black and are tired of waiting.
It's not a move I would or have made but I can't offer any other explanation.
But what's up with this, today?
400 shares traded $1.51 ABOVE THE 345 SEK EQUIVALENT USING TODAY'S EXCHANGE RATE!!!
https://ih.advfn.com/stock-market/USOTC/arcam-ab-pc-AMAVF/trades
What's strange is that there's been no news of the arbitrator's settlement share price. Could something be going on?
I've formatted the bold font in the message below for emphasis.
Why would anyone sell at $32 after waiting 12 months and we're days maybe 1-2 weeks away from getting a settlement in the $37 range?!?
Whoa! Big upward jump in AMAVF price today. Over 20% up. Only 2117 shares, but these days that is a big day.
I finally got a call back from Schwab's global division ... which was singularly uninformative. They have written to Alex Weibull and someone at Arcam legal, but gotten no response so far. They say that, *from what they can see*, no price or timing has been set, but there is some kind of tribunal which is supposed to set that price and they see no evidence of it having made any decision. But, this seems to me just a question of them having even less information than has been reported here.
Trying to collect information.
I've deleted the bulk of a post about communication of information. I need to revise the post. We're allowed to edit a post for only 15 minutes after initial posting.
I'll need more than 15 minutes.
What I don't understand is why, for example, someone with a Fidelity account would get the notices from Citibank while I with a Schwab account would not. I am now on my third person querying on this point with no answer.
Brokerages probably don't have a ton of info. The back office doesn't pay any attention to these types of activities because they're in the dark as well. When the payment is made, it'll drop into your account.
No news from Vanguard either...
So, the interest is from 11 January last year?
Still haven't gotten any communication. I have poked Schwab again, but so far nothing.
I contacted Axel Weibull and got this response:
Go¨teborg, December 2018
INFORMATION REGARDING COMPULSORY ACQUISITION (SQUEEZE- OUT) OF SHARES IN ARCAM AKTIEBOLAG
As You have previously received notice of, GE Sweden Holdings AB has re- quested compulsory acquisition of Your and all other minority shareholders' shares in Arcam Aktiebolag. A final arbitration award was announced on 28 November 2018.
The redemption price was determined to 345 SEK. Interest will also be added to the redemption price in accordance with 5 § of the Swedish Interest Act (Sw. Ra¨ntelagen), which corresponds to the Swedish Riksbank’s reference rate plus two percentage points. The interest is added to the redemption price from the day of request for compulsory acquisition, 11 January 2018.
GE Sweden Holdings AB shall pay the redemption price and the interest when the final arbitral award has gained legal force, which means 60 days from re- ceipt by all parties in the dispute of the arbitral award, provided that no appeal is made. This means that GE Sweden Holdings AB most likely will pay the re- demption price at the end of January or early February 2019.
The payment will usually be made through Euroclear Sweden, the Swedish Central Securities Depository. Euroclear Sweden will primarily make payment to the bank account connected to the securities account on which the share- holder’s shares in the Target Company are registered. For any further ques- tions regarding how payment is made, You should contact your bank and/or Eu- roclear Sweden.
Med va¨nlig ha¨lsning
Best regards
Axel Weibull
If Citibank was not passing along the notices then I would not have received them. I was contacted numerous times through Fidelity.
There are phone numbers for Citibank on the documents.
https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_f6ef-arcam.htm
I don't know what role Herman H. Raspé, Esq. played - he's the only individual with contact information listed.
https://www.pbwt.com/herman-h-rasp%C3%A9/
So, it appears that it is Citibank that is not passing along the notices, yes?
RE: Correct, I have received zero notifications.
I don't know if this will help to provide you with useful information, but it's a start. There's more information after the image immediately below.
https://www.sec.gov/Archives/edgar/data/1665920/000119380516002450/0001193805-16-002450-index.htm
https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_f6ef-arcam.htm
https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_ex99-a.htm
https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_ex99-d.htm
https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_ex99-e.htm
From https://www.sec.gov/Archives/edgar/data/1472033/000119380516002450/e614560_ex99-a.htm
Correct, I have received zero notifications. I am at Schwab and even pestered my rep to find out more, basically getting less than I got here.
Surely, though, there is only one US holder for the ARCM.ST shares behind AMAVF.
Re: may be at a disadvantage
I can only speak for Fidelity, where I have all my Arcam holdings in the form of AMAVF shares. Fidelity holds the actual ARCM.ST shares. The communications that GE offered to ARCM holders were all directed to me in a timely manner. Nothing was lost.
Do you believe that you were not notified at any time?
For reference:
Offer to the shareholders in Arcam Aktiebolag (publ)
Supplement to the offer document in respect of the offer to the shareholders in Arcam Aktiebolag (publ)
Of course, those of us who hold AMAVF may be at a disadvantage since any notices about ARCM.ST would go to the organization that issues AMAVF.
Re: Shouldn't an offer be presented-and-accepted by us?
I believe so. I've corresponded with Victor Wodlén and Axel Weibull beginning early in March. I'll post the email exchange.
Fair enough. You make solid points. Thanks for your response.
There was never anything to contest once GE acquired 90% of the shares. Under Swedish law they had the right to invoke the squeeze out procedure.
The arbitration process was where you could have had input as a minority shareholder to present evidence of why the offer should be different to but remember that 345 SEK is already a significant increase on GEs original offer so (in my opinion) I don't think the panel was going to have evidence that the offer should be increased - future growth unfortunately isn't a really consideration. To complicate matters anyone holding AMAVF wasn't holding the underlying ARCM.ST shares so we're effectively invisible in the process - we get carried along with the flow.
1) FX - yes but that's the risk anyone takes when they invest in a currency that isn't their home currency. If you want to hear a sob story I get paid in GBP!
2) Fair is what people are willing to accept and most people who sold in the 90% that GE acquired before the squeeze out accepted less than 345 SEK. Only Elliot and a few others really got 345 SEK. If the general public/market truly believed that the price should have been higher then why did the price not sky rocket during & after GE announced they were interested in ARCAM?
Listen, 18-24 months ago I gambled that Elliot would force GE to stay honest and that the valuation of ARCAM would continue to increase, after Elliot accepted I gambled again that the price may (by some miracle in hindsight) increase in arbitration and finally that I gambled the SEK would go up against USD. I'm at least consistent in that I failed 3 out of 3 times.
Is it worth as a minor shareholder to fight this outcome? Is there anything we can do or is it an automated decision? Shouldn't an offer be presented and accepted by us?
Two points.
1. FX. We lost to date almost 14% profit in USD.
2. Price. Is there a way to determine if 345 SEK is a fair price?
Well done and thanks for the recon. As far as the flow for us holders of AMAVF, should be just how you said KR_uk. Pretty simple process. Looking forward to liquidity!
Anyone interested in a little DD check out TTD. They're killing it and I believe that will only continue.
Good luck all!
I would suspect that your US custodian will receive the redemption offer notification from Euroclear informing them of the final mandatory buyout price. Your broker will then just swap out the shares for the equivalent of amount of USD equal to 345 SEK/share (of course they'll take a markup on the FX, can be 1-3% depends on what your T&Cs are with the broker).
There's also some interest due which is 2% over the Swedish bank rate which looks to be -ve 1.25% ! So we'd get about 0.75%. Woohoo!
Again I'd expect to see that paid at the same time as a separate Interest corporate action based on the value of your holdings.
I'm looking at this positively! YTD SLM Solutions is down 75%, SYSS is about par and 3D systems is up 25% so we still have the possibility that the SEK skyrockets against the $!
Any idea how this is going to work for holders of AMAVF?
Latest from Axel (Victor) - all done and dusted. We should get paid end Jan/start Feb
Till
Minoritetsaktieägarna i Arcam Aktiebolag
To
the Minority Shareholders of Arcam Aktiebolag
INFORMATION FRÅN GODE MANNEN OM TVÅNGSINLÖSEN AV AKTIER I ARCAM AKTIEBOLAG
Som Ni tidigare fått meddelande om har GE Sweden Holdings AB påkallat tvångsinlösen av Era och övriga minoritetsaktieägares aktier i Arcam Aktiebo- lag. En slutlig skiljedom meddelades den 28 november 2018.
Lösenbeloppet fastställdes till 345 kr per aktie. Därutöver utgår ränta på lösen- beloppet enligt 5 § räntelagen, vilket motsvarar Riksbankens referensränta med tillägg av två procentenheter. Ränta utgår från påkallandedagen den 11 januari 2018.
GE Sweden Holdings AB ska betala lösenbeloppet och räntan när den slutliga skiljedomen har vunnit laga kraft, vilket sker 60 dagar från det att samtliga del- tagande parter har fått del av skiljedomen och förutsatt att överklagande inte har skett. Detta betyder att GE Sweden Holdings AB sannolikt kommer betala ut lösenbeloppet i slutet av januari eller i början av februari 2019.
Utbetalningen sker vanligtvis genom Euroclear AB (tidigare VPC AB). Euroclear gör i första hand utbetalning till det bankkonto som är knutet till det VP-konto på vilket respektive aktieägares Arcam-aktier är registrerade. För vidare frågor kring hur betalning görs, vänligen kontakta Er bank och/eller Euroclar.
[color=red][/color]INFORMATION REGARDING COMPULSORY ACQUISITION (SQUEEZE- OUT) OF SHARES IN ARCAM AKTIEBOLAG
As You have previously received notice of, GE Sweden Holdings AB has re- quested compulsory acquisition of Your and all other minority shareholders' shares in Arcam Aktiebolag. A final arbitration award was announced on 28 November 2018.
The redemption price was determined to 345 SEK. Interest will also be added to the redemption price in accordance with 5 § of the Swedish Interest Act (Sw. Räntelagen), which corresponds to the Swedish Riksbank’s reference rate plus two percentage points. The interest is added to the redemption price from the day of request for compulsory acquisition, 11 January 2018.
GE Sweden Holdings AB shall pay the redemption price and the interest when the final arbitral award has gained legal force, which means 60 days from re- ceipt by all parties in the dispute of the arbitral award, provided that no appeal is made. This means that GE Sweden Holdings AB most likely will pay the re- demption price at the end of January or early February 2019.
Göteborg, December 2018
The payment will usually be made through Euroclear Sweden, the Swedish Central Securities Depository. Euroclear Sweden will primarily make payment to the bank account connected to the securities account on which the share- holder’s shares in the Target Company are registered. For any further ques- tions regarding how payment is made, You should contact your bank and/or Eu- roclear Sweden.
Med vänlig hälsning[color=red][/color]
Best regards
Axel Weibull
2
Found someone who was able to Google the relevant section of the Swedish regulator and found this website which you can google translate https://lagen.nu/2005:551#K22 (chapter 22 - redemption of Minority Shares)
And the relevant section about withdrawal of the offer (using Google translate so cannot answer to the accuracy of the text). It doesn't clearly state what happens if GE are unable to pay for the minority shares...which if they go bankrupt becomes a real possibility. We could be stuck in litigation for years. What a mess!
Withdrawal of action, etc.
The majority shareholder's obligation to complete the action
[K22]Section 16 If the majority shareholder revokes his claim for redemption, the majority shareholder is, if there are conditions for redemption pursuant to section 1 , obliged to redeem minority shareholder's shares at the request of minority shareholders or the good man.
[K22]Section 17 If the majority shareholder's right of solicitation pursuant to section 1 has lapsed due to the transfer of shares by the majority shareholder or its subsidiary, the majority shareholder is still required to settle the counterparty's shares. However, an application for redemption may be made only in respect of shares held by any party other than the majority shareholder or subsidiary to it on the day the majority shareholder requested that the dispute be settled by arbitrators. With a subsidiary, such a legal person as referred to in section 1, third paragraph , is treated as equivalent .
[K22]Section 18 If pre-admission has been decided pursuant to section 12 , the majority shareholder may not subsequently revoke his action.
Followers
|
57
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
6624
|
Created
|
12/05/12
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |