Arcam AB fka AMAVF

[KR_uk]

I spoke to my broker - Vanguard (VG).

They sorta confirmed that the underlying holdings are in ARCM. As this is an ADS it was/is effectively the underlying foreign stock.

Now they way I understood it (as relied to me by the VG client rep from his corporate actions team), I'm the beneficial owner of AMAVF shares and that VG is the legal owner of the totality of all shares held by all VG clients at their US custodian. These have corresponding holdings at a Swedish custodian of the underlying ARCM stock.

When the buyout goes through, the Swedish custodian will be informed and they will in turn tell the US one, who will tell VG who will then apply to VG clients.

What does that mean for the arbitration process? My guess (and it is my own amateur opinion) is that we as ADS holders are invisible and therefore won't have any input or even right to input into the process BUT there should be no reason why we won't get our money eventually. The reason I think people are selling/buying is that the sellers don't want to tie up cash for this indeterminate length of time and the buyers are hedging that they'll get c. $12/share on top of the current AMAVF price when the buy out happens.

I might try and send all of the above to Victor but this feels like I'm asking people (including VG) to stray into "advice" and I doubt he'll confirm this 100% either way same way VG wouldn't confirm the above understanding 100%.