I just been to the computer share down in abbotsford. Those guys are nice. But , pretty much how would I put it, obtaining accuracy to the registry seemed to be awkwardly hard. I had requested for the registry at around $320, pending for Pact's approval.
ok, the way they told me and put me in front of the computer, I was able to see people details on the list. They told me, there are around 5800 registries. However, the screen displays around 17 registry holders at a time, but to find out if they are holding shares or not, you would need to click on each and every single one holder to see how much shares they holding.
For example, many registries created in 2017, and holding 0 shares after few months later. But it is still recording as 1 registry. Another example is a family fund trust with only one member of that family still own shares in it but still records as 4-5 registries.
Nevertheless, the easier way to do this is to pay over $300 to get a hard copy of registry which will display amount of shares they owned next to their name. So, I put in the form to obain it, but it needs to be approved from Pact to get the registry list, or wise I have to stay there all days to run through that list in a pretty much unfriendly computer interface to do the counting. Another issue is we don't know when it was last updated, could be in December or few weeks ago, who knows.
The incentive is that they charging me $320 including GST indicates that there are extra cost if holders own more than $5000 (.05 cents for each holders owning more than $5 k to $100 k). It's a very good indicator there are still more than 150 shareholders owning more than $500. I will confirm the issue again with them.
The biggest issue they said, we are part of chess holders and most likely required the sponsor ID (bidder) to give computer shares with its latest update with the acquisition. Due to takeover issues, we don't know the latest until the bidder updates. It could be like their last updates and no changes and Kins Group could just stuck with 85% and there are more than 150 holders.
On top of it, since the last updates from Kins Group, they didn't mention any new registry to Pact list which I am pretty sure there are, as I popped 2 new accounts already. I got confirmed by computer share that HIN means holders. If I have 2 more HIN, there are 2 new holders to the list. So, Kins group couldn't delist it because it's almost impossible to get a proper updated registry anyways, there are new buyers and new sellers every day, so I betcha they still have an outdated list they obtained from September last year.
I will keep you guys updated and any correction if I am wrong but pretty much it cost me $320 (potential bill) and my honest thinking is that, RG needs to get to 90% for compulsory acquisition because delisting at this stage is not practical because both sides are having outdated registry list.
Even at computershare, they only get the latest updates once Kins group requests them to move shares of acceptance holders or through bidder/target statements, which stands around 900 shareholders as at December and just under 85% by January is all they have, and an outdated registry list which registry holders sold out in 2017 still there and they don't have time to run through to see any new buyer registry either.
It's no good for neither side, we can't get proper count of new buyers registry nor Kins Group can delist it yet. they keep saying they got accepted by an amount of holders but they didn't include new buyers pop up either, as it is hard too update with that ends too. Given the price increase, for sure there are new registry counted.
I am saying, delisting is not practical scenario but only 90% threshold is the concern.
Will keep you guys updated.
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