Hi folks,

I use a stock ranks based strategy for stock selection and don't usually look too deeply into the news of stocks I buy.

One such stock I bought towards the end of last year was Pace (PIC) as they ticked the boxes. Unbeknown to me Pace was due to be acquired by Arris on 5 January (a US company traded on the NASDAQ). As per the terms of the acquisition 0.1455 Arris shares would be issued for each Pace share held.

When 5 January arrived and the Pace shares disappeared from my account I did some googling and found out about the acquisition.

I contacted my broker (Barclays) and asked when the Arris shares would be available for me to trade, as I wanted to get rid of them quickly. The broker seemed very confused about what to do and couldn't give me an answer.

Now, it's three weeks later, and the broker still hasn't let me trade the Arris shares and still seems pretty clueless as to when this should resolved. They have told me that their custodian still hasn't received the "physical shares". During this time, the Arris share price has dropped around 15% :(

I'm pretty much a newb in these kinds of matters. Can anyone with more experience than me tell me if this situation is normal after an acquisition? Is there usually a long delay after the acquisition date before the shares are actually available for trading, or should they be available to trade on the acquisition date?

I'm not really sure if I am just being fobbed off with excuses from my broker or whether this is something you just have to live with when a company is acquired and new shares are issued.

Did anyone of you decide to hold on to your Pace shares through acquisition, and have you experienced similar issues?

TIA!





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