I hope someone here can assist - I'm a little lost. HVP:BH, which is Heather Venture Holdings Ltd. and TPH:BH Tapir Holdings Ltd are both listed on the Bermudan Stock Excchange, if I've understood correctly. They were given to me, a long-time LSE only investor, because I was fortunate enough to have holdings in Impellam - and this happened. A Special Dividend of these shares was issued as a dividend in spiecie - which I gather means not cash but shares. To quote a company announcement...
In the Scheme Document, the Impellam Board stated its intention to declare, prior to the Effective Date, a special dividend of, in aggregate, £25 million, equating (on the basis of the Impellam Shares in issue on 12 December 2023, being the last practicable date before the Rule 2.7 Announcement) to approximately 56.1 pence per Impellam Share, to be settled by way of a dividend in specie to eligible Impellam Shareholders of the shares in one or more newly-incorporated subsidiaries of Impellam (the "ShellCo Dividend").
Further to this stated intention, the Impellam Board is pleased to declare the ShellCo Dividend.
The ShellCo Dividend will be effected through the transfer of new ordinary shares in each of Heather Venture Holdings Ltd. ("Heather" and "Heather Shares") and Tapir Holdings Ltd. ("Tapir" and "Tapir Shares", and, together with Heather, the "ShellCos") to Impellam Shareholders on a pro rata basis.
This has now apparently happened. My broker doesn't deal in Bermuda, so I had to set up an account with a new broker who did. As far as I can see there are no values given for these "shares" and the bermudan stock exchange appears to be a very different beast, offering a daily Email in lieu of online prices anywhere, and listing my two holdings but no bid, ask or spread value.
Does anyone know how I could sell these things? What is going on? I've tried to work out why there is no value showing, and tried to request transfer of my shares to the other broker, but it appears I'm no closer to understanding or seeing value from this "dividend". Any advice or help very much appreciated.
