Friday, 13 December 2019

What does the Standard Chartered Bank corporate action sms mean?

SMS from Standard Chartered Bank

You may have received an sms, similar to this sms.
Dear Client, we'd like to inform you of a corporate action event that requires your attention.
Event Type: TENDER OFFER
Event Name: AT T INC
Event ID: 339XXXXX
Action By: 11th NOV 2019 5PM 
To give or change your previous instructions, please call +65 6242 5333 by the above deadline.
Dear Client, we'd like to inform you of a corporate action event with more info.
Event Type: TENDER OFFER
Event Name: AT T INC
Event ID: 339XXXXX
The offer is subject to closing conditions set forth in the offer to purchase, dated 10 September 2018, including the closing price of the shares on the NYSE on the last full trading day prior to expiration date exceeding the offer price and purchaser obtaining financing necessary to fund purchasers financial  obligations arising from the  offer.
Please call +65 6242 5333 for assistance."

So, what does the Standard Chartered Bank (SCB) corporate action sms mean? 

I called Standard Chartered Bank +65 6242 5333.

As this is the second sms I received from them. As no action from you, means you decline the action. So I declined the previous sms and it's action by doing nothing.

After my conversation, my corporate action was:

After my conversation, I decided for my corporate action that I commence will following their tender offer, since AT T INC seems to want my shares back.

So I discussed and confirmed this with the Standard Chartered Bank representative. I was also instructed not to sell my stocks myself and create a short sell position, and leave it to them to follow the process here. So I did. A week or so later I received this sms:
Dear Client, we confirm your corporate action instruction given on 05 Nov 19 for AT T INC (339XXXXX) on T.AT&T INC is OPTION 1 TAKE CASH (USD).  Please be reminded not to sell your T.AT&T INC shares to prevent a short sell position.  If this is not correct, please call +65 6242 5333 before the deadline stated in our earlier notification.

I hope that helps you make sense of it. As it was confusing to me at first when I received this sms from the bank as well. 



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