OUCH! Guess I should have been paying attention..... 3 years and no interest.. I can't sell? am I understanding that correctly?
My understanding is you will get the same deal we got 6.44 + CVR. It will just take longer since you didn't tender your shares.
Call your broker and ask that your cancelled shares receive the same amount in cash as those tendered. You will simply have to wait longer for the money than those who tendered. Read the 14D-9 and 8-K filed with the SEC.
As described in Chelsea' Solicitation/Recommendation Statement on Schedule 14D-9 (the "Statement") filed with the Securities and Exchange Commission (the "SEC") and mailed to Chelsea's stockholders on May 23, 2014, Chelsea's Board of Directors has unanimously recommended that Chelsea's stockholders accept the Offer and tender their shares pursuant to the Offer. The initial expiration date of the Offer is at 12:00 midnight, New York City time, on June 20, 2014 (one minute after 11:59 p.m., New York City time, on June 20, 2014), subject to extension in certain circumstances as permitted under the Merger Agreement and applicable law.
Subject to Acquisition Sub's irrevocable acceptance for payment in the Offer of at least a majority of Chelsea's common stock outstanding on a fully diluted basis and to the satisfaction or waiver of certain other customary conditions, Acquisition Sub will merge with and into the Company (the "Merger") and, subject to certain exceptions, each Chelsea share not tendered in the Offer will be cancelled and converted into the right to receive in the Merger the same consideration per share paid in the Offer. The Merger will be effected as soon as practicable after the closing of the Offer.
From the 8-K
Pursuant to the Merger Agreement, at the Effective Time each outstanding Share (other than Shares owned by the Company, Parent or Acquisition Sub, by any direct or indirect wholly owned subsidiary of the Company, Parent or Acquisition Sub or by stockholders of the Company who have validly perfected their statutory rights of appraisal under the DGCL with respect to such Shares) was converted into the right to receive the Merger Consideration
Yes, Schwab made the error of giving me a cost basis of $0 and the proceeds of the tender as pure profit in the Realized Gain/Loss page. As they were held in an IRA I'm not too concerned but will call them up to get it fixed.
Incidentally this message board will go away once the stock is delisted so it will be difficult to keep up with the further adventures of the CVRs unless we set up a yahoo group or something.
This is my understanding. If you didn't tender it'll take longer to get your money ($6.44 /share), but you will get it. You will also have the CVR with potential to make up to 50 cents a year for the next 3 years for each of your shares. Thanks for your service.
I was wrong about the CVR, sorry. Inowsee that the listed trading symbol has changed, but can't be traded, but I had forgotten that was one condition with CVR. So I also have those now in my account as well.