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North Atlantic Drilling Limited Message Board

  • turbofever turbofever Nov 23, 2012 12:21 PM Flag

    So NATDF can't be traded for a long while in the U.S...?

    According to Schwab, the reverse-split action is treated as an "IPO" and due to this being a foreign company, there's now a 41-day wait imposed on trading the stock (!!) in the U.S.

    When the stock goes on the NYSE in December that freeze should be lifted, but it seems I am screwed as far as buying the stock prior to the NYSE listing. I'm very bummed out as I have been looking forward to purchasing this one for a while before Monday's conf call and before it hit NYSE. And then when the day finally comes... I get smacked down!

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    • If the stk cannot be traded, why is it down .05 today?

      • 1 Reply to divisgood
      • Divisgood: I don't claim for a second to know all the technical underpinnings of all this, but by way of example, why don't you try the following: Enter an NATDF limit buy order with your U.S. brokerage. Use a safe/harmless number (1 share, for $1/share). Watch as your order gets instantly rejected after you "confirm" and try to put it through, with some sort of error message about an invalid symbol...

        Bobdbeck: Yeah, spoke to the Global desk a couple times (last week). I think for you, the trick was that you bought it before the 5-to-1 reverse split was initiated. Now that the split has happened, supposedly new (U.S.) trades are restricted for a while. Maybe for grins, try the reverse of what I described above: sell 1 share, limit price of $100, and see if the open order is allowed.

        On a separate note.. After listening to the SDRL conf call today, I was a little disappointed with what they had to say any time North Atlantic Drilling was mentioned. They had a couple opportunities to "give us a reason to believe" including an underhanded pitch from a concerned buyer who was worried that SDLP was getting priority on rigs over North Atlantic Drilling.. Personally, I would have liked to hear better re-assurance from management that NADL/NATDF isn't going to be the low-man on the totem pole, or some positive spin with more details for their growth plans.

        Who knows, maybe they are saving a piece of news to coincide with the announcement re: the NYSE listing occurring.

    • I'd check with the Schwab Global Desk for further clarification. That's where I bought it and although there was a $50 extra charge it was well worth it.

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