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Novice question - What happened to LONN shares

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Occasional Contributor
Hi All, Please excuse the novice question. I have searched but can find the answers or reasons... What happened to LONN shares? I know it was a split from LON shares, but now they have disappeared from my portfolio. They were trading at 1c last. Is all that 'cash' now gone up into flames?
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Regular Contributor
You probably referring to the nil Paid rights. It only gives you the right to buy shares in lonmin @ 23c. Not worth anything?
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Regular Contributor
You probably referring to the nil Paid rights. It only gives you the right to buy shares in lonmin @ 23c. Not worth anything
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Occasional Contributor
Ok, so they were not actual shares? They did have a monetary value. Now they are not part of my portfolio.... Remember they were listed separately on my portfolio as LONN, in addition to LON shares.....
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Regular Contributor
Nope. The LONN are not actually shares. It is the right to buy more shares in LON. You were probably allocated proportionate LONN in accordance to how many shares you hold in LON. LONN was tradable on the JSE for a specific time period an hence that's why there was a monetary value to it. But you still had to take up the rights and pay 23c for every share in LON. Second option was to sell the rights to the market at 1c.
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