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Thanks Laser. Huge figure well above HUR/Prax projections - fills tanker every 78 days so currently 4.5 tankers pa rather than 4 - longer we stay under 90 day cycle and over 4 full tanks pa the better.
Shame Brent retraced from 90 to current 83 with offload due soon. Be nice if both metrics sang the same helpful tune at least for a couple of offloads
MARCH daily production reported @ 6730
No updates from prax you can look on this link for production in arrears March figs are due for release in the next day or so
https://nstauthority.maps.arcgis.com/apps/webappviewer/index.html?id=984eeea3b1664049b12c02a28478bdaa
Me too, into my FirstDirect ISA where they shouldn't have gone as DCUs have been switched, by them, to my Sharedealing account. SIGH!
Have finally received the funds this morning
Have Prax given a performance update of the well recently ?
I spoke to FirstDirect, part of HSBC, about this payment. They say they are aware and are chasing this actively. They also said that some banks pay out on the due date but they wait till they've received it. Very canny.
Brightsideoflife
In that case there is no doubt that you are entitled to the DCU payment. Speak to HSBC again and ask them to comfirm you are entitled and when you will receive payment. If they cannot give a satisfactory answer raise the matter as a formal complaint. You need to make a formal complaint so you can take it to the regulator should that become necessary. You might also ask HSBC if they intend to resolve the issue that has delayed payment so that it does not happen next time.
The shares were purchased when it was Hur from 2 years ago, I received the 1st dcu 2nd October with no issues - it's all very frustrating to have to keep chasing this up
If Mayflower has no luck tomorrow then you could bump the issue up to customer complaints and ask them to resolve with the corporate actions team, or similar. If the DCUs were still listed in an account in your name with HSBC on 31st December then you are legally entitled to receive that payment, on or as soon as reasonably possible after the 28th March.
Are these pre existing dcu or ones you have purchased separately say through jp jenkins
Yes I think your right that HSBC may receive as a total payment because I phoned computershare who have no record for me personally, the thing that worried me from HSBC on the chat, they said there are no further distribution coming through them
The irony being that HSBC are the bank that Prax use for the $/£ FX on their payments...
I think the contact details for Computershare are in the FAQ section on Prax website.
I’m still awaiting a response from HSBC will chase tomorrow
That sounds like a cop out by them. If you have Class II DCUs in exchange for previously held Hurricane shares, and if you received the payment in Sept/Oct okay, and if those same DCUs are still listed on your account, then HSBC should still have received this payment direct from Computershare (Prax' Registrar) to distribute to you. If they didn't then that's a matter between HSBC and Computershare.
All Prax will do is pay over to Computershare the grand total to be distributed to all DCU holders on their Register so speaking directly to them is unlikely to resolve it. If HSBC are unwilling to help then try contacting Computershare, although they may just hold a total nominee value per broker and not necessarily have you listed by name?
It looks like IG and Barclays were also caught napping and had to rush out a reconciliation to pay holders late so would not be surprised if HSBC also do find they have the money and just haven't dealt with it yet.
Anybody else still having issues receiving payment through HSBC, they are advising me that I need to speak to Prax directly?
I didn't have to activate my account. It let me withdraw the funds without any other issues
Sharvey - did you have to activate your fund and share account before you withdrew funds?
Yes, harvey, same here. need leave £50 in account or wont allow one to proceed. only way to get all funds out is to sell all dcus, then you can withdraw all funds to zero balance
My issue with my HL F&S account was that when I tried to extract all of the DCU payment HL informed me that they would close my account if I didn't leave a minimum amount in the account. Not wanting to run the risk that I may lose the DCU holding in the account I had to leave some cash in it.
My 'Fund & Share' account exists only because HL instigated it to hold DCUs. It has never seen any other activity. Yesterday I withdrew DCU funds from it trouble-free.
2 friends today reported to me that when they tried similar via the 'Withdraw Funds' tab, they were met with a 'Technical Issue' message which prevented them continuing. Explanation when they phone HL was that account was deemed 'inactive' until they agreed account terms and conditions declaration read to them by phone. They listened, agreed, the HL agent pressed a button at HL HQ, and immediately the 'Withdraw Funds' tab worked and they withdrew funds.
HL could provide no explanation as to i) how this was not required on my (and presumably others' accounts ii) how HL set up these accounts prior to terms and conditions declaration being agreed iii) why HL did not message HUR-holding clients informing them account could not be used (ie funds withdrawn) until and unless client rang HL to expedite declaration requirements.
So if anyone meets this issue, above is the solution - phone HL telling them account inactive can they read the declaration blurb out so can be agreed and account activated. Typical HL incompetence. Imagine needing to withdraw urgent funds over a weekend when HL shut and being unable to do so till Monday earliest cos HL can't be as sed to inform via message centre. If any HL client tries to withdraw DCU funds please advise forum what happened.
Corry - hadn't spotted that. when have time will see if can find uk relevant article now know what am looking for
I'd be lost without the main posters on this group and LSE kindly allowing it to continue.
Thank you all for your time in keeping us less frequent ex HUR investors up to date.
Senseman - same for HL - it looks to me like they are just trying to find a home for it in their menus that maybe doesn't quite fit the actual nature of the payments.
The investopedia article you link to is specific to the USA. The "Return of Capital" mentioned at the bottom of that Barclay's notification again just looks like an unedited hang over from the template they have used and not relevant to the actual payment?
"Investors who held shares on 28 December 2023 are entitled to receive this dividend ..."
You don't hold any "shares" in anything anymore and you are not entitled to a dividend from Prax.
That statement further supports my view that they are using an incorrect automated notification template that has not been properly reviewed.