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Taking their time paying.
Gazzleberry was that you topping up with the trade at 16:32:36 today for 3,250,000 shares at 1.67p
AGE
agneis, thankyou.
A risk for certain, but buying at 1.6x for a 1.8p dividend by June, plus the benefit of the remains of the company, seems one that’s balanced in our favour. So just placed a couple of buys (showing as sells of course on here!)
GLA
I’d rather have the dividend sooner so that I can put the money to better use myself rather than accumulating money market interest in the company. Think what investors could make on that cash
29 working days have elapsed since they received the founds....and if he's going to wait till the last second, roughly around the 2nd of August we should get some news and pay....I'm on jury duty waiting so nothing to do but counting in boredom.
If the money was on deposit for the full 90 days it would only cover some of RY ‘s annual salary,a ceo should be working to make the company and the shareholders money NOT just covering his salary.Get on with it !
MD
I'd like to think that the Circa £28 million pounds will have been put into some type of interest yielding account bearing in mind the funds might be lying around for 90 days. Any eqarned interest will help the residual value of the company after the special divi.
Don’t let the buggers get you down Gazz,RY is still seething that we stopped his cozy friendship with Crede,so he is now having his favourite two pastimes.
1:Complete silence for no other reason than working a best case scenario for him and Mr Schafer
2: Makings pi’s wait as long as possible.
Let’s face it if they hadn’t got something lined up for a reverse t/o with all the time they’ve had it would be a very big surprise.
It will all rise to the surface at once just when it makes for the best deal for the directors,Afterall why would we need or want to get our money after all the glorious years of being Amc shareholders
MD
If there is doubt as to whether the special dividend is income or a return of capital them the Board may be returning the 1.80 pence per share via a mechanism other than a dividend such as issuing a different class of shares to shareholders and then immediately repurchasing them and then distributing that money to shareholders so that there is no doubt it is a return of capital.
AGE
As the only asset in the company is cash and there are no liabilities (please correct me if this is wrong) what’s the reason for the delay in at least announcing 12 June 2023 as the payment date and going ex~div shortly after the announcement? Surely it can’t be the income v capital question as I’m sure the company would tell us to get our own advice? Starting to get impatient
Gazzleberry the AMC website states on the questions and answers section that no one is going to receive a bonus for the sale or Irosta!
AGE
I should add that distributable reserves are calculated based upon the balance sheet reserves of the company paying the special dividend which is AMC and not the consolidated balance sheet reserves which what is shown in the latest set of interim accounts.
AGE
gwm121 have a look at one of my previous posts re the John Buckingham v HMRC which is a First Tier tribunal case in which the Judges found that the majority of a special dividend was capital and the minority was income in the hands of John Buckingham hence the income part was subject to U.K. dividends tax.
The reason part of the dividend was held to be income was because it was paid out of distributable reserves in other words the accumulated profits of the company.
If you look at AMC’s latest interim accounts you will see it has accumulated deficit (losses) of 39.467m USD and share capital of 80.794m USD.
There are therefore no distributable reserves to pay the dividend out of so it is coming out of the share capital account and hence a return of capital.
HMRC will argue that it is income in the hands of shareholders as it is a special dividend so they will want all shareholders who hold their shares outside of an ISA to pay dividends tax!
In the First Nationwide v HMRC it was held that a dividend paid out of a share premium account for a Cayman Islands company was in income in the hands of shareholders.
AMC has 4.278m USD of share premium but this is eliminated by the accumulated deficit so it is not being paid out of the share premium account so none of AMC’s special dividend is income in the hands of shareholders!
AGE
AGE
Not a problem if AMC is in an ISA.
gazleberry
What salary do u think RY will have for amc 2 £230k year?
If I cant cofirm the dividend is capital return, I will pay tax on the dividend... yet this is on a lossmaking share . then even on eventoal sale the capital loss will have been taken away by virtue of dividend......wow.. payng tax on a loss !!!!!
On the basis the cash dividends should be paid within 30 business days of the record date and the last day to pay to comply with the payment will be made within 90 days of the date of receipt of the sale proceeds then the last days is the 12 June 2023 then there are the following possible dates :
Ex dividend date Associated record date Latest announcement date
04/05/23 05/05/23 26/04/23
11/05/23 12/05/23 04/05/23
18/05/23 19/05/23 11/05/23
25/05/23 26/05/23 18/05/23
01/06/23 02/06/23 24/05/23
AGE
Per the LSE
The basic principle:
The record date should normally be a Friday, therefore with standard settlement of T+2, the associated ex date falls one business day earlier. If a dividend is to be made ex, the dividend must be declared via a PIP or notified to the Exchange at least six business days before the proposed record date, otherwise the ex dividend date may be deferred until the following week.
Payment dates
Companies should aim to pay straightforward cash dividends within 30 business days of the record date and Dividends with Options within 20 business days of the election date.
How to use the Dividend Procedure Timetable
If the ex-dividend or record date is the key date driving the timetable, declare the dividend on or before the announcement date on the same line. If the announcement date is the key date driving a timetable, choose the ex-dividend and record date on the same line or on any subsequent line. Ex-dividend dates normally fall on Thursdays, with the associated record date falling one business day later usually on a Friday.
The timetable provided by the LSE states:
Ex dividend date Associated record date Latest announcement date
08/06/23 09/06/23 01/06/23
AGE
Of course you are never the "legal owner" unless you certificate.....a nominee share dealing/holding account.....the nominee remains the legal owner....of course this is only a technicality really 99.9% of the time...but there is still the 0.1% chance you will not have any beneficial interest in shares when you are not the legal owner. "legal" not necessarily "lawful"
If like me you have actually owned shares in Amc long enough to purchase and completely ware out 3 vans and 2 cars,all that is required is the 1.8p dividend and put that money elsewhere.
Get the job done RY so this complete mess is history.
MD
Gazzleberry you are only the legal owner of shares purchased once you have paid for the shares on the settlement date.
You do not become the legal owner of the shares on the day you buy them.
Lots of traders buy and sell shares on a daily basis on T plus 2 or 5 or 10 or 20 days and then they close the purchase prior to the settlement date so they are not the legal owners as they have not paid for the shares.
AGE
The AMC website shows that the Board owns
21,040,785 shares in AMC.
AGE
90 days from the date of receipt of the consideration is the 12 June 2023 as that is the latest date for payment to be made so just 53 days to go from today if payment is going to be paid on the 90th day.
Those people buying on T plus 20’s will have to be careful as you have to be on the share register on the record date and you are registered on the settlement date and not the day you bought the shares so on a T plus 20 you do not get registered until 20 LSE working days after you buy on a T plus 20 so a month after you buy.
The Board will announce the record date, XD date and the special dividend payment date.
Hopefully the Board will issue an RNS during April 2023 or early May 2023.
AGE
Still a little of talk on if the 12tb June will happen if what firm it will take.
Is the a chance there will be no payouts on the 12th?
Dates moved?
Sell the lot now and you could walk away with a circa 27% profit (thanks only to KOD which has dangerously high RSI). Bung it all into IAG and forget about it until at least £2.60 (circa 80% further profit)
If KOD drops to where I suspect it will circa 0.35, you'll be minus again.