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Hi Tiggerman,
Couldn’t help noticing your mention of Inheritance tax earlier. I looked into this a few months ago. Apologies for posting the following again, but if it’s a significant part of your planning you might want to take advice as for now GGP still seems to be in the resource exploration category:
Regarding UK Inheritance tax – My understanding is that AIM shares can indeed exempt but there appear to be some exceptions and pitfalls - see the following taken from the money observer website:
“…and to make matters worse, HMRC only makes a judgment on whether a company is IHT-exempt when tax is due.
It is best to play safe and only buy companies that engage in actual trading rather than passively invest in land or other assets, which entails avoiding investment trusts and their real estate equivalents (Reits) as well as resource exploration companies, which are deemed land companies. You must also tread carefully where profits are derived from joint ventures and subsidiaries rather than from active trading. Companies are also disqualified from relief if they have listings both on Aim and on another market elsewhere.”
I’m not a tax expert (far from it!) but it seems that anyone wanting to escape IHT on their GGP holding might do well to seek expert advice…
@DGR, I was wrong, I just checked. Scallywag is within the Havieron license and so is subject to right of first refusal through the life of the Hav JV. The other Paterson sites are only until the end of the Farm-In.
Of course, we still could end up with a Farmi-in / JV with Rio or someone else at Scal. It's just that Rio would have to pay enough to convince NCM not to exercise their right of first refusal. I don't see that happening. They'd be more likely to just buy the whole company than to overpay for Scallywag.
@TMT- Which ends after the MRE, which isn't likely to come for a good while
@DGR "Newcrest get first refusal on everything apart from Rudall"
During the farm-in period. That expires when the farm-in ends.
TMT- Newcrest get first refusal on everything apart from Rudall
Strange that Numis didn't issue an RNS of their own this morning. I assume looking under NUM is where we would find it.
@ttb "It’ll be interesting if we get either of Rio’s - Deutsche or JPM"
As you mentioned, there's the possibility of a JV with Rio on Scal (or potentially one of our other holdings, Rudall comes to mind since Rio is right next door there, too). That might create issues with some conflict of interest rules. I'd think it could be manageable but maybe not worth the hassle so I'd guess they'd be looking at other options first.
Morning all,
Forgive me for asking but why would Numis Securities Limited ("Numis") close its natural resources division. As a result, Numis will cease to act as joint broker to the Company with immediate effect. I does not make sense as they have only just taken on the roll ???????
Seems a bit strange to me.
Thanks RA - at this time of the morning .....and at my advanced age, .... am not always up to speed. But I am aware that AIM companies ,held for more than two years can be passed to ones children free of IHT . And holding all of my shares in an ISA
with my wife, we are just about as protected as we can be.
Tig
Hi Tiggerman - Apologies for being pedantic, however the FTSE 250 covers the 101st to 350th mcap companies in the FTSE. Therefore, if in the FTSE 350, a company must be in the 250 at least. I'm not sure that when an AIM company exceeds the mcap of the 350th FTSE company they are obliged to move into the FTSE index. There are 10 companies in FTSE 250 with mcaps of less than £500M and one with mcap of £77M
There are some advantages to PIs for the company to remain in the AIM so we may find that we do not want to move into FTSE.
Regards
RA
I know nothing about the reasoning for appointing additional brokers, BUT ....could it be due to either ......
more capability of handling major growth, asset sales, take-over,
OR possibly a move up from the AIMmarket intothe Footsie 350 .......or maybe into the 250. ?????
Tig
PS will someone remind Paddy that there are only 5 days to pass before the NCM announcement, as I have not heard much fromhim of late.
JPM were also doing the funding package for JPM.
Something we dont need
Morning folks, hopefully whoever the new broker is, they will be more proactive on their valuations...
Stay well
GLALTH's
Sry Paddy just seen the RNS
I don't view it as relevant. Company fundamentals are the main value driver not broker recommendations
Morning Paddy..I would,nt think there would be any upgrades from Numis or Pennon until after next Thursdays update..Would love to see something before then just to spice up the SP
Have SI Capital ever rated GGP?
Their targets were too low anyway . . .
Let's hope that whoever they appoint will be able to make their research available to retail clients also this time.
The countdown begins - Paddy
Paddy, its double edged sword..on one hand it will remove the psychological limit set by the SP targets
No more upgrades from Numis then.