The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Iluka Resources released its full-year 2023 results with mineral sands revenue of A$1.24 billion and EBITDA of A$582 million, down 19% and 32%, respectively, compared to 2022. Zircon prices remain near historic highs, with the weighted average realised price for premium and standard zircon in 2023 up 6% year-on-year.
Was thinking the same…. Definitely not informed.
DYOR
I’d say upside more real than ever as Management unlikely to be able to block any sale via credible offer…..
Yawn. Don't know. Believe. Disbelieve.
I think it might have been me who brought up the domicile issue , I can't remember, I know I have thought about it in the past , but not sure if it was me who articulated it , but it's something that should have been done
We all have this blind faith belief , that the directors of a company ( and Kenmare is no exception ) have the best interests of shareholders at heart and centre of everything they do ...get a reality check they don't , as evidenced by the 90% shareholder dilution that took place several years ago , despite the fact that they had approaches from other companies to acquire them , then as well .
Directors act in THEIR best interests because they know that few regulatory safeguards exist to prevent them from doing so ...their time horizon doesn't stretch further than their next annual bonus , so it's NEVER the right time for them to sell and move on ...somebody needs to take that decision out of their hands , but I'm not sure who
Unless there is something catastrophic that I do ing know about ( company has said nothing ) then this share has to be one of the bargains of the decade, and strategic buyers should be sought . That is what should happen, don't be surprised though , if events transpire in some form , shape or other which results in current shareholders wealth being diluted by another 90% unlikely you might think , but Kenmare isn't a share you buy and hold forever, it's one that you trade and hope you get your timings right..
Mr Webb will have to prove his worth sooner or later. The share price performance is bc a disgrace. Either the company makes changes or an offer will now come in
To have the right of veto if they don't like the price offered by a buyer
Theoretically yes but why would they .. they've done very well on their 2015 investment and probably want to move on .. (like the rest of us! ) .
Cant the Omanis possibly take holding up to 25% then block?
The Omanis cant block a deal - JOH are on the money here IMO .. I thought the capital markets day and small lot offer was prepping the business for a sale. Lets see what happens. Better ilmenite prices would help..
Honestly at that point in time I was just hoping for my money back.
Apologies forgot to include the past tense in my statement. My aged eyes fail me! I am a LTH so I understand the pain experienced previously. I share greeno's view and look forward to the long term future income KMR will generate for us shareholders.
And I wonder if JO Hambro have a suitor in mind already?! Pretty sure I've seen this playbook before. So they value KMR at £7.25/share. Very interesting
Greeno. Well done. Back to the brain dead days when guys like you and BUCK (aka) W**nker thought you knew everything and thought the rest of us were idiots. Some of us try and help each other. And you ?????
Honestly at point in time i was just hoping for my money back.
Ah the good old days when we didnt ever think KMR would pay a dividend
Now hopefully another 60 years of them
"I think the whole process is designed to be as complicated as possible to encourage holders to give up ."
I don't think the intention is to blackpill us shareholders. Tax is complex and has unnecessary bureaucracy. But that aint KMR or your brokers fault nor should the intention be to impact share price. Didn't someone say on the forum about relocating KMR HQ to another tax domicile?
I understand QI and AWA brokers/shareholders are fully exempt from IWT which means the dividend distributed should be in full. If IWT has been applied, as in your circumstance, then you will need to reclaim the withholding tax when you file your annual tax return with HMRC. You need to get a tax voucher from your broker to do this. Due to double taxation treaty the revenue work out the reclaim from Irish Tax Authorities. This doesnt apply to SIPP holdings since the broker is the beneficiary. Ideally in this scenario, the broker should apply for exemption. WRT the 15%: I think this only applies if your individual name in on the register. In most cases of UK brokerage nominee accounts are used and therefore it is the broker. Possibly, maybe, I am no expert in these matters.
This form would suggest a full exemption....
https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-non-res-v2a.pdf
I think the whole process is designed to be as complicated as possible to encourage holders to give up .
Tep - I've read the same link as you about max 15% which is Saga's point. I've pasted below a para from your previous post:
""Hargreaves Lansdown did make an attempt to obtain reduced rates of tax at source for our Irish stock holders. Our application was rejected by the registrars as we were not considered to be a ‘relevant person’ i.e. a resident in Ireland or a qualifying intermediary (QI) or authorised withholding agent (AWA).""
Question:
Is it your understanding, that had their application not been rejected the rate of tax would have been less than 15%? The reason I ask is that their is a very long list of QI,s & AWA's in the Irish Authorities website. HL also mention the ability to claim back 25% so if they had been a QI/AWA could they have claimed back the full 25% ?
HSBC have confirmed to me this morning that my holding (and anyone else on here who deals through HSBC) is held in the Associated Nom Co - HSBC Client Holdings Nominee (UK) Ltd. HSBC could easily submit a claim being an AWA but they have confirmed that this is not a service they provide which is strange seeing as they are already on the list of AWA's. I am by no means a major shareholder but my holding is large enough for the IWT to be impacting me by several thousand pounds per annum. I have raised a formal complaint with HSBC and will take it to The Ombudsman if necessary but I'm not very hopeful.
A maximum of 15% IWT applied to dividends of shareholders of UK residency.
http://uklegal.ie/double-taxation-relief/#:~:text=The%20Double%20taxation%20treaty%20provides,%2C%20the%20rate%20is%205%25.
Am I correct that the IWT is 25% and that within the terms of the Double Taxation Agreement, it should only be 15% for a UK resident? Therefore the tax which has been overpaid is the difference, 10%, or am I misleading myself?
@candidinvestor: My holdings are within SIPP. Consequently your broker acts as the trustee and they are unable to or won't pursue the rebate from Irish Revenue. I don't quite understand why. This is my broker response to my email about a year ago which I deemed unsatisfactory (see below). IWT can be pursued retrospectively. You need a tax letter from HMRC declaring your tax residency. I assume at this stage once ownership is transferred when I retire I can reclaim at this stage or if indeed the broker is able to change their procedures so they intend to claim on your behalf. I hope it helps.
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Unfortunately there is no European wide facility available to HL to reduce the withholding tax burden to clients holding shares in Europe.
Each European country has a different and sometimes complex tax regime/rebate procedures. For this reason we do not offer a service to claim foreign withholding tax (apart from US and Canadian) but do provide supporting documentation for clients who wish to pursue a claim for withholding tax for shares held in non SIPP products.
At present the Irish withholding tax is 25% and can be claimed from the Irish Revenue for dividends paid into HL ISAs/Fund & Share accounts, but this must be done by the beneficial owner of the shares. We will provide our client’s letters supporting their claim and a tax voucher of our pooled nominee holding. I believe you will be able to download the form from the Irish Revenue website (link below):
https://www.revenue.ie/en/companies-and-charities/documents/dwt/iref-withholding-tax-claim-form.pdf
In our experience the Irish Revenue will require a copy of the original tax voucher which can take several months to obtain from the registrar as a fee needs to be sent by Hargreaves Lansdown (this will be covered by us) to cover the administration costs.
With reference to SIPP products, Hargreaves Lansdown acts as the trustee and is viewed as the legal owner of the shares with the client as the beneficial owner.
This therefore means that claims for foreign withholding tax within a SIPP, must be completed by Hargreaves Lansdown.
Hargreaves Lansdown did make an attempt to obtain reduced rates of tax at source for our Irish stock holders. Our application was rejected by the registrars as we were not considered to be a ‘relevant person’ i.e. a resident in Ireland or a qualifying intermediary (QI) or authorised withholding agent (AWA).
At this point in time, we do not offer a complete foreign withholding tax reclaim service at present. This is in accordance with our Terms and Conditions for your account (covered by section A9).
However, the position is under regular review.
We have the right to reclaim the IWT
The issue may be that the Nominee doesn’t or cannot provide the granular detail on an individual basis require to reclaim the IWT.
II do provide individual data on IWT in the ISA but not the SIPP therefore I need to request the detail from the Nominee which I am not hopefully they will easily provide.
I am not an expert on withholding tax , but my investment is held within a Sipp , does this make any difference to my eligibility of a reclaim of WHT ...does anyone know ?