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I emailed the company responsible for the liquidation and they are awaiting final tax clearance which has been delayed due to HMRC having lots of other priorities due to COVID-19. They have been advised that they should hear by end of 2020 and suggested that I should diarise a chase if hadn't heard anything by the end of Jan-21. I hope that helps people ??
I haven't either, getting rather annoying as haven't heard anything from anybody.......
Do we know when the pay out us te MPAY.
Disappeared off HL now.
You're absolutely right about that Leo-IX.
The company do give their estimate of 1.5p per share cash returned AFTER taking into account transaction fees and running costs until the company's wound up.
So here's hoping it goes like they say.
For sure. But with only £700k to distribute there's always the risk of delays creating extra costs and eating in to that sum. Hopefully though the days of MPAY disappointing investors are over and they deliver the full amount.
Hi Leo IX,
even with a delay of 3 to 9 months, you get a very decent implied annual return, if you're investing at around 1.14 like this morning.
But it's not in days is it - that's the problem...
. It is estimated that it will take between three to nine months to complete the Liquidation, distribute the cash surplus to Shareholders and dissolve the Company, however it should be noted that this is dependent on receipt of formal tax clearance from HM Revenue & Customs and settlement of all liabilities. The Proposed Liquidators will be obliged to send a progress report to the Registrar of Companies and to all Shareholders, covering each twelve month period from the commencement of the Liquidation, should the Liquidation exceed twelve months
SuhailM3471 "Anyway, minimum 1.50p return which could be imo around 2.25p if get the tax rebate."
The tax rebate, if it happens will go to Mi-Pay ltd, which is being sold, NOT to Mi-Pay Group, ie the PLC.
So the maximum shareholders will receive is around 1.5 p per share.
That is my understanding, not long until the shares cease trading on AIM, not sure how long the process will take to get monies back.
Indeed. I presume we sit tight till everything goes thru.
When they have advised that they believe that they will return circa 1.5p to shareholders, current buy price is 1.10p so if you are happy to hold, you could now benefit from about +36.3% return, if they return 1.5p.
…..there we go !
Update re R&D tax credit
Mi-Pay (AIM: MPAY), a leading provider of digital transformation, mobile payment and payment fraud management solutions to Tier 1 Mobile Network Operators, Mobile Virtual Network Operators and digital content providers, announces an update on the receipt of a research and development tax credit by Mi-Pay Limited, the Company's wholly owned operating subsidiary.
On 22 November 2019, the Company announced that it was yet to receive a research and development tax credit of approximately £0.3 million in respect of its 2018 claim and that it had received correspondence from HMRC requesting further information. On 23 January 2020, the Company received further correspondence from HMRC, stating that no further information is required to be provided in respect of the claim and that no amendment is being proposed to the claim.
Whilst the response from HMRC does not constitute formal approval of the claim, it is anticipated that a formal closure notice will be received from HMRC in due course. Subject to the receipt of formal approval by HMRC, after costs associated with the claim, it is anticipated that Mi-Pay Limited would receive approximately £0.26 million from the claim.
It is not expected that any funds will be received ahead of the Company's general meeting on 27 January 2020, to approve the disposal of Mi-Pay Limited ("Disposal") and cancellation of admission of the Company's ordinary shares from trading on AIM ("Cancellation"). Any amounts receivable under the claim will be payable to Mi-Pay Limited and not Mi-Pay Group plc and the receipt of the credit does not affect the consideration receivable by Mi-Pay Group plc in respect of the Disposal, details of which were set out in the Company's circular dated 23 December 2019 (the "Circular").
The directors of the Company do not consider the funds receivable under the claim to materially affect the Company's working capital position. Therefore, notwithstanding this further correspondence from HMRC, it remains the opinion of Seamus Keating and Ed Lascelles, being the directors that are independent for the purposes of the Disposal, that it is in the best interest of shareholders to proceed with the Disposal on the terms contemplated in the Circular and it remains the opinion of the Board that it is in the best interest of shareholders to proceed with the Cancellation. The Board intend to vote in favour of the Disposal and Cancellation resolutions at the general meeting in respect of their direct and indirect shareholdings which, in aggregate, amount to 4,373,736 ordinary shares in the Company, representing 9.56% of the issued share capital of the Company.
That is true, I hadn't thought about that.
Personally I think there is no way that this will not delist. Just a question of whether we get higher bids for the asset.
Not sure how they are I’ll get the 75% needed
Impossible....
Hope so. How confident are we it’s coming? Must be very soon.
Can’t wait to see the market reaction when a bid RNS appears. Reckon it will go ballistic.
I meant 5p a share.....although 10p would be amazing lol
The mms reaction this afternoon tells me they have an inside knowledge what’s coming and tried to spook holders who bought this morning. The drop and then recovery (up 26% to down 20%) shows how volatile this can be. What will happen when news is released of new bids??? It will soar. This company must be worth minimum 10p per share when you do the maths. Holding for the big news to drop. Only 12 days left remember.
There is zero point anyone selling below 1.5p
Definitely something brewing.. cannot buy anything now
Definitely something brewing.. cannot buy anything now
Cannot buy any now.
I convinced someone knows a bid is coming.