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Bobby
it's 'Graham Harrison'
only joined it a couple of months ago...
to look up somebody
no big fan of it ...
but I now have a few connections on there
so might not ditch it
ATB
@GRH....Whats your linkedin name please?
Afternoon Fireman ... and others
This is not my area of expertise
but I will try to answer (always dangerous of course!)
I had also heard the special dividends utterance...
although I cannot now recall where PG had mentioned it
I think it was intended to illustrate the direction of travel ...rather than something hard and fixed
IE he was saying that PRD is all about creating value/selling bits off/taking profits/moving on...
all the while, capturing upsides from creations of businesses ... whilst 'leaving something for the next man' (vital in business dealings)
To my mind, what we have in the portfolio at PRD seems to fit very well with that ethos
But I would not get too hung up on the DIVIDENDS word
Wealth being channelled to shareholders could come about in many forms
and of course the SP is likely to be reflective of surplus wealth creation...as and when the deals are done
An additional reason that I am not sure about ‘dividends’ ...
((special or otherwise ... 'special’ possibly alluding to efficient taxation treatment)) is that I thought PG was resident in Jersey?
If so...the taxation regime there will play a part in his thinking...likely re RP too!
I think that capital gains are free of personal tax in Jersey...they certainly used to be
So he/they could not do better than to take capital gains as opposed to dividends.....ie no taxation chargeable
I think that Jersey residents suffer a maximum rate (is it still 20%?) tax on their global investment income
So...
IF he is a Jersey resident
and IF my recollections are still up to date...
he /they would be unlikely to take any surplus wealth as straight dividends
and hiving off business to create pure capital gains is what PG is all about ...RP too I am sure
AS AN ASIDE...
whilst perhaps (I might be wrong?) not as clear cut as it used to be
(there used to be a statutory... as opposed to informal ... UK advance clearance procedure whereby one could get IR (now HMRC of course ) to confirm the tax efficiency of any capital transaction...
It was of great relevance where wealth could be taken as income ...it was then 60% tax ...
or the deal could be structured so as to take the created wealth as capital gain...then 30% tax...
so straight halving of the effective % rate)
The tax expert who acted for me (obtained my clearance) at Simmons and Simmons was a marvellous bloke
More recently retired as Chairman of HMRC
Look at my linkedin to see him
In summary...
I am very relaxed that PG/RP’s interests are aligned with my own
As... whatever capital /special dividend deal they come up with ...should be to my benefit
Sorry re ramble...hope it is of at least some help
ATB
Yes Paul has said on a few occasions he would like to make 3 special dividend payments. Our 3 assets he intends to sell in the future.
Thanks Hull, i was hoping this would be the case.
Have a good weekend all!
Sorry to interrupt , I am certain that I have heard Paul say, in one of his earlier interviews, that he would be very interested in making special dividend payments. He went on to say that, because of his large holding, it was the most obvious way of rewarding shareholders.
Hi GRH
Could i ask how you would expect shareholders to benefit when Paul mentions in his podcasts he will sell the asset on at the earliest opportunity once he has proven them up.
Would this be via a special dividend payment or do you think this will just be an increase in the SP, i have been in shares where they have done both, but just wondered what your thoughts were? As far as PG concerned being the largest shareholder surely a dividend would be better?
TIA
Hi, good to hear that you are enjoying a sunny climate, especially during the cold winters. Along with my family I spent many years in the Sudan, very nice but a little too hot at times. Was it North Lincolnshire or Humberside when you lived here?
I've invested in PRD for over a year and happy with their portfolio of work, just eager for one or two to rocket the share price up. Also used to live in north lincs but moved to sunnier climates.
Cont..
and thereafter at around 8p I T20 all the way to 54p, eventually losing my nerve at selling out at 48p. So I had a very decent holding that I did not put one penny towards, very risky but the ramp was so great that it was made very easy to execute.
By the way Hulltiger ,as I am a life long supporter and executive box holder at the once mighty Tigers, even though I live in North Lincolnshire.
Good morning to you and as you say, the very reason I am invested here. To be honest when I invest in a SC I make my initial largish investment, in the early days, then gamble... In so much as I lay by around £500 per week for top ups and in this case it has paid off handsomely. I was able to follow it all the way down to 1.5p and take advantage of that by increasing my top up and still being able to buy under 4p this week..
I was very lucky with my last small cap, that being TERN as I took a chance at the height of a ramp, having bought in at 2p ish.,
Morning all...Hulltiger (great name!)
Yes..MC is about that amount
but I recommend that anyone analysing small quoted outfits ...should look very carefully at the debt vs cash etc maths...
We have considerable nett cash!
Against that tiny MC
Many outfits are up to their eyes in debts...many with bond repayment obligations looming!!!
Equity shareholder are the lowest of the low in terms of ranking as creditors!!!!
If is when higher ranking creditors ...((and apart from HMRC or equivalent agencies in non UK domiciles...none rank higher than first charge secured bonds )) exercise their considerable muscle...that equity shareholders can be wiped out...often by massive share dilutions
Ask the shareholders of GKP..
They were rolled over by. 100 to 1...
They lost 99% of their value overnight!!
ATB
Recommended
Good morning, I will type softly, so as not to disturb too many folk. Have we got rid of the biggest part of the overhang?, only to be replaced by a small bunch of bored holders.
I am amazed that we are still a £9m MC especially when you look around and see that investors are piling into rubbish companies and producing huge MCs ( SYME , FJET, INSP) to name just 3.
Is it due to the project delays and investors have lost confidence in PAUL?, I certainly have not, in fact the latest interviews strengthened my confidence. Perhaps peeps do not get the GREEN credentials and the environmentally friendly business that is being built here.
Ah well, I am sure it will all come good, have a great weekened.