Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Thanks AGBR. I'm going to let Halifax convert to ADS VRNA and continue to hold.
Won't buy any more shares, but been in here too long to walk away.
In effect, the move to delist the AIM shares is one step nearer to taking the company private.
General info: If you use Lloyds or Halifax and hold VRP shares, you don't have to do anything. They will simply convert them to VRNA ADS units and put them in your trading account. this starts on the 19th October. Shares are consolidated 8:1 to the ADS units. Any odd quantities of shares (i.e. not multiples of 8) will be refunded as cash. It took Halifax too long, but they got there in the end.
I'm not going to bother with VRNA. I think it's all just too dodgy. To me it represents an aggressive move by a private equity business to take all the IP within the old UK Verona business out of the public markets. In the process they have forced UK private investors to liquidate loses accrued to date.
Hi BoPulist and all other interested parties, I've just finished talking to Lloyds/Halifax. It was a very good conference call with a member of Corporate Actions and a member of the customer services team. The headline news is as BoPulist said you can't hold the ADS (VRNA) in an ISA. This is because the underlying shares are no longer traded on ANY recognised exchange. This is why they have lost ISA qualification. The VRP (CREST/AIM) most of us hold is the actual share, VRNA is just a package of 8 of them. It looks like the shares themselves can only be traded privately after the 16th. Nasty!
Hi BoPulist, HMRC/Govt Tax Policy defines what can be held in an ISA. It really isn't within Halifax or any other broker's remit. However they can decide which shares they make available on their trading platform. So once having decided to convert VRP to VRNA, they then have to comply with UK legislation and allow their customers to hold VRNA in an ISA.
Lloyds Direct investments (i.e. Halifax with a Lloyds badge) are ringing me tomorrow morning to talk about VRP delisting, and I'll check the ISA situation with them. I'll report back as well. Having said that I wouldn't be surprised if we get contradictory responses!
I'll check with them tomorrow, but suspect there might be more to qualifying than simply being listed as an ADS on Nasdaq.
Will report back on what they say anyway.
Hi BoPulist, if a stock is eligible for an ISA that's all there is to it. Halifax can't legally convert VRP shares to VRNA shares then force you to hold them in a trading account. I would push the point with them and speak to someone in authority.
Have already read that AGBR, and it did seem like they qualify, but as I said Halifax won't keep the shares in ISA.
They are saying default position will be to transfer into a standard sharedealing account and even create the standard account if you only currently have an ISA account.
Maybe it's just Halifax's position, but haven't heard if any other broker who has confirmed VRNA can be held in an ISA account, and would be supprised if they would.
BoPilist - VRNA does qualify for an ISA. It's an ADS - American Depository Share. Go go the gov.uk site. https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#qualifying-investments-for-stocks-and-shares-isas
According to Halifax VRNA are not ISA qualifying....
https://moneyweek.com/117497/putting-international-shares-in-an-isa-62914#:~:text=What%20can%20you%20hold%3F,growth%20companies%20often%20do%20not.
article from Money week about holding International shares in an ISA