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Just read Amurs last Tweet again dated 14th March and it states we will receive the dividend in 90 days time...
Geng
it is a rewturn of capital, they are returning capital from sale of assetts. however if amc callit a dividend its not black and white. if you go get investgation it will be expensive to prove.
RY: "Bad news guys. We were paid in Russian diamonds and the UK has just sanctioned them so we can't sell and distribute any funds... sorry about that. In happier news my wife really likes her new necklace."
After 90 days I think we will be told the payment be made imminently.
Gaz, That's why most PI's lose money, they don't look at all the information, only the stuff that backs up their desires!
Respect, Immature are you serious??? They're just quoting waffle found on various websites, read back through the posts, and maybe you too will become enlightened.
There is nothing to discuss, the 'payment' (which AMC are calling a dividend) is a return of capital. AMC sold an asset and will (hopefully) distribute the proceeds to shareholders. If that's not a return of capital then what is it?
As I said before, I will account for it as capital gain and not a dividend, what anyone else does is their own affair.
Have you averaged down, I remember you having £3-400k's worth when the SP was 20-30p?
Does anyone know the ticker for an existing Shell Co on AIM ? I ask because I would like to know how easy or difficult it is to buy / sell the shares. I wonder if setting the Shell up is the reason for the three Month duration.
It definitely comes naturally to him.
Geng, instead of playing silly games, you would do better to give Agneissearner's posts some respect. He has provided us with information relative to the discussion i.e capital distribution vs special dividend and this gave you impulse to put him on ignore. Rather immature don't you think?
You have in more than 10 years often provided valuable information but I think you have now gone off the rails.
To kill the boredom, shall we have a game?
Guess the excuse for not paying the dividend on time, I'm sure there will be one.
1 Didn't realise it was so complicated, despite having the best part of a year to work it out, will be done in 90 days.
2 Our lawyers have resigned so we need to find a new one, will get it done within another 90 days
3 The Bank we finally found has now got a problem so we need to move to another bank should be done in 90 days.
4 There was a problem with the sale paperwork, need another 90 days to sort it out.
5 Robbing has broken his arm so can't sign the paperwork, need 90 days for it to heal.
6 feel free to add to this...
Gazzleberry no point communicating with him as he will defeat you by bringing you down to his level and he has many years of experience of operating at that level.
AGE
What a daft post
MD
You think you're getting the money? Ha ha ha
No chance. The silence means somethings going on. I'd expect them to just fold the company or something.
The BoD know the position exactly - just the usual poor communications but nothing new in that!
Don't do this often but you are now on the Geng IGNORE list!
Geng you are clearly not an Accountant as you would have a better understanding of the basics of distributable profits!
AGE
Waffle - Again!
Relevant accounts
General
2.12 Under both the Act and common law, distributions are made by individual companies and not by groups. The group accounts are therefore not relevant for the purpose of determining a company’s profits available for distribution.
2.16 In practice it may not be sufficient to determine the amount of realised profits simply by examining the relevant accounts as further enquiries may be necessary as to the composition of the various reserves included in the balance sheet. For example, certain reserves may include both realised and unrealised profits. As there is no legal requirement for a company to distinguish in its accounts between distributable and non-distributable profits as such (see
2.25 to 2.27 below), companies should keep sufficient records to enable them to distinguish between those profits which are available for distribution and those which are not.
2.30 A further restriction is placed on distributions by public companies (section 831). A public company may make a distribution only if, after giving effect to such distribution, the amount of its net assets (as defined in section 831(2)) is not less than the aggregate of its called up share capital and undistributable reserves as shown in the relevant accounts.
2.31 Under section 831(4) the following are undistributable reserves:
(a) share premium account (see also section 610);
(b) capital redemption reserve (see also section 733);
(c) the excess of accumulated unrealised profits, so far as not previously utilised by capitalisation, over the accumulated unrealised losses, so far as not previously written off in a reduction or reorganisation of its share capital; and
(d) any other reserve which the company is prohibited from distributing by any enactment (eg, a redenomination reserve arising under section 628), or by its articles of association (or equivalent).
In relation to (c), the reference to ‘excess’ means that this amount can never be negative. Net unrealised losses cannot therefore be deducted from share capital and other undistributable reserves although net unrealised profits must be added to share capital and undistributable reserves. That is, (c) cannot reduce undistributable reserves to less than (a) plus (b) plus (d).
This means that, in calculating the amount available for distribution, a public company must reduce the amount of its net realised profits available for distribution by the amount of its net unrealised losses. The effects of this rule in relation to holdings of own shares through an ESOP trust and in relation to the presentation of shares as liabilities in the balance sheet are addressed at 7.12 et seq and 6.24 et seq respectively
Geng are you an Accountant?
Have you researched this matter throughly as you clearly do not know what you are talking about!
Go and read Tech 02 Guidance on realised and distributable profits under the Companies Act.
I suggest you read the John Buckingham V HMRC First Tier Tribunal case.
The 35m is comprised of 5m USD for the shares in Irosta and 30m USD is for the Inter Company loan that Irosta owes to AMC PLC!
You have to have sufficient accumulated profits in the Company that is paying the dividend to legally pay a dividend and AMC is paying the dividend and they have never made a profit!
AGE
I feel like there was a song about all this, goes something like
No income tax, no V.A.T.,
No money back, no guarantee,
Black or white, rich or poor,
We'll cut share prices with a poorly times RNS......
if we were to have information in a timely manner it would be quite unlike the BoD, having said that i'm sure that even my very low expectations will not be met in the coming weeks but well, what can i say it's, been a learning journey.
Sorry but more waffle - Special Dividends are NOT subject to any timetable and if it's not a return of capital what is it?
The bit about not having sufficient reserves is the funniest bit - what do you think the $35M is??
Have to add it's Interesting chatting with an AI/Bot and the random junk that gets turned up!
A special dividend can be a return of income in the hands of shareholders and so therefore subject to U.K. dividends tax or it can be a return of capital depending upon the specific facts.
In AMC’s case if it were a U.K. Company it would be illegal to pay the special dividend as it does not have sufficient distributable reserves to be able to do so.
AMC is a BVI Company and so it is allowed to pay the dividend as long as the Directors are of the opinion that they can meet the solvency test.
U.K. tax payers tax liabilities are decided upon using English Law and not BVI law so as it does not have accumulated profits to pay the dividend out of then the special dividend has to be a return of capital.
HMRC will have a different opinion as they are collecting tax on behalf of the U.K. Government so they will claim it is income in the hands of shareholders!
If HMRC challenge this then AMC shareholders will have to take the case to a tax tribunal.
AGE
Of course it is relevant as it is being called a special dividend and so it is subject to the LSE dividend procedure timetable dates!
The fact it is a return of capital for tax purposes makes no difference to the fact the Board have to comply with the dividend procedure timetable.
AGE
One other thing being called a dividend is misleading for tax purposes as it won't be subject to dividend tax but capital gains tax (if you made more than your CGT allowance in profit).
https://community.hmrc.gov.uk/customerforums/cgt/6e9cb3b6-0282-ed11-97b2-00155d3ba57b
Agne, Non of this is relevant as it's not a normal dividend - it's a return of capital.