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Hope you are right AGE
ATB
DK
Gazzleberry in other words the special dividend is tax free whether you hold your shares via an ISA or an ordinary trading account.
I suspect the mm’s are pricing the share on the basis the special dividend is subject to U.K. dividends tax.
AGE
Gazzleberry a guy who was in my class at Eton works in Corporate Finance and he has advised me that the special dividend is a return of capital hence it is not subject to U.K. dividends tax.
A U.K. Company is only allowed to pay a dividend if it has sufficient distributable reserves in a words it has sufficient retained profits.
There is no such restriction for a BVI domiciled company as it can pay a dividend out of the share premium account or out of share capital as long as it meets the solvency requirements.
Look at AMC’s last balance and you will see it has accumulated losses so the special dividend is not being paid out of that so it is being funded out of share capital hence it is a return of capital.
AGE
The DMA trades are slowly increasing the average bid/ask. And the delay in paying out the divi is causing a few impatient holders to sell. Won't be many left in this category and given there is a definite 1.8p coming at some point, the price will start to rise.
Still a chance to buy at sometimes as low as 1.7 but this will be gone soon. Those big buyers will need to offer more to keep buying.
And so is the person who is buying 1m/1.5m/2m blocks of AMC shares!
AGE
I am certainly looking forward to receiving my tax free dividend!
AGE
Indeed and the Pound has strengthened against the USD since AMC received the 35m USD so the amount in Pounds has reduced since then.
At 1.2331 USD to the Pound the 35m USD less 300k USD for estimated remaining legal fees for the deal is 28.14m Pounds v a market cap shown on LSE fundamentals page is 23m Pounds!
AGE
"I think from the 15 March 2006 to the current date is more than sufficient time for the AMC Board to have created and delivered shareholder returns!"
Thery did. They presented PIs with ample opportunity to profit during two significant spikes. Some took advantage the majority didn't.
Pre-judging whether an RTO is worth pursuing before you even know anything about the intended RTO is, in my opinion, a bit rash but that's your choice.
TDT
RNS dated 6 March 2023
AGE
I cannot see any risk in the Company distributing the remaining cash in the Company.
I can see a great deal of risk allowing the Board to persue a RTO!
The RNS dates the 6 March 2003 stated the following:
The Company will continue to be on AIM as a Rule 15 cash shell which intends to provide enhanced opportunities to create and deliver shareholder returns.
The admission document states dealings in AMC shares commence in the Ordinary Shares on AIM on the 15 March 2006 and the placing price was 33 pence.
I think from the 15 March 2006 to the current date is more than sufficient time for the AMC Board to have created and delivered shareholder returns!
AGE
"....will have to distribute the remaining cash in AMC......"
Can't you see the risk in that? Just because you will vote against an RTO, an RTO that you know nothing about becuase one hasn't been identified yet, doesn't mean to say everybody else will.
I think the market is discounting any residual value post special divi distribution.
TDT
TDT the Board needs shareholders approval for a RTO which I would certainly vote against.
If enough shareholders vote against the RTO then the Company will have to distribute the remaining cash in AMC after the payment of the 1.8 pence special dividend.
AGE
That should have been:-
"..... can't be assumed to be 100% nail on."
TDT
Agneissearner
You're assuming there is now no risk and that clearly isn't the case. In the same way that Putin's "special military operation" was not foreseen payment of the special divi, until it actually happens, can be assumed to be 100% nail on. There is still the possibility that it will not happen. The 0.06p margin between the current ask of 1.74p and the special divi of 1.8p represent the risk factor.
As for the value of Amur once Kun Manie has been disposed of and its nothing more than a cash shell, well that one is anybody's guess. I think it unlikely that it will be valued at the cash total in the bank. In fact it's likely to be an awful lot less and I base that view on PI sentiment and BOD past performance.
Loading up right now is a gamble. It all depends on your appetite for risk.
I meant to type “No going back on the decision to pay a special dividend of 1.80 pence per share”
AGE
A General Meeting was held to approve the sale of Irosta and to approve the payment of the special dividend so there is going back on the 1.80 pence special dividend which is going to be paid by the latest of the 12 June 2023.
Which ever market maker is filling all those trades at between 1.67p and 1.7245p needs to go and do some more research!
AGE
Who would know,pay your money and take your chance in the full knowledge that in most cases RY will let you down and make sure he is just oh so hunky dory
MD
MD what does the market know that we do not to say they are currently valuing AMC at less than the special dividend and cash retained in AMC after the payment of the special dividend!
As the saying goes “The markets know the price of everything but they do not know the value of anything!”
AGE
Well there it is a gift horse looking straight at us.
MD
Some what of a mystery that you can buy shares in AMC at 1.7214p and yet receive a special dividend of 1.80 pence by the latest of the 12 June 2023 and there will still be cash left in the Company after the payment of the dividend!
AGE
I looked at the last year accounts and they end on the 31 December 2021 so next set of full year accounts will be for the year ended 31 December 2022.
The accounts for 2021 are dated 30 June 2022 so the 2022 accounts should be issued around the 30 June 2023.
The last set of interim accounts were dated 6 months to 30 June 2022 and issued on 9 September 2022.
AGE
Age, I think you'll find it's April.
The financial year end is 31 December 2022 and after that
31 December 2023.
AGE
Are they waiting for the new financial year???
He’s back. !!!! And still spouting carp. ??