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Many thanks to all those AMC shareholders who have contacted me there are now 42 members in the group with a combined shareholding of 84,185,761 shares so 84.18% of the way to our first target of 100m.
Our group's combined total holding is 6.04% of the issued share capital of AMC.
To request a general meeting to vote on returning the remaining cash in the company to shareholders should we not like the RTO then the Memorandum & Articles of Association state we need 30% to do so.
If AMC would have been a UK company then we would we would have already hit the target of 5% to requisition a general meeting as we own 5.98%
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Crazytowner thanks for your comments you have raised some important issues.
I think the tax treatment of the special dividend is an extremely important as it clearly demonstrates the caliber of our Board.
The first offer of $105m paid by installments was rightly rejected by shareholders so Robin Young went back to them and said that a one off payment was more attractive and at the General Meeting shareholders said they want a special dividend.
The revised offer of $35m was approved by shareholders and the Board approved the payment of a special dividend of 1.80 pence and in the RNS the stated they have been advised that there are no tax or withholding tax issues in respect of the disposal of the subsidiary company that owned the mining licence.
That tax advice relates only to AMC and not to shareholders and this is basic knowledge that any competent CEO should be aware of.
How do you know that the tax issue affects very few shareholders as the majority will hold there shares via an ISA?
I hold shares in both my trading account as well as my ISA account and it is highly likely that the majority of shareholders are in the same position as me.
Shareholders approved the deal as we did not have any alternative as it was the case that we accepted it and we at least got some cash back or else we rejected it and then the assets would be seized by the Russian Government.
The majority of shareholders will have made substantial losses as their average share price was substantially higher than the special dividend of 1.80p plus the remaining cash that my calculations showed was in the region of 0.35p .
If as I suspect HMRC will be of the view that the special dividend is subject to UK dividends tax as it is income in the hands of shareholders rather than a return of capital then shareholders who do not hold their shares via an ISA will have to pay dividends tax on their special dividend despite making substantial losses on their original investment.
The above really adds insult to injury!
The Board should have got shareholders to vote on whether we wanted a second special dividend or whether we want the Board to persue other opportunities as an RTO.
As it is the Board went ahead and went down the RTO route incurring substantial amounts of shareholders cash and then they will present that to shareholders and say you need to approve this as the share listing will be cancelled so it will be fait accompli.
If you want to see how a competent Board of Directors structured a return of capital then have a look at the Fuller, Smith & Turner PLC forum on LSE and you will see that they implemented a D share scheme arrangement which is treated as a return of capital even though they paid a special dividend.
No one at AMC has replied to the messages that I have sent them via their website messaging system and the NOMAD does not bother to respond to emails so good luck with that!
AGE
I think waiting to see what the RTO is like is a mistake, as is mixing any future RTO action up with a historic tax treatment that affects very few (most will hold in ISA's)
If you are simply going to email your thoughts on the RTO to those who's personal details you now hold, surely you might as well have just posted them on here because at that point all you can do is vote.
As far as I am concerned there should be a choice of 2 options, vote for the RTO or vote for winding up the business immediately and distributing the remaining funds.
There is plenty out there to use to apply pressure to both the company and nomad to try to get such a voting option (I have done / am doing so)
- Corporate Strategy failed
- RTO completion failed and residual sale cash not distributed (Stated by company when shareholders voted on sale)
- Clearly no acceptable RTO's out there as all mineral sector ones vanished and RTO has not been completed)
- Money wasted on salaries, fees, & consultants since it became clear no acceptable RTOs
- No update on Directors fees being reduced considering the massive time savings since the completion of sale
- Change of sector demonstrates BOD have no interest in being involved in AMC going forward
- Huge share purchase prior to suspension, disclosable as over 3% (confirmation that these shares will be excluded from any future vote)
The list goes on.
Thank you Geng and DestituteBroker for that information.
When I was trying to find out the contact details for Scirocco Energy shareholders I was very surprised to find out that you can obtain them by contacting the Company registrar and paying a fee.
I thought that would not be allowed because of the Data Protection Act.
It was not worth paying for a list of contact details as very high percentage of the total number of shares were held via nominee accounts.
I doubt that the nominee departments on the list of major shareholders that Geng kindly included in his post would be willing to contact AMC shareholders as it is extra work for them and they will not make any money from doing so and the City is in existence to make money for market makers/stock brokers/solicitors/accountants/PR firms!
Lets see what the next RNS says about the RTO with this novel cancer drug delivery company before we decide if we should vote for or against it.
If it was that good an opportunity then why has a big pharma company not bought the company why did they have to wait for the Board of AMC to come along and use shareholders cash?
I am sure there will be money made by all the advisors who are producing the documents and the Board of AMC will do well out of it and the owners of the company.
If the Board have still not provided tax guidance on the tax implications of the special dividend then I am not hopeful that the RTO will benefit AMC shareholders.
The Board approved the payment of the special dividend but did they seek guidance on the tax implications of doing so?
If they did then why are they not on the AMC website?
I will go through the RTO document with a fine tooth comb and then email all members with my thoughts and then we can individually decide if we want to vote in favour of the RTO or against.
You would have thought that the AMC Board would have had the courtesy of holding a general meeting and getting us to vote on whether we want the remaining cash returned as a second special dividend or whether they should persue an RTO opportunity!
AGE
AGE
DB Good to see you 're still around! The biggest holders are the Nominee accounts, better off contact the 6 of them and ask them to contact their clients - who hold 75% between them:-
INTERACTIVE INVESTOR SERVICES 371,558,929 26.68%
HARGREAVES LANSDOWN (NOMINEES) 208,283,326 14.95%
HSDL NOMINEES LIMITED 214,768,132 15.42%
VIDACOS NOMINEES LIMITED 81,435,265 5.85%
BARCLAYS DIRECT INVESTING NOMINEES 79,058,382 5.68%
LAWSHARE NOMINEES LIMITED 75,891,185 5.45%
Agne’, I would hazard a guess that many holdings have been squirreled away in ISA A/c’s due to the low values. If you have time it might be an idea to email all known ISA Managers with the view of informing their clients ?
There are now 41 members in the group with a combined shareholding of 83,357,278 shares so 83.36% of the way to our first target of 100m.
Our group's combined total holding is 5.98% of the issued share capital of AMC.
To request a general meeting to vote on returning the remaining cash in the company to shareholders should we not like the RTO then the Memorandum & Articles of Association state we need 30% to do so.
If AMC would have been a UK company then we would we would have already hit the target of 5% to requisition a general meeting as we own 5.98%
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
And as usual is probably about to be missed, or at least dragged out till the last day:-
"The Company is currently advancing the necessary workstreams to complete the RTO process and expects to be in the position to publish an AIM Admission Document before the end of April 2024"
Usual useless RNS that can be read at least two ways, I guess they can say they are in a position to publish, without publishing it and kick it a long for another month or two!
All helps to Keep Scoffing Robbing and the team at the trough a bit longer.
There are now 40 members in the group with a combined shareholding of 81,345,938 shares so 81.34% of the way to our first target of 100m.
Our group's combined total holding is 5.84% of the issued share capital of AMC!
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Sent, please check your email
Please email me via gneissifyoucangetit@gmail.com letting me know how many shares you have.
Regards
AGE
Hi
What’s the group please, I have AMC shares
There are now 37 members in the group with a combined shareholding of 73,550,610 shares so 73.55% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Agneissearner hi, I’ve observed the goings on here for nearly two decades. Lets say when the light dawns the postings have been an interesting read from time to time. This might, just might be the only time that Shareholders have been in a position to do something righteous. And that appears to be solely to your credit.
DestituteBroker if you want to see a clear demonstration of the combined power of shareholders then have a look at the LSE Scirocco Energy PLC (SCIR) forum where we got an 80.19% vote in favour of a resolution to return the remaining cash in the Company to shareholders via a Members Voluntary Liquidation (MVL).
The Chairman and Board advised shareholders to vote against the resolution and they were well and truly defeated.
You will recall in the David V Goliath battle that David killed Goliath by using his sling shot to throw a rock and hit Goliath in the forehead.
If you have enough determination then anything is possible!
I have my slingshot at the ready!
AGE
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Agneissearner, I admire your efforts. David & Goliath comes to mind.
Are you aware that total global financial flows are over $100 Trillion & over 40% of that flows through UK offshore ? There is another Guy on these bb’s with a partition trying to stop Shorting, with no idea of the extent that it is used. Agneissearner, I admire your efforts. David & Goliath comes to mind.
There are now 36 members in the group with a combined shareholding of 70,915,090 shares so 70.915% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There was an interesting recent Upper Tribunal tax case with the judgement given on 22 March 2024 that provides evidence that is useful for AMC shareholders and it is called Alexander Beard V HMRC.
The case was originally held in the First Tier Tribunal and judgement was given in favour of HMRC so Alexander Beard's legal counsel sought permission for the case to go to the Upper Tribunal and permission was granted.
As I explained before rulings in a First Tier tribunal do not create a binding precedent for other cases however judgements in Upper Tribunal cases do create a binding precedent.
The case related to the payment of dividends to Alexander Beard and whether the dividends are income in his hands of or whether they are a return of capital.
The dividends were paid out of Glencore's share premium account and the Upper Tribunals Judgement was in favour of HMRC as they found that the dividends were income in the hands of Alexander Beard.
If you look at AMC's last interim accounts you will see that the total special dividend of $31.284m is included in the accumulated deficit column in the consolidated statement of changes in equity and none of it was included in the share premium account.
If some of it had been included in the share premium account then based upon the ruling in the Alexander Beard case that element of the special dividend that was included in the share premium account would be income in the hands of AMC shareholders.
It is my views that the ruling in Alexander Beard provides AMC shareholders with a binding precedent that we can rely on for treating our special dividend as a return of capital.
You can download both the First Tier Tribunal and Upper Tier Tribunal cases by using google and searching for Alexander Beard V HMRC.
I am surprised that the Board of AMC have still not provided shareholders with tax guidance re the tax treatment of the payment of the special dividend as they approved the payment.
AGE
If you were earning 305k USD pa working part time would you want to give up the gravy train?
AGE
2 aim biotech firms looking to delist from aim and go private as there's no interest in the shares and the valuations are low ......and Young wants to bring a new one to market 🤔 Why on earth he desires to go down this road only he knows.
There are now 35 members in the group with a combined shareholding of 70,853,579 shares so 70.853% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There are now 34 members in the group with a combined shareholding of 69,338,579 shares so 69.338% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There are now 31 members in the group with a combined shareholding of 65,535,950 shares so 65.535% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Email me via gneissifyoucangetit@gmail.com and let me know how many shares you own and I will add them to my spreadsheet.
AGE
Been away from the site for a few weeks.
Do you have a link to join up?