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Hi gwm121,
I suspect HMRC will argue that the special dividend is income in the hands of shareholders so the excess of the
special dividend above the annual dividends tax free amount will be subject to UK dividends if the shares are not held in an ISA or other tax wrapper.
If it is a return of capital rather than income in the hands of shareholders then if your share purchase prices are higher than the special dividend amount of 1.80 pence per share then the 1.80p is deducted from your purchase price to arrive at your tax base cost when you eventually sell your AMC shares.
e.g. If you bought shares at 3p then the tax base cost is reduced to 1.20p per share which is the 3.00p per share price less the 1.80p special dividend that you received.
PFC raced up to a high of 30p this morning but is now down compared to yesterdays closing price!
AGE
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Hi age thanku for conformation.
Do you mean here that a capital return special dividend has extra taxes on it .....
Wish I had this mones, rolls royce glaxo casian oil petrofac all roaring up
Hi age thanku for conformation.
Do you mean here that a capital return special dividend has extra taxes on it .....
Wish I had this mones, rolls royce glaxo casian oil petrofac all roaring up
Shareholder Share Action Group update
There are now 20 members with a combined holding of
53,426,259 shares so 53.426% of the way to getting to our first target of 100m shares!
I would encourage any AMC shareholders who have not joined the group to do so.
As AMC is a BVI Company it requires 30% or more of shareholders to request the Board to convene a General Meeting rather than the 5% threshold which is needed for a S303 request in the U.K.
AGE
Weekend update and we now have 17 members in the AMC Shareholders Share Action Group with a combined holding of 45,730,797 shares so 45.73% of the way to our first target of 100m shares.
If you want to join a group whose aim is to act in the best interest of all AMC shareholders as well as pooling our collective knowledge then contact me using: gneissifyoucangetit@gmail.com
We are still all waiting for the Board to get their head out of the sand and spring into action and provide us with tax guidance on the tax consequences of their decision to pay shareholders a special dividend of 1.80 pence per share.
Not long till the end of the 2023/2024 tax year end which is the 5 April 2024 and when AMC shareholders submit their tax return they are going to need the Board to have a tax document on their website.
A reminder that foreign dividends are subject to UK dividends tax if you are tax resident in the UK and you do not hold your shares in an ISA or other tax exempt wrapper.
Amur Minerals is domiciled in the British Virgin Islands so the special dividend is a foreign dividend as it is paid by a non UK Company.
The special dividend was paid on the 14 June 2023 so it is now 9 months since it was paid and the Board have not still not provided shareholders with tax guidance! If they have not done so after all that time then it would seem as if they are not going to do so.
Imagine paying a special dividend of $27,121,700 converted into Sterling and not seeking advice on the tax consequences of doing so!
AGE
Basically they are taking the water and have done for many years now, we must stop the gravy train before there is nothing left for us. I will also be voting to have the company wound up and my measly pittance returned. They really are the worst of the worst. AGhhhh
Let us all know if you receive a reply!
I have contacted AMC a number of times via their messaging system and have not received any replies.
Perhaps Robin Young is too busy laying in his hammock in the sun in the BVI to have time to respond to shareholders!
I have never come across such a laid back CEO in that he has not provided a contact email or bothers to respond to shareholders after having messaged him via the AMC website messaging system!
I would be interested to know if any shareholders have ever received a reply from him apart from him turning up once a year for the AGM.
AGE
Crazytowner most AIMCorporate Mission statements are not worth the paper they are written on!
They include statements such as creating shareholder wealth, acting in shareholders best interests!
My experience of investing in AIM shares is that it is the complete opposite of that stated!
Let’s get the combined group shareholding to 100m then 200m and let’s collectively pool our knowledge and experience in AIM shares and empower AMC shareholders for our mutual benefit we own the Company and the Board are our servants and not the other way round although so far they have treated as such!
AGE
Age,
My recent emails to the company have requested the second dividend payment and the winding up of the company as the deadline for the RTO and shareholder approval was 8th of March per the Kun Manie sale RNS's and more importantly the corporate mission statement on the Web page.
I have copied the Nomad into my emails as it doesn't seem right that such deadlines can just be ignored under the guise that there maybe something in a few months time.
I think the BOD have completely lost touch with their shareholders. I will vote against a pharmaceutical RTO should it be presented. However, I am hoping it doesn't get that far
I think people will focus on the conversion level of the new shares issued, at least to start with. Which should look decent, as they're setting the valuation levels, so they could set it anywhere in theory. The problem will be how the market sees those valuations when it starts trading. It's going to be difficult to weigh up. If it happens!
In light of the information in my post below I would encourage you to join the AMC Shareholders Share Action Group so that we can collectively consider the RTO document the Board are going to issue and then each of us can individually decide if we want to vote for or against the RTO!
Even if we vote to approve the RTO it does no harm having a large and strong Shareholders Share Action Group as we can pool our knowledge and we can hold the Board to account on issues such as why is Robin Young being paid 315k USD pa and how many hours per week does he work for that money.
There are far too many CEO’s being paid relatively large sums of money compared to the market value of the company they work for and they only work part time as they are on the Boards of a number of different Companies!
AGE
The RNS re the RTO states the following:
Pursuant to the HOT, Amur would acquire the entire share capital of the Target in return for the issue of new ordinary shares in Amur (the consideration).
I will wait to see what information the Board issue re the HOT but on the assumption they issue an additional 100% of AMC shares to acquire the RTO then it will mean that existing shareholders share of the cash remaining in AMC will reduce by 50%.
Now unless the RTO target has an equal amount of cash as AMC or it has realisable assets that can easily be converted into cash then existing AMC shareholders will end up being seriously diluted.
Let’s hope that the Board of AMC have not chosen a Company with some pie in the sky innovative drug delivery system.
When ever you read the words innovative it usually means risky!
There are many examples of these sorts of novel drug development Companies or drug delivery Companies on the AIM market.
If you think about it if the RTO Company was such a great opportunity why did a large Pharma Company not acquire it why did they wait for the Board of AMC to come along and use our cash to be the RTO Companies saviour!
The Board of AMC did not even bother to seek shareholders views on whether we wanted an RTO or a second dividend neither do they bother to respond to shareholders messages or even provide a contact email for the CEO!
They clearly do not demonstrate any form of manners towards their shareholders!
As a reminder they have still not provided shareholders with tax advice re the consequences of their decision to pay shareholders a special dividend.
Compare that to the Board of Fuller Smith & Turner PLC who returned cash to its shareholders and provided comprehensive tax advice and worked examples to show the effects of a return of capital.
AGE
I see that Tom Winnifreth and Nigel Somerville are keeping up their good work via the Share Prophets website.
The sheriff and deputy sheriff do some great research and they expose the shenanigans that go on in the AIM market.
There is a mention in Tom’s bear cast about our AMC Shareholders Share Action Group!
Long live the sheriff and deputy sheriff!
AGE
I did say that I would give an update re our group each weekend but seeing as the Scirocco Energy (SCIR) group with the support of GP Jersey was so successful in achieving a 80.19% vote of favour of a return of cash to shareholders via a member’s voluntary liquidation I thought I would give you an early update.
There are now 15 members with a combined holding of 43,916,203 shares!
If you want to join our group then email as the more the merrier they say!
AGE
Sadly I am a pauper (£4k+ invested) ...and more so with my involvement here at AMC...888,888 shares worth zip.....(more sadly is that about 40..out of 50 shares in my portfolio follow the same pattern!)...I'll copy this and paste to your email to be included Agneissearner! ATB.
If you want to see what can be achieved when shareholders form an action group then look at the Scirocco Energy (SCIR) LSE forum and you will see that our group managed to get an 80.19% vote by poll for a members voluntary liquidation so that the remaining cash in the Company is returned to shareholders rather then the Board frittering it away!
The Board advised shareholders to vote against the resolution!
AMC shareholders group now has 13 members with a combined holding of 38,627,315 shares.
Contact me if you want to join the group and let’s empower AMC shareholders!
AGE
Sadly it would seem that the deed is already done
MD
MD I was aware that the first letters combine to make a well known word!
There is a different vulgar word with the same meaning and the purpose of the group is to ensure we do not end up like it which has happened to a large number of AIM shareholders!
AGE
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Perhaps a rethink on the name,rather that the constant speculation is in order
Share
Holder
Action
Group
MD
Second weekly update on the Shareholders Share Action Group
There are now 12 members with a combined holding of 35,714,793 shares so an average holding of 2,976,233 shares per person.
I am grateful to the AMC shareholders who have contacted me.
If anyone else wants to join then contact me using gneissifyoucangetit@gmail.com
AGE
Perhaps a rethink on the name,rather that the constant speculation is in order Share
Holder
Action
Group
MD
Interesting RNS issued for CPX today which is currently down 81.80% for the day.
It always amazes me that some Boards of AIM Companies make comments such as those shown below which are in today's RNS:
CAP-XX, a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update in relation to its working capital position.
The key words are "World leader!"
They then follow that up with the following statement which includes the key words "The Board would have no option but to place the Company into administration"
"There is no guarantee that an equity financing will be achievable and, in the absence of any additional financing being available, the Board would have to take steps to preserve and maximise value for its creditors and should the Company fail to achieve a solution in the short term, the Board would have no option but to place the Company into administration. In this eventuality, it is not known how much, if any, value would be returned to shareholders."
You just have to love the AIM Market as some CEO's make statements and comments that bare no resemblance to reality!
Let's see what the CEO of AMC has to say about this great RTO!
AGE
If any one else is interested in joining an AMC Shareholders Share Action Group then send me an email and let me know how many shares you own as I have created a spreadsheet that contains existing members email addresses and their share holdings.
Contact me via gneissifyoucangetit@gmail.com
I will keep you updated at the end of each week and let you know the total amount of shares members own.
I will not share members email addresses with anyone else and when communicating with members I will send the email to myself and then blind copy all of you so you will only see my email address and no one else.
Current members own 30,498,983 shares so we are 30.499% of the way to getting a combined holding of 100m and after that we will aim for 200m and more!
AGE
Theo
A well negotiated rto will convert the cash intomuch higher value if all goes right, The shareholders will take the risk. At the start of trading you can sell if you want. Its probably a very good idea of age to form a group in case the boards interest is not aligned with shareholders in the deal. Before a decision we need the detail.
With cash return you may lose up to 40pc in tax on your CAPITAL LOSS depending what words they use for the capital return and be unable to reclaim losses by setting against and have to negotiate the detail with hmrc.
Age.. Nice podcast, Ill subscribe to it, Thankyou.
In process of getting quotes for annuity, considering you lose your capital the rates aren't good. I am told they buy 15 yr guilts to fund an annuity. I wonder how risky drawdown would be ..I am well aware how you can lose not gain on even huge divi shares... vod 230 to 80. Woodford. etc.
How much money does AMC have?
Will an RTO completely devalue our shares?
Agneissearner
I definitely see the importance of a shareholder club of AMC. First to force an GM and to immediately put forth a requisition and resolution to vote down this RTO. Or either get prepared to vote no when the management calls for a vote. Either way. It would be a no for me. A vote for a full return of Capital while there is cash left.
Add 5,000,000 to the vote no campaign.
Do shareholder really want this management to continue the gravy train and in time do more dilutions? Surely it is a vote for the return of capital to shareholders. Nothing less. Shareholders got to unite.
Thank you Agneissener for organising this.
Gwm121,
I watch an interesting Youtube channel every week and it is called Portfolio Matters and the two guys who present the video review important economic events in the US/EU/China/UK as well as the commodities market/precious metals market/oil market and various different stock markets.
They also produce a graph that shows the movement in the price of Uranium which has risen a lot in the last 3 to 6 months or so.
The fundamentals for Uranium are well supported by the need to fuel nuclear power stations but buying uranium ETF's or shares is all about timing and then riding the wave.
The graph shows Uranium has peaked for the time being and is retracing whether it will surge higher is million Dollar question!
Oxford Bio and the likes of Sareum, ValiRx clearly demonstrate that small early state drug development companies and drug delivery Company's are extremely risky and the share price is very volatile.
This presents an excellent opportunity for the CEO of an AIM Company to be involved in an RTO where AMC's shareholders cash can be used to fund the RTO Company's drug delivery technology while receiving large numbers of out of the money share options so that if the technology comes good then he makes millions but if it does not then AMC shareholders take all the risk and end up losing all their money.
Large Multinational Drug Companies such as Astra Zenneca and Glaxo etc have very deep pockets and can take the risk on cancer drug development but realistically how many small UK cancer drug development companies or drug delivery company's will come good?
AGE
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Age.. its possible that if amc see this thread they might take greater care with shareholders interests in order that rto doesn't get voted down. A good rto would be much better than "special div capital return"
nb I moved my nickel etf profit into urnp uranium etf in the summer, As there is a known shortfall. So far only 10pc up, are u in uranioum? Any thoughts? There has just been a new uranium miners etf created.
Anyone in oxford bio? A group of scientists created a non intrusive psa addon test.. told the market they done a trial 98pc accurate... 6 months later results show they sold very few. mmm amazing story and a board hugely experienced in their field and not capable of finance deals sales, jobs to familly,... sound familiar ?????