The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Urzz - I understand and share your frustration with regard to the WHT for ISA/SIPP holders but maybe a better way forward is to raise the question directly to the company and ask them to look into it.?
As a ceo probably over optomistic. As a cfo probanly under optmistic. So somewhere between the 2 correct
Following todays call, it becomes clear that all who hold Atalaya through SIPP or ISA (most individual UK holders) will be subjected to non recoverable WHT of 19% on dividends as a result of re-domiciliation to Spain. I for one will be voting against the proposal. Not happy with management's response of ignoring the issue.
They've covered my concerns so I will vote for the re-dom. On corp taxes, there is no real impact. From webinar it is my understanding profits seen to be arising from Spain are subject to Spainish Corp Tax anyway.
On WHT, I hold my shares in normal stock account, so like other shares I own outside of ISA or SIPP wrappers which are subject to WHT, I declare it on my UK tax return and effectively recover the amount by reducing my UK tax accordingly (e.g. no double taxation), so no issues. That doesn't of course help those who hold their shares in ISA, SIPP or don't submit a UK Tax Return / return in another jurisdiction. If you are EU resident, WHT doesn't apply, but I bet if you hold your shares through a UK based shares brokerage may be bit bureaucratic to ensure WHT is not applied.
Alberto is projecting a $15,000 copper price...
The CFO is projecting a MCap of £700m...enough to take us into FTSE350...that equates to a SP of c£5!!!!
I can see the problem rhere but im sure they will have considered carefully. The eliz and solar are also clearly timed to coincide in timing. Interestingly they say eliz will produce copper which they didnt say before
Needs to be a proper prospectus to explain the pros and cons of re-dom from Cyprus to Spain, otherwise I'll be voting "No" too.
Seems only positive is that ATYM will be eligible for "FTSE UK Index Series". However there are major tax impacts which will negatively impact Net Profit, net cashflow and therefore dividends available to shareholders (WHT on dividends, Corp Tax increasing from 12.5% to 25%). I know Corp tax is more nuanced than a simple 12.5% v 25%, hence why prospectus would be needed to change my mind.
Or indeed if the shares are held in a SIPP.
I have asked a pertinent question of the management at Thursday's presentation
That's correct.
Vote against this proposal. Can't help feeling that this is somewhat of a shafting to loyal UK shareholders here.
Will be 19% witholding tax (but can be reduced to 10% if you claim back 9% - however this will entail arduous and expensive reclaiming from the Spanish Tax authorities).
The worst thing is, anyone holding in an ISA will not be able to get double taxation relief on the withholding tax.
Vote against!
Giving rise to Spanish witholding tax on dividends?
Agreed. Moving up into the grown up league. A positive step in the life of the company.
At last. Excellent news. Onwards and upwards.
GLA
Bought a few more at 286 , Copper seems to be going back up having been at 355 twice
Go Real has posted some good info on the JLP BB regarding copper and the stimulus China is doing to lift itself out of recession
Not good at copy and pasting sorry
Says 16th on their website
9th Nov 2022 was last years results so not long to wait- need some up tick from here very poor SP at present
AISC was 2.89 during q2 and with solar coming online anytime soon it should get even better next year. The excess supply this year and next year will dwindle very very quickly the following year.
Sold a load at 308 in Dec to fund a project that hasnt worked out- was hoping to get money back soon to buy back cheaper but got to wait a bit longer,nearly borrowed some money to do the project- which would have been dearer for the time its taken
Re "much talked about supply deficit": projections look like an increasing surplus all thru 2024. DYOR etc.
Everything looked good in the update. Something just needs to be delivered to move the share price.
Nice to see these ticking upwards on the steady Q3 update this morning. I doubled my holding last week after the recent fall. I was hoping for a bounce from around the 300p level and that's looking like a good decision so far.
Let's hope the Cu price manages to stop drifting lower, as it has recently, and starts showing some signs of the much talked about supply deficit that's forecast for the next few years.
Zebrow - my thoughts exactly the same where is the connection with this dumb following the ELIX start-up this drop is perplexing at best!
Down over 12% in 1 week? I know CU price is down but this is way oversold. Especially when you think it was at 380p in Feb. So what's making the price drop so much?
The Chinese holiday has caused a bit of a glut on the LME adding to the volatility in the price of copper and aim shares get the brunt of it.
Well, IMHO it is all about copper price, altho whether that is just paranoia who knows. I can understand expectations of a short-term downdraft in metals esp copper.