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This will be a Spanish company, and paid from the new Spanish top co entity, so dividends will be subject to Spanish witholding.
The company will still have a structure in Cyprus.
Hello MrO, could you elaborate on your point on Cyprus entity and tax after moving the domicile to Spain please? Would we still get dividends paid out from Cyprus ?
We will now be domiciled in Spain
- for a Spanish company not such a bad thing
For Taxation purposes we still have an entity in Cyprus , so we will not pay the higher Spanish taxes
We will move forward to main market listing
Once Spanish domiciled we will meet a major criteria for going into indices
- we are still some way off getting into the FTSE 250 ... but add a couple hundred million euros to our market cap and we will achieve goal.
We do lose out anti-takeover defence: under our Cyprus set up and articles of association a hostile company no longer will need to seek management approval to go over 20% of the capital. Straight to 30% and will then be able to launch a hostile takeover. This is unfortunate and means the likes of Trafigura may well be able to engineer a takeover and sell us for a profit to Sandfire: IMHO.
You had to vote against the resolutions ....
Well all that saber ratling did a lot of good didnt it!
Fyi. 98% approval for move to Spain.
Many of us owned EMED ... including me.
They just got converted to ATYM.
I owned Emed Mining
Well they would if it was touro! Wasnt this discussed before at one of their discussions
Masa valverde project gets green light from Junta
From Robmcelf2 on ADVFN , this new probably worthy of RNS
You need to hand them to a broker and they will be nominee for them
how did you end up with share certificates? did you own Canada line?
make sure you hunt down your dividends
Seen_it_DUMB_it : LOOK AT COPPER PROCE 5 DAYS
Of course the market likes what ATYM has been doing since Alberto has taken the helm.
We are a low gearing profitable copper producer.
We are going to join main market FTSE.
We have expansion opportunities.
E-LUX
We pay a dividend that will increase if copper goes up (we pay 30-50% of net)
IF ANYTHING OUR SHARE PRICE DOES NOT REFLECT TRUE VALUE OF COMPANY
- we are bogged down by copper price and market segment
VOTE against Spanish domiciliation.
I have a share certificate issued following takeover of Emed Mining. I now have great difficulty in selling the shares .
Told by Jarvis Investments that they are unable to sell them. Any advice, I would appreciate.
The SP is holding up well lately. Does it mean the market likes ATYM's move?
Deadline at Hargreaves Lansdown is 7pm on Tuesday 28 November 2023.
Deadline at i-web is 4th December.
I think the deadline to vote through your broker could be today, so please vote against domiciliation in Spain. Reason:
1. a 19% with holding tax will be applied by Spanish (non recoverable if stock in your SIPP or ISA)
2. even if we stay in Cyprus (for now) it will not prevent the move to the main board (away from AIM)
3. being domiciled in Cyprus means we have anti hostile takeover measures in place
I have had to post this again, as seen_it_done_it has spammed the board with his personal dividend and trading summary on this board, which people have no real interest in. The important thing, in any vote, is that people make the effort to vote ... so please log into your broker and reject the EGM resolutions.
The dividend is 30-50% of net, so watch copper price. Look at mining sector as a whole for share performance. Listen to the last presentation.
Sorry, I meant to type 350/360....
Just looked it up on DividendMax. ATYM did actually paid us a total of 7.1377p dividend this year, 3.1477p(3.5¢) in August and 3.99p(5¢) in September, but the next dividend will be August next year according to DividendMax's forecast. Need to wait for 9 more months yet.
I bought my first batch in October 2021. Then added a couple of times. My total diluted dividend comes to 15.34p and my capital loss is 60p! Net decifit comes to 45p. It is not a very good investment at all for spending two years of my time on this. I am thinking of cutting my losses and bail if this goes up to 250/260 again. So, I am hoping for a Santa rally here, lol.
My apologies for misquoting the dividend, but still, the institutional share holders hold 66% of the company's shares. The directors hold 0.6%. I guess the outcome will all depend on how they vote. I am afraid that small investors like us may have none or very little effect.
Yes substantial.
You are basing your argument on the previous 2022 interim dividend of 3.13p. The dividend for the full financial year ending 2022 was 6.11p (3.13p+2.98P). Therefore 19% of the dividend for the full year equates to 1.1609p. Therefore, to be accurate ATYM paid a dividend 1.903% for the 2022 financial year. That’s significantly more than the almost 0.6p (0.5947p) that you quote.
The interim dividend for the current financial year is 3.99p and all indications suggest that the final dividend for 2023 will be higher than last year. Therefore, using this as an example, it clearly shows that the potential deduction of non-recoverable tax for the current year would be much greater than you have implied.
The only constant factor to measure the potential impact of the withholding tax is to use the rate of 19%. The deduction might be considered insignificant for anybody who has a relatively small holding but for those who have a larger holding the deduction of withholding tax will be considered significant.
What should push the SP back up to higher levels is a move to the main market and re-domiciling the company in a jurisdiction that does not deter investors by imposing a withholding tax.
What, 19% of 0.975% is only 0.185% or about 0.6p, substantial?
If the change wil help to push the SP back up to 360-380 then that's substantial, lol
The ‘big deal’ is that the Spanish withholding tax will be taking 19% of your dividend. Measured in pence it does not sound a lot, but in percentage terms it is substantial.
All private shareholders should note that to pass the Special Resolution re-domiciliation proposal in the EGM it requires not less than 75% to vote in favour. Therefore, if enough of us, particularly if your holding is in an ISA or SIPP, should make the effort and vote against the EGM proposal it is possible that we can get the board to re-think. Currently ‘Other Shareholders’, which do not include institutional and management, account for 33.6%. If enough of us vote against the proposal it can be defeated; let’s make the voice of the small private shareholder be heard.
ATYM only pays 0.975% of dividend or 3.13 pence. The withholding Tax is only about half a penny, that's all. What is the big deal ? If the change will help to push the SP up then why not just let them do it?