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Full detail of 0.309p payment now available here: https://www.prax.com/information-for-holders-of-dcus/
Payment has not made it to my iWeb (Halifax) account yet.
"The payments will be paid to Prax DCU II Holders on 30 September 2023." so by the time that gets processed through Crest to your broker it may not appear in some personal accounts until Monday, depending on how (in)efficient your broker is.
I was expecting we might receive the Apr and June lifting in this payment but by the looks of the figures from last RNS in Apr it only includes this one, is everyone expecting we should therefore possibly receive 3 liftings worth for the period July to Dec ?
I believe that payment in respect of the April uplift was already made by HUR, it was included in the supplementary dividend of 1.87p that they paid in June. See RNS 18 April and 2 June.
The 1.87p stated it would only be paid if there was a minimum 450k barrels (not being paid the proceeds) i.e. it was a safety net in case the well stopped producing is my take on that, the deal clearly stated any revenue between March and 30th June would be included in the 30.09 payment , therefore there must not have been a lifting for June/or the revenue of were not received until July
Yup, apologies all, I read that a different way before. Ignore my post at 11.29. And from today's announcement:
"Production from the Lancaster Oil Field, the only producing asset currently in Prax Upstream, resulted in sales of 539,244 barrels of oil during the four months from 1 March 2023 to 30 June 2023." and it then details the DCU payment calculation based on that.
And the accompanying statement notes "Total cargoes sold in period - 1"
I need more coffee before I post!
On this thread laserdisc noted an uplift on 10 July and that looks like the first one after the April uplift, so missed the cut off:
https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&thread=CF7D0BE2-95D9-4AE1-A983-1CB5EEA9D9FB&reply=true
I think The Aoka Mizu normally had a shutdown for annual maintenance for a couple of weeks in July/Aug so would impact on the next uplift time, may then be tight to get a third one in before end December?
Thanks Corry v helpful
My calculations indicate we should have an offload next week as we are running at something like 81 days since last offload , if that happens its still possibly for an offload late December despite maintenance schedule , (weather important factor Dec) i will post again when the tanker has been allocated for this next offload
From ii - las like a wait f up to 1
Days. DCU’s were removed from my ISA account and have yet to show in my trading account.
Anyone else with ii?
**********
CORPORATE ACTION NOTICE Important information about your stock
29 September 2023
A corporate action is taking place in relation to PRAX EXPLORATION A (stock code BQS9215), which you currently hold in your portfolio (a/c 4710607).
What is happening?
Cash Distribution
Record date: 30th June 2023
Terms: GBP0.00309 in cash for each Deferred Consideration Unit held Expected Payment date: 29th September 2023
Prax Exploration & Production plc has announced a Cash Distribution, whereby holders will be issued with GBP0.00309 in cash for each existing Deferred Consideration Unit held. This is the first cash payment which covers the period 1st March to 30th June 2023.
The cash will be issued to entitled shareholders upon receipt from the company.
Your account will be updated upon receipt of the proceeds but in some circumstances there may be delays in the proceeds being credited to us. Please allow 10 working days for your account to be updated.
I'm with ii,
FWIW Correct cash has been deposited into my SIPP so all ok there.
In my ISA, some time back my HUR DCUs were moved from my ISA to my trading account, so naturally I was expecting any associated deposits to turn up in my Trading account. Wrong, the correct amount has been deposited into my ISA. I hope it stays there but have my doubts
That raises an interesting possibility, fandg2. I can understand that brokers moved the DCUs out of ISAs due to them being a tradable instrument that doesn't meet the ISA requirements. [Yes, I know this has been discussed before and there are differing views on that, but for the purposes of illustrating my main point let's not go back down that rabbit hole].
We can separate the DCU itself - which is like a promise to pay part of the consideration in the future - from the actual payments made which may, possibly, be legitimate receipts into an ISA from a tax perspective. As the DCU entitlement is just a 'deferred' portion of the consideration for buying HUR perhaps it is right that future receipts are still credited to the account type that the shares acquired by Prax were held in when the sale was completed, in the same way as the initial 0.83p was.
If the full consideration at time of completion had included an additional 6.48p up front this would obviously not have been an issue, but that [up to] consideration is instead being phased across 2/3 years. The DCU is then just the vehicle by which they identify who is entitled to receive that deferred consideration.
If the DCUs are traded via Jenkins then it doesn't become a future issue because the new owner will never have held them in an ISA, and so will receive the payments into whichever account they bought them into.
I'm not sure on this, just punting it up for consideration, and good luck arguing that with HMRC if you want to ;)
Laserdisc - thanks for the info about the offloads, and for keeping an eye on this generally, always appreciated :)
Fandg2 iii treated same for me on this latest payment its gone in Isa .
Corryvreckan1 makes an excellent point "We can separate the DCU itself - which is like a promise to pay part of the consideration in the future - from the actual payments made which may, possibly, be legitimate receipts into an ISA from a tax perspective.
fingers crossed this is correct Thanks for all the posts on this matter
Has anyone had anything from HL about this payment because I've not? I only have an ISA with them, so maybe that's the issue?
Corryvreckan1 no problem i will report after 6th when i think tanker will arrive, seems this week AM is having some maintenance done Ah vessel out of Montrose this morning they need a vessel like this as they have to lift the offload hoses and fit possibly a new one it should be installed by Fri
I’ve also had nothing from HL yet
You need to open a fund and share account alongside your isa and your dcu's will automatically be transferred. My cash hasn't showed up yet. May be a few days with h&l if paying their dividends are anything to go by.
HL behind the curve again - naughty ;)
Wegpphil, is 'fund and share account' an HL specific terminology that may be the same as 'Trading account' on other platforms? I'm just curious about the name for info, that's all.
DCU psyment received in my Interactive investor account on 29/9.Interestingly the payment was credited to my ISA account even though the dcu is in my trading account.
No sign yet of the DCU payment in my Lloyds or barclays accounts
Still no DCU payments in my IWeb account either :(
Fund and share account. More or less an isa without the tax free benefits. Trade just the same as isa share account.
How much was the payment with regard to the overall 6p.
Laserdisc – RE your 1/10 post on ADV. My reading of the scheme is that revenues apply on a half year calendar basis, so 1 July to 31 Dec revenues are used to calculate the DCU payment due at end March, and then 1 Jan to 30 June apply to payment at end Sept. That ties in with the cut-off dates for holding the DCU for entitlement to the next payment (30/6 and 31/12). So we could get 3 offloads for the next payment in March if they fit the December one in, but not 4, if I've got that right?
On the same basis I think we could also get a March 2027 payment, based on the revenues from the second half of 2026. From the Prax website:
“The DCUs confer an entitlement for DCU Holders to receive 17.5% of all Net Revenues earned by Prax Upstream from 1 March 2023 until 31 December 2026,”
Unless, of course, we have already received the maximum 6.48p before then.
Thanks for that i have amended the adfn post just thinking it may be quite a tight window to get 3 offloads in till 31/12 as you say
Its in arrears so as you say could run into March 27 . The Njord Viking vessel is being used out at AM today changing hose