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Thank you Corryvreckan1
Mellow45 - it's capital, see discussion near the top of this thread:
https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&view=thread
petethestreet - have you been through the FAQ section on the Prax website, I've found many of my queries summarised in there:
https://www.prax.com/dcu/
SEE PAGE 81 of SCHEME document says not a dividend
https://www.prax.com/disclaimer/
Does anyone know if we treat these DCU payment as capital gain or dividend?
Cheers F.
I've been trawling RNS's to try and find the finest detail possible in the DCU payments. All I find so far is a max of 6.48p and payment s made biannual. If you have a link or RNS date which adds more detail to this could you post it. The best RNS I have is 16th march 2023. Thanks in advance and hope..
TBH I am loving not following the HUR saga any more!
IWeb DCU payment received today
Should be deposited end of business day in iweb tomorow
Anyone else on here have their PRAX DCU with iWeb?
I got my initial payment through in June but this latest one hasn't yet arrived?
Just wanted to see if anyone else has got theirs.
" We are not going to get fat on that"
FWIW we never were. Next year and 2025 should be a bit more substantial.
As there are no guarantees that we were going to get anything past last June, I just take a bit of solace in that we got 'something' and are a bit more hopeful to see some more.
So it looks like the September payment is 0.00309p. We are not going to get fat on that
"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."
Cheers for posting that. I mused exactly the same ie a Mar 27 payout due to the 90 day in arrears payment, a while back but nobody replied or concurred at the time. Always nice to know somebody else has the same thoughts
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
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.
How much was the payment with regard to the overall 6p.
Fund and share account. More or less an isa without the tax free benefits. Trade just the same as isa share account.
Still no DCU payments in my IWeb account either :(
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
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.
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.
I’ve also had nothing from HL yet
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
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?
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
Laserdisc - thanks for the info about the offloads, and for keeping an eye on this generally, always appreciated :)
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 ;)