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Check your tax return, it should cover tax year April 6th 2022 - April 5th 2023 so any dividends received after this date will be on next years tax return. If you ask your provider they should provide you with a statement for tax purposes which has the detail on there to include within your investments section of the tax return if outside an account ringfenced against tax such as a SIPP or ISA
Hi Guys,
Many thanks for all the interesting information I have had from this board over the years.
Please may I ask a simple question, that I’m sure many of you know. I’m just in the process of completing a tax return and the question, ‘ have you received any dividends’. The monies that were received from Hurricane Energy is being referred to as a ‘dividend’. BUT isn’t it simply a return if capital or is it in fact legally a dividend.
Any help gratefully received
Neil
"contact the FCA"
LOL
As it they will be interested.
If you lucky you might get a generic email reply 30 days after emailing them
Minella
Settlement is normally 2 days after the trade. I’m with Halifax so I am not familiar with IG’s platform and how they provide information but there will be a contract note for your trade and you should have access to it. If you can find it the settlement date will be shown. The sale proceeds should be credited to your account no later than the settlement date and then be available to reinvest or withdraw. Phone or email IG and refer to the contract note (it will have a reference number) and ask what is preventing release of the sale proceeds and mention that you will be contacting the FCA if you do not receive a satisfactory reply.
Dive - do you have any idea what timescales these brokers have to settle by? Its almost 4 weeks since I sold and still cannot withdraw sale proceeds. I haven’t touched the dividend that I'm not entitled to despite this still being available to withdraw!
After multiple t/c & emails to IG including sending them a copy of the RNS confirming the entitlement date all they can tell me is that it is now being dealt with by the Corporate Actions team. My only other thought is that by selling on 6/6 this has created an issue because of their T +2 settlement rules, was I perhaps still on the register on 8/6??
Bl**dy frustrating when you want to spend some money!
My advice (for what it’s worth) if you appear to have sold and got the divi is park the funds and keep an eye on your account.
When we had the fiasco about the 3.2p divi earlier in the year IG incorrectly credited the divi, I closed a CFD position and made another investment, within hours the money was gone and when I tried to recover my dealing costs it was: ‘according to our terms of service’ believe me you won’t have a leg to stand on
First Direct Sharedealing have managed to find and credit the 1.87p divi, as of yesterday. What if I hadn't queried their numbers ? P*ss poor performance.
If you did not hold at 6.00pm 7th June ..after the close last day of dealing you are NOT entitled to any cash payout of any sort. If you have been paid some sort of divident this will be caliamed back as its a huge error
A Scheme Shareholder on the register of members of Hurricane at the Scheme Record Time, being 6.00p.m. on 7 June 2023, will be entitled to receive for each Hurricane Share held:
-- 6.02 pence, comprising 0.83 pence by way of the Cash Consideration, 3.32 pence by way of the Transaction Dividend and 1.87 pence by way of the Supplementary Dividend; and
-- a Deferred Consideration Unit.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in certificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by means of cheques which will be despatched as soon as practicable and in any event no later than 14 days after the date of this announcement, being 22 June 2023.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in uncertificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by way of the crediting of CREST accounts as soon as practicable and in any event no later than 22 June 2023 .
"It is a monumental balls up and it would not surprise me if Hurricane/Prax end up having to settle claims."
All they will do is claw the money back and they will use to legal route if needed
"I do find Kevers numerous posts rather amusing as it suggests he is miffed at missing out on windfall."
You will have to pay this money back at some poin. tIt is no windfall believe me.
You only should get the 6.02p divi if you held the shares at 6pm on the 7th June. FACT
Mariog
Apologies, please ignore previous post . You are correct.
Mariog
sorry to have to correct you but the Ex Div' date follows the record date. For entitlement to a dividend you must hold up to the close of trading on the record date. The next day stocks trade Ex Dividend, i.e. without entitlement to the dividend which is why the share price will usually drop roughly by the amount of the dividend.
NMBS
Before CREST it sometimes happened that a sale would take place shortly before the Ex dividend date and the seller still received the dividend. It happened because of delay in updating the register and the seller still being on the register as at the record date. The buyer of the stock on finding they have not received the dividend would inform his broker and they would contact the sellers broker claiming payment. The sellers broker would then write to their client informing them of the claim and fingers crossed the seller would repay.
With CREST it should not happen and if CREST are saying the Ex Dividend date is the 6th I’m fairly sure this is what they have been told. It is more likely that either Hurricane or their registrars have made the mistake and given CREST incorrect information. Remember that Hurricane never mentioned an Ex dividend date for the dividend element, only giving the record date for the transaction, however the apparent error has only applied to the dividend and not the cash element or entitlement to the DCU’s.
It is a monumental balls up and it would not surprise me if Hurricane/Prax end up having to settle claims.
I do find Kevers numerous posts rather amusing as it suggests he is miffed at missing out on windfall.
I am sorry Kever but you are wrong.
Scheme Record Time and record date for the Special Dividends 6.00 p.m. on 7 June 2023.
Ex Divi is always a day before the Record Date, so it was on the 6th of June.
I completely agree with you Kever. I’m not sure who is responsible for these **** ups. There is a part of me, however, that can’t help but chuckle that some people seem to be getting more than they’re due and the institutions insisting that it’s correct when clearly its not. What a shambles.
Halifax are talking rubbish. If you sold HUR before 6pm on 7th June you do not qualify for the divi. If you have been paid the divi you will have to pay it back. This is an error
If you did not hold at 6.00pm 7th June ..after the close last day of dealing you are NOT entitled to any cash payout of any sort. If you have been paid some sort of divident this will be caliamed back as its a huge error
A Scheme Shareholder on the register of members of Hurricane at the Scheme Record Time, being 6.00p.m. on 7 June 2023, will be entitled to receive for each Hurricane Share held:
-- 6.02 pence, comprising 0.83 pence by way of the Cash Consideration, 3.32 pence by way of the Transaction Dividend and 1.87 pence by way of the Supplementary Dividend; and
-- a Deferred Consideration Unit.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in certificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by means of cheques which will be despatched as soon as practicable and in any event no later than 14 days after the date of this announcement, being 22 June 2023.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in uncertificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by way of the crediting of CREST accounts as soon as practicable and in any event no later than 22 June 2023 .
Not what the Halifax say, they say, Yahoo finance, Dividend Max and Morning star all wrong. Ex div day the 6th.
Halifax tell me, the ex div day for Hurricane energy was the 6th of June, and will pay out accordingly.
Good point. If it being sold internally from one arm of the business to another, then the cost between subsidiary groups can be what ever the group decides. I guess this was what we were all fearful of. The principal, and the lack of transparency. We will just have to wait and see what transpires.
FWIW June's issue of an independent consumer mag which I subscribe to (hint, there's a clue there which mag it is (and again). carries a big comparison article on investment platforms. Vanguard, AJ Bell, Freetrade and Investengine are all recommended, in saying that I'm with interactive investor and have had no trouble at all with this takeover or anything else for that matter.
Top customer score was 74%, bottom 62% over 18 companies
Halifax Sharedealing have got it right but First Direct sharedealing have omitted to pay me the Supplementary Dividend but paid the other two. Incompetence, shall probably switch to Halifax totally.
If you did not hold at 6.00pm 7th June ..after the close last day of dealing you are NOT entitled to any cash payout of any sort. If you have been paid some sort of divident this will be caliamed back as its a huge error
A Scheme Shareholder on the register of members of Hurricane at the Scheme Record Time, being 6.00p.m. on 7 June 2023, will be entitled to receive for each Hurricane Share held:
-- 6.02 pence, comprising 0.83 pence by way of the Cash Consideration, 3.32 pence by way of the Transaction Dividend and 1.87 pence by way of the Supplementary Dividend; and
-- a Deferred Consideration Unit.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in certificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by means of cheques which will be despatched as soon as practicable and in any event no later than 14 days after the date of this announcement, being 22 June 2023.
In the case of Scheme Shareholders who held their Scheme Shares at the Scheme Record Time in uncertificated form, settlement of the Cash Consideration payable to them pursuant to the Scheme will be effected by way of the crediting of CREST accounts as soon as practicable and in any event no later than 22 June 2023 .
I took think there is a monumental ****up.
Have an email from them finally that is adamant I am entitled to the divis - i thought of sending them the rns that clearly states 8/6.
They have followed it up with another email this being the reason why I haven’t had sale proceeds yet -
‘Unfortunately, with regards to the Hurricane settlement, we are waiting on our custodian to transfer the proceeds from the sale before these can be settled into client accounts. At the moment, we are still chasing them on a daily basis to have this matter resolved speedily.
Once the funds are made available, they will immediately be settled in client accounts. We don't yet have an estimated time for resolution but are consistently following up with Citi to have the matter resolved.’
The next offload is due shortly and it will be interesting to see where it goes to. LTH’s will be aware of the BP contract and I am wondering if Prax will tear it up as they have their own refinery. So if it goes to Immingham you can be pretty sure it is destined for Lindsey and the BP contract is dead. The question then is what will Hurricane get for its oil. What will the discount be because this will impact revenue.