The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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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.
Ripley94,
Re capital gain/loss, only PRAX consideration settled at 0.083p per share can be utilized towards that. It is very likely that we all have suffered a loss. In a normal share dealing account it can be used against future gain(s) or added to historic losses. Within an ISA envelop, that loss cannot be used, of course.
The two others payments amounting to 5.19p per share have been paid as dividends, therefore form part of everyone’s income for the current tax year upon which income tax will be incurred depending of tax banding, after allowance of £1,000 – see my post of 27 Jun 2023 22:41 under “What happens next” thread.
The allocated DCUs (1 per ex HUR share), if settled, will have an acquisition value of nil (0), so always a gain for everyone, to be offset from PRAX Consideration loss and/or others, if in same tax year. Again, this scenario is within a normal share dealing account. As it stands, DCUs allocated within an ISA will be transferred to a normal dealing account and would be treated as afore said – see my post of 27 Jun 2023 13:30 under thread “IWEB and DCUs”.
DCUs will be settled twice a year within a 3 years period max. There is no guarantee over those payments.
Hope it helps. Best, 🐸
Cash sum credit appeared in my HL account today. Also DCU's listed in my ISA under Prax Oil and Exploration, valued at about 5.59 per share. I have no idea how this number is calculated.....
This is the only transaction showing on my main acc regarding this share since September 2020.
Is this the first part payment of the sale proceeds ?
Large Dividend paid on acc today ,is this some sort of return of capital.
Not easy to see how much loss I have her and I can put against capital gains .
Dive - HL aren’t doing it, I think it’s the nature of the ‘matching’, each seller needs an agreed buyer which could get very messy I imagine.
On the wider front it’s been interesting to see how the different brokers have handled this and no surprise perhaps the banks aren’t looking too good?
I have not received anything for my HUR shares - and they still show in my ISA as HUR shares with an SP from the last trading day.
Having emailed iDealing.com, I received response yesterday, who say there is an issue in CREST and they are investigating.
Anyone else still waiting ?
Halifax share dealing are now showing a valuation of 1p for the DCU’s. No idea where they get this from as JP Jenkins are showing 1.77p. As many will know HSD, which includes I Web and Lloyds have said they will not trade the DCU's via the matched bargain facility. Can anyone with another provider say if their provider has advised on participation in the Jenkins trading facility.
The DCU's I have been allocated are now in both my ISA and share accounts.
Time will tell if they stay in the ISA.
The DEC's I have been allocated are now in both my ISA and share accounts.
Time will tell if they stay in the ISA.
Addendum
Forgot to mention, with regards to dividends personal allowance, one loses £1 from it for each £2 earned over £100,000
Best, 🐸
Hum! Hank.
For tax purpose DCUs are treated as capital gain; depending on tax rate band liable to a 10% tax for the basic one plus 20% on any amount above it; of course after the allowance of £6,000 for the tax year 2023-24 . This would be, in this instance, from an acquisition cost of nil.
Dividends are treated differently, as income - at basic rate 8.75%, higher rate 33.75% and additional rate at 39.35%, after an allowance of £1,000 for 2023-24.
Best, 🐸
Thanks for the update,
Has any else only received the Cash Consideration, but not the dividends. I was under the assumption I'd receive both the cash supplement and dividend. I bought my shares on 6/6, 2 days before the scheme became effective.
We lose the shares, and are awarded special dividend payouts biannually for the next 3 years. Tiny amounts.
Hi Guys,
Sorry because I guess my question has been answered on many occasions!!
I have now received my dividends which was a total surprise for me, not a huge amount but it's a night out.
Please can someone explain what happens next to our shares ( Do we lose them as part of the sale?) Or do they become part of the new company who have taken over? Thanks for any feedback
My Barclays 0.83p/share has now cleared. :-)
Shares are now showing as Prax specials instead of Hur, and the amount is there, but the value is £zero.
Good!
Hank honest tom
just received the 0.83 cash payment and the prax dcus into my isa.
payments etc dated june 27, 6 days after the other isa managers put them through.
Agree with you there ron, they are useless.
Update just received the DCUs but no dividend as of yet
I bought my shares on the 6/6 through barclays but its only showing g the shares I've purchased as "frozen". I dont know if these will literally go to 0 and I'm left with nothing