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I'd be checking that advice JP71 - reducing your shareholding and not paying the capital reduction monies would not, I think, be legal.
Today I have been advised by my brokers that I am not entitled to the special dividend as I bought the shares on 27 August 21. They advice me the special dividend cutoff was on 26 August 21 My shareholding has been reduced but I am not entitled to the special dividend
Melrose company robbed us by restructuring by reducing share holding by 10 % meaning the company purchased shares from us at £ 1.50 when the market price was around £ 1.70.i.e. 1000 shares purchased at £ 1.70 (example) costs us £1700 plus dealing cost and stamp duty.For this holding company paid £ 150 but reduced holding to 900 shares. This meant the share cost went from original buying price at £ 1.70 to £ 1.889 This means holders lost around 11.12 % plus dealing cost and stamp duty. That is why the company had to obtain court approval but in the end the company bought shares to cancel below the market price without stamp duty and dealing cost.
Can't see any negatives in the results announced today - seem to be making progress on all fronts.
Looks like there is a bit of optimism here now for results day tomorrow. Good look all long term Melrose investors. ONWARDS & UPWARDS!!!!!
It will be interesting to see what the half year results say on Thursday, and whether the share price moves very much over the next week or so. This distribution of money was always described as a reduction of capital rather than a dividend. The aviation headwinds seem to be easing a little although automotive is still struggling with the chip shortage by the sound of it. Remain of the view this share is a long term hold.
Yes this does now seem to be a bit of a stitch up , it was supposed to have been a bonus due to making a huge profit on their sale but we are now all worse off atm and we cant use divi money yet because it could take up to ten days !
@Martyn1873, I think i might do the same. I will just wait until next moth to see if I have to sell or not. But I will be reinvesting that dividend. Thanks man. I think after reading the board, I ant feeling down as I was this morning. It always good to speak to a second person, even if you have done my DD. I think I just did not read it properly.
@JSM1, Thanks for that. I really appreciate it
@rustvaar, yeah. I got it wrong. thanks for the explaination
I think the Share price will only increase from here over the next few weeks, results out in a couple of days which should be positive. Also as the dividend funds are real eased genuine Melrose investors will reinvest their payments to increase their holdings to where they were. I will certainly be doing that. GLA
Bantu -- if the dividend had been issued in the normal way then the share price would have dropped (by roughly the amount of the dividend) once it went ex-div. Doing it this way there's no drop in the share price just less shares. You still own the same %age of the company. Overall you are no worse off than it being paid as a straightforward dividend
@D.L., yeah. I have just understood it. I did read it but not properly. Otherwise I would not have bought it. It feels like I have not made any money on it. I thought I was getting a huge dividend on the top of the £20k that I have invested. In fact, my £20k will become £18k and I will received around £2k of that return of capital. So in fact, I have not made any money. Unless the share price go up which I think it aint. I have shot myself on the foot with that one
Unfortunately, Bantu, it does sound like it.
£20,000 in at - say £1.65 or so - 12,100 shares (for an even number) which becomes 10,890 shares and with a dividend of £1,815 but if the share price remains, as is, £1.70 you've got a holding worth roughly £19,000 now. Open to correction, I'm not saying what I tell you is accurate to the penny, just how I estimate it.
This was share consolidations of 10% of your holding which paid 15p per your original holdings.
This means if you were holding 100 shares at say £1.70 you would receive £15 but now you only have 90 shares meaning the company purchased your 10 shares at £1.50 to cancel
Jesus. Have it got this wrong? Because I have put down £20,000 to get something like £1,700 dividend. I used this to guide me: https://www.dividendmax.com/united-kingdom/london-stock-exchange/industrial-engineering/melrose-industries-plc/dividends
Bantu, I was having a look thinking I needed to top up and had a look at https://www.lse.co.uk/FinanceDiary.asp?shareprice=MRO&share=Melrose
@Wolfiebill dont tell me that. I always use "dividendmax website" to check my dates. I thought the ex-dividend date is today 31aug, so you had to buy on the 27aug the latest.
Actually Bantu.. the Special Ex-Dividend Date was 26-Aug-2021 according to the LSE website
@Masterbaker, Thanks. The ex-dividend date is the 31August. I am buying tomorrow. I wanted to buy today, but the price was keeping going down. We will see tomorrow after I will buy.
It is indeed.
Check rns for June 22nd and 18th August for full details.
@Masterbaker, is that for the special Dividend?
Thanks masterb may get some more buying tomorrow maybe , or even an rns of some sorts
Record Time for entitlement to B2 Shares and Share Consolidation................. 6:00 p.m. on 27 August 2021
Not a takeover imo would of shot up a lot more , but good news afoot maybe or are they buying into the 15p divi ( not sure if its to late tho )