George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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On the HL website they don't trade the ASX, so no idea what's going on at HL.
Metal Tiger CDIs are now listed on ii, they're available to buy in a trading accounts or a SIPP. Strangely I did find a CDI for a different company that was available to buy in an ISA, I'll ask ii, to see if they have any explanation.
Message from H-L in my secure messages :-
I can confirm that our corporate actions team have advised that Metal Tiger (MTR) will remain eligible for holding in a stocks and shares ISA following the UK de-listing and re-listing in Australia (ASX).
Luc Enright
Senior Investment Helpdesk Consultant
I forgot to ask them about eligibility for Junior ISAs, but assume it would be the same.
There doesn't seem to be any dispute/confusion on here about eligibility for SIPPs
I've just spoken to a different individual at H-L and he also stated that the CDIs are ISA eligible. I pointed out the communication received by Jargesboy and the H-L chap is going to investigate and ring me back.
AP hope you're correct, I had it down as incompetence.
Rumor (I started) In exchange for the NRS, someones offering MTR a gold and diamond rich asteroid, but it's only legal on the ASX. Keep it under your hat, big pay day coming.
Following on from yesterday, my transfer from Smart Investor to ii was completed today, within 24 hours of the transfer being agreed between the parties.
ii have sent me the following corporate action summary, which may be of interest to other holders
Effective date: 31st March 2023
Market affected: Alternative Investment Market (AIM)
Trading restrictions: The last day we will be supporting trading on AIM will be 30th March 2023.
Metal Tiger Plc has announced its intention to cancel the listing of its Ordinary shares from trading on AIM. This is expected to become effective on 31st March 2023.
Shareholders who currently hold their shares on AIM will automatically have their holdings switched to the Australian register where they will be held as CHESS Depository Interests (CDIs), with each CDI representing one share. According to the company?s documentation, the CDIs will be issued to us in statement form. Once received, we will arrange for these CDIs to be deposited with our international custodian. We are unable to provide a timetable indicating how long this process will take to complete since it is largely dependent on third parties. However, please be aware that you will not be able to trade the CDIs and you they will not show a live price on your portfolio until the process of depositing them with our international custodian is complete.
Metal Tiger plc will also change its name to Strata Investment Holdings plc shortly following the delisting from AIM.
ISA Customers
Due to HMRC restrictions on ISA accounts, Metal Tiger CDIs are not considered an ISA-qualifying investment. Therefore, on or after 1st May 2023 (30 calendar days following the delisting) we will arrange to move your shares to a linked Trading Account, opening one on your behalf if you do not already have one.
Junior ISA customers
CDIs are not considered a qualifying investment for these accounts and withdrawals are not permitted from these products. Consequently, holders may wish to liquidate any holdings prior to a delisting becoming effective.
Crest Personal Member Accounts
Unfortunately, the option to deposit the statements automatically with our custodian is unavailable for CPM accounts. You have the option to sell your shares before the delisting or retain the CDI statements.
Good luck to other holders. I just hope the transfer was worth the hassle. Time will tell.
Following received from HL
Following the delisting of the stock from the Alternative Investment Market (AIM) on the 31 March 2023, it will no longer meet HMRC's requirements to be held within an ISA.
This means that your holding of xxxxxx shares held in your Stocks & Shares ISA will automatically be removed after the delisting, and placed into your Fund & Share Account which could be subject to tax implications.
However, your holding of xxxxxx Metal Tiger shares will remain in your SIPP after the delisting.
I am thinking of attending the GM only because it is close to home but only have a small share holding and limited knowledge of MTR or stock market. May not be able to attend as HL say I require to give two weeks notice although had a text this morning from MTR/Agent saying anyone could attend providing supply proof of share ownership.
Pb.....I think they were well aware of the chaos this would cause to minor UK investors but pushed ahead for their own interests ...which is usually ...personal gain!
Custom service advisor vs corporate actions team, possibly.
Hasn't someone already said they were told HL were transferring holdings to HSBC.
Did MTR know? Because they should have known but no mention about any of this in Mondays RNS about CDIs.
For information:
Received from Interactive Investor.....
"ISA Customers
Due to HMRC restrictions on ISA accounts, Metal Tiger CDIs are not considered an ISA-qualifying investment. Therefore,
on or after 1st May 2023 (30 calendar days following the delisting) we will arrange to move your shares to a linked
Trading Account, opening one on your behalf if you do not already have one."
I also have a Trading account with them so no problem there for me....After considering all the available information, I am holding and agree with MrR.... I note, the proposed consolidated options awards are vested and set at 20p.......and, IMO...as this appeared a very rushed/rash/frantic decision by the board there must be a hidden looming deadline....maybe..... for some other major corporate action when listed only on the ASX ?
Disclaimer: Could be wrong..... :)
Oh...Keith...HL are saying that holdings can stay in an ISA? That's opposite to what ii have indicated. Very interested in any clarification there.
I think you're correct on all counts there MrR. I'm not selling at these prices. My most recent concern was whether when H-L transfer the shares they would lose their ISA and SIPP drawdown status. I have just spoken to H-L and been told the holdings will still be within the ISAs and SIPP accounts and they are going to confirm that in writing. I was concerned that the SIPP holding would count as a withdrawal and generate a tax bill. Talk about adding insult to injury (or vice versa!).
This a nightmare of the company's making but I'm sure we'll wake up some time and find the SP has regained some realism
Very irritating. Priced way too low to sell though based on the current assets. Sp at current levels almost seems to be questioning whether there is still a valid company via the new approach which I don't believe to be a correct outlook.
A large part of sells likely due to personal choice on account management (not wanting to hold CDIs or on the ASX, if it was my choice i wouldn't which is why I've invested here rather than SFR or CBR) & some understandably frustrated with the approach of management.
However, I can be patient, keep calm in face of the current drop & wait for value to be realised again the the share price.
Drilling starts at Motheo next month & SFR will be prioritizing T4 - more value not realised - hopefully we wont still be at a 3rd of NAV by then, a long way to go!
I'm very tempted to go but it is a fair distance. Perhaps I would get something out of asking questions in person though.
NAV aside, it seems that investors are doubting that the company will actually make it to the point of collecting royalties. It's always been down to patience and those who can afford to wait- bigMJ is clearly able and willing to wait. Cashking believes any holders are sadly deluded that it'll ever happen and so far he's been more right than wrong!
The whole thing is irritating as I said. There is value- IC has highlighted it. Is it worth the hassle!? Sigh.
Yet another Disastrous Decision By The Bods …
Screwing Many Loyal British Investors ….
Took the hit and sold out. Don’t trust the management anymore. Shame as the assets were good.
Interactive Investor have been helpful in arranging a transfer from Smart Investor and I seem to be making progress, at last. Smart Investor say that they may take 4 weeks to make the transfer but they seem to be quoting what they are allowed to take, rather than what will actually occur. My transfer is, at least, agreed between the parties so one would hope that once someone pushes the button the transfer will be more or less instantaneous. I will let you know what transpires. I have needed to telephone both ii and Smart Investor a few times to progress matters, so I suggest you do not rely on form filling alone. Both sides have been generally receptive to my prodding.
Has anyone actually had the shares transferred into an ISA. Actually I'm not sure it's that important as there's no dividends and I suspect most folks will sell before they have to worry about capital gains tax.
Looks like no-one can be bothered to go on Monday, then. Very disappointing . No wonder they can do exactly what they want and get away with it. Apathy rules!
Looks like this is gonna sell off even more on the last day of trading on AIM mainly as people who still haven’t been able to sort out the transfer of shares throw in the towel!
Gosh this is irritating. Depository interests are listed as an ISA qualifying investment on https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#depints
Is there a UK broker out there that can hold and trade ASX CDIs in an ISA? It looks like these guys at least used to (now EQ) https://www.shareview.co.uk/4/Info/Portfolio/Default/en/Home/help/investor/pages/CrestDepositoryInterests.aspx
Very irritating!
From one of MTRs RNSs
The main difference between holding CDIs and Shares is that CDI Holders hold the beneficial ownership in the Shares instead of legal title.
I think that could be the problem for ISA holdings, but the question for me, who benefits from CDIs and why not have them as shares on the ASX.
Brewery and another word come to mind, how can these people be paid a salary.
Shafted …
Simple As
i HAVE ASX SHARES IN MY ISA WITH IG
Worth checking they have that correct as the asx is noted as a recognised stock exchange on gov.uk for tax purposes.
Nice to know the board didn't take delisting lightly, just had this from ii.
ISA Customers
Due to HMRC restrictions on ISA accounts, Metal Tiger CDIs are not considered an ISA-qualifying investment. Therefore,
on or after 1st May 2023 (30 calendar days following the delisting) we will arrange to move your shares to a linked
Trading Account, opening one on your behalf if you do not already have one.