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Of course, the great David Lockhart passed away last year. Maybe that is when the company changed ? He was apparently a very caring man, and supporter of The Trussell Trust. I somehow feel shareholders became less important after the sad loss of Dasl. There is a tribute here.
https://uk.virginmoneygiving.com/fundraiser-display/showROSomeoneSpecialPage?pageUrl=DavidLockhartDASL
In the last 2 years have never seen them do anything outside the usual results RNS ... they spend practically no time talking to the market
How can you say this...? end of year results was like 5 working days ago... how often do you expect an update exactly?
I think you have hit the nail on the head @johnpohn - I think NRR have become one of those companies who likes to operate secretly and not talk to investors. We mean nothing to them anymore. A bit like GCP Infra., and J.Laing Enviro. They only tell us what we need to know. Thankfully I am out now, and the proceeds have been very welcome for topping up elsewhere.
@urbanguru - sorry, missed your question as I am no longer in NRR. Ask on the DEC board if you dare. I get roasted every time I show my face on there because they don't want people to know. But basically, the problem is if you are with a bank based broker (Lloyds, Halifax, I-web, HSBC etc). Computershare handle the dividends for DEC, and they pay the bank-brokers with 30 percent already taken off, even if the individual investors have a W8-BEN in place. It's all just a fiasco that no one will take responsibility for. Other brokers are paid with 15 percent withholding tax taken off, some new App brokers seem to pay out the full divi (leaving the investor to be responsible for dealing with the US tax authorities). ISA's make no difference, SIPPS are paid the full amount. It just all needs investigating and making plain what the problem is.
It needs a deal on the pubs to be announced.And at a sensible price.A full sale of the Hawthorn business will restore NRR to medium term financial stability and bring a re- rating.
Needs a bit of oomph ... starting to look a little desperate here. Again, i must say, if only the management would start talking to the market / investors, we'd have a better idea of how to think about the long-term prospects here.
So what's the situation re withholding tax on DEC if you're British and use a British broker adv11?
I've started an argument on the DEC page SD235. Not fair I continue posting here now I am out.
Of course, no one is interested in the plight of others, but I will continue to annoy them. DEC is listed on my brokers site as
Registered Office- 4th Floor, Reading Bridge House George St, Reading Berkshire RG1, so there is no reason to suspect withholding tax is a problem. It is totally unfair that some shareholders lose 30 percent, some 15, and some zero. If everyone
suddenly received 30 percent less dividend there would be an outcry.
Still here
10p to 11p a share depending on when Hawthorn is sold. I would not be in too much of a hurry to complete the sale as a couple of months trading post fill unlocking will improve the price.
@oilmanmike
Where are you?
Off "ramping up" some other shares!!!
From hl
That is correct, although Diversified Energy Company plc is listed on the London Stock Exchange, it is still a US company and so if held within a Stocks & Shares ISA or Fund & Share account, with a valid W8-BEN form, there would be 15% withholing tax.
Whereas, if held within a pension wrapper (SIPP) with a valid W8-BEN form, no withholding tax is applied.
Agreed Jstar, except that bank based brokers aren't certified (for some unknown reason) to reduce the tax from 30 percent for US companies listed on the UK stock market. Took me two years to get that information, but no one will discuss it further. I have a W8Ben filled out.
The only answer is to move holding to a different broker, or not to buy DEC at all. But will it make a difference if/when DEC lists in the US, as SD235 says ? Who knows ? The time I put into this defeats any savings I made, and simply, no one at DEC, or brokers understands it, and Computershare won't discuss it. I tried them in both UK and US.
@adv11, On the us witholding tax on divis yes the agent pays over the the USA govnt. The rate is 30% standard however because of the double taxation treaty between the UK and USA, this gets reduced to 15% if you fill out a w8ben.
Additionally (same treaty) the UK SIPPs are recognised as a pension vehicle in the USA and if your broker is good enough that allows the divis to be paid gross into a UK SIPP. However the broker needs to claim the 15% tax back which a lot won't bother doing. Tax of course due on withdrawing cash from the sipp.
Article here for anyone interested that sums it up -
https://the-international-investor.com/investment-faq/reclaim-withholding-tax-foreign-dividends-isa-sipp
Just emailed HL to ask. Will let you know if correct
Apparently there is no tax to pay on DEC if you hold them in a Sipp with HL. I web and any bank based broker isn't certified to handle the tax though so Computershare pay out with tax already stopped. I exchanged e.mails with Teresa at DEC a few times, she was very helpful but it didn't lead anywhere. Would love to know if the US government actually get the tax. It doesn't get a mention in my paperwork.
@Zaco_4
Bought at 267p in 2018
And again 2020 at ........166p
20 holdings legal and general 13% next biggest 8.6%
First lot in SIPP Second purchase in fund and share account. Need to move second lot into an isa. Hargreaves Lansdown not doing bed and isa at the moment (because of covid???). Not likely to ever pay income tax but you never know if I had to sell a lot of shares for some reason ie moving to a more expensive area, the capital gains tax could work out expensive.
SDV, sorry, didn't get time to reply earlier. Yes I did notice about Hend Far East investing in Vietnam. I've had to buy and sell a few times to top up other holdings, but am now in a position to keep my investments, I will be topping up. Same with Middlefield Canada.
Chelverton has been an ace for me. It was a late discovery and I can't believe how much it has risen. 67percent up. Had bigger gains on Jarvis, BRWM and BR Energy which I took to offset losses I had at the beginning of Covid, have reinvested but ruined my yield of course.
My aim was £2500 a quarter in dividends, which I have surpassed for three quarters running now. That will pay the rent on a seaside apartment and then I can sell my house and invest more. The one fly in the ointment, after years of planning for moving this summer, is a 93 year old mother who keeps me living in a city I hate. I suspect she will outlive me.
@adv11
Emailed Hargreaves Lansdown reference withholding tax on diversified energy.:-
This particular company is based in the US, so you are paying withholding tax on your dividends. The dividends are paid to you net of withholding tax.
As you have completed a W-8BEN Form, this is reduced from 30% to 15%.
As they are listed in the UK thats probably why the dividend is so high or to put it differently the share price is so low.
So definitely staying with them till the US listing which I assume will result in a big increase in share price.
On the other hand!!! Not a bad company for the longer term both dividends and share price.
SD235 - Legal & General is one of the very few individual shares I still hold. First bought back in October 2015. My average cost price is £2.39, so not particularly low. However, it highlights to me the importance of 2 key factors, (i) protecting capital, and (ii) a reliable, growing dividend. My capital's up about 17% and, to date, I've received dividends to the equivalent of 34% of my investment. So, a 51% total return. As part of my portfolio, which consists of 23 holdings, I'm more than happy with it so far.
Unfortunately, for me, NRR didn't meet the 2 factors above so I eventually sold. Too late, I might add!
@oilmanmike
How about a meaningless comment. Are you still there? Which shares are you "ramping up" today?!!
Thanks for your comments Zac. Yes I am with Merchants, steady but sure. I started off investing in funds with HL but have moved away from those know. When I started with Quarterly Divi shares I originally found 12, then gradually realised there were over 100. Many too low yield, a dozen or so my broker won't let me invest in as they are listed on SFS or their Kid specifies professional investors. Which leaves me around 70 to follow.
I started in NRR at over £3, but averaged down to £1.33, so not too bad. Only regret is not selling out immediately on Covid, but NRR was one I always felt good about. The cash is welcome to top up a few others.
As an aside have you both noticed that Henderson far East now has VinaCapital Vietnam Opportunity investment trust in its top 10. I bought in January and February up 12%.
Its up 145% over 5 years. Pays 2% of NAV every year as dividend. Yet still trades at a 17% discount??
I am with Hargreaves Lansdown to the best of my knowledge there is no withholding tax....that i know of.
Bought Henderson High income and 5 other investment trusts in December 2020 and January 2021. HHI are up 21% no complaints there.
I borrowed £30,000 equity release (2.36%) A total of £1,195 costs, mainly my solicitors fees. Last years dividends for the 6 investment trusts was £1385 the interest is £780 (ignoring the costs) which i am going to pay. Close to 10% share price gain to date. Should have borrowed more. Could have gone to £53,000 (house valued at £165,000).
I have some beauties bought in march 2020 legal and general on 10.5% dividend for instance.
adv11 - I was a long term holder here. Each year I enjoyed the dividends at the expense of even greater capital erosion! Finally sold the last of my holding at around 80p on the way down at a significant loss. Moved cash into Merchants Trust IT. Quarterly dividend payer and has increased dividend annually for 39 years. I was lucky enough to purchase at the right time and have seen capital growth of 38% and now enjoy a 7.1% annual yield on my purchase price. I might add that the gain doesn't come close to my losses suffered here.
One of my best long term holdings is Fundsmith Equity Fund. I invest directly with Fundsmith in the accumulation version of the fund. They offer a regular automatic withdrawal facility. So, I've set up a quarterly withdrawal with them and it's just like receiving a quarterly dividend. To date my capital has grown by 36% and I've been paid withdrawals to the equivalent of 9.5% of my initial investment. It's not a recommendation just food for thought.
Money is hard to come by and so easy to lose. I feel fairly comfortable with both of the above holdings. I also hold Henderson Far East IT and Henderson High Income IT. Sold HDIV a number of years ago when they cut the dividend.
Good luck!