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This was the reply I got from Hargreaves Lansdown when I asked about getting the dividend paid gross:
"Thank you for contacting Hargreaves Lansdown. Please accept my apologies for the late reply.
The South African tax authorities do not recognise the ISA as a tax wrapper so any dividends paid by South African companies would be paid net of 20% withholding tax (tax would be deducted by the registrar before it was received by our agent).
To reduce rates of with-holding tax Hargreaves Lansdown must declare that all holders of Pan-African shares in our nominee holding are eligible for treaty rates.
Unfortunately, we cannot do this, as we have a number of holders of the Pan African Resources stock within our nominee accounts who are not currently resident in countries which have the required Double Taxation Agreement in place.
However, you can file a claim with the South African tax authorities directly as the beneficial owner of the shares. To support your claim, we can send you a tax voucher and a letter confirming you are the beneficial owner of Pan-African shares. Please be aware that we have never dealt with the South African tax authorities and therefore cannot guarantee a reclaim would be successful.
If you should have any other questions, please do not hesitate to contact me."
No mention of contacting Link...
Basically the shares are not in your name but with Halifax and it’s up to Halifax to apply for the tax deduction. Halifax are unlikely to do this though.
Mulder,
In December you wrote:
"If you contact Investor Relations they will send you the forms to send to the shareholders services based in Leeds.
Will cut dividend tax to 10% minimum."
So I got the form from PAF, filled it in, and sent it to LINK.
After one month of total silence, I complained to LINK. Their response is shown below.
"I have looked into this for you, and I have not been able to locate your details on our system. Your form indicates that your shares are held with Halifax share dealing and as such you will need to contact them.
We are unable to assist further."
Basically LINK are telling me to get lost, as my shares are not held by them, but by Halifax, who have previously declined to assist me with this.
Any further comment or advice?
Several shareholders have been pushing for an interim dividend..let's see.
Weds morning should be interesting.
There are catalysts coming for the FTSE.
It's the most widely discounted stock market among the G7. This is common knowledge. Its probably the most heavily shorted also.
In terms of P/E the FTSE is trading at HALF the level of the S&P and 50% below its historical average.
Inflation should drop to c. 2% by April and the way gas prices are back to pre war levels may even dip below that. An election in May (my view) and a change of government with a pre election tax cut and British stock ISA announced next month.
Mulder, Brexit started from 2020 and has shafted the economy permanently. So until its been rectified then it will remain an issue. Tories have increased immigration to massive levels to try and compensate but basically with so much constant outflow still going on then its hard to ignore.
Well we can't be blaming Brexit again and again after almost 8 years!
Hunt may announce a British listed stock ISA next month and may abolish stamp duty on UK listed stocks.
UK stocks are very, very cheap. My portfolio average is a p/e of only 8.
A change of government after a long and chaotic 14 years may help drive a change in sentiment and instil some sanity into markets. We can only live in hope....
Im puzzled here… wonder what it would take for this to rise, are SA elections affecting the price? This should be over 20s after last RNS… maybe the market knows more than we do…
Next week is going to be scorching.
The price action on the JSE in SA is fine.
Where would you rather invest - London/UK or SA?
Mulder, that is exactly part of the Brexit issue that's been widely written about. It's got worse in recent years. I'm just being the messenger.
Anyway, PAF SP is very deflated despite the GP constantly above 2000 and I bet there are many like myself hoping the 14th Feb can provide a turn of sentiment... An extra dividend would do it for me ))
Nothing to do with that either.
Short sellers and MMs have far too great a grip in London and the FCA are utterly useless and incompetent.
Hi Mulder,
Yes, but I thought the complaint you had was about daily outflows from the LSE which look institutional, which this explains.
Overall, I am not worried at all. I have never been bothered by differences between the exchanges with PAF, as just as you say, it all pretty much evens out. That 5% difference could just as easily disappear within a few hours of it appearing, or hang around for a while, then not.
If you are talking about the FTSE as a whole then yes it is trading at a very low multiple compared to the S&P for example which is at a 20x P/E.
FTSE is sub 10 and shares like this mid single digit only.
However, when a share is listed on more than one exchange then the prices should match! Give or take 0.1 or 0.2%, not 5%!
I would have to disagree. We have a diverse portfolio of 100+ stocks including African based companies such as Gemfields and that is trading at a premium to JSE actually while others match the overseas price.
Your Seplat example is an extreme one and is mostly due to the huge depreciation of the Nigerian Naira which seems to depreciate by 50% every few weeks!
Hi Mulder
I think you'll find this is all too common with many shares and companies listed in the UK, since Brexit there has been constant outflows from the LSE.
Even the right-wing papers like the "ToryGraph" are on to it.
It would explain the constant sells and price suppression that's across the LSE.
https://www.telegraph.co.uk/business/2024/01/13/brexit-prime-suspect-death-london-stock-market/
https://www.bloomberg.com/news/articles/2023-12-18/-screamingly-cheap-british-stocks-are-again-a-hard-sell-in-2024?leadSource=uverify%20wall
Another one of my African investments Seplat, has a constant 20% to 40% discount to it's African listing.
This has got absolutely nothing to do with the gold price.
Or FX. Or liquidity.
Posters on this board have admitted trading and manipulating the SP day to day.
It's been going on for years now.
FCA teams are not acting on the data and information. Everything has been recorded, forms have been submitted, PAFs own brokers are allegedly 'on to it' yet the same pattern and gross underperformance day after day.
We have informed the FCA market abuse teams - there's plenty of data and evidence now, over a long duration of time. Clear rigging and market manipulation.
Hopefully a takeover RNS will come out any day now and teach the traders and short sellers a harsh lesson.
Results a week away and an interim dividend is not out of the question.
Crazy price movement, gold going up… every day similar story (traders paradiso this…)
1415 was the time today when the market manipulators drove the SP down.
FCA informed.
SP reacted on price of gold which dropped 1% today
Day after day its the same pattern. Sell off from 1430 onwards.
The real closing price today should have been 18p NOT 17.3p
So WTF AGAIN?
Next few weeks should be volatile
Can’t believe we are at these levels esp after todays news, what’s wrong with this market!!