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I’d really like to have sight of this promised 24p/share payout from the Pendragon car business sale. I don’t have the exact date when the sale completed as all the PDG RNS’s have disappeared from LSE since the ticker changed to PINE, but it must be at least 6 weeks now. It’s a bit frustrating.
RNS today.
Divi to be paid May 7th
RNS today.
Divi to be paid May 7th
Not just any old Divi but a stinking 24 p a share mate!
Don't understand the special dividend meaning, they sold part of the business and the payment is the proceeds of the sale, share price will reflect that.
I’m pleased to say that mine are in a tax wrapper, otherwise I’d be staying out until after the xd date. I’m interpreting the “special” dividend designation as signifying its one-off nature. Otherwise it would make it appear as having a >60% yield. atb
Well if there’s a good increase before 22nd 6pm I’m out, forfeiting divi.
I just looked up the UK tax free dividend allowance on HMRC.
Amazed to see it’s now only £500 per year.
Above this the tax kicks in.
It’s 33.75% for a higher rate earner. Ouch.
Hopefully most have theirs in an ISA or SIPP.
atb
Mine are fully exposed to tax, do you think it might be better to sell to avoid the huge tax that the dividend will entail? )
Well, as I understand it there’s an allowance this tax year of £500, so anyone who has already earned up to the personal allowance (approx £12,500 - from memory) can earn the first £500 of dividends tax free. Any dividends above this are taxed at 8.75% if basic rate, 33.75% if higher rate and 39.45% if additional rate.
So for most decent earners, there will be at least a 1/3 tax hit if you receive this divi.
Many would conclude that selling before xd and buying back later is a sensible strategy, assuming that you don’t then inadvertently open up a capital gains tax liability on any crystallised profit.
I will post a link to HMRC divi tax website.
Hopefully this link to tax site works. atb.
https://www.gov.uk/tax-on-dividends#:~:text=You%20do%20not%20pay%20tax,from%20shares%20in%20an%20ISA%20.
Just for clarity: using the dates on the RNS.
If you own the shares at close of business on Monday April 22nd you will get the whopper dividend and any tax risk that comes with it. If you buy on Tuesday 23rd you will be buying just the (newly consolidated) shares and won’t get the divi this time round.
We might also get an AI generated news article saying the price has gone up from 40p to 300p or so. This occasionally happens if someone isn’t paying attention at consolidation time. atb.
Yes, 1/3 is my case exactly. Even with the capital gains tax it's still looking like a better option... Thanks for your reply and the link!
So all this goes through on Tuesday. Does this mean the overall value of your holding setting aside market ups and downs will be reduced. And if reduced does that mean the hefty dividend is just to balance that reduction in value
I will assume you own some shares. Closing price today is about 39p. Let’s assume no change by end Monday. On Tuesday morning the value of each share would be expected to reduce by the dividend amount of 24.5p. So each share would be 14.5p BUT because of the 20:1 consolidation each share will now probably be worth 290p ( and you’ll have 20 times fewer shares). You will also receive the divi based on your original number of shares.
So no £££ created or destroyed.
atb
So going forward is their a master plan for this action?
I for one will be pleased to get the divi (of the car dealership sale proceeds) out of the way, so that PINE can be viewed simply as a SAAS business providing software services to auto dealers. Anyone buying in from Tuesday onwards won’t have to contend with money tied up in cash about to be returned.
We will get the audited accounts covering 13 months to Jan 31st 2024 sometime before the end of May.
atb
Here is a link to the 30th December Oak Bloke post on Substack which gave a very good overview of the situation at that time.
It’s worth reading.
https://theoakbloke.substack.com/p/introducing-pinewood-technologies?utm_source=profile&utm_medium=reader2
atb