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thordon; i'm not sure the issue is personal tax on investor dividends, so much as tax on the company (STCM) paying them - obviously the major Malaysian shareholders don't want to lose 24% (which ultimately is in our interests). I still think the issue is that the money (company structure) is ultimately remitted from the netherlands, hence there hasn't been any prepaid tax to offset. Well see.
the problem is Malaysian authorities minimum tax requirement as said earlier , where it appears we have a major shareholder.
Buybacks is not the answer as limited free shares available , but having read the Malaysian authorities minimum tax requirement its regarding Pre-tax paid on company's profits which has been paid in there own country. The Confusion is minor but the dividend will be subject to tax in any country and appears that the main shareholders was except until now with the new Malaysian law introduced , as my shares are held in ISA account then no tax will be paid until a new law introduced as in the case in Malaysian law.
The End point is STCM will not foot any bill , Dividends are personal
You can't knock the continued profits, but not much use if they fail to ensure a mechanism to distribute such - dividend clarification announcement in November now.
AS ever, patience required.
At last an RNS to clarify. 5p / share reserved for dividend or capital return.
Even better news
Be more happy with with dividend , but then it does not matter both ways.
Some companies are doing share buyback instead of interim dividends, I’m happy with that if Steppe choose this option.
Have to say bought into today , there are issues with Interim dividends but not so on year end dividends.
This is across the globe to stop company's paying dividends then 4 months latter going bankrupt.
Problem is the legislation for this across the globe is out of synch.
So expecting Full year dividend to be announced at full year accounts.
Pathetic performance by the company, appears to only want to keep its majority shareholders happy.
Next week then!
well they've had several months to navigate it, so one would hope so; doubtless we will find out tommorow.
Announcement this week?
addendum to my last post...
i think the issue is not Kazahkstan but the Netherlands. All the income/profit comes through there to Malaysia - and the Netherlands are a well known postboxer/taxwasher, so at the point it is received in Malaysia, immediately before it has paid zero corporate tax, irrespective of whether the source of generation has paid equivalency taxes.
jakito et al; unless in a 'free trade zone', the Kazakhstan effective rate of tax is equivalent to the Malaysian authorities minimum tax requirement, so don't see a problem, just as i haven't quite understood why Steppe has, and seems to be struggling to navigate.
Whilst rarely a fan, the quick solution here is to launch a share buyback. Those that chased margin on divvy can realise their profit, those that believe in the long term will concentrate their belief, giving time to find a long term solution.
Looks like this was clarified by the Malaysian authorities recently.
Suspect the dividend announcement is incoming.
https://www.thesundaily.my/home/taxation-of-foreign-source-income-the-saga-continues-HH9494786
I bought the Shares in this company cause of generous divi, and last thing we needed was to say they wished they would pay 5P this year only to say well sorry we can’t cause our Malaysian investors will lose money cause of their country tax changes
This is a company with many nations invested in
So to hold everyone hostage cause otherwise the Malaysian investors may get upset is nothing short of typical scam
As I said they can declare the divi pay to everyone else who is not Malaysian and hold the monies for those who are on account till their tax issues are resolved
I got so fed up for lack of news on divi that yesterday I paid myself the 5P profit on 20000 share I had bought 4 months ago at 28.5 sold at 34 and bought Abdn at 162 which pay over 9% divi I suggest everyone to take a look at this option if you are in profit
The short answer is no I did not, I just thought maybe other shareholders may have some news on Divi
I know last year the divi was paid at the end of July but this year we past this date and all we got in the update in full year result was they can’t declare what they wish to pay cause of some Malaysian investors having some tax changes which will affect any foreign earnings
But I find this very strange why should the other holders be held hostage to some Malaysian investors tax problems in their country
This is just an excuse to hold the cash on account where in Kazakhstan they can earn 15% interest on monies put in deposit account
So the whole thing is a scam
DYOR
I did contact the company about this but no response. Was not really expecting much as presumably news would have to be in a RNS. Still if enough query it may encourage early release.
alavib; have you addressed progress on the dividend directly to the Company?
Hi all
Can anyone tell me what is happening with the divi payment for this Share, I had heard a rumor of 3.5p
I know the company had previously stated that they wished to pay 5P, but came up with that unheard of story saying their Malaysian investors have some tax changes in their country so the divi is held till that problem is resolved
What is that got to do with the price of bread!!why can’t the company pay the divi to others who have no tax issues in their countries and hold the Malaysian divi on hold till they have resolved their tax
Any news as to why the company had not issued any update on divi payment will be much appreciated
there hss been 5 large sells today
I see we're down ~10%. I can't see anything officially released about the AGM or dividend payment.
Nice update to day. Static production but sales nigh on 20% higher. Very much business as usual....
Of course the update we are all waiting on is the divvy announcement.
anyone submitted a question for the board!!!! i have
Where do you see the company in 5 years time
thanks jezzahold ; pretty much summed up my views here!
With regard to....."Eventually funds will have to be retained fo capital reinvestment but their success should enable such funds to be acquired at reasonable rates while continuing to give shareholders a return"......
Personally, having been here 3 years and seen their steady progressive stewardship in that time, i'd prefer a combination of reducing/retaining dividends in association with their ongoing investment for any new capital investment.
And yes, the previous divvy postponement, and the current consideration are obviously dictated by the majority holders interests, but the clear open messaging by STCM also shows they are not oblivious to those like me riding their coat tails.
Thanks your thoughts.