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A recent RNS from Asimilar Group (formerly YOLO) said,
Asimilar Group Plc (AIM: ASLR), the investing company focused on technology opportunities in the fields of big data, machine learning, telematics and the internet of things (IoT),
I wonder if there is a chance they would take Ingenie off Watchstone now they have just done another placing with large cash pile.
Very surprised no update yet on the money from escrow being paid out from the sale to S&G -11M
Let’s hope real progress can be made this year so that everything gets resolved, we can get properly reimbursed and we can all move on.
Has anyone written to WTG regarding our money yet?
Another case of government regulators snoozing at the expense of their country. "Don't finish this too quick people, we are on full expenses."
Meanwhile, at the British SFO, "Don't finish this too quick people, we are on full expenses."
Watchstone Group is worth about £3 a share before any distributions, but the market undervalue us massively at present and yes I think that if a £1 divi was distributed to shareholders the SP would go sub £1 for sure, but with other distributions due we would/should be rewarded for patience above today's sp. Its a question of how long do we wait? If SFO closed case and Aviva Canada dispute settles in our favour soon (personally I think it will) then the Co can sell the remaining telematics business and by mid 2020 we could have over £3 in divis. But who really knows?
ALB
Wine cellar. Your comment indicates that we could (Maybe) expect a payment of around £1 per share from the funds held in Escrow. What i don,t understand is whether this £1 is currently included in the Market Share price. Basically what i am asking is if Watchstone distribute £1 per share to all current Share holders, would the price drop to 47p per share ?
It's actually £39 million in escrow, following court case settlement. Plus PT health sale proceeds (not far off completing) and the eventual sale of the telematics/insurance business plus/minus the legal wrangle with Aviva Cananda.
7.50am and the late reported trades have appeared.
Hi,
At the time of the first payment 90p per share, there were 461MM shares in circulation, as evidenced by the £415m cost of the capital repayment (see below).
There was a subsequent 10:1 share consolidation, so the remaining 10p per share is now £1 per share. Escow has circa £50M and with 46MM shares in circulation that is £1.08 per share. Share price of cira £1.45 represents the £50MM in escrow plus the value of the remaining businesses to be sold, of which one is in the process of being sold.
All clear now !!!
QPP RNS 02/11/15
Quindell Plc (AIM:QPP.L) announces that, pursuant to previously stated commitments, the Board of Directors of Quindell plc (the "Board") has decided to pursue a two stage distribution of 100 pence per share, with an initial, Court approved, capital repayment to shareholders of 90 pence per share and expects to seek Court approval for this to be made to shareholders in December 2015 at a total cost of approximately £415 million.
My message from earlier omitted an important fact*. So here it is as I should have first written it.
Waiting.24 Nov 2019 08:15
"It may be prudent to wait until the long term holiday-makers from the SFO have decided to leave WTG and go back to work."
"I for one certainly see no reason why people whp sold out 4 or 5 years ago, *so aren't even entitled to the any of the second payout, unless they buy some shares again,* should believe they can drive the sgenda here."
It may be prudent to wait until the long term holiday-makers from the SFO have decided to leave WTG and go back to work.
I for one certainly see no reason why people whp sold out 4 or 5 years ago should believe they can have any say in the running of the company.
Ah well.... we'll see.
Care for a wager? A token? £100 to a charity of the winner's choice?
The company has said it is selling off the business, it has completed the legal case with S&G and has cash. As far as I am concerned they need to honour the intention to redistribute the remaining 10p as soon as possible.
I keep saying its all there in the words.
The majority of shareholders have also read the word "intention". Not "promise" or "irrevocably commit on pain of death" (which they preferred to read into it).
The company has had 'one or two' challenges to deal with in the intervening years...and continue to do so. As such their intentions/hopes/expectations have also had to change.
That's life: the good news is RT is no longer involved and the business did not go bust as some predicted.
ATB
GS
QPP RNS 02/11/15
Quindell Plc (AIM:QPP.L) announces that, pursuant to previously stated commitments, the Board of Directors of Quindell plc (the "Board") has decided to pursue a two stage distribution of 100 pence per share, with an initial, Court approved, capital repayment to shareholders of 90 pence per share and expects to seek Court approval for this to be made to shareholders in December 2015 at a total cost of approximately £415 million.
In consultation with its legal and financial advisers, and following detailed internal and external consideration of the Company's actual and prospective contingent creditors, the Board considers that an initial, Court approved, capital repayment to shareholders of 90 pence per share is both prudent and appropriate. The Board's intention is to make the second stage payment to shareholders of a further 10 pence per share in cash following the anticipated release at the end of 2016 of the £50m (which would represent approximately 11 pence per share) warranty escrow put in place as part of the disposal of the Professional Services Division ("PSD"). The Company will also seek to make this payment to shareholders in a tax and cost efficient manner.
I think it’s safe to assume that the majority of shareholders believed they would receive the full £1 return.
WTG need to update shareholders, are they going to return the extra money or not?
Like I said: precise words count.
ATB
This where I disagree, we were offered £1 a share as part of the deal with S&G. 10p was kept in an Escrow account for any future settlement relating to the deal. This was due to be paid one year after the deal. S&G managed to convince a judge that they had a claim to the Escrow monies and he agreed that they could have and the planned pay-out was held over. This has now been settled and the monies that paid for the fund came from the deal, need to be paid in the same way the 90p was distributed. This my belief and as you say we will find out in due time what will happen with it.
It was held in escrow pending the outcome of the SGH claim, so that either company would have unhindered access once settled.
It now belongs to WTG. Who will, I believe, disburse it to current shareholders.
Whatever we believe, we'll be informed in due course on what will happen to it.
The meaning of an Escrow account:
escrow account
(1) A separate bank account for keeping money that is the property of others.
If it was an asset of the current company it would not need to be in an escrow account.
The escrow account is not an asset of the current company it is held in trust, paid for by the QPP shareholders to cover any further costs. These are now settled and will be paid to the shareholders that were shareholders at the time.
otemple....
You see now why thios non-debate continues, don't you! How much plainer can it be made?
OK Grumpy - I get your point but is still not crystal clear -
in summary what you seem to be saying - £1 was announced with 10p of that held in escrow - so it's as if it has gone ex-div with the 10p in escrow held back for the original shareholders on the register at the time of the 90p distribution - the 10p does not belong to the company but was held back pending the court case
I'm not convinced either way, but I am somewhat swayed with your argument but will sit on the fence and await my cheque nonetheless - thanks on your patience GS