Member Info for archways

Come on Forseti - keep us in the picture. ITX are down 12.75% since 28th April.

Jerryspaniel - my suggestion of limiting "general purposes" to 2% would allow the Directors to set aside 80 million shares for options for the management = say £16 million worth, which I would have thought would be more than enough for incentives for the next twelve months.

I have instructed Barclays to register my vote against the resolutions, as I said I would.
I have no objection to the Directors having the power to increase the share capital by 10% without giving us the right to apply for the new shares (let's round it off to say 400 million new shares), but the resolutions give them the power to issue 200 million for "general purposes" and 200 million for acquisitions.
I would have had no objection if the resolutions gave them the power to issue say 300 million for acquisitions, because I completely trust Shaun Day's ability but, as I have said previously, I don't like the possibility that Newcrest could put great pressure on the Directors to issue all of the 200 million "general purposes" shares to them for cash at the current share price. Newcrest already have an option to buy a further 5% of Havieron at "Fair Market Value" and if, as a result of the resolutions being approved, the Directors of Geatland allow Newcrest to buy 200 million new shares in Greatland (and in addition they may already be building up a stake in Greatland by buying shares in the market) this would in my opinion be a step too far, and there would be absolutely nothing that we could do about it. This scenario may well be extremely unlikely, but I would much prefer that the resolutions allowed say 2% for "general purposes" and say 8% for acquisitions.

Scall - have a look at Barclays Smart Investor. If you decide to use them ask HL to transfer some or all of your shares to Barclays, and when that has gone through do a Bed and ISA . My Bed and ISA yesterday went through without any problem, and you avoid being out of the market for an unknown amount of time.

The shares to be issued as a result of the exercise of options will not be admitted to trading until 12th April. Gervaise will almost certainly sell enough shares on that day, or shortly afterwards, to cover his tax liability on those options, so don't be surprised by that sale.

I would prefer that the Directors be given authority to increase the authorised share capital by up to 10% (not 5%) "in the event of financing the acquisition transaction or other capital investment", but not allow them to increase the authorised share capital by up to 5% "for general purposes".
This would allow Shaun Day to negotiate acquisitions of companies or tenements partly or wholly by the issue of new shares in the knowledge that the Directors already had authority to issue new shares up to the 10% limit.
I pointed out before the 2020 AGM that if the Directors were given authority to issue new shares for general purposes they could allot those shares to Newcrest. Although I trust the Directors, if that happens there is absolutely nothing that the shareholders can do about it.
Newcrest can acquire another 5% of Havieron at Fair Market Value. It is possible that that amount is greater than 5% of Greatland at its current market value, in which case why would Newcrest buy 5% of Havieron when it is cheaper for them to buy 5% of the whole of Greatland?
As things stand at present I shall be voting against the resolution(s) at the meeting.

The normal working day in Australia has finished and I had been expecting an RNS thanking Gervaise for his fantastic services to Greatland.
Could it be that he hasn't left but is continuing as an executive director or non-executive director?

Dillon2019 - the wording in the Takeover Panel stipulations can be misunderstood, but "must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced" merely sets a minimum. There is nothing to prevent a buyer paying more than that minimum price. It would be easier to understand if it had said "at no less than the highest price", but that is what it means.

Quite a few posters have reported that they have suffered side effects from the Covid vaccine jab. I am 82 and had the Pfizer jab on 21st December. I have not had any side effects, and I don't want those who have not yet received the jab to expect that they will feel ill for a few days.

Hi Gertfrobe - that is very interesting. So while we were putting up 185 million x 15p he didn't put up even 1 x15p. It makes you wonder what he knew that we didn't.

I have been retired from stockbroking for 18 years and many things have changed in that period but this is how we used to arrange Bed and Isas in those days, and they appear to be dealt with in the same way nowadays.

If we wanted to transfer £20,000 of Greatland shares into a client's ISA and the Greatland offer price was 33.3p we would need to be buying 60,060 shares. We would contact a market maker and explain that we wanted to Bed and Isa 60,060 Greatland shares. As I have said on this board in the past the market maker would normally want £25 to £50 to put through those deals. He is not taking any risk because the number of shares being bought and sold is practically the same - he merely wants a relatively small amount to cover the time involved in recording the transactions.
He would probably put through the sale at 33.2p. This would mean that the client would be selling 60,240 Greatland at that price = £20,000. He would make 0.1p on 60,240 shares = £60.24. The client loses 180 shares out of 60,240 = only 0.3%.

I Bed and Isa'd 286 London Stock Exchange shares at £70.0018p on 8th April 2020 and bought 283 back at £70.0782 (Stamp Duty of £99.16 was payable plus a total of £2 PTM Levy), so the market maker made 7.64p on 286 shares = £21.85 and I lost 3 out of 286 shares = just over 1%.

Some of the percentage losses referred to on this board today appear to me to be grossly exaggerated.

The 50,000 deal at 14.51.26 is shown as a sell, but the spread at the time was 202-206, so it is more likely that the deal was actually a buy, being slightly above the middle price of 204.

Opportunities to make gifts in consideration of marriage should not be overlooked. You can give £5,000 each to however many children you have as and when each is about to be married; £2,500 each to however many grandchildren you have as and when each is about to be married; £2,500 to the person you are about to marry; and £1,000 to anyone else as and when each is about to be married, and those gifts are immediately free of Inheritance Tax on your estate.

It is advisable to write a letter to the intended recipient a few days before the wedding (it must be BEFORE the wedding to qualify) enclosing the gift if that is feasible (e.g. a cheque).

Hi Bamps21 - no apology necessary, but thank you.

I was merely pointing out that this cuts both ways (as Queen Boadicea said when she was reversing her chariot).

Bamps21 - re yours at 22.58 in which you said " keep your thoughts to yourselves, I certainly don't want to hear them".

I find your posts about Greatland extremely educational, but your post at 16.39 said only the following:-
Not Barclays worst broker I've ever had, still in dispute with them. You try getting out.

I am very happy with Barclays and I have no intention of trying to get out.

Keep your thoughts about Barclays to yourself, I certainly don't want to hear them.

I don't want to fall out with you, but what is okay for you to say should also be okay for me to say.

redleader1 - some Inheritance Tax would be payable on your death within seven years of making those two gifts of £20,000 each (assuming that the value of your estate including the gifts exceeds the exemption limit). The gifts inter vivos regulations would NOT apply to their estates if one or both of the recipients die within the seven years - the then current value of the shares purchased (or any successor investment) would form part of their estates without any adjustment for the number of years that have passed since the gifts were made.

You say that you have opened an ISA in 2020. Was that since 5th April? If so, did you manage to open it without subscribing any part of the £20,000 annual limit? If so, that seems strange to me. You say that you would like to invest £20,000 out of your sale of £60,000 into your ISA, but you cannot subscribe the whole of that £20,000 if you have already subscribed something when you opened it.

You could repeat the procedure in the tax year commencing 6th April 2021 without breaking any rules.

It would be preferable if you carried out the transactions using a broker who will arrange bed and breakfast deals whereby both the sale and the buy back for your own ISA can be put through the market at the same time at a cost of only £25 to £50 plus Stamp Duty if applicable. You could not use bed and breakfast where the seller and the two purchasers are three different people.

The 30 day rule to which you refer only applies where someone sells an investment in a non-ISA account to create a profit or loss and then buys the shares back into a non-ISA account within 30 days. If that happens the sale and the buy back are compared and the resulting profit or loss is calculated for CGT purposes. The sale is not compared with the pool created by earlier purchases, so the pool remains unchanged.

Sorry to rake up this topic again but I have been out - as expected we are in Tier 4 from midnight, so travel will be limited.

I have a self-select Investment ISA with Barclays. This means that provided I don't invest more than £20,000 in any tax year my ISA contains all the £20,000s from that and earlier years, and I can invest in as many companies as I wish and sell any holdings whenever I wish without any CGT liability. I therefore have just one ISA, and it contains one tax-free fund - a lot easier than having a separate Stocks and Shares ISA for each tax year.

I suggest that those of you who have separate Stocks and Shares ISAs for each year should ask your ISA Manager whether you can merge them into one. Alternatively transfer all of them to a Manager like Barclays provided that the fees for transferring are not prohibitive.

Thank you DGR1980.

Sojourner - I find statements by you and wealthsimple questionable.

You say that you could, for example, invest £5,000 into a Cash ISA and then split the remaining £15,000 across the different types of ISA you hold. This implies to me that if you already hold Stocks and Shares ISAs which were opened in various years you could put say £5,000 into each of three Stocks and Shares ISAs opened in separate years in the past. I am sure that you cannot do this.

It may be that if your ISA Manager offers more than one Stocks and Shares ISA (for example one which concentrates on Gold Miners, one that concentrates on FTSE100 companies, and one that concentrates on Capital Growth) you MIGHT be allowed to split the £15,000 between those different ISAs because your ISA Manager can check that you haven't exceeded the maximum investment of £20,000 in that tax year, but if you hold Stocks and Shares ISAs with different ISA Managers I am sure that you cannot allocate part of the £15,000 to a different ISA Manager.

The words that I find confusing are "across the different types of ISA you hold". I don't want readers to think that they can do something which is in fact not allowed. If anyone can show that I am misinterpreting those words please say so.

You can have ISAs with as many managers as you like, provided that they were all started in different tax years. You cannot invest new money into two or more ISAs in one tax year. A transfer from 212 to IG would not be classed as new money.

I cannot understand why 212 are not prepared to transfer your shares to IG. It is a simple matter. It may be their rule but what is their reason for insisting on a sale and then a transfer of cash?