Member Info for beardozer

Pleased to report that my preference shares have now appeared in my ISA! Let's hope they stay there until exchanged for a tax-free amount.

If the compensation was about to arrive, we might have got away with it:

"Complex reorganisations often involve more than just the issue of one set of new investments. There could, for example, be a bonus issue of shares, which are replaced in turn by other shares, which are then sold, or converted to other investments. If the intermediate investments are not qualifying investments for a stocks and shares ISA then, strictly, the final investments, or cash proceeds, cannot be held in a stocks and shares ISA even if the final investments themselves are eligible.

However, where ineligible investments are issued as an intermediate stage, and those investments are short-lived, or are automatically replaced by cash, HMRC will consider whether it is possible to look through the intermediate stages and apply the guidance on qualifying investments to the initial and final investments alone. If a reorganisation involves intermediate ineligible investments managers should submit full details to savings.audit@hmrc.gov.uk, and if possible well before the planned reorganisation date."

If the preference shares are not listed then they do not qualify for inclusion within an ISA, according to the Government website:

Shares including shares in an investment trust, are qualifying investments within an ISA if:

1. they’re issued by a company that is incorporated anywhere in the world

2. they’re:

either officially listed on a recognised stock exchange

or are admitted to trading on a recognised stock exchange in the UK or the EEA

Which prompts the question: is there a difference between "officially listed" and "admitted to trading"?

Makeabundle - yes, all my old LOGP shares were held within an ISA. Post-consolidation, and renamed LRES, they are still there together with the new LRES shares I have bought. So far, my original investment in LOGP has cost me dear and, of course, the loss cannot be offset against any compensation I may receive via preference shares held in a trading account. Normally, I pay almost no income tax but it's not hard to imagine being charged 40% on some of the compensation money - a nice problem to have perhaps but still annoying!

That flatly contradicts Interactive Investor. They claim the preference shares are not eligible to be held within an ISA and must be kept in a trading account. Ergo, any income from them will be taxed. Incidentally, while my old LOGP shares have been consolidated I have yet to receive my preference shares.

What I wonder is where are all the shares coming from to satisfy the buyers? Possibly stale LOGP holders who are bailing out after a 5:1 consolidation knowing they have preference shares to look forward to. But isn't LRES worth a small post-consolidation investment? I'm annoyed after adding more to my holding the day before it plunged 16%! I never dreamed that would happen - surely much more likely to rise 16% after punters realised it was undervalued? i.e. 20% of any compensation is heading our way.

Mick Davis was noted for taking Xstrata from a mining company worth GBP£250 million into one of the world's largest natural resources companies that was worth GBP£37 billion on the London Stock Exchange in 2010. In order to achieve that did he screw Xstrata LTHs? I don't think so. So what has he got against us? Yet again, the amount of money involved here is peanuts to a billionaire but life-changing for the likes of me and other LTHs. If you're reading this Sir Mick, please do the honourable thing! You must be a shareholder in various companies - how would you feel if a RAM raid happened to them and left you high and dry? You'd be very annoyed and it would cost you dear!

No need for apologies Jack_Shaft but are we actually getting any closer to "the zero hour"? I'm sure they can continue to kick this can down the road as long as they like but what's the point? Why is the Zanaga Project so toxic that no major miner has offered even a derisory amount to take it over? There are plenty of punters with £millions invested in this - don't they want at least 50p for their shares right here, right now? Elphick and Knaith included. And why isn't it forthcoming? 50p solves all my problems and guarantees my future . Couldn't care less if the Zanaga Project is worth £10 per share in 10 years' time. Sadly, Mick Davis is 4 years younger than me so he probably still thinks the world is his oyster. Former chairman of the Conservative Party doesn't surprise me! Tories ALWAYS screw you.

Well done extrader but will all your extraordinary effort make any difference?

I'd like to think so and I'd like to believe that Panmure will be clobbered heavily by whatever authority can clobber NOMADs for incompetence.

No doubt they all socialise and dine in the same clubs and would prefer everything to be swept under the carpet. It doesn't have to be this way!

Meanwhile, since 6 February the beardozer PF has plunged 54% largely thanks to ZIOC. Currently listening to Dark Magus (1974) by Miles Davis which gives me some hope! I happened to watch part of a documentary about him last night on Sky. Very cool guy with amazing eyewear who was also a wife-beater - very uncool! Otherwise, it's a one-way ticket to Switzerland by Xmas! Or sell up and live on a cruise liner until the money runs out. An opportunity to wear an XXXL tuxedo and maybe meet a rich widow? If I can edit Dylan Thomas who died aged 39 in 1953, the year before I was born:

"Do not go gentle into that good night,

Old age should burn and rave at close of day;

Rage, rage against the dying of the light."

Should read:

"Old age is a pain in the arse,

Never forget: all things must pass

So welcome the eternal darkness!"

Buy to sell ratio today 77.5 to 1 and yet the SP is down 16%?

"Unless they were worried about the deal going through it would almost be pointless those linked to RAM would bother to buy more Zanaga shares."

So why did Herr Knauth increase his holding in ZIOC by more than 50%? He currently owns 1.4% of ZIOC. Probably it's a no-brainer investment based on the RAM raid or he could be expecting a MUCH-HIGHER OFFER! Obviously, the RAM raiders are very worried about their deal actually happening! What's mystifying is the total lack of interest from third parties... After all these years, have I been sold a pup? Obviously, it's too late to start worrying now! Getting back to valuations related to NPV - what was the Simandou deal? And didn't that deal raise every ZIOC shareholder's expectations?

Huge upside here when Mr Market catches up!

Swizz: I stand corrected! Not that it makes any difference to what old LOGP holders will receive. What's interesting, as I understand it, and Mr Market appears to have overlooked so far, is that LRES holders will share 20% of any compensation - hopefully I've got that right?

Jack_Shaft: please don't burst my bubble! It's hard enough finding anything to celebrate about ZIOC without reality intruding! On top of that I've suffered power cuts all day long - almost certainly down to a tree branch hitting a power line.

Sold the 12,500 shares I bought @ 4p in the very-hard-to-find Retail Offer and banked a 3.26% profit - if only I could repeat that performance over so few days ad infinitum I'd be the richest man in the world. Invested the proceeds in LRES which is looking extremely undervalued amidst much confusion.

Wanted to sell a few in order to chase a brighter rainbow: LRES

Wasn't offered a price, even for 2m shares worth £540 - I feel like a spider stuck in a bath.

If the compensation is £100m then LRES receives £20m - compare that to the current Mkt. Cap.!

I was very confused but now I think I'm clear. Old LOGP holders have seen 80% wiped off their holding but they get to own shares in LRES which has 20% of the compensation to look forward to. Meanwhile, old LOGP holders will be issued with preference shares (at a 5:1 consolidation) which will preserve their share of 80% of the compensation. During this period of confusion I suspect LRES is very undervalued @ £2.64m so I've bought another 418,252 shares @ 12.25p. Bear in mind they have acquired a huge acreage in a mining hot spot so it will be interesting to see what they find. And I love binary bets!

Blimey! It's up - are punters seeing beyond the RAM raid? Even with the RAM raid the SP is laughable but a fair offer from a major miner would make this SP look ridiculous.

With the impending 5-1 Share Consolidation it's not impossible! Pleased to see the spread has shrunk from 100% to 33.33%.