Member Info for Bismarck

woodcot it's occured to me that they might decide to delist and become private, irrespective of whether any of this is planned, which I personally don't think it is. When the SP is so disconnected from the NAV of the company, announcing intention to delist would make financial sense as it would knock another big chunk off the SP, allowing many of the remaining shares to be bought up by the BOD at knock down prices. Of course that would not work with all investors, some would just continue to hold long term for the eventual divi's.
However I don't believe any of this is pre-planned, I just think they've f***** *p

Andrew,
You might well be right. I'm no mining expert but I'm struggling to understand how they keep tunnelling in the wrong direction despite the mountain having previously been drilled out and a mine plan produced on those drill core samples.
If there is ore at sufficient grade in sufficient quantity for a viable mine, someone competent can mine it!
Whether that ore exists in that grade/quantity or whether that someone is Scotgold...well I don't know anymore

Baz I'm not sure mansood is gloating. It's true he's only only just arrived here but he is pointing out that there may still be light at the end of the tunnel (or mine shaft).

You may have more up to date numbers than me but I thought NLR only had 37% not 41%, LOL

Either way, he's invested many millions, multiples of present mcap I think, so I cannot see him throwing in the towel now unless he really thinks it's a lost cause....

BOD hold about 60% of the shares so I find it hard to see it being allowed to run out of money IF it's still seen by them as being a viable business.

Certainly the next few weeks are going to be key. Either they can extract enough ore at a sufficient grade to pay the bills or ....well, drastic measures.

Thanks Fr Jack

Yes the raise was not completely out of the blue. Mark has suggested that a phased approach to developing Bilboes would minimise shareholder dilution in that much of it could be funded organically from the revenue from Blanket and from processing oxide at Bilboes. However he also indicated that even with a phased approach some additional source of funding may still be appropriate.

Re-watching the first two videos (which I did watch when first released) has reminded me that end of Q1 23 (ie now) is when he expected the Bilboes feasibility study to be completed, so I think the timing of the raise is no coincidence!

I'm also very encouraged that they acquired Motapa,

Trek, divi cover is >4. The company is highly profitable with a foreword P/E of 5.4 If the divi was to be reduced or suspended it would be to fund growth. However I think the raise announced today shows that the company has chosen a different route to funding. The SP suffers either way in the short term...but will soon recover IMO

Topped up at £11.50 today, average still <£10

I'm always slightly annoyed when raises happen and destroy SP short term. Such is life, just use the opportunity to top up and wait for the recovery.

This does seem to be an extremely competent junior miner. What they say they'll achieve, they achieve, or they do better, year after year.....

I think many of us have them in SIPPs. My concern is that whenever there is a BCE https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm088100 I'll be charged an extortionate fee for valuing the delisted shares.
My plan is to move them to my wife's dealing account as she's a basic rate taxpayer. It's an AJB account so not set up for delisted shares but at least I can keep them there without worrying about valuation costs.

The only way I can see of doing it is to fund the dealing account with the necessary funds then buy/sell is bitesize chunks thereby creating my own liquidity as you do it.

For those who are continuing to hold in the hope of future dividends, the following may be of interest -

https://www.gov.uk/hmrc-internal-manuals/double-taxation-relief/dt9552

As I understand the treaty, 10% withholding tax will be applied to dividends from shares, unless they are held within a pension, in which case there is no withholding tax.

My understanding is that for every £25 (uncrystallised) TFLS you take, £75 of the remaining fund is crystallised. I would have thought that's a crystallising event, but maybe if the value of listed shares and cash exceeds the value of TFLS plus the part you're crystallising then they don't need to bother to value the delisted stuff. I don't know to be honest. Have you already taken any TFLS while there are delisted shares in your SIPP and if so how was it dealt with?

I think the point is, regardless of whether you're approaching LTA or not, you need to get a valuation of your fund at any crystalising event. If your platform is incapable of doing so because it's too complicated they will employ another company to do it, and pass on the cost....

I'd very much like to keep in touch with other investors after delisting. There is another board on this site we can use https://www.lse.co.uk/chat/general/commodities-and-mining/
It only sees a couple of new threads a month so we can start one called GEEC and just reply to it.
If anyone has any better ideas I'm happy to consider them, although I don't do social media.

When I take my TFLS, let's say the full 25%, that's a crystalising event. The fund needs to be valued to determine what 25% is and how much I can take. If the desisted value is >0 then it needs to be included so it must be valued. If LTA is still around (Labour say they will bring it back) then when the TFLS is taken the whole fund, including the delisted part is measured against LTA, the first test I think it's called. Second test against LTA is at 75.

One of my concerns is valuation charges. The first crystallisation events in my 2 SIPPs are likely to occur next year when I may take tax free lump sums. I guess I'll just have to see what happens. I cannot see it costing more than a couple of hundred quid?

" it may prove difficult to value the unlisted GDRs and, should this be the case, we reserve the right to commission a valuation and charge your SIPP for it."

bankrupty, below is AJB's corporate action message this morning. I understand this to mean that they can arrange the sale of delisted shares using a broker who does OTC but they will charge me for it, and should they have difficulty valuing them when I crystallise my SIPP they might charge for that too. You hold delisted in your AJB SIPP I understand so nothing unexpected or of particular concern I assume?

"Great Eastern Energy Corp has announced details of a proposed delisting from the London Stock Exchange (LSE). This means that the Global Depositary Receipts (GDRs) will stop trading on the stock exchange.

The company intends to cancel its admission to trading with effect from 21 April 2023. You may continue to buy and sell GDRs up until this date.

To view the announcement in full, please copy the link below and paste into your web browser:
https://www.londonstockexchange.com/news-article/GEEC/notice-of-intention-to-delist/15881354

ISA holders should note that following the delisting, the GDRs will no longer be ISA eligible. Any ISA-holders who have not sold or otherwise moved their GDRs by the delisting date must transfer the holding out of their ISA within 30 days of cancellation.

SIPP holders should note that unlisted shares are not SIPP eligible. Unlisted GDRs will be displayed within your portfolio at cost and will not be revalued except where this is required in relation to their holding within a registered pension scheme, i.e. at benefit crystallisation events, reviews and pension transfers (subject to change). In these circumstances, it may prove difficult to value the unlisted GDRs and, should this be the case, we reserve the right to commission a valuation and charge your SIPP for it.

There may be a limited market or no market at all in the ineligible GDRs following the cancellation, and sales may require the use of specialist market makers. We accept no liability for the illiquidity of the unlisted GDRs and reserve the right to pass on any charges we incur in their sale.

Please copy and paste the below FAQ link into your web browser for more information on corporate actions:
https://www.ajbell.co.uk/sites/ajbell.co.uk/files/AJB_Corporate_action_FAQs.pdf

IMPORTANT NOTE - If you have any questions or queries regarding this event, please send us a secure message and ensure you quote the following in the ?Subject? field: CORPORATE ACTION - Great Eastern Energy Corp - 9771813

Updated: 22/03/23"

Thanks both for the updates. A couple of things have crossed my mind.
I've read that you cannot hold delisted shares in an ISA. Presently I'm not but I'll remember not to buy or transfer any there.

Mine are in my SIPP but I'm wondering how I would transfer them out of the SIPP if AJB or Interactive will not do OTC trades (same as Halifax)? My guess is that I'd need to open up a new SIPP with a broker who will OTC and do an "in specie" transfer to them. Presumably I cannot just transfer from SIPP to a non-SIPP broker account, or can I do that and the money goes back to the SIPP?

StockGREAT EASTERN ENER GDR EACH REP 0.5 ORD 'REGS'
Event TypeDe-Listing
DescriptionDelisting

Effective date: 21st April 2023
Market affected: London Stock Exchange (LSE)
Trading restrictions: The last day of trading is 21st April 2023

Great Eastern Energy Corporation Limited has announced its intention to cancel its listing of Global Depository Receipts (GDRs) from trading on 21st April 2023. This is expected to become effective on 21st April 2023 at 16:30pm.

As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker.
If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.

It's reassuring to know that you've had no issues holding your delisted shares in an AJ Bell SIPP. That's the same platform where half of mine reside.

I actually topped up with a few at 5p today which is a discount of 52p from book value.

I did ask AJ Bell what will happen to the shares in my SIPP once delisted. They have replied but they seem to think GEEC also has a "home" US listing -

"To confirm, I have contacted the relevant team and they have investigated this delisting. As this is a GDR on the LSE and it has a home listing in the US market. We are looking into switching the Sedol from this GDR to the home listing Sedol. An event for this corporate action is currently being created and will be distributed to shareholders accordingly once we have finalised how we are going to proceed with this recent corporate action news."

I'm not sure what share they can be confusing it with. No matter, I now feel confident that I can keep them there.