Member Info for Corryvreckan1

PSA for anyone following the US markets – they open at 1.30pm UK time for the next three weeks until we go to BST on the 30th, then back to usual 2.30pm until October.

Avon Tech and Ocean Wilson both looked to be next in line above THG by MCap as well. There can't be just one thing that has eliminated all four companies from contention, so I'm inclined to think it might be something about THG share capital structure that has somehow elevated them in the Index calculation?

I don't get it either Elmsley, even JEGI seemed to meet the relevant criteria and were 'overlooked'.

Per my post below last night I can only imagine it being something within one of the more arcane rules that apply, such as liquidity or free float, but I've been through various docs and I can't easily see where there was an issue for either ATYM or JEGI.

ATYM's change of nationality was confirmed by FTSE Russell on 5th Feb in the usual pre-review release 20 days ahead of the qualifying date, and they wouldn't (shouldn't) have been on the indicative list last week if they hadn't met the eligibility criteria and been in line for inclusion at that point. Compliance with the UK Takeover Code is also enshrined in ATYM's new Articles in December so no issue there.

It will be interesting to see if the Board are aware of anything or have asked FTSE Russell for an explanation. Or maybe I'm just missing something other than the usual marbles... :(

Link to official press release:

https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2025/ftse-uk-index-series-review-march-2025

For reasons perhaps known only to FTSE Russell, we didn’t make the final cut for the FTSE 250 this quarter.

I can only imagine it may have been an issue with trading patterns or liquidity over the last 7 days since appearing on the Indicative list, as on a purely MCap basis we should have been in?

Depending on what the reasons are we may/may not be included in the FTSE Small Cap category instead.

I will see if I can find an answer over the next few days.

[Today’s announcement does also state “* Index review changes included within the attached files may be subject to revision until close of business Friday, 7 March 2025. Effective Monday, 10 March 2025, the index review changes will be considered final.” So may still be a late change if something is found to have gone awry, but unusual to see any changes after the announcement]

We didn't make it to the automatic entry point under our own steam - about £21m short in the end - but looks like four companies are being demoted from the 250 and we are placed 3rd out of the four that are in line to replace them, so looks like its on.

Will be confirmed by FTSE Russell in a press release tomorrow evening and the changes are then effective from Monday 24th March. Finally :0)

What does it all mean now - very little really IMO. We are dependent on the volatility in Cu, the pace of site developments and wider Macro events in the near term - they will determine where we go from here. FY results in two weeks (18th) the next main internal catalyst.

Do I recall correctly that there was a similar dip in Jan/Feb last year? I wondered at the time if it may have been due to the extreme storms - would the AM potentially have had to shut in or even detach and lay off for a few days, and could that have been the same this year with Storm Éowyn in particular in late January?

For anyone not generally sure about how dividends work this link is a good rough guide to start with. Its from 2017 but is still relevant as starting point:

https://www.sharesmagazine.co.uk/article/the-essential-guide-to-getting-dividends

Also worth bookmarking this page on the Barclay's website which gives all the info most PIs need about the dividends and buybacks:

https://home.barclays/investor-relations/shareholder-information/dividends/

The divi will be paid on 4th April and should be in your broker account the same day/cheque received by that day if you have paper certificates. Some brokers can be a bit tardy though so it may not appear until the day after. Where exactly that shows up in your broker account will vary by broker but that's a personal matter for each investor.

It depends on what the rules for each fund are and how the fund managers approach the task. Some may have already been buying in anticipation if they can. Some may have to wait for official confirmation of the changes next Wednesday, some perhaps even wait until the changes are made on 24th March to finalise their position. The exiting companies they have to sell to fund the new entries are still part of the 250 until then so likely to be a phased approach in most cases.

But the fund analysts weren’t waiting around for today’s press release which is already two days out of date. They would already know/forecast what the changes are likely to be a long way out. Prices then often fall into the rebalance date to accommodate final buy orders, and some off-book movements between funds within the same management stable are likely as well.

Many tracker funds don’t hold an exact weighting of each index constituent. Their objective is generally to match, or exceed, the overall index and there are various ways of achieving that. Some are really passive and only hold a sample size of the individual stocks, making up the rest through proxies like maybe buying the sector index, or in this case the underlying commodity that our SP has a correlation to? Many funds have their own balancing/benchmarking dates to consider as well.

I'm obviously generalising a lot above but it's never as straight forward as just 'the trackers will have to buy'.

Total value of all FTSE 250 companies at close yesterday - £305,885m, total MCap of ATYM - £525.74m = just 0.17% weighting of total tracker values, lower once you adjust for the proxies etc.

Of more relevance to the SP here is the surge in Cu after close tonight…

Thank you PetroTal Board, thank you for fixing the dividend declaration. All perfectly clear now :)

Just need to correct the website table now, and slide 35 (Buybacks) in the presentation as well please, and the dripping tap in the site canteen, and …

We’ll get there together, eventually ;0)

IWeb are run by Halifax who are owned by Lloyds Bank Group, so as KS says below they will not support the withholding tax relief for overseas dividends. Your default then is to try to claim it back on your tax return and that's then up to HMRC to allow that.

W8Ben is only for US stocks, it's the NR7-R for Canada, although some brokers that do this (such as ii, AJ Bell and I think maybe HL?) will normally have just one online form to complete that covers multiple jurisdictions.

KS - the double tax treaty relief is only down to 15% so no you can't claim it all back.

The regular updates are after each quarter end, so next one in April for Q2 ending 31st March. There is no update 'due' in March, see my post at 11:51 which explains why.

Thanks for that Ninette, I don't recall seeing that before so will look it up later.

A more recent video at the bottom of this link is a good watch for anyone wondering what we are on about, sound on for commentary.

https://whirlpool-scotland.co.uk/

For further balance - there is a very obvious flip side to my last paragraph below, but I'm not personally sure it's realistic.

He he, well spotted with my username :o)

There have only been 2 very brief AGM updates in the last 10 years, in 2020 and last year. Last year all they did was confirm that AUM had increased by £100m from 31 Dec, presumably because they wanted to mention that at the AGM and so it had to be publicly disclosed beforehand.

The only other comment in last year's RNS was perhaps more relevant:

"In line with common market practice, Impax has recently moved to providing its regular AUM updates on a quarterly basis. The next regular update will be in April 2024, i.e. covering the second quarter, the period ending on 31 March 2024."

So I'm not expecting a further update until early to mid April.

I make it 12.77% combined (9.02% EIT and 3.75% Oracle/Delphi).

I’m beginning to wonder if this is just a potential blocking move, to discourage anyone else trying a take over. EIT may wish to ensure continued access and a good partnership with ONT to help them with their own research targets.

I imagine they may already have enough to vote against, along with others who would do so, to prevent 75% of the total voting from getting it carried.

For balance, I have never personally thought there could be a t/o in the near term. The multiples that someone would have to offer to prise strongly held shares would not be realistic for a company that is still up to 3 years from breakeven and up to 4 years for cash flow positive?

I only see the AGM next month, what RNS are you expecting?

Website calendars fairly common for most FTSE350 companies and perhaps the top 10-20 on AIM, below that it’s rare to find them although some do exist. Many are not updated frequently either.

Particularly absent from AIM where companies don’t want to promise dates and then find they don’t have the resources to meet the timetable. Not a market that responds too well to ‘delays’ which then breed suspicion, often although not always inappropriately, in places like this.

Yeah, likely this week. Let’s see if they can finally get the dividend declaration right after screwing it up the last three quarters.

Perfectly simple – Ex-Div on LSE should be a Thursday* (T+2 settlement), Ex-Div on TSX is Friday (T+1 settlement), Record date for everyone is then Friday. Easy, straightforward, done by many other dual listed companies and easy for the Registrar and brokers to reconcile the payments.

All they have to do is properly communicate that in their Declaration RNS, for a change!

And the dividend table on the website still contains several historical errors that they refuse to fix so don’t rely on that either.

-/ end rant :(

* In November, for some crazy reason, they decided to contact LSE and changed the XD date to the Friday (29th) in line with TSX. No idea why they did that and it just caused confusion.

Last year's buyback programme stopped after 7 days, they only bought 128k shares and only spent £376k of the total. There was no further mention of it after that. Nothing, no RNS, no mention in the accounts, no shareholder engagement at all...

Let's see if they can actually do what they said they would this time?