Member Info for Corryvreckan1

"FTSE futures also up"

Jinxed it :/

Or maybe it was Jerome Powell being a bit more hawkish in a speech this evening than he has been recently.

From Reuters:

"A Dubai-based investor has taken a 3.2% stake in Saga" - fair enough.

"Eldose Babu picked up the stake last week, Saga's regulatory filing showed on Tuesday." - err, I don't see anything in the TR-1 that says that the stake was definitely picked up last week. I see that they crossed the 3% reporting threshold on 13 Oct but they could have been sitting just below that before.

Unless I'm missing something of course?

"Money and Cory you sound like to babies whining everyone report Ade because he disagrees with me."

Again you are misrepresenting me - I have never asked anyone to report anyone else on any board at any time. And I have no problem with you or anyone else disagreeing with me, we are all free to do so, but statements you make have to be based on facts and backed up with evidence. Yours were not, they were very transparently an attempt to misinform and push an agenda based on posts that you knew to be incorrect.

"Sort yourself out people just because I scare you with my laser like analysis you want me to leave."

Oh really, that's your "laser like analysis" that completely failed to post the facts that your "research" discovered and instead led you to post misinformation. And I have never asked you to leave. It would be nice if you could stick to facts and reasoned analysis though, rather than posting nonsense.

Ade, seriously, stop pretending to be a spiv as you're not very good at it. You are long past fooling anyone on these boards so it's your own life you are wasting away.

You're not just expressing your thoughts, you are misrepresenting what has actually been issued and that's a breach of LSE rules.

Your earlier post stated: "Broker has Cut Ratings - Downgraded to Hold/Sell"

That's not a thought, that's a statement of something you 'believed' had happened. But you could only know about today's broker ratings if you had seen them (as you said "based on the research I do") and therefore you would know that there no sell ratings today and you would know what Stifel and BoA actually issued. To deliberately state otherwise is deceitful.

"People like you was telling me I was talking rubbish, when I said this would go below £5 last month" - at no time have I ever made any comment like that so I don't appreciate you lumping me in with that. I'm not doubting where the SP is or the volatility with it, I am stating facts here to clear up the misinformation that you are posting, that's all.

Ade - you already know that BoA have held their rating at "neutral" with a price target of 600p because you have already seen today's broker changes.

But at least you are being utterly transparent in your attempted deceit here, and no-one is fooled by it.

From 8 Sept news:

"Stifel starts Watches of Switzerland with 'hold' - price target 680 pence"

They've cut their price target to 590 today, understandable given the whole luxury goods sector had been down recently, but still a near 20% upside from here.

Last one - this is a link to the official stock market procedure. It includes quite a bit of detail (you can probably skip pages 2 and 3) but the key parts to skim read are 'The basic principle' ate the bottom of page 1 and the calendar dates on pages 4 and 5.

WARNING - this link will automatically download/open a pdf on your device:

https://docs.londonstockexchange.com/sites/default/files/documents/dividend_procedure_timetable_2023.pdf

Also - "surely if I announce today I'll pay a divi for anyone holding next week people will pile in just for that?"

Yes, yes they will, if they consider the yield to be high enough. And traders will sometimes anticipate that and buy into an expected rise before possibly selling out the day before XD for a capital gain rather than holding for the income. SP often continues to fall further for a few days after XD and then people start buying back in when it gets back to an attractive entry point.

Standard stock market mechanics. Although the dynamics may be different now in the FTSE100 as greater institutional fund holdings will be more likely to keep holding long term for the divi income to help meet their liquidity needs and returns to their own unit holders.

Fforestgwmp - I think this article will help you. It's from 2017 but still relevant and is the best summary of the divi process I have seen:

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

Note the SP should drop on the XD date, not the payment date, although it doesn't always fall as all the other usual factor's affecting a share price still apply. Sometimes you can get a rise in the SP on the payment date and the day after as some shareholders re-invest their dividends automatically.

Let me know if you still have questions.

So as expected some very mixed responses from the brokers, who should all have received the funds at the same time on 29th Sept?

First off the mark seems to be ii (into ISAs/SIPPs on 29th, into Trading accounts on 2/10) and i-dealing on 29th as well. A few others now caught up late including HL and iWeb/Halifax/Lloyds. Poster ifaze on ADV saying Barclays now paid it into ISA yesterday. And it looks like IG are maybe using an old Maya calendar and don’t actually know which day it is!

Also some variance between brokers as to whether the payment is credited to ISAs or into regular trading/dealing accounts (wherever the DCUs are held) - all seems a bit random but not surprising. I discussed on 29 Sept that payment into ISAs may well be correct if the shares were originally held there:

https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&thread=FA0EB710-6294-41E0-8B86-141C8F367278

As ronwoking indicates below you don’t have to accept your broker’s interpretation when it comes to your tax affairs if you disagree with their approach. It’s a private matter between you and HMRC and you can present it differently to them if you have good reason to believe that, although they might not accept your view and may come round to nab yer telly of you don’t cough up ;0)

No advice intended, just for consideration if you wish.

Mellow45 - it's capital, see discussion near the top of this thread:

https://www.lse.co.uk/ShareChat.html?ShareTicker=HUR&share=HUR.L&view=thread

petethestreet - have you been through the FAQ section on the Prax website, I've found many of my queries summarised in there:

https://www.prax.com/dcu/

Laserdisc – RE your 1/10 post on ADV. My reading of the scheme is that revenues apply on a half year calendar basis, so 1 July to 31 Dec revenues are used to calculate the DCU payment due at end March, and then 1 Jan to 30 June apply to payment at end Sept. That ties in with the cut-off dates for holding the DCU for entitlement to the next payment (30/6 and 31/12). So we could get 3 offloads for the next payment in March if they fit the December one in, but not 4, if I've got that right?

On the same basis I think we could also get a March 2027 payment, based on the revenues from the second half of 2026. From the Prax website:

“The DCUs confer an entitlement for DCU Holders to receive 17.5% of all Net Revenues earned by Prax Upstream from 1 March 2023 until 31 December 2026,”

Unless, of course, we have already received the maximum 6.48p before then.

HL behind the curve again - naughty ;)

Wegpphil, is 'fund and share account' an HL specific terminology that may be the same as 'Trading account' on other platforms? I'm just curious about the name for info, that's all.

Voting on the settlement takes place this week, 2-9 Oct, so probably know result early the following week.

Actors are still on strike but I imagine they are waiting to see outcome for the Writers and then push for an early conclusion themselves.

Juno - the 20p looks like a 'fat finger' entry. It was immediately corrected and then re-entered with the correct price of 15p, all reported within the same second. It was possibly someone entering the 20,000 volume and had a blind spot on the number 20 when they initially entered the price. That's all.

Laserdisc - thanks for the info about the offloads, and for keeping an eye on this generally, always appreciated :)

That raises an interesting possibility, fandg2. I can understand that brokers moved the DCUs out of ISAs due to them being a tradable instrument that doesn't meet the ISA requirements. [Yes, I know this has been discussed before and there are differing views on that, but for the purposes of illustrating my main point let's not go back down that rabbit hole].

We can separate the DCU itself - which is like a promise to pay part of the consideration in the future - from the actual payments made which may, possibly, be legitimate receipts into an ISA from a tax perspective. As the DCU entitlement is just a 'deferred' portion of the consideration for buying HUR perhaps it is right that future receipts are still credited to the account type that the shares acquired by Prax were held in when the sale was completed, in the same way as the initial 0.83p was.

If the full consideration at time of completion had included an additional 6.48p up front this would obviously not have been an issue, but that [up to] consideration is instead being phased across 2/3 years. The DCU is then just the vehicle by which they identify who is entitled to receive that deferred consideration.

If the DCUs are traded via Jenkins then it doesn't become a future issue because the new owner will never have held them in an ISA, and so will receive the payments into whichever account they bought them into.

I'm not sure on this, just punting it up for consideration, and good luck arguing that with HMRC if you want to ;)

Previous link was just the RNS, this one has the results:

https://andradamining.com/media/corporate-publications/

LSE are not picking up a lot of this afternoon's RNS. AGM results pdf available on company website:

https://andradamining.com/media/rns/

Haha so it does, totally missed that, thanks Juno. It was because the date on the company website is 29/09/23 - I did wonder why it looked out of sequence there.

Defo need more coffee now :/