The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
So I noticed in Polymetal's results from 22nd since the decree they could not dispose of their Russian mines due to being owned by 'unfriendly' jurisdiction (UK). So how come POG's sale has purportedly completed, how has that been swept under the rug???
I noticed Kier Starmer is a human rights lawyer, worthwhile dropping him a letter regarding property rights? and how the UK gov has sold us down the river on a whim of fancy...
Send your take of the story here: panorama.reply@bbc.co.uk
They get a lot of enquiries, if a few people write in hopefully we can get them to investigate; and they might essentially help get to the truth out of this smoke and mirror cover up.
Lawrence<< I was planning on emailing my MP next week as they haven't replied to my comp letter, and the idea of waiting 6 months for ombudsman is going to drive me bananas. My suggestion is we try and get several MP's to organise a meeting over 'unintended consequences' and to organise a judiciary review like on the BBC Panorama??? Is it worth contacting some reporters and opposition parties to try and get some accountability.
I flagged up the takeover panel monitoring to OPUS, but this was post sale, I've had no feedback or explanation other than the general RNS. We could really do with a shareholder bringing legal representation and judiciary enquiry.
Lawrence<< How did you get on at court? Any news?
rbrand<< Just to check my facts, so you believe the asset buyer has no connection whatsoever to main shareholder? Even if that were the case, the transfer of the debt, whilst still under waiver from Gazprom was an act against shareholder interest, since it created conditions for the administration and a rushed firesale.
CTC1988<< 'the company warned us all that it was unlikely that anything would be left'
Unfortunately, I was LTH here, the investment lost most value following Sanction, to sell out, also sells out any legal claim!!! I also received misleading information from JM; however, the main value was lost due to the Sanction, and I have chosen to stand by my claim.
Please do not have the arrogance or ignorance to make out I need to take responsibility for poor choices. My choice did not affect the outcome here, government intervention and company behaviour did alone. For the record, many people are appealing against the Sanctions and POG/Main shareholder have been monitored by the UK takeover panel for some time for acting against shareholder interest.
What are you still doing here if you sold at a loss???
rustybucket<< 'It is quite clear the directors did not do their judicial duty.'
The directors transferred the debt, whilst under waiver by Gazprom to UMMC. Why transfer the debt under waiver if within a very SHORT TIME FRAME it would ultimately lead to administration? Since UMMC is owned by the main shareholder this presented a conflict of interest against all shareholders AT THE TIME OF TRANSFER, when no consultation took place...
The company experienced operational difficulties selling its gold, after telling shareholders it had found a new third party buyer and had applied for export licence...
Do you think you would struggle to find a buyer for gold??? A TIER 1 asset recognised by the banking system and bought worldwide by civilian populations as insurance.
Posted 20th September 2022...Ukraine's appeal court has found against Ferrexpo in a long-running dispute over a 2002 deal, sending shares in the Swiss miner lower. The court said the sale was invalid, and that Ferrexpo's 40.19% stake in Ferrexpo Poltava Mining (FPM) should be transferred to the former shareholders of FPM. Under the 2002 deal, a 40.19% stake in the Ukrainian miner was sold to its former chief executive, Kostyantin Zhevago, and other parties. But four former shareholders launched legal action against the London-listed miner to invalidate the deal. In May last year, the court of first instance ruled in favour of Ferrexpo AG, a wholly-owned subsidiary Ferrexpo. The claimants responded by launching an appeal a month later.
A familiar story...Time to stand up for what is right!!!
CTC1988<< 'Shareholders need to accept they gambled.'
Who are you? Who do you work for?...Your statement is mindless garbage, any LTH invested in a company which had successfully gained finance from LSE for over 20 years, whilst the British government accepted stamp duty, listing fees, and capital gains. The British government chose to roll back 20 years of history practically overnight. Your statement is indicative of a CASINO. The markets are not supposed to be a CASINO run by the government.
email<< No I've not explored no win no fee, only looked at county court / small claim...I feel I have enough evidence to make a compelling claim, there are multiple policy violations and infringements, and the mechanism of implementation has been careless with supply chain affects causing equal or even worse harms than not imposing them. To be honest I would be prepared to represent everyone if there was a way of organising it. I welcome any contacts over no win/no fee or other legal support we could get.
email<< a final notice is a decree to initiate proceedings following failure to respond...I may give a few more weeks, whilst this administration goes through; but I don't think I have the patience for the ombudsman enquiry, and to be honest I personally want some accountability about the cold calculated implementation of this Sanctions, which is highly suspect, given dual listed companies on the FTSE will obviously be full of UK and international investors.
https://www.health.org.uk/evidence-hub/money-and-resources/poverty/relationship-between-health-and-poverty
https://www.healthpovertyaction.org/how-poverty-is-created/
https://www.health.org.uk/infographic/poverty-and-health
I will be sharing some of these insights with my final notice letter...
Lawrence<< at least you got a reply, I am 8 weeks counting on my notice of potential legal action. The ombudsman has accepted my official complaint based on the complexity of the case, however they are telling me due to covid pandemic I may have to wait 4weeks to 6 months for the primary investigation. Kind of get the feeling the system is set up to deter and drag things out???
If nothing comes of this week, please can you get in touch and we can try and rally a group of MP's, I feel this is the best shot. We need a united front, they are not interested in isolated cases.
Strike123<< Have you been in touch with your MP??? A petition is good, but it is not easy to reach 10k; based on the Panorama documentary on FCA if we can get support from multiple MP's we may be able to get a judiciary review or departmental review on the adverse financial consequences on UK POG shareholders. I know at least 3 MP's have been contacted, my suggestion would be to do a group letter and try and get about 10 MP's all copied in. Hopefully we could get a group of MP's to properly look at this, and not just the palm off template letters from FO.
Lawrence<< Keep me updated on how you get on this week. Do you think it would be a good idea to try and get your MP to liaise with mine and perhaps Nathans and try and get some momentum on government accountability???
Here's some interesting questions:
How much money did the UK government accept from stamp duty in the 20+ years of POG listing?
Did the UK government willing continue to accept stamp duty from a company they put under Sanction?
After willing accepting stamp duty for 20+ years how much notice did you provide investors that you were going to isolate Russia and roll back finance on the stock market?
When planning the Sanctions in September 2021 did you pre-warn other MP's or Banks or provide any notice to investors?
buckeye<< 'I'm an investor in Evraz, but sanctions should and will stay in place while a brutal regime commits gross acts on its neighbour and I support that.'
Sanctions have not met the basic criteria of implementation 'effective, dissuasive, proportional.' To suggest removing them is in Putin's playbook and is not causing mass civilian harms is either a lack of understanding or suspicious.
Money is a measure of time and energy, it is a fact when you increase poverty you reduce opportunity and life expectancy. People up north live 10 years less on average than people down south (i.e. London etc). It is not just a case people with pensions and savings have been wiped out, but everyday households are struggling. Meanwhile so far they are offering only 6 month support to businesses with energy, a glass kiln maker has seen their costs go from 12k to about £200k, pubs from around £15k to 57k. Moreover, the supply chain collapse is going to increase starvation in less developed countries.
Do Sanctions still seem like a good idea???
Were you taught at school that two wrongs make a right???
Lawrence<< Is there currently court action challenging this situation??? What is pending with administrators???
Sent you an email if it's getting through your filter...
Agreed, we should be able to obtain a report from the takeover panel under Freedom of Information request.
I am waiting for FO to reply before I can take an ombudsman enquiry further...
I still feel more should be done with the sale to the main creditor/shareholder, using one hand picked valuation.
Any ideas on what we should do next??? Happy to collaborate and combine letters if it adds weight.