Member Info for flundra

you're quite right L7, good points. Tax is another consideration. My post was only intended to address the basic position and so was peppered with basicallys and broadlys. It was prompted by reading a number of posts on here over the last few weeks from people who appear to believe by buying CNE they'll get a chunky divi payment effectively for free.

There's basically no real point in buying CNE shares for the special divi. It's a return of cash structured as a divi. The value of CNE will basically reduce by the amount of the divi, so shareholders won't be better or worse off, it's neutral, they'll just get a cash sum which will be the same as the reduction in the value of their shareholding. The consolidation is a separate exercise being done at the same time to keep the headline SP broadly unchanged, for continuity/comparison purposes going forward.

Just to throw another idea in to the mix...

How about merger/combination with SAV? Developing a lithium mine in N Portugal. Need for £££ as always, its SP has risen dramatically recently on no specific news, the mine's just across the border from Barruecopardo, and Spain/Portugal have an accord to develop the area jointly.

Just a thought which occurred.

Let's hope we hear the psssscht! of guinness cans being opened in the next day or so, and that whatever happens, it's really something to celebrate.

Some lucky Indian govt lawyers presumably now get to read through the 600-odd pages of this ruling and decide whether to carry on fighting. I imagine interest and costs run until payment, if further challenge is unsuccessful. No pressure!

The timing of the Vodafone challenge is very interesting... clearly related to the Cairn ruling. India were all ready.
(It's fairly safe to rely on Reuters' anonymous source imo, their editorial standards are high.)
What to infer? That India will challenge Cairn too? Or could it be that India know they haven't a leg to stand on with Cairn, and will pay up. And this is turn means they've decided to challenge Vodafone, as they believe they've got a better chance of successful challenge there (albeit still a weak case)? If they'd won Cairn, perhaps they'd have paid Vodafone.
Time will tell.

The Tribunal even had an Indian government nominee on it!
Holding response from India.
Market reaction indicates little expectation of payment anytime soon.

India's initial reaction will be interesting. What will it be...

Many are pessimistic, but it's worth re-iterating that a decent tribunal award, if paid, might nearly double the sp from here. India may cough up, particularly if they're after a trade deal with UK.

Anyone remember 2012 and the return of the Cairn India sale proceeds?! Cairn created a special share category representing the value of the cash being returned, and you could effectively elect whether to take a simple divi, or take up the special shares, and realise a capital gain selling them. The CG option was really useful because my shares weren't sheltered, and the CG fell within the nil-rate CGT allowance, so I avoided paying any CGT, and also the income tax I would have had to pay on a divi.

Not being offered this time round it seems. You have to simply take the divi I think. So assuming this goes ahead, maybe consider selling some unsheltered shares by 8 Jan if realising a capital gain/loss now (and thereby reducing your divi payment) is advantageous for your tax purposes. Not straightforward though, there's pros and cons, and issues to think about.

Maybe keep powder dry for the time being? This could be very positive if both UK and India can smell a deal. Refusal by India to comply with an international tribunal award to a UK company (if that ever comes) wouldn't be sensible in those circumstances. Might prejudice the opportunity for a deal.

Perhaps wait and see what India do about any award before rocking any boats. Particularly as the award is overdue, is hopefully imminent, and barring exceptional circumstances will come well before any trade deal.

India's approach to any award might influence and shape new trade deal negotiations basically.

Serves to show how utterly misconceived the CC bill amendment outlawing uranium mining is.

And how foolish and dishonest it is for the coalition to be arguing that Spain can continue sourcing its uranium needs from “the international market”, like it says it's done for the last 20 years.

If they're genuinely worried about environment damage from uranium mining, they'd get their uranium from one of the world's best safest sustainable mines, wouldn't they...?

Perhaps permit Retortillo, and get some desperately needed financial, economic and social benefits too? Virtuous circle. Bit obvious?

Thanks Broxy - useful link.

Hopefully, PSOE/UP won't bribe the secessionists (or anyone else) into voting for this amendment, which is conflicting more and more with modern thinking on nuclear power to help tackle emissions and climate change.

U prices will presumably be helped by supply constraints following Cameco's news today too.

https://www.cameco.com/media/news/cameco-temporarily-suspending-production-at-cigar-lake-mine

https://www.lainformacion.com/empresas/ribera-renueva-berkeley-permiso-inicial-mina-salamanca-retortillo/2823634/

This suggests "The CSN will not decide on Berkeley's application until at least February 2021."

The lower and upper house agendas don't appear beyond Dec on their websites , but I understand Parliament is aiming to pass the Climate law "early next year." The Commissions' decisions and final draft of the bill can't be far away therefore. I suspect the CSN will lie low pending the outcome of the Climate law. Does anyone else have any further info on the timings?

Developed nations with nuclear capacity now seem to be accepting nuclear as part of essential climate change strategy.

Do we know when the parliament and senate commissions of Ecological Transition are due to vote on the CC bill amendment?

France and UK, as countries (like Spain) with existing nuclear capacity, both seem convinced and set on maintaining it at scale (just this week we’ve had the UK CCC report, and Macron’s comments, for example). Others too of course.
It may be that further influential support will emerge over the coming weeks, which may help dissuade the commissions in the Spanish parliament from supporting the CC bill amendment.
Also, the court case presumably adds weight to the constitutional law argument that the amendment amounts to prohibition of economic activities in Spain with no justified reasons.
One worry I have is that Spanish politics is dodgy at the best of times, and very much about sops for votes atm (eg the sops to the secessionists for their votes to pass the budget). Might more sops be given to get votes for the amendment, and Retortillo “sacrificed”, leaving just a legal claim, for now at least?

https://www.lavanguardia.com/vida/20201211/6112928/ts-confirma-legalidad-autorizacion-previa-planta-concentrados-berkeley.html

Hi Tharos, not really my area of expertise, but shares with multiple listings aren't usually entirely fungible, even though related. Where to list, and which IIs/PIs buy/trade on which exchange will depend on a mix of tax, accounting, legal, jurisdictional, convenience, political, liquidity, costs reasons etc etc, all of which may change from time to time, so equity may transfer too. And traders can exploit the differences too, exchange arbitrage.

SP edging up again. Hasn't been possible to buy more than a nominal amount all week on HL, but they'll take very large dummy sales. They're short of shares.

Hopefully, the Spanish politicians will take a good look at the UK CCC report today, particularly the lecky generation bit. Essential reading for their CC Bill debates.

https://www.theccc.org.uk/publication/sixth-carbon-budget/

Basically, continuous predictable nuclear (fuelled by uranium) is needed going forward for the low-carbon generation mix.

Spain has less wind than UK and is less well connected to other countries. The shortfall in its domestic generation won't be bridged by any amount of sunshine for photovoltaic. They'll need nuclear and should embrace domestic uranium mining with it. It's also expressly linked in the UK report to powering Hydrogen production by electrolysis, which is one of Spain's stated objectives.

If Dunraven reverses into Ormonde Mining, ORM will need a name change - I wonder what to. Maybe not to Dunraven, which sounds like a rockstar's retirement bungalow.
All will be revealed shortly I guess.

at an "advanced stage"