Firering Strategic Minerals: From explorer to producer. Watch the video here.
Notice of the AGM out today.
No dividends being recommended. And a proposed change of name.
Thoughts anyone? No divi I think was expected. Change of name is probably not a bad thing to try and distance themselves from PolyR.
Will be good if this does happen. Can't find anything online about it, inc reuters. But we will see tomorrow.
Thanks John
Yea, that was my take on it. You would have assumed (dangerous, I know) that these discussions would have taken place before the re-dom. The whole point was to move to a "friendly" jurisdiction to avoid such barriers.
Hey ho. As you say, fingers crossed.
Does anyone know what is happening with the listing on Moex? Seems to have been frozen (suspended?) since July, I assume to do with the redomocile.
Does this have any impact the BoD plans for next 12 months?
Nobody knows yet. Not until the BoD give more detailed plans. There are many ways the split could be structured and the 2 halves valued.
@Svoboda
If you are UK resident, then Wood told me to put your NI number in all 3 boxes. If not UK, then I'm afraid I'm not sure - best to email Wood.
@GrowValue
Shares were in an ordinary account. I'd already swapped them out of ISA (replaced with other shares through buys n sells so I kept the tax wrapper benefits elsewhere). It suits me to have the ability to sell the shares when I want rather than the ongoing risk of them getting stuck with a UK broker.
The completed SSI form gets uploaded as part of the online application process.
Sorry, should have said. This is not a recommendation, just for information.
As always, DYOR as to whether Wood is appropriate for you, but I'm happy to answer questions if I can.
@Svoboda
Sorry, no idea. Suggest emailing them. Their dedicated email is polymetal@wood.com
Well, 5 working days from submitting the online form to open an account with Wood & Co, my shares are transferred and in my account there. The tfr itself (from Jarvis) only took 3 working days.
I know the Wood option is not for everyone, and the rather odd SSI form is confusing, but credit where credit is due, this seems excellent service from both brokers. Makes you wonder why transfers between just UK brokers can take weeks.....
The SSI form from Wood does look weird, but I think they've tried to create something that explains what they are asking for to anyone who doesnt understand the transfer process. Unfortunately just made it even less understandable IMHO.
I just forwarded it to my UK broker (Javis). They understood what was asked for, duly completed and returned to me to forward onto Wood. When your account with Wood is accepted, you then generate a new form along with a reference number and send these to your UK broker for them to initiate their side of the transfer.
All seemed to work fine. Mine is in process. I'll let you know next week if its successful (Jarvis said would take a week).
The SSI form is for electronic transfer of shares. My understanding is that you can't do this if you hold paper certificates.
Suggest an email to Wood to clarify if they will accept paper carts, and if so how (not seen them mentioned anywhere on there website/forms)
Well I've ditched HL today.
This whole venture is risky enough without the ponderous fog of HL not making things clear (other than no certificates) adding to it.
Sold some investments outside of ISAs, used funds to buy same number of Poly with another broker (who have confirmed certificates available if needed). Then sold Poly in HL ISA whilst on the rise. Covered the spread, and transaction fees, and had a bit left over to top up. Left the sales proceeds in ISA which will be used to re-buy first stock sold (but now inside wrapper). Quite easy, just a bit of work watching the share price to hit at right point.
I've lost the tax benefit on Poly, but personally can live with that to reduce overall risk here. ( Other shares and dividends will obviously benefit instead). And I'm not convinced ISA will be an option moving forward anyway. I know technically they can be held in an ISA, but whether it will be practical is another matter. I hope for those willing to wait I'm wrong.
Now to consider whether I move everything away from HL. But that's a bigger decision for another day.
So Wood & Co have come back to me, and reconfirmed their message to Brass0:
"The cooperation agreement between WOOD and Polymetal is currently being finalized and is expected to be completed in next few days. In anticipation of a positive outcome of the discussions, our analytical and compliance teams are already hard at work preparing the necessary workflows and documentation for the onboarding / AML / KYC processes of the various shareholder groups (including intermediaries, institutions, and retail), considering the specific circumstances of this project and the number of shareholders involved. Please be patient while we analyze the complexities of the situation and rest assured that we plan to release further guidance on the process as soon as practicable."
Shame they hadn't sorted this out before the announcement, but this does make me feel a little more comfortable, as they seem like my preferred option (I have no intention of increasing my holding, but want to maintain the ability to sell when/if the price is right, or when the dividend yield can be matched with other investments back on LSE). No idea of their offering (costs etc.) yet.
Now just to extricate myself from the ever unhelpful HL. Probably sell existing ISA holding, but leave cash within the wrapper to reinvest, and use other funds to re-buy elsewhere with a more friendly broker, ready to hopefully transfer out to Wood. Will lose the ISA wrapper on Poly divis (and any potential capital gain), but can live with that for the modest holding I have.
At least that's plan for now.
@Brass0
Thank you. I will try that email address
Has anybody heard anything from Wood & Co? I've emailed several times (to both info@wood.com, and wood@wood.cz) and had no response yet.
When I emailed then yesterday, they said they had apparently been looking at this for several months, but still did not have FCA approval. So who knows!! Not very reassuring.