Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
AJBell did at least apologize for their statement showing no tax was deducted, but the omission of this data, causes me to question their motive and integrity.
"With regards to the tax not being shown on the dividend statement correctly, our dividends team are currently working on reposting the dividend to show to correct pay rate and reflect the tax that was deducted correctly."
NB: Anyone completing a UK Tax form can reclaim this overpaid tax, but I doubt you could do this with an ISA, as they are tax exempt.
Just received this reply from AJBell:
"Our Dividends Team have confirmed that this dividend has been taxed correctly as the underlying listing is South African meaning it has been taxed at their withholding tax rate of 20%.
Unfortunately, we do not offer a withholding tax reclaim service. As your shares are held under AJ Bell's name the ability to individually reclaim the tax is not possible. To proceed we would have to open a separate designation for yourself then enter negotiations with the South African tax authority and reclaim the sum that way. As we are a low-cost broker the service mentioned above would be extremely costly and ultimately the fee would have to be passed on and reflected in us raising our charges across the board "
So it may well be cost effective to move my ISA to Lloyds or their cheaper outlet i-Web.
"All three received the dividend with the incorrect (full 20% WHT) taken off at source."
Hate to sound cynical Bluemango, but in truth you only know what the 3 brokerages paid to you; you do not know what PAF paid them. Could be a nice little earner for them.
Re: AJBell - found this on their website:
Tax treaty arrangements are available for any share dealings in the US and Canadian markets. However any dividend income you receive in other markets would be subject to that country’s relevant withholding tax. We do not offer any tax reclaim service.
Foreign Trading on AJ Bell
Canada 2.30pm to 9.00pm* All stocks that are available as CDIs
CDI's are Crest Depository Interests
"Because CDIs are UK securities, you can receive dividends in sterling and can buy or sell CDIs easily in the UK. You should note however that if underlying investments are quoted in other currencies,"
Whether this has any relevance to the new Aclara DIs is not clear. However, I could find nothing on Google explaining what a Canadian DI was, so all rather confusing.
"It is unfortunate that some UK accounts cannot hold the shares, and that is also the case for me with Barclays, but poor communication? They gave us almost 2 months to check with the stockbroker if they trade on Canadian exchanges"
ShipwreckSheep,
Yes the company did give us plenty of notice, but they also told us this.
"The new Aclara DIs will not be listed in the UK and will only be listed on the Toronto Stock Exchange. Therefore, upon receipt of the new Aclara DIs we will arrange for these to be converted into Aclara ordinary shares and moved to our international custodian in order that you will be able to trade them on the Toronto Stock Exchange via our platform.
This will result in a short delay before your account is updated with the new shares."
Note the "in order that you will be able to trade them on the Toronto Stock Exchange via our platform."
Unless I have a problem understanding English, this suggests to me that UK investors should be able to trade these shares irrespective of who their broker is. However the meaning is far from being crystal clear, and imo well fits the description of " poor communication".
From the Cityam article:
"The company argues the carbon they emit is offset by freshly planted trees."
Just one problem a tree can be burned in minutes in DRAX's furnaces, but it takes decades to plant and regrow.
In my opinion DRAX should be ashamed of their part in this government approved scam to burn wood instead of coal and claim it is cleaner and carbon neutral. To then sell this con to other countries for profit is despicable. There is nothing green about destroying forests!
For a more in depth report read this article in Friday's Daily Mail.
https://www.dailymail.co.uk/debate/article-10319045/ROSS-CLARK-madness-burning-wood-pellets-USA-considered-green-energy-UK.html
Would be lovely to have the option to sell them. As Grenade says some UK brokers do not trade on TSX, so you need to transfer them to a broker who does. This is likely to take weeks. Lord knows what the price will be when we can eventually sell.
My AJBell account only has a buy button - no sell button - and the buy button says there are no quotes available, so it is not even possible to buy without phoning them up.
Meanwhile the price continues to fall, from an issue price of C$1.70 to C$1.41 today.
This HOC special dividend is looking like a complete balls up for UK investors!
Just to add to the confusion.
I have a trading account with HBOS, and an ISA with AJBell.
HBOS paid the dividend minus a 10% reduction.
AJBell paid the dividend minus a 20% reduction.
Neither showed the tax deduction, and HBOS did not show the divi per share, just the total amount paid. I had to apply a 10% or 20% reduction to the 0.84953p divi to see how they arrived at their totals.
Is it not possible to reclaim 10% of the tax with a SIPP or ISA?
Or have AJBell just screwed up?
"Must say it pulled together a coherent narrative for biomass and carbon capture strategy."
Let's call a spade a spade!
Biomas is wood pellets produced by chopping down trees. Whole forests are being felled; it is not fallen trees and saw mill offcuts as DRAX would like us to believe.
And as for carbon capture has anyone actually achieved this as opposed to just talking about it?
The world has a natural source of carbon capture, they are called trees. So how can cutting down and burning trees help to reduce our CO2 emissions?
This carbon neutral wood burning scam perpetrated by DRAX has been challenged in the House of Commons, and not before time.
If anyone wants to keep tabs on the price of these Aclara (ARA) shares that we still cannot trade:
https://thecse.com/en/listings/other-canadian-listed-securities/aclara-resources-inc
"do we get shares or a special dividend?"
Pedrobull,
You will receive Aclara shares, which for UK Tax purposes are classed as a cash dividend.
"shareholders entitled to receive the Demerger Dividend will receive 0.1374 Aclara Shares for each ordinary share in the Company held by them as at 6:30 p.m. on 8 December 2021 (the "Record Time")."
"The value of the Demerger Dividend is C$120,031,053 in aggregate based on the Offering Price of C$1.70 per Aclara Share."
C$1.70 = £1.02 at today's exchange rate.
So this equals a dividend of, as near as damn it, 13.74p per HOC share held.
Thanks, but you can keep Greta!
Why the world is in thrall to a teenage girl is beyond me.
When people use terms like United Kingdom and Great Britain you can never be sure if this includes Northern Ireland, which is why I said mainland UK. Sorry if it confused you.
As for Net Zero by 2050, an ambitious plan that I doubt we can reach without bending the figures, and even if we do, removing our 1% of the worlds emissions will make barely any difference. Once China and India start reducing, then we may be getting there.
A prime example of bending the figures is the Drax power station. This switched from burning coal to burning wood pellets a few years back to get in on the Green bandwagon. The wood pellets it now burns are rated as carbon neutral as the wood can be regrown, consequently they report zero emissions, when in truth the emissions are now higher. And that is without counting the pollution caused by the diesel engines of the ships transporting the pellets from America to the UK.
https://www.independent.co.uk/climate-change/news/drax-greenwashing-cop26-wood-emissions-b1956072.html
"a Shell/Scottish Power joint venture called ScotWind, a "seabed leasing scheme" to support "large-scale floating offshore windfarms in our deep waters". It doesn't yet have approval - presumably from government and regulators - but internal comms say it "could bring enough clean energy to power the equivalent of every home in Scotland." This is the future, folks."
ShellEmployee,
Wind power has never provided a substantial or reliable part of the UK's electricity supply. Scotland may well be a windy area, but it is not as simple as that. When there is no wind - there is no electricity, and when the wind blows very strongly - there is also no electricity, as the turbines are shut down to prevent them being damaged.
Then there is the issues of storage as the optimal winds may be overnight when there is little demand, and a backup source for when the winds don't blow at all. All of our Nuclear power stations are coming to their end of life, so don't count on them for much longer. Coal power stations have already been shut down, and gas is scheduled to go the same way.
Britain is not self sufficient and relies on other countries to supply us with power. What will happen if Russia turns off the gas supply, or France cuts off the electricity it supplies to us?
We will be left with two unreliable sources - wind and solar.
Even if wind could power every home in Scotland, this is way short of powering mainland UK. Only 5.4 million people live in Scotland, about 8% of the UK total.
Wind is definitely NOT the answer, it will always be peripheral imo.
Not much evidence of the US reducing its money printing / quantitative easing yet, according to this graph. Last stated figure US$2 Trillion new dollars in October.
https://tradingeconomics.com/united-states/money-supply-m1
PS: Click on the 5 year graph if you want to see the enormity of the recent increase.
The US debt was near impossible to pay back two years ago. Now it is looks completely out of reach imo.
https://www.pgpf.org/national-debt-clock
Can anyone translate this into English?
" The New RCF is provided by Rand Merchant Bank and Nedbank, has a three-year term and bears interest at a reduced margin of 275 basis points over the applicable JIBAR rate, compared to the 380 and 330 basis points over JIBAR, applicable to the Term Loan and Previous RCF, respectively."
Just one problem with forcing an emergency vote, most shareholders do not directly own their shares. They are registered in the name of the broker who you trade with.