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It would not be the first time that a set time limit is not being kept; in itself it is disrespectful - in my view, if you are not dead certain, just keep quiet.
Meanwhile, I am witht komakino, I am not holding my breath.
GLA
Hi again,
I am the bearer of good tidings.
Upon starting to prepare my Capital Gain calculations I realised that I made substantial mistakes over the figures I mentioned in my previous post of yesterday.
I had arrived at the total by adding 5.19 + 0.0083 + 0.0039 + 0.00617; 5.19 being HUR ‘s 2 dividends in pence, 0.0083 PRAX’s consideration in GBP as where the 2 DCUs payments per unit. Also, the first DCU value should have been 0.00309 GBP - Some showing of basic mathematical skills indeed, EH?
The correct amount so far received is 5.19 + 0.83 + 0.309 + 0.617, for a total of 6.946 PENCE.
Therefore, leaving an amount of 5.554 to reach 12.5p/share.
As I said above a very substantial discrepancy from my initial erroneous figure of 7.29163 and for which I apologise.
However, even considering the correct amount settled to date, there is still quite a way to reach the maximum 12.5p; of course, not promised nor guaranteed, as per the preposterous terms of the acquisition but so lauded in some quarters!
GLA 🐸
Hello NMBS,
It is very likely that IWeb will repeat what they said to their clients via a Corporate Action Notification on 23 June 2023, namely (amongst other things): -
“As the New DCU's are not listed on any Recognised Exchange as defined by HMRC for ISA qualifying purposes. Your New DCU's will not be eligible to be held in an ISA. Should you have held your Hurricane shares within an ISA, we will shortly transfer your New DCU's to your Share Dealing Account. If you do not have a Share Dealing Account, we will arrange to open one for you.
Each New DCU may entitle holders to an additional payment of up to 6.48 pence. Please note, however, that there can be no certainty that such distributions will be made.”
Best, 🐸
Hello all,
After yesterday’s DCU settlement, 5.20837p received (of which 5.19 came from OUR money, I like to remind everyone), 7.29163 remains to come; quite a way to reach 12.5p !
Regardless if you are in profit or seriously under water this was a deal made from a very demonic place, even hell pales in comparison. Put simply we have been fleeced !
I am firmly with senseman on this, and really commiserate on his and others’ losses. I have been there a few times and know how it feels
As for the tax treatment of this hellish scheme I stand by my posts of 22 Mar 2024 14:05 under RE: March DCU Payment – key information and 22 Mar 2024 16:25 under RE: Tax treatment of DCU payments
In my view, nimrod99 post of 23 Mar 2024 18:53 under DCU (started on 23 Feb 2023): -
“As to receipts ending up in a trading account I shall regard them as a return of the capital that will reduce to zero in 2026 which I shall neither report or regard as taxable”
is misguided on several level.
Firstly, there could not be a return of capital as we no longer own the company.
Secondly, I am not saying it applies under PRAX DCUs, the tax treatment regarding returns of capital has been settled very recently by the Court of Appeal in Alex Beard (a Glencore former executive) – v – HMRC
Whereas Glencore did not pay dividends but instead implemented a return of capital twice yearly, HMRC position was upheld, namely that such payments should be treated as income, i.e., as dividends, as opposed to Capital Gain – meaning a tax of 33.75% or 39.35% depending of tax rate on income over £50,270/125,140, as oppose to a flat 20% (https://uk.news.yahoo.com/glencores-ex-head-oil-loses-131802249.html)
Enjoy all Easter 🐸
Hello Tier,
If an extension would bring a positive conclusion, I would also have no objection. However, in my view, if it had to happen it would have been done by now, hence my saying that we have waited long enough.
I hope that by saying so it would jinx the process and I will be proven wrong and Savannah will get Juba’s approval.
On a different note, I wish you a happy Easter break amongst those crazy French. Either they find Brits exotic and they love them or they just abhor them. Farm animals are the nicest amongst that lot 😉
Tout cela dit avec une pointe de sarcasme et ironie.
All the best, 🐸
A year on from - 'Deals are made here' !
All the excitement then and talks about AK being an important speaker at South Sudan Oil & Power Conference 14-16 June 2023, and from some quarters a sure indication, and expectation, of an approval by Juba for our acquisition of Petronas' interests therein, as a demonstration that they meant business and that indeed “deals are made there” - their conference slogan.
So far, that goes very well… or perhaps not at all !
If nothing happens shortly, would it not be the time to withdraw from the deal as gracefully as possible.
No one within SAVE would loose face and it would allow it to concentrate where we are welcome.
If South Soudan fails, I do not want to read RockyRide's post(s) oozing with unspoken disappointment as in the distant past in different circumstances, under another incarnation.
Disappointment(s) I incidentally shared. Believe me he and us all deserve better.
Regardless, 89p is going to be and even more as per Zengas’ superb analyses. But the sure way to know is to resume trading.
All in my view.
GLA
🐸
Nolupus,
Contrarianism is good. I am a firm adept.
It has served me well with GLEN in 2015 and superbly with INDV in 2018 and MRO in 2020/22. For balance, IRV in 2018 is best forgotten, that was very painful!
May the luck continue here with IMM.
Best,
🐸
Ouch!
Well, we will have to change the way we declare our “returns of capital” then.
Personally, I could have done without this this year as HUR acquisition by PRAX was mainly settled via dividend payments. No 8.75% for me I am afraid, but 33.75%, if lucky, on an extra 5K, bvgg€r!
Till now I relied on DEC for best income but that has dramatically changed recently, as TerryM1 would know. I still have PHNX and MNG amongst the most generous.
However, I am happy to remain invested here. I even increased my holding when the SP went below 400.
GLA
🐸
Hello Nolupus,
I like to read your posts, especially the (numerous) dissenting ones of years past, and current, as they make me pause and think.
It appears to me that you and Tim are enjoying a better time on this BB.
All the best,
🐸
Hello Goldgirl,
I am afraid, you have wrongly read my comment.
Although I stand by what I wrote, it was not aimed at you.
The lay out of my message shows a line after what was addressed to you and the following comment(s) starts by "In general,...."
Hoping this clears the air.
Meanwhile, I wish you good luck in your ventures.
🐸
At GoldGirl, you got it, girl?
-----------------
In general, If I find someone too dense, I move on to the next comment. I do not feel compelled to demean or otherwise. Ramper/deramper(s) are equally ignored.
I am a LTH who have not commented on individuals from IMM’s BOD and fortunate enough to have been able to heavily average down in November 2023 from 158.47 to 4.84p. The latest SP rally make me feel more comfortable but my view remains the same, till trial, this is still a gamble.
GLA
🐸
Hello all,
I fully understand the frustration of LTHs in respect of the depressed SP, I am in such a situation elsewhere.
However, in my view, there is an opportunity to follow TB & Co. in acquiring some shares, at the latest same level or below, funds permitting of course.
In that spirit I have added to my yesterday’s initial entry.
Those who complained that the opportunity to acquire shares at 1.5p was not available to them when TB & Co did, can do so now, even at a lower price.
On this point alone, the complaint about abuse of market would fall away, in my view. Over other trickeries it might be a different matter.
I am not defending TB, I do not care about him one way or another, but, as an investor and at such SP level, I feel there is an opportunity to make some good money here. After all it is the goal while trying to be generally as emotionally detached as possible.
GLA 🐸
My simple logic is as follows.
Since Capital Loss/Gain within an ISA cannot be taken out/transferred from that wrapper, a DCU (deferred consideration unit), in layman term a postponed/delayed payment - nothing more nothing less, must remain within it.
Just as in the case of a normal/regular acquisition, the end game being the same.
Well almost, in our case it is we liberate the company from you, you pay!
Best, 🐸
Hello Corryvreckan1,
The DCUs entitlement from my ISA’s holding has been transferred and consolidated with my share dealing account before October 1st payment, adding 20%.
Therefore, I will subtract the same percentage from the DCU’s payments for Capital Gain Tax purpose.
In my view, following simple logic, the proportional DCUs payments (20% in my case) must be offset against the Capital Loss "lost" on the ISA’s holding.
It is what I meant by doing nothing over the later.
Best, 🐸
Hello NMBS,
Here is my personal position and the way I will submit it to HMRC.
The initial purchase settlement from PRAX of 0.83p will be treated as Capital Tax Gain/Loss, most certainly a Loss in this instance, to be offset by the Capital Gain from the DCUs payments in the same year; 0.309p in October 3023 and the next one to come next week, yet to be declared and if settled before April 6th next. In respect of HUR/PRAX the end result will certainly be in the negative, to be used towards other gains from elsewhere and/or carried forward towards future tax period(s).
Bear in mind that the other payments were made under the guise of dividends of 5.19p in total, which are treated as income for tax purpose, albeit at different rates; therefore cannot be used against the above losses, alas! (All amounts are per share)
This applies solely to my ex share dealing account holding.
In respect of my ISA’s I shall do nothing.
Best, 🐸