The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Hello lordloadsoflolly,
"Lost quite enough on IMM already thanks"
Loss on paper becomes real loss only if one sells, but know that.
On paper, I am seriously under water -73% (now 700K at 6.22 avg.) and this SP downward trend is quite unnerving with no concrete news forthcoming. However, I take a gamble in the sense that I believe that IMM has still some merit, hence my continuing averaging down, ironically aided in my view by the very same lack of news we all eagerly await.
As for the two Tim, McC & F, I feel that for the time being we have little choice but to suffer them for a while longer.
ATB 🐸
Hello CauldStream7,
I am with you, it is so painfully slow but I keep a glimmer of hope, hence my continuing adding to my holding.
I appreciate the concern but I do not invest money that I am not prepared to lose. Since my chunky losses with Carillion and Interserve I am rather relaxed about such eventuality. My big gains with HUR and INDV and to a lesser extent GLEN (still holding the last two) made up for them and would easily cover this one too if it came to that. If not here It is bound to happen again, win some-lose some, eh!
Dallo,
Glad to hear I am not the only crazy one. Good luck with your holding.
lordloadsoflolly,
Care to join Dallo and I? the more the merrier!
GLA 🐸
My yesterday 09:55 70K buy at 1.7189p does not even show here.
Generally, I do not know what to make of the expected trial saga.
I am no longer reassured by Avion continued involvement as, in my view, they could simply walk away at any time. They are financially strong enough to just write off their financial input.
Although I am still investing to average down as much as possible, I now consider this as pure gamble.
GLA 🐸
Hello Dallo.
Wanted 500K but would not let me.
Tried 400K, got a quote at 1.82 and same for 300K.
At 200K got 1.7265 and I went for it.
Your 100K trade shows as a sell!
Been in this since end 2017 and I am still seriously under water - 400K at 9.60 average (ISA 200K at 8.04).
Will aim for 1M more in stages at 1.50/1.75, if I am lucky.
ISA is maxed out so will have to wait until next April and see at where SP will be. Last April did not want to go at 2. Instead went all in GEM for div.
Best and good luck for your next 400K, 🐸
Hi Trek,
Based on holding(s) many PIs could be on the board 😉
Just like BBs, DEC's people like mall things.
Meanwhile I keep adding, 3 lots more and I shall have my intended holding... trying to catch up with you... I wish.
Best, 🐸
When iWEB applied a WHT of 30% in March last, across share dealing and ISA accounts, I considered transferring my holding into a share certificate and contacted DEC registrar, Computershare, and had a telephone conversation with 3 different persons. Eventually, after checking the March dividends settlements, their Corporate Action Dept confirmed that a WHT of 30% had been applied before payments were sent directly to the certificate holder(s), even when a W8-BEN form was in place. So no better than Lloyds Group -Lloyds, Halifax and iWEB. Instead I opened an account with x-o (Jarvis) and transferred my iWEB holding to them. With a W8-BEN in place, x-o applied a WHT of 15% on the 30 June 2023 and settled on same day.
In anticipation of future dividends from ZPHR, one can hope, I have done the same thing with that holding.
I am not ramping ZPHR. For good balance, Trek, a superb poster on this BB and huge supporter of DEC is not very keen on the former ;-).
GLA, 🐸
Hi NeilCampbell,
ASI is correct, everything from HURR will need to be declared next year after 5 April 2024 (end of tax year.
Here is a copy of a message I did post in another thread.
"Re capital gain/loss, only PRAX consideration settled at 0.083p per share can be utilized towards that. It is very likely that we all have suffered a loss. In a normal share dealing account it can be used against future gain(s) or added to historic losses. Within an ISA envelop, that loss cannot be used, of course.
The two others payments amounting to 5.19p per share have been paid as dividends, therefore form part of everyone’s income for the current tax year upon which income tax will be incurred depending of tax banding, after allowance of £1,000 – see my post of 27 Jun 2023 22:41 under “What happens next” thread.
The allocated DCUs (1 per ex HUR share), if settled, will have an acquisition value of nil (0), so always a gain for everyone, to be offset from PRAX Consideration loss and/or others, if in same tax year. Again, this scenario is within a normal share dealing account. As it stands, DCUs allocated within an ISA will be transferred to a normal dealing account and would be treated as afore said – see my post of 27 Jun 2023 13:30 under thread “IWEB and DCUs”.
DCUs will be settled twice a year within a 3 years period max. There is no guarantee over those payments."
It is always helpful to peruse past messages as some poster(s) here take umbrage when other do not do their own research (DYOR). All the info is on this BB.
Best, 🐸
This is a topic that has been covered many times.
Basically there are not set rules with regards WHT. Some brokers apply it at 30%, i.e. Lloyds Group (Lloyds, Halifax and iWEB) others like Jarvis (Jarvis and x-o) at 15%.
Here is what Lloyds has to say about it, verbatim: -
"I have spoken to our dividend processing department and the withholding tax on Dversified Energy is set at 30% due to the stock being settled on CREST and paid out as a US company, , ultimately it is a service issue that we have with our Custodian. We verified this with our auditors and Group Tax and confirmed we aren't in breach of any withholding tax regulation, it is a customer service issue - which is why we tell customers up front about this in our terms and cnditions. It's a business decision due to our system and custodian restraints. "
WHT on ISAs would be determined by the respective broker position.
I have moved my holding from iWEB to x-o share dealing account and I can confirm that the latter applied the WHT at 15% on yesterday's payment.
For WHT at 15% a W8-BEN form must be in place before hand with each broker concerned.
GLA, 🐸
Ripley94,
Re capital gain/loss, only PRAX consideration settled at 0.083p per share can be utilized towards that. It is very likely that we all have suffered a loss. In a normal share dealing account it can be used against future gain(s) or added to historic losses. Within an ISA envelop, that loss cannot be used, of course.
The two others payments amounting to 5.19p per share have been paid as dividends, therefore form part of everyone’s income for the current tax year upon which income tax will be incurred depending of tax banding, after allowance of £1,000 – see my post of 27 Jun 2023 22:41 under “What happens next” thread.
The allocated DCUs (1 per ex HUR share), if settled, will have an acquisition value of nil (0), so always a gain for everyone, to be offset from PRAX Consideration loss and/or others, if in same tax year. Again, this scenario is within a normal share dealing account. As it stands, DCUs allocated within an ISA will be transferred to a normal dealing account and would be treated as afore said – see my post of 27 Jun 2023 13:30 under thread “IWEB and DCUs”.
DCUs will be settled twice a year within a 3 years period max. There is no guarantee over those payments.
Hope it helps. Best, 🐸
If one has holding(s) whose income is generated in the US, as DEC here, some brokers like Lloyds Group (Lloyds, Halifax and iWEB) apply a WHT of 30% instead of 15%, even with a W8-BEN form in place. In a SIPP with iWEB I am not sure, not having one, as their SIPPs are managed by AJ Bell who apply a WHT of 0% on their own's. For a WHT of 0 or 15%, one must have a W8-BEN form in place before hand.
GLA 🐸
PIKEMAN ,
Thank you for the reply, I see your point.
-------------------
Trek,
So good of Malcy to validate our shopping spree. Now, if only the SP could fall down again for a while longer...I have quite a long way to catch up with you, re size of holding, fortunate man ;-)
GLA 🐸
Addendum
Forgot to mention, with regards to dividends personal allowance, one loses £1 from it for each £2 earned over £100,000
Best, 🐸
Hum! Hank.
For tax purpose DCUs are treated as capital gain; depending on tax rate band liable to a 10% tax for the basic one plus 20% on any amount above it; of course after the allowance of £6,000 for the tax year 2023-24 . This would be, in this instance, from an acquisition cost of nil.
Dividends are treated differently, as income - at basic rate 8.75%, higher rate 33.75% and additional rate at 39.35%, after an allowance of £1,000 for 2023-24.
Best, 🐸
Received this morning from iWEB, verbatim: -
"Important Information & Other Key Dates:
Further to our communication of 30th May 2023, we can confirm the Scheme received Court sanctioning at a Court hearing held on 7th June 2023. Following such approval, the Scheme become effective on 8th June 2023.
The Cash proceeds, Dividends and DCUs have now been credited to your account and you Existing Hurricane shares have been removed.
Unless you hold your shares in a ShareBuilder account, no fractions of shares will be issued. Any resulting cash entitlements will be dealt with in accordance with our Terms & Conditions.
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.
The Directors have created and intend to maintain a matched bargain settlement facility for the DCU's via J P Jenkins Limited. Details of this facility are available to shareholders on the Company's website.
Regrettably we are unable to facilitate trades using the Company's matched bargain facility. Should you wish to use the Company's matched bargain facility after the Company's Ordinary shares have been delisted you will be required to withdraw or transfer your shares from our nominee service. Please note that normal charges will apply to a certificate withdrawal only.
If you wish to transfer your shares you will need to establish an arrangement with an alternative broker. Should you wish to do this, please contact our call centre with the details of your chosen alternative broker and we will facilitate the transfer of your shares to them.
Should you wish to find more information about the Scheme, the full terms of the DCU's and the additional Dividends payments, please visit the Company website, www.prax.com/"
This would apply also, I suppose, to Halifax/Lloyds broker(s) as they all are part the Lloyds Group.
GLA 🐸
Hi Gavster-NBC,
I agree with you on this and do likewise on my proxy form. I also vote systematically against directors’ remuneration/remuneration committee’s recommendation(s). Of course, it bears no weight whatsoever but it gives me satisfaction to do so.
Which brings me to another element with regard to buybacks, which is that they are used too frequently as a way to inflate rewards/bonuses when they are settled at x amount per share; the less of those the greater the payout.
An increase in dividend would be my preferred option after settling the debt as much as possible – debt repayment first then dividend as the former is too frequently the bane of companies and it catches with them soon or later.
All in my view of course.
Best,🐸
As from today: -
PRAX EXPLORATION A DEFERRED CONSIDERATION UNIT
Shown on both my share dealing AND ISA accounts as above – Transaction type: Bonus issue - 0.00p with quantities as per past HUR units.
GLA 🐸
Hi Senseman,
Again, many thanks for your efforts.
A written judgment would have been good to keep on file, as I did in 2021, but it cannot be helped.
I am perfectly satisfied with your reporting of same on here as 'I KNOW' you can be trusted.
Best, 🐸