Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Forgot to add that the gain(s) of line 2 can be offset from the loss of line 1, to the limit of such loss, of course. All treated under Capital Gain (basic tax band 10%, anything above 20%), which is separate from general income. Dividends are treated as income but with different rate(s) according to tax brackets - Basic rate taxpayers 8.75% / Higher rate taxpayers 33.75% / Additional rate taxpayers 39.35%.
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Hi tokyosi,
Here is the way I have prepared my spreadsheet: -
1. For PRAX consideration
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Date (22/06/23?) - Hurricane Energy – qty (holding) - price (0.0083) – proceeds (=qty*price) – purchase – gain/loss (=proceeds-purchase)
Date (?) - PRAX (DCU* re HUR) – qty (same as above + any transferred from ISA) – price (?) - proceeds (=qty*price) – purchase (0.00) – gain/loss (=proceeds)
*Deferred Consideration Unit re Hurricane Energy acquisition (as a foot note)
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On the first line, it is going to be a LOSS, more than likely
On the second line the purchase is going to be 0.00 as the initial purchase amount has been used in line 1 – It is going to be always a gain
Line 2 will be repeated for each DCU payment – those will be entered over a few tax-years
2. The 2 dividends amounting to 5.19p/share will be entered were relevant in the income section of self-assessment.
This is in no way a tax advise, only my own understanding of the situation. I will be interested to hear different treatment.
Hope this help. Best, 🐸
If you want to compare z o b s, my return here is 116.37% on 800K shares and 202.99% on 200K on the payment of 6.02p/share. More than double that if DCUs are honoured in full, i.e., 349.28% and 529.14% respectively, and I will still feel being robbed.
As for those who are underwater, I only have empathy and hope they are alright. I have been there and I wish for you to not have to experience it, ever.
Ever, Kever!
Kever, you wore the wrong dress, Sarcasm was for tomorrow!!
Go to the corner and reflect on what you did wrong, naughty child!!
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Laserdisc gave us precise details of uplifts and transit movements but I do not know where/how he got the information. Try to reach him, here or on the other side, and ask. Best,🐸
Kever,
Are you having a laugh?
After having complained (rightly so, in my view) of unnecessary questions from people who do not bother to do their own research, you just do the same, or perhaps not.
Shares ceased trading at end of business on 7 June. No trading took place yesterday, 8 June, as the shares were suspended as per RNS of same day at 7:30am.
They trade in "Financial of liquid gold", just being re-classified by PRAX 🤣
How did I do on the quizzes?🐸
Hi dflynch,
Originally, I thought the same thing and how irrelevant it would be now that HUR no longer exists. However, there are the DCUs to consider and evidence towards on going production would make it very hard to deny future payment(s). Best,🐸
Hi dflynch,
It is exactly as I see it and have already prepared my spreadsheet accordingly.
By the look of it, it is going to be unfair to not be able to offset the DCUs Capital Gain (if payments occur) from the Capital Loss of the cash consideration derived from the holding in an ISA. HMRC knows best, as usual ;-) Very best,🐸
That, Kever, remains to be seen. There are 3 distinct elements as spelled out in this morning RNS : -
“A Scheme Shareholder on the register of members of Hurricane at the Scheme Record Time, being 6.00p.m. on 7 June 2023, will be entitled to receive for each Hurricane Share held:
· 6.02 pence, comprising 0.83 pence by way of the Cash Consideration, 3.32 pence by way of the Transaction Dividend and 1.87 pence by way of the Supplementary Dividend”
It clearly states 2 dividends totalling 5.19p/share (3.32+1.87) AND cash consideration of 0.83p, as it has always been the case. Cash consideration is not a dividend. Furthermore the 2 dividends will be paid by HUR (our money till yesterday) whereas the cash consideration by PRAX. Best, 🐸
Hi mariog,
Millionions’ broker probably refers solely to the 2 dividends payment that come correctly to 5.19p/share. PRAX contribution of 0.83p would be treated separately, at least for tax purpose and would not show on the year end Tax Certificate (outside ISA/SIPP) issued by the financial institution. Both sums come to 6.02p/share, so all is good. Best, 🐸
Petethestreet,
No need to apologize. Many thanks anyway.
After 55 there are fast diminishing returns with a SIPP. Best, 🐸
Petethestreet,
I suppose the previous post was for me.
There is no tax advantage(s) to be had under my own circumstances - I am just too old to bother with one. Best, 🐸
Kever!
To the naughty step, NOW!!
Thanks for that Kever. Shame over ISAs. I do not have a SIPP, it would be of no use to me. Best,🐸
Broomtree,
The way I read the RNS is that indeed the DCUs may be tradeable, but it is only about the platform that will be put in place for doing so, shortly by the look of things.
It says nothing about payments being guaranteed. Over this the situation is unchanged.
The trade of DCUs and value(s) attached to them would be determined, I suppose, by the risks of no future payment(s).
For giving this latest information so quickly after sanctioning is indicative that everything had been put in place for quite some time. Shame that the same care had not been given to the tax’s implications regarding ISAs.GLA 🐸
If it was not for the fact that I tend to partly agree with Kever, I would otherwise have sent him to the naughty step.
For the past few days too many queries have been made about the details of the scheme which were published 2 months ago on 6 April last and discussed here at great lengths since, and quite animatedly, to put it mildly! GLA 🐸
Just to add my sincere many thanks to you and a few others who fought so hard for us. It is a real pity that there was no satisfaction to be had in the outcome for you all.
For me, your are the stars here.
I hope you are all alright and wish that our path will cross again, for, in a selfish way, I would be one to keep enjoying your posts, very, very much.
Keep well and safe. Very best, 🐸
Broomtree, "Just UOG to go and I think I’m done with oil"
What about DEC (incidentally, nice SP rally)? Never been in UOG, but I am in DEC, SAVE, TLW and ZPH ;-)🐸