Member Info for MatchKing

Thanks for your comments. Sounds like the hope for the 2nd DCU payment to got he way of the first and in to my ISA is a foolish one. PI lose again.

Below is copied directly from Barclays smart invester, corporate action section.

When I spoke to them they said they only treat it the way they have been told by Prax

Key dates

Respond byN/A

Record date29/12/2023

Announcement date28/03/2024

Ex date29/12/2023

Effective date04/04/2024

Event details

Prax Exploration & Production Deferred Consideration Units (PRAXD.XLON.GB) has declared a GBP 0.006169731 per share Return of Capital. Investors who held shares on 28 December 2023 are entitled to receive this dividend and it is expected to be paid on 4 April 2024.

It appears the DCU payments are being treated as dividends, not delayed payment for the original ‘purchase’. - Is this expected?

Prax are declaring the DCUs as dividend payment to, in my case, Barclays and are stating ‘exDIV dates’ inline with the 6 month periods.

It was possible for the first DCU payment to be paid in to an ISA because this is where the investment was held June 23. The second DCU payment is paid to where the ‘investment’ was held Dec 23.

Since the DCUs did not qualify an ISA investment it was moved to a standard investment account and this is where all future DCU payments will be made.

Having just noticed the Prax line move from my ISA to general Investment Account, I spoke to Barclays.

I was told it is now not a normal investment type, is more of a ‘Warrant’ and so did not qualify to stay in the ISA, and apparently nor a SIPP (though I did not discuss that). They are just following HMRC orders.

They also have no news on when/if a payment is due to be made. And can offer no information on CGT implications.

Barclays said it could take up to 7 business days to me. They are progressing my vote and said they’d let me know if it’s not accepted.

In HUR’s silence, it’s probably best looking towards Crystal Amber for answers. I’m sure there’s a CA shareholder or two on this board who could ask some questions.

The Company's 2022 AGM will take place at 10.00 a.m. on 23 November 2022 at Trafalgar Court, Les Banques, St Peter Port, Guernsey. Shareholders are encouraged to vote by proxy following the instructions set out in the notice of AGM.

Have your questions at the ready

Tullow Oil plc
Thursday 21st October at 1pm
Register here
Rahul Dhir, Chief Executive Officer and Les Wood, Chief Financial Officer will provide an introduction to Tullow Oil and an update on company performance following the Half Year results which were published on 15th September

Register
https://us02web.zoom.us/webinar/register/5216317384174/WN_HlPzBX7fSHKJMovr65zDVA

Everyone has to start with post number 1.
LTH here and certainly not Odey.
Wasn’t meant to raise a worry. Just mentioned it to temper the soon to be $100/bbl and it’s limited benefit to cash in bank. Anyhow I hope you’re right and it works out positively for decision making going forward.
I guess it’s the better hedging problem to have rather than flirting with the floor.

Surely the point of these boards is to bring collective info (sources) and thoughts together for discussion to help analysis. We want eyes wide open. wouldn’t want people to be put off posting through fear of being shot down.

https://www.tullowoil.com/application/files/9616/1467/8250/21-7653-1_Walnut_Circular_OKTP_v1.pdf

Page 13-
“As of 31 December 2020, Tullow had 60 per cent. of its 2021 sales revenue hedged. 2021 is hedged with a floor of approximately US$48/bbl, whilst retaining good access to upside in oil prices with caps averaging US$67/bbl. As of 28 February 2021, 2022 sales revenue is currently hedged at 16 per cent. with a floor of approximately US$41/bbl.”

Every time I check the hedging position I wish it were better for 2021. Even with the rising oil price towards the end of last year we seem to have lowered the floor from $52 to $48.

Although pleased with the oil performance so far. Slightly disappointed to see we’re running out of upside to benefit from with caps averaging $67/bbl.

Let’s hope the uncapped 40% benefits greatly and that we sure up a much higher floor for 2022 than the current $41/bbl