Member Info for Onbeyondzebra

Yana

If you want the most straightforward solution:

1. Contact your broker (HL, ii, Lloyds etc.) and request paper certs - either now or at the beginning of next month once the redom has been approved by vote. Don’t wait on this; you’ll need the paper certs to arrive before the coming gets delisted from FTSE.

2. That’s all you technically need to do. However, you will probably want to upload the certs onto the Tabys app so that you can keep track of them and update your nominated bank account for dividend payments. Follow the step by step instructions from Poly here, once your paper certs have arrived: https://www.polymetalinternational.com/files/en/Tabys_guide.pdf

3. If, in the future, you want to sell your AIX Poly shares, you will need to open and account with an Kazakh/AIX broker (the ones people are considering are Wood and Freedom Finance), transfer them from Tabys to this new account - they will help you with this - and trade them.

However, it sounds like you a re like me and have no intention to sell them in the near term. In which case, you just need to do steps 1 and 2.

Neeeew

No. They are the same process: By requesting certs you are effectively changing the name on your shares from your nominated representative (i.e. your broker), to a real person (presumably you - or whoever you want to gift your shares to). After having requested paper certs you be automatically converted to the AIX registry once the shares stop being FTSE shares and start being AIX shares. Tabys is just an interactive system/app that allows you limited interaction with (what will be) your AIX Poly shares. So… in short, you will need to request paper certs - or alternatively arrange to transfer your electronic ftse shares over to new nominated AIX broker (Wood, Freedom Finance etc) - if you want to remain a Poly shareholder. If you decide to upload your paper certs onto the Tabys system to vote and provide a bank account for electronic transfer of dividend payments (rather than a cheque) is an additional step that you can choose to do.

To that we can add that BB completely (and regularly) misses the point that 16 months ago POLY was a top 10 miner in the world. Through no fault of its own, it’s trading at 10c on the dollar. Yet, his warnings are as though we’re talking about an AIM explorer digging some holes in Mozambique - and raising cash every 2 months. POLY is not a speculations, it’s a bonafide producer with world class assets. Most of us own shares in, what the Financial Times calls, the ‘gold standard’ of miners (pun I suspect was intended) and intend to keep it that way. I for one won’t sell my shares for a pittance because a pea brain jilted ex-investor keeps inventing things to be worried about - without ever reading the information packs the company puts out. Incidentally Chique, I think you are doing a bit of a disservice to the intellect of secondary schools students. I suspect they would be as bemused by his antics as we are…

BB

If this is directed at me, you’re filtered, so won’t be seeing it or answering. To all of the crap you spout, and not-so-brilliant pointed questions you ask, the answer is always the same: Read the POLY documentation…

You (and anyone else that has questions) can start with the two quite chunky (legal) documents they uploaded onto the FCA database this week explaining the necessity for all the actions taken, alongside guidance for shareholders:

1. https://data.fca.org.uk/artefacts/NSM/Portal/NI-000074869/NI-000074869.pdf

2. https://data.fca.org.uk/artefacts/NSM/EQS/FESGBYTKFCIKYMXTRHADBRQQ.html

You certainly fall under the classification of someone who would benefit from reading more, and writing less. Hopefully these links will help you out in this regard…

Hopeful

The Poly documentation makes it very clear that:

1. For the moment Tabys (and the direct transfer for dividends it brings) is the preferred solution, as the shareholders are engaging with company (i.e. voting) and can confirm/change financial and personal details as necessary on the app. Being uploaded to the AIX registry - which happens by just converting to paper certs - does not have a user interaction function as yet - though they are expecting it have one at some point.

2. The question of dividends - and how they will work - has yet to be fully clarified. Once the move to the AIX registry for all shareholders has been completed they will be able to pay dividends without breaking either Western sanctions or Russian counter-sactions. This is precisely why we are all going through this domicile change rigamarole (i.e. voting on it, moving domicile, moving shareholding over to AIX - either through Tabys, simply AIX Registry or broker). Only after all these steps have been completed, can either a cheque be posted or a bank transfer to shareholders be made - or the company would be sanctioned by either the UK or Russia.

See the Q&A document: Q. 13 & 21: https://www.polymetalinternational.com/files/en/2023_05_10_Re-domiciliation_QAs_eng.pdf

If you keep Poly up to date on your contact details, they will try to pay your dividend (presumably by posting a cheque)

Can’t see what crap ol’ BB is spouting now (he’s filtered). Let’s always remember his prediction at 205p that the SP would be walked down to zero by the end of the week. We’ve seen at least one PI that sadly said they sold at that rate. Perhaps BB should reflect on the thousands of pounds he’s likely already cost some investors through his hysterical rants that the sky is falling any minute now. It really is sad. Every board seems to have one investor that lost their shirt and now makes it their life’s work to ensure no one else can succeed with this share. Luckily he’s clearly not that bright, so the arguments he brings are fairly easy to poke holes in, and don’t even provide an intelligent counter-persptive. I therefore think the filter button is most suitable in his case.

More importantly, over the last few days we’ve proved him wrong when he said this board can’t be a productive tool for PIs to share useful knowledge and help each other out. I don’t think I’ve ever seen an LSE board that has been so collaborative and helpful over the last 72 hours. This is all the more surprising when you think that many of us avoided this board for months due to the number of cringeworthy geo-political threads. Everyone who’s contributed to the helpful discussions on considering our options going forward deserves to be proud. Let’s filter out the noise and keep going in this spirit!

Thanks JohnNth… very helpful. Did ii happen to give you a cost and timeframe for receiving the paper certs from your private account?

Kstate81

Yes, you would need paper certs to use Tabys. It’s covered under number Q. 13 on POLY Q & A document: https://www.polymetalinternational.com/files/en/2023_05_10_Re-domiciliation_QAs_eng.pdf

If you keep your FTSE shares in digital form - through your broker - your options are: 1. Transfer them to an AIX broker 2. Sell them 3. Do nothing proactive and have them liquidated by HL when the FTSE shares no longer exist

I’m with ii, so can’t make suggestions on what to do with HL. I suspect HL is just buying time to figure out what its policy/guidance is for all it’s POLY holders. Eventually, I’m sure they’ll (legally) have to land on providing paper certs to everyone who asks. Perhaps they’re waiting for the end of May for the Redon to be confirmed. Worst case you could sell with HL and buy with another broker that’s being more helpful - though there would be some loses, fees and faff that would best be avoided. I think I’d start by calling HL, asking to speak to a manager and asking for them to provide in writing why they are refusing paper certs when other brokers are providing them (specifically with a recognition that their refusal to provide them is likely to result in losses if your holding is liquidated by them when the FTSE shares get converted to AIX and they liquidated your holding). Again, I’m not a financial advisor this is simply how I would go about it.

Blueberg

You can’t trade them - just hold and dividend payment - through Tabys. It does say on the company documentation that once it’s in Tabys, it’s very straightforward to then mover them to an AIX broker if you want to sell. I’ve now gone through the registration process for Freedom Finance KZ. I won’t complete the process (uploading my passport phot etc) because they charge you if you are inactive for more than a year. I will finish the registration - and move my shares over from Tabys - if I decide to sell (which I won’t). I’m purely in it for the 25-50% yield at my average for years to come.

CiderKing: here’s the company’s guidance on using Tabys: https://www.polymetalinternational.com/files/en/Tabys_guide.pdf

Right now you just ask POLY for an access code and wait till the start of June to then use it. This code gets you past the problems you are having now.

Blue Berg

Holding physical shares (in the first instance from your broker) = the Tabys app

Holding the shares and sticking them in a drawer (and not updating them onto the AIX registry via the Tabys app) is not a great idea. Brass’s helpful instructions below seems to suggest that the act of requesting the ‘paper’ shares means that the LSE registry is updated with your details (presumably by your broker when they send you the shares), meaning in time the AIX registry will be updated and it will be known that you own part of the company. However: 1. You are assuming everyone has done their job properly in transferring over your rights and 2. POLY would just have a postal address (but no banking details) to try send you dividends. Surely, once you have the paper shares, just finish the process with Tabys to make sure all your shares have been transferred over properly to the new registry, and the company has your banking details to painlessly send you your dividends. In other words: options 1 & 4 are the same option.

Yeah, the UK is second on the residency list : соединенное королевство

Yeah, I said in an earlier thread: for Freedom KZ, the app is in English but, when registering, all the drop down menu choices are in cvyrillic. For the first box (residency), none of the google translate names for United Kingdom, Great Britain or England - in Russian or Kazakh - show up on the list. Someone, in an earlier thread, said it was the second choice down on the list. It was one of the things I wrote to Freedom Finance KZ to clarify. The other was that the website seemed to suggest that you could only open an account online (or on the app?) if you are a KZ resident. Non-residents were asked to go into one of their branches. This is where I stopped investigating (as I decided to go with Tabys anyway). In the Poly documentation it explained that its very straightforward to transfer shares from Tabys to any AIX broker in the future. This gives me/us time to see the best offering for UK residents in the lead up to redom and, indeed, after as I’m in no rush to sell.

Chique

Did you figure out how much the transfer of shares will cost you with Freedom Finance?

I like that you can trade IPOs, so a useful platform to have, but the trading fees sounded exorbitant.

Jotom:

That’s what I was trying to think through - and where a financial advisor would be useful. Sure, you can hoover up a handful of super cheap shares at the end, but if you don’t have time to transfer them to an AIX broker (several weeks) or get paper certs (10 days), you’re risking having them liquidated (off book?). In the other thread, Lloyd’s seemed to be suggesting to get on with it, because they can’t guarantee what would happen if, say a day before the Crest (i.e. LSE) shares become invalid, and the stock is suspended, you buy shares and immediately request certs. While that request was being processed, the shares become affectingly invalid and…what?? I really don’t know, but suspect you’ll get a message from you broker saying “the shares are now invalid and have been liquidated - here’s 3% of what you paid for them”. As I said, I would only risk it with a couple hundred pounds, unless there were assurances from my broker and ii that they will still be transferable after the suspension date.

As for why it’s rising. It doesn’t seem that much of mystery to me. If everything goes to plan, you may have something resembling a 25% - 45% dividend yield at these prices, after the summer and/or in the years that follow. For some that looks pretty attractive and is worth the faff.

DC2007

I was wondering about that too. I don’t know how it works - in terms of timing - in the last moments on LSE. As you say, the stock will be liquidated at firesale prices - for those that did nothing - presumably before the suspension? If it’s after the suspension, liquidated where? If it’s before the suspension, who would buy them (i.e. PIs would need roughly ten days to get the certs and transfer them over, but you might not have ten days). Again, I’m sure some big financial institutions could just buy them and immediately transfer them over to the AIX broker; but for us PIs, the timings probably wouldn’t work. Any ideas, anyone? In those last thralls, I might have a cheeky punt with a few hundred pounds and see if POLY will still let me register them. I suspect though it will be a lot cleaner - suspension at something resembling a normal SP then firesale off books to institutions for the remainder.

I seem to remember BB saying, when the share was at 205p, that they will hold it at this rate and then walk it down to effectively nothing over the coming days. So if any PIs listened to BB - a bad idea at the best of times - they would have lost just under 20% of their value. His altruism truly has no bounds.

As I said, the last price drop (and the redom in general) is acting to change the composition of the shareholding. There will be far less shares in the hand of PIs and far more in the hands of institutional investors. I don’t think this was the intention of POLY - they’ve gone to some lengths to make it easier for PIs (e.g. the shortcut TABYS can’t be used by institutional investors) - but this will certainly be the outcome. Doom and Gloom merchants like BB just feed into this compositional change.

Mattyhh

A lot of investors will certainly choose to follow that path. When the price dropped yesterday, you couldn’t get a quote until it had recovered 80p. For a company with a market cap of 1.1 billion, a 100% rise in 30 mins - where effectively PIs were locked out - should give you a clue of where the smart money was and is going. This decision by POLY was always going to convince many/most PIs to sell up - effectively transferring their holdings to institutional investors with deeper pockets that are happy (and better prepared) to deal with a redom. The faff, from what I can tell, is two emails and uploading some details onto an app. This time, I’ve decided to go with the smart money, and not get screwed out of shares in a company that I’ve been tracking since 2018, waiting for a good entry point. This isn’t meant to convince you. As I’ve said before, I’m in it purely for the dividends; the SP means nothing to me. While I think it’s sad that PIs feel forced to sell, from a purely selfish standpoint, I’m looking forward to the next cheap top-up opportunity.

Poly has been pretty clear that there will only be digital shares in issue. The paper (Crest?) certs must be transferred into digital AIX shares. Again, read the documentation they’ve sent out: 2 long docs on the FCA data repository. It goes through all possibilities. 1. If you do nothing, your LSE shares in broker will be liquidated and you’ll get the cash. 2. You can transfer your LSE digital shares from your current broker to a new AIX broker (Wood, Freedom Finance etc.). 3. You can ask for paper certs from your broker and upload them via Tabys (and vote and get dividends to your bank - free but you can’t trade) 4. You can get paper certs and register them with Poly and the AIX registry (no Tabys, no voting and POLY said they’ll do their best to get you divis - by cheque? - but no guarantee).

In all these cases the LSE (Crest) shares stop being valid. Read what they say about this scenario you’re suggesting (let’s call it option 5): I.e. request paper certs but you just hold on to them and don’t transfer them into AIX digital shares (like it’s Evraz). I think they mention this situation , but it was nothing good (or anything you would want to try). I think they just stop being worth anything and you’d need to make a (legal?) case to Poly at some point in the future.