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Morning everyone. I received mine this morning as well. I've been reading around the issue, done the sums but am not sure which way to jump. Which way is the share price expected to go after the offer concludes, any ideas?

Totally agree Leedsman. I'm baffled too. At worst I expected the share price to be stable and didn't expect this drop.

Hi guys, had this from HL yesterday

We’re contacting you about a change in the tax treatment of distributions made by Glencore plc (Glencore). If you hold Glencore shares in an ISA or SIPP this is for information purposes only and will not have any tax consequences for you.

Since listing in 2011, Glencore has made distributions to shareholders out of its share premium account. As a company domiciled in Switzerland, these payments have been made free of Swiss withholding tax. Based on guidance provided by Glencore at the time, we have paid Glencore distributions to you as a return of capital and not a dividend / income payment

We have been made aware of a case in which HMRC has issued a notice to a UK shareholder assessing that the payments from Glencore should be classified as income for UK tax purposes and not capital.

This assessment was appealed to the First-tier Tribunal Tax Chamber (FTT), who concluded the payments were dividends of an income nature and therefore dismissed the appeal.

If you would like to read the full judgement it is available at https://financeandtax.decisions.tribunals.gov.uk/judgmentfiles/j12414/TC%2008460.pdf

In light of the FTT’s decision, we will be paying any future distributions from Glencore to you as a dividend / income payment. This includes the recent payment on 22 September 2023 which was made to holders at the end of 30 August 2023.

We are aware that this case is being further appealed to the Upper Tribunal and we’ll assess this again depending on the outcome of that appeal. We understand that this appeal is likely to be later this year, although it could take some time until a judgment is published. A decision on whether we will reclassify any historic payments will also be taken after this point.

If you have any questions or concerns, please contact us. Nothing here should be regarded as tax advice and we recommend you speak to a tax advisor for advice on the tax treatment of these payments.

Yours sincerely

Dave Ford

Corporate Actions

Eviking, TerryM1. Thanks form this, I’ll feed this in to HL and see what they say. Cheers again

Hi guys. Regarding the dividend payment, I have just had this reply from HL:

Thanks for getting in touch regarding the recent Glencore Plc dividend payment.

Following a recent court case in HMRC, guidance states that the payments should be classed as Income and future payments should also be released as dividend payments. Therefore, the recent payment (22 September 2023) and any future dividends will be paid as dividend.

Please note, we will be sending further communications out to all Glencore plc holders within the next week to further explain the matter.

Anyone got any thoughts?

Hi guys, thanks for the heads up on this. I emailed HL and I had this reply from them:

Thank you for your message.

Following recent guidance and based on a recent court case, we have been informed that the distributions should be declared as a dividend rather than a return of capital.

We are working with our legal team to decide what to do about previous ones and will distribute communications surrounding this when decided.

If you have any other questions, please get back to me by replying to this email.

Mail on Sunday, page 71 has an article on research into links between psoriasis and psoriatic arthritis by Hippocrates research group and quotes Dr Laura Coates of Oxford University.

PatShare, I was thinking along the same lines as you. I don't really understand the implications but all roads seem to lead to DBay. Likewise, I'd be grateful for any input from those that understand this RNS better.

Forgive me, but this was meant to have been completed by now. Phrases like 'fully committed to the formal completion' and 'following each parties final internal approval process' fill me with dread. This should have been completed, more language that lacks certainty and commitment. My interpretation is that this deal isn't done yet. I have no idea how the market will respond but I have my reservations.

Thanks for that, Patshare. Good points well made and I totally agree with you. I'm happy with the slowly, slowly two steps forward one back. All positive.

Hi Patshare, possibly a daft question but here goes, would/should we not expect a greater impact on the LDG share price from the c7.5% increase in CareTech shares combined with the buyback of LDG shares? Wouldn't this increase the value of LDG? Or am I expecting too much too quickly? Anyway, thanks for keeping tabs on the running total of shares bought back.

Couple of questions. Where do people see this share price going on the basis of the expected news? What things are happening in the background? Cheers in advance

Thanks for that t990015. I am at a loss as to why this share price is going down every day. I would have thought it had found a baseline. Anyone any knowledge/suggestions?

Thanks. I'd agree with your sentiment and your 20p price.

Possibly a daft question but please indulge me; where do we see this going share price wise? I have a fairly substantial holding and I'm looking at a target of 25-30P. All things considered, I've no idea where this could go beyond that. Any suggestions? Thanks in advance

I agree, my thoughts entirely, what was yesterday all about? I haven't found any indication of what caused the spike up and subsequent retrace.

I didn't expect this, totally shocked at this bombshell and it's impact. Is there anything positive that can be drawn from this?

Hi mate. I'm sure you've got loads of knowledge on this stock but you undermine yourself with contradictory comments in your post of 3/3/20 timed at 1244hrs states:
'HI Ethio - My small short won't make any difference to the fortunes of ESL - I have friends working there and the damage was done by the BoD and Alex Laffey and the previous CFO who left early 2019'

Thanks sidebar, appreciate your comments.

Just had some post from HSBC stating that either I nominate a broker to move shares to or HSBC will send me certificates for the shares that I hold. Never experienced this before so just wondering how this actually works and any implications? Cheers and apologies if I'm being a bit dense.