Just tried to buy a few to "round up" for an even number for a Certificate, to be met with this message. You can sell OK, and online is quoting as normal at about 2.49. Really annoying to find this, with no warning, after all these months of trading. Maybe some FCA, LSE rule prevents advance notice, but still....
Hi SVEND
I see your query has already been answered by others. My email to wood@wood.cz got no error message, although I have to admit no response either, as yet! The only additional source of contact by email I can see is info@wood.com, but that is generic to all their offices, not just the Czech office where Mr Vavra is based.
ALSO- just a point of information. I am with iWeb and according to onsite info. they seem to be prevented, I think by ISA rules rather than their own protocols, to transfer an individual stock, eg Poly, out of their ISA ac to another ISA ac - instead the entire ISA with all stocks and any cash has to be transferred. This is the case for a "current tax year" ISA holding- investments in previous tax years may be treated differently, but I am afraid it is all looking rather tricky. I am in the middle of trying to get an understanding of this new apparent "hurdle", so I can't say any more than that at present. I guess one's own broker should be able to advise further, if we ever get to the stage of finding an AIX listed alternative broker who will offer an ISA facility.
For "obtacle" below please read "obstackle". Thank you
How! Redinjun
To answer your third query last, referring to oneself in the third person could be regarded as a sad attempt to increase one's status by this affectation of grandiosity.
But on the other hand... err, thats it.
As to your initial query, I rather feel you have answered your own question.
Finally, and in logical order, as to your second point, I can only add that there are many reasons why a particular candidate might fail to achieve the exhalted position of ISA Manager, notwithstanding holding all the personal qualities which, ahem, I profess to possess ( it is of course for others to judge).
I cannot list all those myriad reasons, but just as a "for instance", the inability to string a grammatical sentence together might well be an obtacle.
I do hope this has helped.
No Carltt.
Sorry, I thought I had explained:- "not all PIs are likely to have the experience, intellect and integrity like what I have got". {to be an ISA manager} Please read again, carefully.
Oh, and a degree of politeness or at least lack of wanton rudeness would probably be a valuable asset to the fledgling ISA Manager as well. Just a thought.
Hi Jotom
This is wot I wrote, to the gentleman who had responded to another poster about POLY issues.
POLYMETAL INTL PLC ORD NP- For the attention of Mr. Vladimír Vávra CEE Equities Sales Trader, please
11/5/2023 10:10
To wood@wood.cz "Dear Mr Vávra
I am aware of your response to Polymetal private individual ("retail") shareholders in the UK who are holding POLY stock on the LSE. I am grateful to Wood & Company for engaging with Polymetal and ourselves, and note that matters are "under development" currently. I would like to raise one issue of great importance to persons in my own position, of whom there are many I believe. POLY shares were bought as a long term investment and dividends- until recent events anyway it has never been a great trading share for private individuals.
You will be aware I think that UK investors have a government tax break of an Individual Savings Account (ISA) where we can add 20,000 GBP each year to a stocks and shares ISA account, and this is free of all tax on any gains, and importantly, removes any obligation on the individual to make tax returns as regards any ISA transactions.
Currently I hold approx XX,000 POLY shares in my ISA account. If I have to SELL them out of the ISA I will lose that tax and accounting advantage for ever. So that is more than £XX,000 GBP (X years x maximum contribution of 20,000 GBP) which I will lose the ISA benefit of.
UK tax regulation for a qualifying ISA stock is that it be registered on a "recognised" Stock Exchange. AIX is such an exchange, recognised by the UK since 2019.
Further, I note that it is not necessary for a stockbroker intermediary to be registered in the UK to offer an ISA account facility (and I note you do have a London office anyway) - for instance Trading212 offers an ISA and is mainly based in Bulgaria and Cyprus I believe, although it does have a company registered at UK Companies House, as indeed does Wood & Company, as a Czech company.
So I of course do not know the technical issues, and difficulties, if any, for an intermediary broker to set up to offer UK ISA "wrapper" accounts, but I am respectfully asking that if there is any possibilty of your Company doing so it would be of tremendous benefit to many people such as myself.
BLAH BLAH- couple of lines as to personal circs, & cont'd:-
"I apologise for the length of this email, and I hope that you can give consideration to offering an ISA facility to your soon-to-be new UK clients. That would be so much appreciated.
Yours sincerely and very best regards"
REDINJUN:- Q. so we can become our own ISA provider?
A. Not everything the ferret proposes should necessarily be taken at face value. In theory yes, anyone can qualify to be an ISA Manager provider, as I read the Application Form. However, not all PIs are likely to have the experience, intellect and integrity like what I have got,so sadly I would have to advise (and please DYOR), NO, not everyone can.
Ref ISA manager issue- turns out its not that hard to do: Apply to be an ISA Manager:-https://www.gov.uk/guidance/how-to-open-an-isa-as-an-isa-manager. Took me 10 minutes to complete the form of application. You just have to be-
"an authorised person within the meaning of section 31(1)(a) or (c) of, or Schedule 5 to, the Financial Services and Markets Act 2000 who has permission to carry on one or more of the activities specified in Articles 14, 21, 25, 36H, 37, 39G, 40, 45, 51ZA, 51ZC, 51ZE and 53 and, insofar as it applies to any of those activities, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, (other than interim permission under Chapter 4 of Part 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013) (with evidence demonstrating such permission)
a European institution that carries on one or more of those activities in the UK and has entered the Financial Conduct Authority’s (FCA) temporary permissions regime
a European Institution that has permission to carry on a regulated activity in the UK under Part 4A of the Financial Services and Markets Act 2000 by virtue of regulations 8, 11, 28 or 34 of the European Economic Area (EEA) Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018."
I have assumed that I must qualify under at least one of those provisions. Further, if one is not fully confident in setting up an ISA management co. on one's own, you are allowed to farm out the necessary expertise to some one (eg HL), who is . So as I posited before, how hard can it be? After all, the Application Form is only about 3 pages long.
Freedom Finance EU is currently "Down for Maintenance" when I try to sign in- may explain absence of SMS.
Got to download FF app OK earlier today and started sign up process. Got to add my UK location and Tax UTR no. and all was going okay until a message came up- "Sorry, account not available to UK residents." Hope this is resolved on Tuesday as expected.
As regards fees. there is a 30 day "Promo" period for new accounts, where no fees are charged on normal buy/sell transactions. Whether this will help re. transfers over to FF I don't know, but there it is. My 30 day clock seems to have started ticking according to the website, even though I can't open an account (yet). So not sure of my status with FF- in some sort of limbo. If I can, I will close the account and re-apply when I actually need it.
I would suggest in view of above that it is pointless to apply for an FF account until Tuesday next at earliest.
I have asked Wood & Co nicely to consider providing an ISA facility- I can't see why not, they have a London office and Trading212 for instance offer an ISA wrapper whilst being based mailnly in Cyprus and Bulgaria I believe.
I have had no response from Wood & Co as yet. I will be contacting FF about this as well- how hard can it be?!!
Check out their company website- Investor Relations for instance. Oh! I can't -you need a login and password (never ever seen that before) plus no directions as to how to go about obtaining one. Bodes well. This company runs petrol stations, supplies commercial marine and aviation fuels commercially and, err thats it. Check out the directors. Oil exploration and production experience? I don't think so. Something about this has SCAM written all over it, imho.
Hi all. My first posting since Sirius Minerals disaster- its taken that long to amass a decent pot to invest.. I am now, up to my neck as usual with a 225p or so average, mostly in my ISA- Poly is obviously the sure thing that SXX never was, although I note Anglo American are going great guns at the polyhalite extraction (why is everything poly?), bast**ds.
Anyhoo, I am just posting an edited version of some info from MoneyWeek which gives a concise explanation of some of the jurisdiction and listing issues under discussion. Its from 2013 but the principles remain current. ATB RF: -
“It's a good idea to get exposure to international shares in your search for income and growth and to diversify your portfolio. But when it comes to putting such shares in an Isa, the rules aren't entirely straightforward and many brokers don't make things easy. Here are the key things to be aware of.
What can you hold? The regulations say you can hold foreign stocks listed on a "recognised stock exchange" in an Isa. In general, the main exchanges in most major developed markets qualify, as do a number of emerging-market exchanges. Small caps and growth companies often do not.
RF NOTE- and we have established that AIX most certainly has been HMRC recognised since 2019
"However, the fact that an investment would be permitted under HMRC rules doesn't mean every Isa provider will allow you to hold it. Most brokers only trade a limited selection of international markets. And even within these, some may only allow a more restricted range of foreign securities than HMRC's rules permit.
funds will not be eligible.
What's the tax treatment? Isas will shelter you from UK income and capital gains tax on foreign shares, but don't receive special treatment from tax authorities in other countries. This means that, if the foreign government deducts withholding tax from dividends, you will suffer the same deduction that you would if you held the same share outside an Isa.However, if you are normally entitled to reclaim some of this withholding tax from the foreign government under a double taxation agreement (DTA) between the UK and the foreign country, you should be able to reclaim this for shares held in an Isa too.
What will it cost?There is one big catch to holding foreign stocks in an Isa: any tax savings you make can easily be swamped by added costs. That's partly because brokers typically charge higher trading fees for international stocks and higher account fees for Isas than for a regular account, but also because most brokers charge you commission for converting sterling into a foreign currency and back again.This currency charge can be up to 2% in some cases and isa big hidden cost of international investing - often greater than the trading fee itself. For this reason, it's best to avoid converting currencies more than you have to but the regulations only allow cash in sterling within an Isa.So you will need to convert to and from sterling. These costs add u
Thronegames. The following linked article I found helpful to explain this. I am with iWeb and not surprisingly with their being part of Halifax they also told me over the phone that the W8 Ben form is a non-starter for DEC. A lot of issues are explained in the article, not least that, as has been said on this board, some brokers are more helpful than others on this but the piece also suggests how it is possible for individuals to make claims DIRECT to USA IRS for a refund -and there is a Dept in the US dealing specifically with overseas IRS matters, so if the amount is substantial enough to matter to any investor, then a claim can be made to the IRS. There is even a specific "Refund Form" which can be completed and sent (possibly emailed)to the IRS in the USA . See further https://the-international-investor.com/investment-faq/reclaim-withholding-tax-foreign-dividends-isa-sipp
From the Clerk to Zacaroli J.
"With reference to the ANNOUNCEMENT OF THE DECISION OF MR JUSTICE ZACAROLI IN THE MATTER OF Hurricane Energy PLC hearing, which commences at 9.00 am on MONDAY 28TH June 2021.......For your reference the court will open the hearing link to test for any potential technical issues at 8.30 AM on the day of the hearing, please ensure you are logged onto the hearing by 8.50pm."
Looks like it IS an early kick off then
dflynch
Yes, thanks you are quite right. The (very) small print of the email does refer to 9am as being a "test TEAMS link" time with the actual kick-off still at 10.30 am. One does wonder why the official Cause list was amended at 4.12 on Friday to say
"Mr Justice Zacaroli 9am Remotely via MS Teams Scheme of arrangement CR-2021-000852 Hurricane Energy PLC.".
I guess we will just have to login at 9am and see what is happening. Certainly 10.30 am is the usual sitting time- HC Judges don't generally liked to be too rushed in the mornings.
YES 9am- Cause list on Friday showed a listing for 10.30 start- this has now been amended to 9am and an email from Judge's Clerk Wendy Simpson re TEAMS login confirms the earlier start time.
So we can now all be seen eating our breakfasts, not just the brave if tardy shareholder contributor shown onscreen via TEAMS still scoffing his Weetabix at 10.30 am last Friday.
£168 million or at current exchange £1.39, perhaps an even more interesting figure - $233, 520,000 !
- Former senior Petrofac (LON:PFC) Ltd executive David Lufkin pleaded guilty at Westminster Magistrates' Court on Thursday to three further bribery offences in relation to oil deals in United Arab Emirates (UAE), Britain's Serious Fraud Office (SFO) said in a statement.
These charges are in addition to 11 charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019.
The SFO said that the offences related to corrupt offers and payments made to agents by Lufkin between 2012 and 2018 to influence the award of contracts to Petrofac in the United Arab Emirates worth approximately $3.3 billion.
"Total payments of approximately $30 million were made, or were due to be made, by Petrofac to those agents in connection with these contracts," the SFO said.
Petrofac did not immediately respond when contacted by Reuters for comment on Thursday.
Lufkin, a former global head of sales for the oil services firm, pleaded guilty in February 2019 to 11 bribery charges related to corrupt attempts to influence the award of contracts to Petrofac in Iraq and Saudi Arabia.
The case has been committed for sentence to Southwark Crown Court on 11 February 2021, SFO added.
OK so Mr Lufkin has come clean with a few more TIC's before sentencing- not an unusual scenario.
Bought a few more.
Hi Sheps. Hope you are still reading this Board and will pick this up. Looks like we are into the final Act now. Nearly all the old crew have gone, one way or another. Agree with all that your The Vote post said.
Mrs RF and I have just voted Yes- thought I couldn't do it but got an offer this am from the FCA administrators of SVS Brokers inviting us to register our vote- first class service, eh? Pity they won't let us sell any of our shares though, so we are going down with the ship if we do hit the iceberg!
Anyway, all in all it has been a real pleasure. I think you were one of the first people, many years ago, to offer support and consolation when I was chastised over one of my particularly offbeat posts. It was all rather more fun inthose days wasn't it?
Anyway my friend, as ever all the very best to you. RF and family.
Sorry LTV, meant rescue either before OR after 3 March vote
LTV re. your 10.41. Not looking to get into a pointless spat with you. Was not seeking advice. Was interested whether there was any more attractive risk/reward outcome of voting No, other than that we might get an II, QIA or otherwise, to invest funding into Sirius. You have not identified one and so far, I think,neither has anyone else. Fair enough.
I will answer your Qs: Yes its possible the QIA might step in. Yes apparently they could easily afford to. Yes your analsys as to why they might is rational.
To be fair you have also advanced the personal view that they may well do so. The counter to that is perhaps well why have they not done so yet, although I guess 3 March is still a few days away.
Anyway, I have little more to say on this. The position seems to be that we might get rescued by an II by 3 March; you go further and think that this may well happen. There is also the PI funding iniative which I have committed to, and of course the possibility of a pre-vote counter offer, which does not seem to be expected but you never know.
Regards RF
Hi LTW. OK the, here is your reply to Westcountry in full:-
"Westcountry, IMO, if the vote is no then some of the big institutional investors - who could easily afford to provode financing - might step in. In particular those holding the bonds. The vakue of the bonds is preserved if the company s sold to AAL because AAL has a strong balance sheet and the likelihood of the bonds being repaid is high so they wont lose. In administration it's not just shareholders that get wiped out, bondholders do too. QIA hold more than $100 million worth of bonds. I just don't see them kissing them goodbye in addition to the $40 odd million they invested in equity shares."
I can't see it adds much to the issue - it just identifies the Qataris as one of the possible big investors who "might"- your word- step in.
Also I don't know why you need to say that you "don't give a rat's arze" what I decide to do? Why be unpleasant - this whole situation is unpleasant enough without gratuitous agression.
I did not even identify you, let alone misrepresent you or doubt your sincerity at all. Sorry you feel that way.
However, I would point out to you that while your above-quoted post says "might" step in, you now say that you think bond-holders "will" step in. You are entitled to say whatever you like of course (subject perhaps to my point on civility), but there is a big difference between the two- are you yourself clearly presenting your own views?
RF