Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
There are 14 concessions covering the La India gold district of 649 KM^2.
Expiry dates of the concessions range from 2026 to 2044 with the greatest acreage being in the 2030-2044 range
The closest expiries are in 2026 and 2027 overing an area of 70.5 km^2
I have DCUs with Barclays,Lloyds and Interactive Investor. fund managers
All the DCUs are now in trading accounts.
The March profit share has been received in all accounts with the exception of Barclays.At the moment they are investigating.
This is not unusual.Barclays al;ways seems to credit cash receipts 1-3 days after the other fund managers.
Of them all II is the most efficient,
Nero 120.
nationalsation "ridiculous" I dont think so.Remember this is Nicaragua not the USA.
Ofcourse i do not have the details of all Condor's permits and licences, but any sensible authority granting such permits and licenses will have placed a time limit on the company for entering into meanful exploitation of the properties.
If Condor were to look likely to breech those conditions the govt would have a big stick to pick up the assets for very little outlay.
Condor can only manage that risk by getting the project underway (debt or dilution) or accelerating the sale of the assets by accepting the best offer they can get.
It seems increasingly likely to me that there will be no deal and that Nicaragua will run out of patience with having a major resource in the ground,but no one to exploit it.
So there will be an increasing likelyhood that Nicaragua will nationalise the assets of the company,having already given Condor plenty of time to get a mine under way.
Your guess is as good as mine as to what they will pay ...... if anything.
Mellon will need to come up with the cash to develop the mine ( with major shareholder dilution) or risk losing everything.
Investing in Nicaragua was always the major risk in this company.
Ofcourse I hope that i am wrong
I am puzzled by you saying that you bought HUR via a CFD.
A CFD contract does not involve the actual purchase or a sale of the underlying share.
As the name CFD suggests it is a contract that pays out on the difference in the price of the underlying share between its contract price and the market price at the termination of the CFD contract. The number of shares is only a reference point to calculate the gain or loss on the contract. The gain or loss is paid to....or paid by the investor. The investor never actually owns any shares.
Possibly IG re-designated the contract as DCUs when HUR shares ceased to exist but in a CFD you would never have"bought" shares in HUR and would not therefore have been entitled to any DCUs.
The dcu payment has arrived at my Lloyds trading account described as a corporate action not a dividend.
II paid it into my Isa account.
Nothing from Barclays yet.
I shall regard all the payments as originating from my ISA holdings of HUR and duke it out with the revenue if they query it.
DCU psyment received in my Interactive investor account on 29/9.Interestingly the payment was credited to my ISA account even though the dcu is in my trading account.
No sign yet of the DCU payment in my Lloyds or barclays accounts
The prax payment is based on profits from hurricanes uplift of oil.....costs and its sale price.If anything payments will fall over the next 3 years as the uplift reduces as the well productivity declines.I suspect that these payments will be far lower than the maximum quoted in the prax take over documents for the reasons above and the scope for prax to use creative accounting.There is little incentive for prax to invest in boosting hurricane profits over the next 3 years.After the 3 years is over its a different story as prax gets 100% of the returns.
Hank honest tom
just received the 0.83 cash payment and the prax dcus into my isa.
payments etc dated june 27, 6 days after the other isa managers put them through.
Hank honest tom
FYI Lloyds and II have each made the 3 cash payments and have allocated the DCUs into my Isas
Barclays as yet have only made the 2 dividend payments,but not the 0.83p purchase payment.
No sign of the DCU's either.
I have raised a query with Barclays, and am just short of a formal complaint to them and the regulator..
Not my first problem with barclays admin,but if this not solved very soon it will be my last.
They are hopeless
6.02 payments in ISAs received from II and Lloyds,but only the dividends of 5.19 from barclays.The cash consideration of .83 is missing. Dont know why.No DCUs yet.
For the record I was also opposed to the prax scheme but always felt that it was very long odds that the judge would find against it,given the law on voting.Still it was worth the effort.
But that fight is over and not worth expending any further angst.
In my view what we now have to be worried about is the labour parties evident hostility to NorthSea development which may well obstruct /delay Prax's plans to add to production.If so the prospects for the DCU payments diminish and as Prax/Hurricane are now private companies,the transparency of their accounting and communicationmust be questioned.
I would like to add my thanks and appreciation to senseman and others who put so much time and effort into trying to assist the individual shareholders against the BOD schemes going back to 2021.
As an aside... it has been clear that the governance on AIM listed shares is a disgrace and that the exchange is a wild west exchange.Most of us are content with commercial risk and even political risk,but governance risk is not something that I will accept.
I shall no longer invest in AIM listed shares as it is clear that the boards of such companies can do any thing they like to enrich themsleves at the expense of their shareholders without any comeback from the xchange.
On the brighter side,if PRAX are able to deliver the full 12.5 p return, the result is marginally ok.
Broom
Prax have undertaken to establish a matched bargain facility that will allow the DCU's to be sold to anyone.
I do not see Prax having much incentive to buy them out as their current arrangement sees them retaining the lion's share (82.5%) of HUR net revenue for 3 years and 100% thereafter.
On the other hand for investors confident in a 6.48p per DCU return over 3 years there must be a price that they would be prepared to pay for a DCU.
Bear in mind that after 3 years the DCU's are of zero value,so if I were to pay 2.48p for a DCU, a 6.48 return over 3 years is actually a return of 4p after accounting for the resulting zero value of the DCU itself.
A 4p return with zero capital return after 3 years equates to a rate of return of about 20 % pa ( not compounded) on my 2.48p investment.I have not accounted for the timing of the 6 monthly interim payments which would slightly raise the rate of return.
I feel that there must be a price that investors would pay.
Given the risks associated with the DCU's I suspect that a price around 2.5 p is probably about right....but who knows.
Whether a price about 2.5p would be acceptable to Crystal Amber is ofcourse another matter.
Broom
I agree.
But I suspect that you will get your DCU based cash return sooner than you expect as I do not see Crystal Amber hanging on for 3 years if they can get an acceptable price for their DCUs earlier.
Broom
The last that I heard from crystal amber is their recognition that some of their investments will remain into 2024 and that they will be discussing with their shareholders about the future structure of the fund later in 2023
However I still believe that the 3 years that it will take to get to the end of the DCU saga is not in Crystal Amber's play book and that they will have organised an early exit.
404
I strongly suspect that crystal amber have already agreed a take out of their DCU's with a third party. With their fund being wound down and their hope to complete this by the end of this year,a 3 year wait for the DCU's to pay off does not seem to me, to be consistent with those plans
Simples
Just tried to keep the numbers basic
XKR . As I calculate it,You have an investment of £1000. Then you receive a tax free dividend of £625.Then you receive a taxable dividend of £625.If you are a tax payer at 45% the net dividend to you is £343.75 making a total return on your investment of £968.75. Your investment, now after 3 years has no value andyou have made a loss of £31.25..
In terms of your return per share,you have a cost of 10p per share and have received a return over 3 years of 9.6875p.
Ofcourse if you are a taxpayer at a lower rate than 45%,the the maths are different.At a 40%tax rate your return is exactly £1000 (10p per share) and at a 20% tax rate your return is £1125 (11.25p per share)
Ofcourse the DCU return is also capped 12.5p per share and might be lower.
These figures illustrate why the tax status of the DCU's is so important