Member Info for Sparkle1

IMHO: The company is being bought by a fund manager - they will charge Syn to run it; they will pop it in their funds and sell those to others; they will take any losses against their profits. I think its pointless to remain in as they will not tell you anything; the shares cant be traded and it takes years to get through phase 2/3 trials and approvals. In the meantime, it will simply remind one that its depressing. Its not life enhancing. However you could donate the shares to charity so if there is ever years down the line any benefit, someone does benefit. I just think that will make everyone feel better - Hargreaves can arrange this. Indeed, if they were all gifted to the same major charity then the fund management company would find it harder to shaft them as they would have a single other large shareholder and it would not look great... maybe we should all donate to e.g. Royal Brompton charity or something similar so the nasty fund management company have to deal with a load of trustees. ??

I had a brother in law who sadly caught polio a year before mass vaccination at the age of 14 and who remained in a wheelchair for the rest of his life, which was shortened due to this terrible disease. How many people do you know with polio now in the UK? None at all. Why? Because vaccination eradicated it. Suggest anyone spouting about vaccinations nips to a polio hotspot in the world and helps those unlucky enough not to be vaccinated and see if they are immune before telling everyone else to skip the vaccines. So annoying.

Long time no visit to this board... some musings... TFG are asset managers... i can only see this through that lens. I would think they would want to charge Synairgen fees (high ones) for managing them (hence why they dont want outright ownership?)...they then sell their funds (which will have Synairgen wrapped up in them i presume) and charge fees for that ... the assumption on this board seems to be that TFG have some other interest but not convinced they have? all the founders like Holgate leave immediately. The people making the money here are the guys at TFG and Marsden who has returned them the money. They wont get rid of MArsden as he has cut the deal. Thats just my take on it. This should be written off. Go walk on the beach, breathe in air, remember to love your nearest and dearest - and hope when you are old and grey or dying Synairgen drug you helped fund saves your life. Thats the best outcome i can see in all of this....

Market is OK... just need to be in oil. comms, gilts and non £... Bond market has meant zillions gone out of equities and into bonds and gilts (better than bank) as there are too many bad things happening - War, USA shut down, China, low growth bla bla bla so people gone risk off. Have held Glencore for years and cant imagine not having them ... occasionally do some 30 day trades. Has been fabulous on tax position but maybe that will change.

This is actually wrong from HL. the recent court case dealt with an employee of Glencore domiciled in Switzerland, prior to Glencore becoming a public company. I will call them (yet again).

I can probably help you here too. It depends who is the nominee for Halifax. So every broker ring-fences the shares in a nominee account (unless you specifically pay to have your own share certificate). So the nominee is quite important. So for example the nominee of Hargreaves is Euroclear. Massive. So depends where the money has gone in order to get to Halifax, as it needs to get transfered to the company paying out. They will pay so no panic - some just take a bit longer than others. Halifax is part of Lloyds and i think Lloyds use Schroders as a nominee but i might be wrong so it is probably wending its way down the food chain until it reaches you. It also had to get converted (some time ago) from $ to £. Some are more efficient than others. Hargreaves have just classified it incorrectly but are on case of correcting it at the pace of a slug.

Armani: I think i can help you here. If you go to

https://www.glencore.com/investors/shareholder-centre/distribution-information

This tells you that there was $0.22 originally but on Aug 8 they announced an additional $0.08 would be paid IN A SINGLE PAYMENT. It also tells you the forex rate to convert to £ was set on Sep 7th and the money was distributed to the brokerages on 22nd Sep. Half way down the page it says " The distribution will be made from the capital contribution reserves of the Company."

This means in plain english that this is NOT a dividend but they are giving you back some of the capital you paid for the shares. So e.g. if you paid £4.50 and they (for example) gave you back 25p, they really you have only paid £4.25. You can take the amount they give you back off the price of the share. When you sell the share it will be liable for capital gains (which will be 0 or 10% or 20% depending on how many capital gains you have and whether you are a higher rate tax payer or not). If you dont sell them this tax year, you pay no capital gains but you will when it eventually gets sold. It is NOT a dividend. If it was a dividend you would be paying income tax on it in this tax year at whatever rate you pay income tax at.

This is always paid as cash into your account unless you have told your broker to reinvest it in Glencore.

Thanks for calling them... i have just forwarded letter from Glencore and have asked Glencore themselves to call them so hopefully they will increase the speed of their tortoise to get it sorted. Really we should not have to query their income and capital accounts for them to get it right!!!

Hi, i wrote to Glencore themselves and they have confirmed in writing it is a return of capital not an overseas dividend. For anyone who does not know the difference is as follows:

1.Return of capital is paid for out of capital reserves. You can deduct the value of it from the price you paid for the shares. When you sell them it will incur capital gains tax if you are over the threshold for capital gains tax. If you have already sold the shares, then you simply declare it as a capital gain. This is massively beneficial.

2. Dividends are paid from the profits of the company, not its capital reserves and is subject to income tax which for any tax payer will be a lot higher than capital gains tax.

One of the joys of Glencore is the fact they have been paid out of capital reserves and not profit as benefits the shareholder.

Better late than wrong (as in Hargreaves)...

Calling all Hargreaves customers out there! Get on the phone as if they are swamped by phone calls they might increase the urgency to correct their error - sad one needs to do this!

HI everyone, Hargreaves have incorrectly classified the distribution from Glencore on 22 Sep as an overseas dividend. I am trying to get them to correct it for the last 4 days. Suggest anyone using H|rgreaves also calls their investment desk so they get off their bums to correct it. Incidentally i also called AJ Bell and Cazenove who confirmed it was indeed a return of capital from capital reserves, as it states on glencore own web site. Hargreaves customer service is either un-empowered by board or couldnt care as they say they will get round to correcting it at some stage but dont know when. Rubbish service from HL.

Daily Macd looks as if it might be about to swing to upside - but will be lower risk once it does...

It just depends on which bank is custodian - the larger the bank acting as custodian the longer they normally take to pay - same as if you transfer some money from one to the other can take days... but as they are custodians of my cash, i'd rather be with the one which is most safe... but i agree Hargreaves could perk up a bit and cut a deal with their custodians to speed up a bit.

Glencore not domiciled in UK. Most borkers have international custodians. Also Paid in USD. So its like a bank transfer - one lot have to then transfer to UK Broker and it gets converted to £ (I think the latter at the forex rate on due date). So its a bit like transfering money from one bank to the other. So the broker is dependent on the std terms of the bank making the transfer as to when they get it. e.g. ii is UBS so it will depend on their terms. Each broker has different custodian of your money. It is quite safe and not much point in complaining really as they will simply explain this. However, on last one from Hargreaves, it was on time. Maybe they have spread their custodians more widely in the current financial crises with the banks. It will be ring fenced - the lateness will simply be to do with the international transfer to the UK by the bank.

This is a return of capital i.e. they are paying you back some of what you paid for the shares. It is not a dividend. Hence why it looks a bit odd on ii. This is great for the investor in my view as it is tax free in UK if you have not used your cgt and 20% if you have. No income tax. One of the reasons i love Glencore and have traded it since 2015 - i am a long term holder but trade within the 30 day rule to take out the capital. Has made me a lot and i love it.

Ii has international custodian so needs to get from them to UK. Their custodian is UBS? so they will have had the cash yesterday and need to transfer to ii I guess overnight. Glencore is domiciled outside UK.

Yeah, very irritating... they would have got the cash yesterday so i guess the holding bank played the money market overnight with the money which would have been considerable... no reason why they could not pay when they are meant to pay. my guess is that it wont be there until later today. For those in UK on here who dont get it... take the value off your average price paid for your existing shares. When you sell any shares it will then be a capital gain. Its not a standard divi payment in cash. Use it to lower your average price paid for your shares. If you have not met your cgt threshold it will then be tax free. If you have met threshold, it will be at 20% cgt.

It is a return of capital (not a divi) so you get the choice to dilute share price and take the gain as a capital gain (20% tax) as opposed to income tax... HL clears through Euroclear so it probably got sent to Euroclear to go onwards to HL so will prob be there tomorrow... they are just slow at international stuff.

JVs are notoriously difficult having been in one and maybe BoD just got fed up with how hard it all was. On a 50:50 JV then both parties have to raise equal cash going forwards and maybe the BoD just couldn't see how they could. Maybe thye have all fallen out arguing... who knows? Maybe they just got exhausted... been there in a 50:50 JV... didnt walk away but could have done and probably should have done for my health. We'll just have to see what happens next... not in for much so have no big axe to grind either way and i am in £900 profit so am not in a position where i have lost a lot which makes it easier for me to see... but last comment was that no-one knew why the BoD wanted out... I can see lots of human reasons why they might, having been in a 50:50 JV - total nightmare.

Thanks... much appreciated..

thing is Zinnwald only has 2m euros in cash so they are going to need to raise finance to explore further. They can make it into 2022 but then they need to raise money - hence the drop from the half year results in Sep? Thinking out loud here trying to decide what is optimal.