Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
"I think the whole process is designed to be as complicated as possible to encourage holders to give up ."
I don't think the intention is to blackpill us shareholders. Tax is complex and has unnecessary bureaucracy. But that aint KMR or your brokers fault nor should the intention be to impact share price. Didn't someone say on the forum about relocating KMR HQ to another tax domicile?
I understand QI and AWA brokers/shareholders are fully exempt from IWT which means the dividend distributed should be in full. If IWT has been applied, as in your circumstance, then you will need to reclaim the withholding tax when you file your annual tax return with HMRC. You need to get a tax voucher from your broker to do this. Due to double taxation treaty the revenue work out the reclaim from Irish Tax Authorities. This doesnt apply to SIPP holdings since the broker is the beneficiary. Ideally in this scenario, the broker should apply for exemption. WRT the 15%: I think this only applies if your individual name in on the register. In most cases of UK brokerage nominee accounts are used and therefore it is the broker. Possibly, maybe, I am no expert in these matters.
A maximum of 15% IWT applied to dividends of shareholders of UK residency.
http://uklegal.ie/double-taxation-relief/#:~:text=The%20Double%20taxation%20treaty%20provides,%2C%20the%20rate%20is%205%25.
@candidinvestor: My holdings are within SIPP. Consequently your broker acts as the trustee and they are unable to or won't pursue the rebate from Irish Revenue. I don't quite understand why. This is my broker response to my email about a year ago which I deemed unsatisfactory (see below). IWT can be pursued retrospectively. You need a tax letter from HMRC declaring your tax residency. I assume at this stage once ownership is transferred when I retire I can reclaim at this stage or if indeed the broker is able to change their procedures so they intend to claim on your behalf. I hope it helps.
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Unfortunately there is no European wide facility available to HL to reduce the withholding tax burden to clients holding shares in Europe.
Each European country has a different and sometimes complex tax regime/rebate procedures. For this reason we do not offer a service to claim foreign withholding tax (apart from US and Canadian) but do provide supporting documentation for clients who wish to pursue a claim for withholding tax for shares held in non SIPP products.
At present the Irish withholding tax is 25% and can be claimed from the Irish Revenue for dividends paid into HL ISAs/Fund & Share accounts, but this must be done by the beneficial owner of the shares. We will provide our client’s letters supporting their claim and a tax voucher of our pooled nominee holding. I believe you will be able to download the form from the Irish Revenue website (link below):
https://www.revenue.ie/en/companies-and-charities/documents/dwt/iref-withholding-tax-claim-form.pdf
In our experience the Irish Revenue will require a copy of the original tax voucher which can take several months to obtain from the registrar as a fee needs to be sent by Hargreaves Lansdown (this will be covered by us) to cover the administration costs.
With reference to SIPP products, Hargreaves Lansdown acts as the trustee and is viewed as the legal owner of the shares with the client as the beneficial owner.
This therefore means that claims for foreign withholding tax within a SIPP, must be completed by Hargreaves Lansdown.
Hargreaves Lansdown did make an attempt to obtain reduced rates of tax at source for our Irish stock holders. Our application was rejected by the registrars as we were not considered to be a ‘relevant person’ i.e. a resident in Ireland or a qualifying intermediary (QI) or authorised withholding agent (AWA).
At this point in time, we do not offer a complete foreign withholding tax reclaim service at present. This is in accordance with our Terms and Conditions for your account (covered by section A9).
However, the position is under regular review.
GeneK - "ETF" I used to invest in these also. Then it dawned on me - how do you determine value of such complex financial instruments?! Each to their own as they say. Good luck with your investment as well.
I have always liked the Kenmare story. "Showing courage in the face of adversity" is what I am reminded of when I read this article. There were a number of bumps in the road in the early days and some almost terminal. But it sounds like management have learnt from their experiences.
"We want to just focus on making the thing sing, and let the people who put money into this investment feel that it was the right thing to do, that they've got a good return on it and it's working really well. And then we'll move on from there."
Thats good enough for me
I wouldn't read too much into Fidelity selling. A lot of II's are probably under instructions to hold more cash because of the current global events. Fidelity are probably pre-empting a potential withdrawal of client funds in a worst case scenario.
I think it is still a buying opportunity at these levels and generally still positive for a great outcome. Remember they delivered the previous relocation of WCP successfully to financial plans. After completing the move it guarantees at least another 20 years of mining with higher grade quality.
Even if a unacceptable bid did come in it would only rally the share price to more appreciative levels.
Remember the board rejected the offer of $800M since it did not recognise Moma’s value as a long-life, low-cost asset. Lets not forget where KMR are. " WCP A will complete mining at Namalope in late 2025 and commence its transition to the Nataka ore zone. Nataka is the largest of Moma’s ore zones, representing 75% of Kenmare’s Mineral Resources. WCP A is expected to mine Nataka for the remainder of its economic life, which exceeds 20 years."
An offer $800M today would equate to approximately 700p/share. With all due respect what parameters have changed that would allow an offer to be acceptable below that figure? It my mind this still sounds like a great long term hold and continue to reinvest the dividend for now to take advantage of such a cheap share price. Or could I be missing something ?
Https://invezz.com/news/2024/01/18/i-called-the-centrica-cna-share-price-top-what-next/
"An intrinsically good business with a falling share price is likely to attract predators, and in June 2014 Kenmare received an all-share takeover offer from Australian miner Iluka Resources. Worth about 17p a share (a 40% premium to the prevailing price of 12p), the offer valued the company at about $800m. The board rejected the offer, saying it did not recognise Moma’s value as a long-life, low-cost asset. Its stance was supported by investment manager M&G, which held 19% of Kenmare’s shares."
$800M was approx £480M at the time
Thanks rich. I prefer the detail though and use stockopedia consequently. forecasts for 2025E havent been updated there as yet. I think Hannam have sound footing in the commodities space and have history with Kenmare. I think their detailed report is a good insight of potentially what is to come. Overall, I cannot shake the feeling this is being primed for a bid