Member Info for tep1

@mjallen - I wouldn't read too much into the daily share price. Its only a small volume of the float exchanged by day traders. Market cap in Jul-2022 was £4.7B and Market cap is currently £7.2B in Feb-2024. In this time they have bought roughly £0.72B of shares. During the buyback period a lower share price ensures more shares can be obtained for the money allotted and therefore better for investors.

@thankglan - Goldman are managing the buybacks until July. Its in their best interests to keep the share price down.

The recently published case of Antuzis v DJ Houghton Catching Services Ltd, confirmed the principle that directors entering into contracts in bad faith can be held personally liable.

In Antuzis, it was held that the director and sole member of the company was liable for inducing the company’s breaches of contract where they were knowingly in breach of fiduciary or personal duties to the company.

The case of Antuzis looks at whether a director will be held personally liable if they are “acting bona fide within the scope of his authority”. In Antuzis, the discussion focussed upon “the officer’s conduct and intention in relation to his duties towards the company” rather than “towards the third party that provides the focus of the ‘bona fide’ enquiry”. As such the director should make sure he fully understands not only his statutory duties but what documents such as any shareholders agreement and articles of association set out.

Honestly at that point in time I was just hoping for my money back.

Apologies forgot to include the past tense in my statement. My aged eyes fail me! I am a LTH so I understand the pain experienced previously. I share greeno's view and look forward to the long term future income KMR will generate for us shareholders.

And I wonder if JO Hambro have a suitor in mind already?! Pretty sure I've seen this playbook before. So they value KMR at £7.25/share. Very interesting

Do those shares matter now. The following statement from the 2023 results suggest they no longer count.

"Reflecting the above and a reduced share count due to share repurchases over the year, adjusted basic earnings per share (EPS) was 33.4p (2022: 34.9p). Statutory EPS was 70.6p (2022: 13.3p loss)."

The market knows the share price is undervalued by approximately 50%

Existing one continues until july well after interms. I expect we will learn more at this stage whether they will continue. My money is on them continuing unless future trading expectations decline which i am not expecting them to for the foreseeable future

So eqrnings better than expected, increased dividend as predictwd, fcf has improved, share buybacks continue until july.

Honestly at point in time i was just hoping for my money back.

Thanks @Jindy for your posting but the article says "is expected to report a dip in full-year profit". This shouldn't come as a surprise. This expected decline in profit was reported last financial year and again during the interims over 6 months ago. Its prudent to point out that total 2022 Group Operating profit excluding Spirit Energy disposed assets was 2.8B. Despite the bleak news proactiveinvestors portrays Spirit Energy managed to triple profits to £245m during the 2022 which contributed to parent firm Centrica's record takings.

Also it seems a lot on here only attribute the British Gas brand when they invest in Centrica. As per the proactive arcticle:

"AJ Bell noted it may be Centrica’s array of other businesses which are worth keeping an eye on.

This includes “its oil and gas exploration and production operations in the North Sea, stakes in British nuclear power plants, energy trading, renewable power generation, energy storage and onsite energy generation via solar cells and heat pumps”.

Such presence in the wholesale market has enabled the firm to withstand pressures from the rapid jump in energy prices better than rivals, the analysts added."

Lets see what tomorrows actual news on 2023 results brings rather than try and predict what it might be. I for one am half glass full. Best of luck for your investment 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.

Goldman Sachs cuts Centrica price target to 195 (206) pence - 'buy'

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

Haha. Your talk is cheap just like the undervalued share price

Can you explain what you class as "expensive" JW? What is your argument based on?