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Why would Evraz not pay dividends to UK stockbrokers but then be willing to pay the same to UK bank accounts...?
The RNS said that entry on the register simply secured title to the shares. It made no mention about dividend payments.
Interesting read on the sale of ENA.
https://leaderpost.com/news/saskatchewan/evraz-steel-workers-feel-uncertainty-as-spectre-of-sale-looms
If the powers that be want to ensure that sales proceeds don't find their way to oligarchs or Putin, what options are available... ?
Proceeds held in escrow could be one way forward. I don't think the proceeds could be donated in the same way that the Chelsea FC proceeds were simply because this isn't solely ARs asset. It seems unlikely that the proceeds would be confiscated either as there are US institutions holding and would probably be wanting some sort of return. Quite a pickle...
Thank you. I'll give it until Tuesday then call their investor helpline. Maybe they've made a mistake somewhere along the line. I'm sure they've been overwhelmed with Evraz crap these past couple of weeks.
Have a good weekend.
My share certs arrived from HL on Thursday. One certificate for the fund and share account and a separate cert for the ISA. The wife's are still en route.
I set accounts up for both of us with Computershare. Both our holdings were reflected on Thursday. By Friday my wife's were no longer on her Computershare account. God only knows what is going on. I just hope her certificates arrive next week.
Is it not the case that if you hold the paper certificate you can transfer shares using a stock transfer form and the certificate itself....? I thought the point being made in the RNS of 18 July 2022 was that if your shares are in Crest, then you cannot transfer them because Evraz does not have access to Crest.
There are certain tax wrappers where brokers have maintained that withdrawal is not possible. Withdrawal from Junior ISAs and SIPPs does not seem to be possible.
Your shares will remain in the tax wrapper in the nominee account. You won't loose your holding on the 19th August this year. Your name simply won't be on the Evraz shareholders register. The nominee's name will be on the register instead.
DYOR.
Computershare act as registrar to numerous companies and this is a standard template letter that they produce. They just slap the relevant company's logo on it and Bob's your uncle. Evraz haven't written to anyone.
On my version of the letter there is a glaring error that underlines this point. Under the heading "Your shareholder communications" the final paragraph reads "If you wish to find more information about Company Name visit..." The words "Company Name" should have been replaced by "Evraz PLC".
I don't know why people are talking about dividends. The company didn't pay one in March 2022 before it got sanctioned and it certainly isn't going to pay one on the sale of ENA.
In fact, it should be noted that all the cash available for the March 2022 dividend had "vanished" by the time of the last set of results in August 2022. Any proceeds from the sale of ENA will probably find a way of disappearing down the back of the accounting sofa too.
Dividends...? Some people on here need to wake up and smell the coffee IMHO.
Sure, but you are taking a gamble on whether they would list on an ISA eligible exchange.
You should also consider whether other ISA eligible exchanges would welcome a Russian company listing, especially if the company was previously sanctioned in the UK.
GLA
If they stay as a PLC on the LSE then it makes sense to keep the option of holding the shares in an ISA. However, if they delist and stay as an LTD (or list on an exchange that is not eligie for ISA status) then your broker wlll move it out of the ISA anyway. Should that happen then you'll be stuck with the shares outside of an ISA wrapper and unable to transfer because they will be in Crest.
ISA benefits are only worth thinking about if you're of the view that they won't delist from the LSE IMHO.
The RNS about the paper certs came out more than two weeks ago. I can't believe that HL still haven't finalised their position on this :/
I would contemplate switching to another broker but there simply isn't enough time to do that.
Ohmarko - "Insurance UK covers 85000 only if I keep them with my broker". What are you going on about...?
For eligible investors in the UK, the Financial Services Compensation Scheme (FSCS) will pay up to £85,000 if your broker goes out of business and is unable to pay your claim. Is this what you are referring to?
https://www.fscs.org.uk/what-we-cover/investments/
If it is, then you need to keep a few important things in mind. You would need to submit a complaint to your broker outlining your losses and specifying why those losses are due to your broker's action/inaction. If you had the choice of requesting a paper certificate but you decided not to, then they'll probably say that was your decision and nothing to to do with them. If Evraz decide to delist and relist in a country that only recognises individuals on the shareholders register as having title, you broker will say that the decision was taken by Evraz and not the broker. Again, nothing to do with them. The fact that they can't deal with Evraz due to the sanctions regime may be another excuse for them to turn down a claim. I'm just letting you know that you may be wandering into a mine field of excuses here that could cause your claim to fail.
Suppose you are successful in bringing a claim against your broker for some sort of failure on their part, you would get compensation from the broker, who will hopefully have sufficient PI cover to pay any claims. If the broker can't afford to pay and goes bust, then you have the right to turn to the FSCS. But you'll only be able to do that once your broker has gone bust.
So the things to balance up when considering the benefits of the FSCS are: 1) will you have a valid claim against your broker, and 2) is your broker likely to go bust over this. If the answer to either of those is no, then less weight should be placed on the FSCS argument.
DYOR
Fair enough Wow, thanks. Be careful though about influencing one way or the other especially if it makes no difference to you. I try to be upfront about what I know and don't know. I'm no expert and certainly do not know which way this will go. I would hate to think that anybody is making decisions based on what I have said on here. I have a lot riding on this and don't mind sharing my hunches, even if it's just to get them knocked down.
The facts are that Roman Abramovich recently moved his holding in to his own name. I have no idea why, or how the other majority shareholders are registered. Evraz is telling us to move shares into our own name on the register if we want to ensure we retain title. The shares have been suspended from the LSE and IMHO there is little (if any) reason to think that sanctions will be lifted in the short term and that the "temporary suspension" will come to an end. Most of us will have to make our own decisions on the paper certificates soon and then we just have to wait for the roulette table to stop spinning.
Wow - if you are simply untangling your affairs, you would just set up a new nominee or shell where you are the sole beneficiary or shareholder. That maintains your desire to stay below the radar. But RA has done something quite unusual here for a billionaire, I would say.