New City Energy Share Discussion Threads

[spectoacc] 03/1/2019 15:08

Ah yes! Wasn't expecting (ie had forgotten) that.

[pherrom] 21/12/2018 14:13

Final liquidation distribution paid today!

[spectoacc] 16/5/2018 09:22

Good point! Thought I've forgotten what the holdings were now - quite a few were a bit junky I recall.

[pherrom] 16/5/2018 09:19

'On New City Energy the liquidators have been gathering some final tax refunds before processing the last payment. A number of holders are chasing and we have asked the liquidator to get on with it.'

Email from CQS 22-4-18.

I wonder what the shares would be now if they hadn't closed the trust!

[ih_645800] 03/3/2018 22:40

Thanks tiltonboy.

[tiltonboy] 03/3/2018 20:41

Balance expected this month.

[ih_645800] 03/3/2018 19:52

In the end, did you receive anything?

[tiltonboy] 14/7/2017 11:04

Thanks pherrom. I thought the first payment was on the low side, but hadn't anticipated that they still retained a couple of holdings.

[pherrom] 11/7/2017 08:36

'Good afternoon – there will be a further, small payment from the liquidator – there are still two assets to be sold which is not expected to happen for a few months yet. I believe the payment will be between 1 p and 1.5p per share.'

Email from CQSM 8-6-17

[spectoacc] 05/4/2017 07:30

Same here, nice.

[bandit99] 04/4/2017 17:45

First payment just arrived in my account

[spectoacc] 29/3/2017 17:07

Wow, very happy with that - I thought some of the very illiquid stuff would take ages, and go at lower prices than NAV. 16.12p back by end of the month is more than I'd have got flogging them in the market, with a penny or two hopefully to come.

[bandit99] 29/3/2017 16:17

Just rec'd this via Selftrade

LIQUIDATION
At an Extraordinary General Meeting of the Company held on 7 March 2017, Shareholders passed resolutions to wind-up the
Company and appointed Linda Johnson and Robert Kirkby of KPMG Channel Islands Limited as joint liquidators. Further to
the Shareholder circular dated 17 February 2017, the Liquidators announce their intention to make a First Interim Liquidation
distribution of GBP0.16120 per Ordinary Sterling Share issued. The First Interim Distribution will be effected pro rata to the
holdings of Ordinary Sterling Shares on the register at the close of business on 28 March 2017.
Terms: First interim Liquidation distribution of GBP0.16120 per Ordinary Sterling Share.
Further information may follow in due course.

[tiltonboy] 07/3/2017 16:25

I'm hoping to get back 95% in the first payout. Just depends on what it's 95% of.

NAV has barely moved in recent days, which suggests the portfolio may have already been liquidated (he says hoping). Costs should be no more than 0.25p.

[spectoacc] 07/3/2017 16:02

Good luck! The "..Significant percentage.." is what I'm wondering about - is that 75%, 90%, 95%? The liquidator fees are low, and when I last looked through the holdings, only a handful looked problematic - they'd cleaned the portfolio up a fair bit.

Still - there's always some things that appear well traded/liquid, until you come to sell even a relatively small number.

Isn't a big position for me but it's been a great run, inc the divi.

[tiltonboy] 07/3/2017 15:53

I picked up 250k on Friday at 16p, so hoping for a very quick turn!

[spectoacc] 07/3/2017 15:30

Wasn't sure at first, but I think it's the right call. Be interesting to see what % of NAV gets returned in the first tranche, and how much we have to wait until the end of the year for.

[pherrom] 07/3/2017 15:09

So good-bye NCE.

[spectoacc] 27/2/2017 09:07

I've been directed here, and am now minded to vote in favour:


Eg co is only £10m, winding up costs expected to be only £80k (with £100k contingency), and:

"...The Liquidators have indicated that they expect to make an initial cash distribution to Shareholders in
April 2017 and that they expect this to represent a significant percentage of the Company's net
assets at that time. The precise timing of the final cash distribution to Shareholders is uncertain,
but it is expected that this process will be completed by the end of 2017."

[pherrom] 27/2/2017 08:43

Trading suspended on 7th March.
If approved, listing cancelled 8th March.
Initial distribution on or around 28th April.

(I've voted against winding up)

[spectoacc] 27/2/2017 07:53

Should be fine in SIPP - timescale is a question I intend to ask them. I've been stuck in things that have taken years in the past, I'm still in one after 7 years. Getting most of it back early isn't usually a problem - it's those final few holdings, perhaps delisted themselves, that cause the problem.

[pickledcabbage] 27/2/2017 07:53

Of course if they do wind up, we won't be hostage to the silly spread. So something in between bid and offer at least?

[boonboon] 27/2/2017 07:44

So if it's approved they'll delist straight away. Does anyone have any experience in similar circumstances? How long will it take for the wind up to take effect? Also I have these in a sipp can they hold delisted investments?

[spectoacc] 17/2/2017 16:02

Vote on 7th March. NAV still at 18p. Not sure I can form an opinion on the wind-up and cash return until I know how close to NAV they'll get - will surely be some haircut for the illiquid stuff. If that's say a 20% haircut, I'm quite happy with the co staying as it is.

Will hopefully be able to speak to the managers before the 7th.