Torotrak Share Discussion Threads

[bodgit] 04/4/2024 16:44

Many thanks pseudosphere for that. My sizeable TRK holding was all held in an ISA. I'm unlikely to have any significant capital gains to worry about from any of my other shareholdings. I wish! If I've heard nothing from Halifax Share Dealing Ltd by the end of April, I'll rattle their cage though it's hardly worth the effort for £16 or so. Cheers, Bodgit

[pseudosphere] 04/4/2024 15:19

I haven't received anything yet from Interactive Investor or SelfTrade. I had shares in an ISA with Selftrade that didn't get transferred to ii, probably because they had already been declared of negligible value several year prior. SelfTrade have agreed to forward any received TRK payments to ii as cash.

If you have a nominee account and your broker didn't bother to claim this final dividend on your behalf then you would have a reasonable claim against them, unless your shareholding was below the threshold for which any payment would be received. I believe that if you held 100000 shares then the payment would be £2.30 to the nearest pence. I had a total of 4500000 shares split between the 2 accounts, so if it really happens then there is probably enough there to buy a pint and a half of beer, even in London?

I also got badly burned with Esken (formerly Stobart Group) that has just gone into administration and been delisted. I received an interesting communication yesterday from ii, stating that delisted shares cannot be held in an ISA and they would transfer them to my trading account instead. I was going to register the substantial capital losses for TRK and ESKN anyway but it appears that the ones held in the ISA and normally not eligible to use for offsetting future capital gains may become so!

My own fault for not having used a stop loss and hoping for a recovery that never came. OTOH I may receive an inheritance that includes residential property, where having substantial capital losses may actually prove rather useful.

[bodgit] 04/4/2024 14:21

Has anyone here actually received a distribution from Mazars? If so, what was the (miniscule!) amount per TRK share held? Just curious as I have not yet heard from Halifax Share Dealing Ltd who held my TRK shares. Tia.

[pseudosphere] 14/2/2024 23:01

According to the following article (in paragraph 4),it states that such a distribution to an individual shareholder counts as a capital gain or loss - definitely the latter!

hxxps://library.croneri.co.uk/navigate-taxb/po-heading-id_OqN9QM9KM067x1bcpTig7w#:~:text=The%20liquidation%20distribution,-A%20distribution%20made&text=A%20distribution%20made%20during%20a,capital%20receipt%20for%20the%20shareholder.

But you can't claim a capital loss for any share held in an ISA, so it may count as income, if transferred to a trading account? However, they call it a dividend in the London Gazette so perhaps they obtained permission to do so from HMRC, given the miniscule capital return?

[martl] 14/2/2024 19:17

A document has been posted by the liquidators to the companies house page for Torotrak and also to the London Gazette.

The payment details from the document says..

"The estimated dividend will be in the region of nil-0.0023p per share,
dependent on the amount of shareholder claims agreed. For example, the Joint
Liquidators currently estimate that a member who holds 100 shares will receive
nothing, a member who owns 1,000 shares might receive 2p, a member who
owns 10,000 shares might receive 23p and a member who owns 100,000 shares
might receive £2.31"

I had shares in Selftrade and they did appear to transfer to ii, since when I spoke to them a few years ago they said that they had a record of my holdings.

When I asked them a few days ago what was happening, they replied.

"I can confirm that we have provided details to the Liquidators to claim the final liquidation payment. Once payments have been received accounts will be updated with any payments due."

Now I'm trying to figure out how to account for these payments for tax purposes.
I held them in an ISA, but the holding was transferred out to my dealing account a few years ago when the shares were suspended from Crest. anyone have a clue how this stands tax wise ?

[pseudosphere] 14/2/2024 14:49

Hi

What was the per share payout? I have lots of shares held with Interactive Investor plus some that got stuck at Selftrade (didn't get transferred to ii because the company had already been declared of negligible value). Interactive Investor said that Selftrade would pass any payment to them for distribution.

Thanks

[bodgit] 01/2/2024 16:50

Very few peanuts....

[dynoport] 01/2/2024 16:24

had a letter today, peanuts

[bodgit] 28/1/2024 11:36

FWIW, I recently have been in contact with Mazars regarding a distribution to shareholders.

By e mail, the extract below is what they have just told me. Btw, If you have not been so advised by whoever held your TRK shares when they went into liquidation, you might wish to contact them. Any distribution afaik will be miniscule though.

Extract from Mazar's e mail:-

Mr xxxxxx

I have checked our records and HSDL are on the schedule of investors.

The notice will be sent out to them on 31 January 2024 and they will have 4 weeks to submit their claim. If they do not submit a claim they will not be included in the distribution. It might be a good idea for you to contact them about your claim once the notice has been sent to them to ensure that they submit a claim in respect of your shareholding.


If they submit a claim it would be a matter for HSDL to deal with funds and distribute them accordingly.

[martl] 26/1/2024 14:28

Thanks for the update

[bodgit] 25/1/2024 17:22

FWIW, I have been in contact with Mazars.

By e mail today, this is what they have just told me. Btw, If you have not been so advised by whoever held your TRK shares when they went into liquidation, you might wish to contact them. Any distribution afaik will be miniscule though.

Extract from Mazar's e mail:-

Mr xxxxxx

I have checked our records and HSDL are on the schedule of investors.

The notice will be sent out to them on 31 January 2024 and they will have 4 weeks to submit their claim. If they do not submit a claim they will not be included in the distribution. It might be a good idea for you to contact them about your claim once the notice has been sent to them to ensure that they submit a claim in respect of your shareholding.


If they submit a claim it would be a matter for HSDL to deal with funds and distribute them accordingly.

[thanksamillion] 29/12/2023 19:13

..End of Year Winners Trophy..
........2023-Zangdook.........

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[jpuff] 13/9/2023 20:14

Yep, it's been paying for their fine dining and liquid lunches at our expense. Such a corrupt market in the U.K. these days

[dave.harker] 13/9/2023 17:26

Has anyone heard anything more on this special payout, longer it drags on I expect that any funds will be gone in paying the liquidators, leaving shareholder with nothing.

[yorrrick] 22/12/2022 11:07

I had an exchange with Mazars in June 2021 at the end of which they said:

"For ease of reference I attach a copy of that report which indicates that there might be a small dividend to unsecured creditors, however, it is expected to be minimal at approximately 1.62p in the £. For your information and to enable you to work out any possible distribution I would advise you that the shares issued are 1p shares."

Although the final dividend may have increased to 5.06p that appears to be 5p in the pound not 5p per share. So, don't hold your breath.

y

[jpuff] 20/12/2022 22:17

No news. It’s taking forever! I guess the administrators need to max out their fees. Let’s hope they don’t run off with the lot.

[dave.harker] 20/12/2022 08:37

Hi
Anyone with any update on any potential shareholder funds?

[bargainbob] 17/8/2022 14:57

5 p each ?

[jpuff] 21/7/2022 23:56

I’ve received a message from AJ Bell giving a figure of GBP 0.0506

The latest progress report was released by the liquidators in June 2022.

The liquidators have stated it is now anticipated that there will be sufficient funds to enable a return to shareholders of approximately GBP0.0506. This is subject to change based on future realisations and expenses.

[martl] 09/3/2022 14:46

Thanks again. I messaged ii last year (approx August I think) and received assurances that if any money was to be paid from TRK it would eventually make it to me.. however they never mentioned Eqi still holding them. Interesting. However Ii do have notes on my account regarding trk and payouts, so I hope I will receive the funds. As you alluded to in your first post, what happens with that money (does it go into the ISA or not?) means that the tax situation is a bit of a mystery. I guess that we will just need to be patient.

[pseudosphere] 09/3/2022 13:10

Hi MartL, This is the message I received, with some personal details redacted:

Dear Mr XXX,

Thank you for your Secure Message, and patience.


I have received a response form our internal department regarding the Torotrak Plc Ord Shs 1p TRK XXX,000 in your ISA. They have advised that, the stock is still held by EQI, but they are currently not able to reflect them to us. However, we have agreed a process with them to pass on future liquidation proceeds, so the customer will get what they are due, you just won't see it until they get it.

---------

I contacted via the secure messaging service, took multiple attempts but they are certainly now aware of the problem and hopefully their response indicates that this applies to multiple customers, in the same situation and not just me. Anyway, good luck and hope that everyone affected receives a nice gift, that they may not have been expecting even if it's only 1.6p per share (estimated).

[martl] 09/3/2022 08:38

Thank you pseudospere, I am exactly in this situation. Please keep us posted if and when things progress any further.