Quarto Share Discussion Threads

[paul5890] 11/4/2024 12:36

Thanks guys! That's really helpful. I'm still hopeful for a good outcome, I know that people are working on it now and that the company is also aware of my situation.

[zoolook] 03/4/2024 09:30

Yes - AJ Bell haven’t deducted anything

[samsj] 03/4/2024 08:26

Paul - Swissquote today, looks like done properly also. I'd hope you should be able to get it done in April or get compensation from your broker...Good luck.

[cockerhoop] 02/4/2024 08:28

Paul,

Idealing and Iweb (only this morning) have both completed the tender without withholding taxes for me. Idealing required both forms completed and posted whilst Iweb required a phone call (maybe previous completion of W8-Ben online).

[eezymunny] 02/4/2024 08:08

Hargreaves Lansdown, paul

[paul5890] 01/4/2024 14:55

Thanks. Yes, I'm trying to get to the bottom of this and see what went wrong.

Can members please share which brokers have completed the tender offer without deducting withholding taxes (0%) after submitting the two tax forms correctly? I would like to get an overview and inform my broker. Is it correct that both AJ Bell and Interactive Investor have not deducted anything? And are there any others?

[ham74] 30/3/2024 09:14

You must make a formal complaint and seek compensation from Saxo.

[paul5890] 29/3/2024 16:18

It looks like 30% was withheld from the tender proceeds in my account with Saxo. :( No idea why. I'm feeling pretty dejected about this today.

I already shared some of my story in my post from Feb. 02. After that things seemed to move in the right direction. I filled out and signed both Form W-8BEN and Form Section 302 and my broker said they had submitted everything correctly to the custodian. This all took a lot of effort on my part, with perhaps a dozen or so messages and e-mails with Saxo support. It took many hours of my time. After doing all that, I'm back at square one.

Apparently it is still possible to submit completed forms to Quarto itself:
So I'm going to try to get my broker to do that, or do it myself if that is possible (I'm not the shareholder of record, but the beneficial holder).

Perhaps I'm being treated differently because I'm from the Netherlands, or because my broker is not from the UK? I have no idea. I didn't find anything in the tender offer circular that implied that I would not be able to get the 0% withholding treatment. Just a really disappointing outcome for me so far, because I was convinced everything was submitted correctly.

Glad to see others have received the full amount though. Happy Easter to you all!

[ham74] 28/3/2024 20:01

Mine is now available for withdrawal. I made about 10% in 3 months or so in the end. I had hoped to get it a bit faster, but still a decent return.

Has anyone seen any other tender offers worth doing?

[cockerhoop] 28/3/2024 17:02

I've also received tax free proceeds in 2 accounts with a broker who wasn't particularly helpful. Still awaiting the funds in the kids accounts with another broker.

[eezymunny] 28/3/2024 15:44

I have proceeds now, with no deductions.

A relief, but the insane "we might do a tender" thing led me to sell a fair few in the 130´s. Idiots. Possibly cunning and nasty idiots, IMO.

[ham74] 28/3/2024 08:49

No cash proceeds yet showing up on my interactive investor, though they did say it would probably be after midday, and might be delayed.

Have any other brokers credited the tender offer yet? Lets keep tabs on this and compare notes. If one broker is slower, we may then be able to make a complaint that another broker was faster etc. That might speed them up.

This episode clearly shows that some brokers need some hand holding and guidance when it comes to corporate actions !

[ham74] 23/3/2024 08:57

The double bank holiday should be heeded in light of the tax year end and money transfer times. If the money arrives on Thursday 28th March, some brokers do a same day transfer but others charge more for it. If it arrives afternoon of Thursday 28th and you request a transfer, it may not start until next working day, Tuesday 2nd April, and you may not get the money until next working day Wednesday 3rd April, with Interactive Investor.

[zoolook] 14/3/2024 13:16

Link to statement

hxxps://www.quarto.com/public/pdf/investor/20240311_110946_Tender_Offer_–_submission_of_supporting_tax_forms_11_March_2024.pdf

Bet Quarto are wishing they had completed the tender before delisting

[samsj] 13/3/2024 10:06

My broker is now bizarrely asking for a physical copy of the section 302 form before Friday... But judging by the RNS from Monday I can't be the only one still struggling with this.

[ham74] 07/3/2024 08:46

There is no absolute guarantee the funds will be available on March 28. I got the below from interactive. Has anyone else heard different?

If the proceeds are deposited into our Crest account, usually around midday, this would form part of the queue of events that needs to be reconciled and paid. If everything is straight forward, payments are usually done on the same day.



With regards to Quarto, payments may differ for each person who tendered their shares as proceeds will be distinguished by the Section 302 form and if the form was accepted or rejected. As such, we anticipate a slightly longer reconciliation.



Please note, FCA requires us to make the payment within 10 working days however, we obviously aim to make payments as soon as they are received and reconciled.

[zoolook] 07/3/2024 07:13

Finally sense from AJ Bell:


I am writing to you to inform you that our Corporate Actions team have confirmed that they will be submitting the S302 on behalf of AJ Bell shareholders who have elected to tender shares with this tender box ticked (option A), to ensure that this is not treated as a dividend.

[ham74] 01/3/2024 22:08

If funds are deposited in CREST accounts on Thursday 28 March, can they be withdrawn immediately, or is there some settlement period? And if so, is it the usual two days or something different?

[zoolook] 23/2/2024 10:46

I’m coming to the same conclusion about AJ Bell. Their latest response is far from clear whether they will be completing an S302

“I am writing to you to confirm that I have chased this up with our Corporate Actions team and they have informed me that your payment following this tender offer should not be liable to withholding tax, and the S302 form would be filled in by AJ bell to reclaim the tax (using option A) if this payment were subject to withholding tax.”

Come on AJBell just fill the bloody form in irrespectively to place it beyond any doubt that it’s not a dividend

[eigthwonder] 21/2/2024 15:19

i find AJ Bell's admin and general ease of use on the investment side to be a couple of paces behind best in class.

[ham74] 21/2/2024 14:31

Once again II has a different view, from AJ Bell:

You do not need to resubmit your election again. In fact, our system should prevent you from such as your shares have been transferred into Escrow. The only time table that matters in your case is the timing of when your form needs to be received by.

Best regards,


interactive investor

[zoolook] 20/2/2024 12:05

AJ Bell have sent a message saying that due to the revised timetable they require the instruction again if you want to sell your shares. They’ve not yet properly responded to my enquiries regarding form 302

[eezymunny] 20/2/2024 10:25

From my broker "I can confirm that we complete the Section 302 form on your behalf and no further action needs to be taken by yourself. You will not have to pay withholding tax on this tender and we will send you confirmation when this payment has been completed".

Other brokers may not do the form-filling for you, so check...

[cockerhoop] 20/2/2024 09:47

Yes, if you fill in an S302 stating you're tendering 100% (Option A) then it's clearly not a dividend so not liable for withholding tax.