Adams Share Discussion Threads

[eenmakkie] 13/8/2008 14:35

By end of July 2008.

Its August now, someone has received already some tax refunds?

[luafc] 11/8/2008 17:23

Surprised how quiet this thread is in view of cash no-show and no supporting RNS update.

Following discussions with 2 brokers and other contacts I believe that contrary to "making every effort.... to recover the amounts withheld...." that the practice is very far from this. On the contrary, it seems to me that stalling tactics to delay payment are being employed.

I sincerely hope I shall see my funds.

(If anybody has received funds, I for one would be interested to hear.)

[luafc] 06/8/2008 09:05

From 23rd June:

"Further to the announcement of 28 April 2008, Adamind announces that it expects to complete the payment of withheld amounts by the end of July 2008 to those shareholders who provided or will provide the necessary confirmations and Declarations as required by the Israeli Tax Authority ('ITA') by 30 June 2008."

and from Final Results of 1st July:

"To date, in its first distribution, the Company has distributed $19.2 million (gross) and is making every effort to ensure, wherever possible, shareholders are able to recover the amounts withheld from the first distribution as required by the Israeli Tax Authorities."

Well, July came and went. Not only has nothing yet been credited to my account, but this shameless crock has yet to release an update of no-progress.

It's tempting to believe these guys will do anything to hold onto our cash for as long as possible dreaming up every road-block they can. Read the para from the Final Results above - it's that empty you have to wonder if it's been scripted by Gordon Brown - all that's missing is "We will not waver in our pursuit of a fair outcome. We are on the side of all our long-standing loyal shareholders."

[chrisdgb] 01/8/2008 08:38

I reckon we should be getting some money any time now??

[luafc] 01/8/2008 08:32

Wonder if these - can't think of a kind word - might be good enough to provide us with an update shortly.

[mmc71] 20/7/2008 22:08

Re-list? They've gone into voluntary liquidation!

[biglosses] 17/7/2008 18:58

What's the latest with this company - does anyone know if they are due to re-list?

[katylied] 24/6/2008 21:45

Well... I got an e:mail through via their normal [e-mail]
It is about 2 weeks since I sent the required forms to my brokers
and both brokers have since confirmed that the paperwork was
passed on as required. Yet Corfin have responed to say...

'We haven't got your papers...'

What a complete effing disaster this has turned out to be.
I can only wonder, if thats the way ADA planned it...

[katylied] 24/6/2008 13:19

"This is an automatically generated Delivery Status Notification.
Delivery to the following recipients failed.
[e-mail]"

lol! Ho Hmmmmm...

[lignum] 23/6/2008 16:16

Barclays now admit that the tax residency certificate is required. Anyone else with shares held via Barclays should contact them asap and try to get their residency certificate off to them this week.

[lignum] 23/6/2008 08:40

Barclays did not request the tax residency certificate from beneficial shareholders on its nominee account so I presume none of these shareholders will get the tax refund (unless somehow Barclays get a new request out today and shareholders respond by Friday). This has been a staggering display of incompetence from the 'finest' financial organisations in the world. What a mess.

[hotfinance14] 23/6/2008 07:08

RNS Number : 2503X
Adamind Ltd
23 June 2008



23 June 2008




Adamind Ltd

('Adamind' or 'the Company')




Update on distribution




Further to the announcement of 28 April 2008, Adamind announces that it expects to complete the payment of withheld amounts by the end of July 2008 to those shareholders who provided or will provide the necessary confirmations and Declarations as required by the Israeli Tax Authority ('ITA') by 30 June 2008.




The Company notes that it has only received a limited number of forms with the correct supportive evidence filled out correctly.




The Company requires:

Exhibit A form (available on the Company's website www.adamind.com or Corfin Communications Ltd)

Residency tax certificate (obtained from resident's tax authority)




Shareholders who own shares directly, should submit the forms and supporting evidence directly to Adamind. Shareholders who hold the shares through a nominee/broker/custodian account should contact the registered shareholder and submit the form via them.




Nominees/Brokers/Custodians need to provide the following information:

Breakdown of all beneficial shareholders

Shares held by each beneficial shareholder

Clearly marked Exhibit A and residency forms of the beneficiary they are submitting

Indicate for which beneficiary they have submitted the forms, which ones have already been sent and beneficiaries that are outstanding

A template table to provide the information above is available from www.adamind.com or from Corfin Communications Ltd.




Shareholders who hold their shares through off-shore accounts or are residents of countries that do not have a tax treaty with Israel should apply for the withheld tax directly to the ITA.




All forms must be posted to Adamind Ltd, c/o Corfin Communications Ltd, Suite 206 / 207, 1 Alie Street, London E1 8DE.




Please contact Corfin Communications who will be able to confirm whether you have filled out the form correctly, and submitted the correct evidence. Email [e-mail] or telephone [phone]. You will also find a list of frequently asked questions with their relevant answers at www.adamind.com.




To date, the Company has distributed $19.2 million gross. There will be a second distribution of the withheld tax amount, at the end of September 2008, to those shareholders who have missed the initial deadline of 30 June and provide the correctly filled forms by 31 August 2008.




Separately, the Company has engaged in certain formal and tax procedures in Israel, the UK and the US in connection with the voluntary dissolution of the Company, which the Company expects will not be completed in 2008. The Company is currently unable to estimate the net amount, if any, that will be held by the Company upon such dissolution.

[mmc71] 20/6/2008 10:26

Received my letter from HRMC this morning. Took 6 weeks, but at least i've got it now!

[dipso] 20/6/2008 09:20

Received share cetificate from Selftrade this morning.
Still awaiting IR letter.

[outsizeclothes.com] 19/6/2008 23:50

Hoodless Brennan seem to be on top of things. My declaration and tax residency letter sent off to Capita, so hopefully money in July.

[mmc71] 18/6/2008 22:54

I've now been waiting 5-6 weeks for my letter....

[katylied] 18/6/2008 14:31

fagine - 18 Jun'08 - 08:48 - 954 of 954

KatyLied... tell me how did manage to get your certificate so quichly?...

I never said I did? My tax office is in Edinburgh. It took close
to 4 weeks from my letter to them. I made the SelfTrade deadline
by a few days. Not so with the Sippdeal deadline (1st June) but
they (James Brearley) weren't bothered and handled it anyway...

PS. Sorry, I originally posted 'end of July', I since
corrected that to 'end of June'. You need to read
the ADA RNS of 28/4/2008 carefully...

[fagine] 18/6/2008 08:48

KatyLied
Thanks, but tell me how did manage to get your certificate so quichly? My tax office is at East Kilbride. On Monday I visited the local tax office and was told that the certificate could only be obtained though my own tax office. She quietly advised me to complain to my MP of the awful service. Which i might do but I'm not sure it will get my certicate in time for the end of July deadline

[dipso] 16/6/2008 17:43

I am also still awaiting certicate from inland revenue, so have missed
Selftrade's deadline, and the shares have now been removed from my portfolio
listing on the Selftrade website.

[fagine] 16/6/2008 12:25

KatyLied
As you kown Selftrade want the papers returned by tomorrow. Have you received a certificate from the Inland Revenue? I phoned them and got no joy so I wrote on the 27rd May. Today I phoned them only to be told that they are behind and are currently dealing with post dated 2nd April. Any suggestions?

[katylied] 03/6/2008 21:45

DIPSO - 3 Jun'08 - 17:13 - 947 of 949

KL, Today's Selftrade letter also states:

"If you believe that you are entitled to the 5% that was withheld"


Yes I know. You have to make an allowance for
the office junior who dealt with it. The
spell checker couldn't spot that...