Adams Share Discussion Threads

[luafc] 09/4/2009 07:37

Oh, and what happens to the money set aside? (May be a wild assumption there that it exists.)

[luafc] 09/4/2009 07:28

Nothing surprises on this one, but...


How can Corfin and Adamind be so adrift on their prior release promises? Is what Corfin say true? Why are we not being formally updated if it is true?

At the risk of repeating, how is it that they cannot follow through on promises yet still say nothing formally?

[gujibiglips] 08/4/2009 13:00

sorry, but maximum shareholder value is paramount not your pension or lawsuits... lawsuits are for losers i.e insiders or those that make poor investment decisions...

[mmc71] 08/4/2009 12:58

No capital gain here either... If this is the case then surely shareholders should get together and launch a class action lawsuit against the israeli tax authorities as this is clearly unjust.

[luafc] 02/3/2009 20:02

Who knows what to believe? I don't trust the company or Corfin.

As we have been told it's a tax deduction, perhaps we could request a tax deduction certificate from the company for holdings outside tax-free umbrellas to use as a credit against UK tax liabilities .

Wonder what excuse will be given then.

Not sure about double-taxation agreements between the UK and Israel though. Even if there's mileage here, it won't help tax-free holdings in SIPPs for example.

[eenmakkie] 27/2/2009 11:56

I heard there where some problems regarding the Israeli Tax office, that they do not want to pay it back.
Someone else heard this?

[eenmakkie] 29/1/2009 16:20

yes and the pound is dropping even more to the euro, my investment that had to be a gain because bought it below the payout price, turned to a big loss on the pound because they wait and wait till they have grown a long beard, but they most have already a long beard, so on what are they waiting for....
o maybe they spend our tax money already on the war....

Istanbully totally understand your feeling about buying some more Israeli shares....

An other run by company, "For kids entertainment" The had years of big profits, but never paid a dividend, accumulated a profit of 200million$ cash, but never paid a dividend.
On 5 years they consumed the money with directors payouts, options, stocks,....
And the share price dropped from the high 20ties to 1 a 2 dollars now.

[deep powder] 29/1/2009 12:42

I have written to Corfin to try to get some kind of update....I need the cash!!!!

[mmc71] 25/1/2009 14:43

Where have you been istanbully? The rest of us have already had to do that 7 or 8 months ago, so i think you'd better ask your nominee account managers why you werent informed back then.

[istanbully] 24/1/2009 17:20

I have a nominee account . I have been sent more forms to fill This time they want proof that i pay tax in the UK . They want proof that I am a british citizen.I think its a delaying tactic. I wont be buying any Israilie shares ever again.

[luafc] 11/1/2009 15:05

If you call Corfin, as I have, I'd be surprised if you felt reassured after discussions. Any words muttered make little sense to me, something still about being in the hands of Israeli tax authorities, and that's if your phone call is returned. This soap has plenty of mileage yet IMHO.

I suspect non-nominee holders may be in a better position, but that's a guess.

Another guess - because I have no evidence - is that somewhere in all of this lies something of a scam. Time will tell if a tax withheld payment is ever actually made.

And if a payment does prove elusive, does anybody know whether effective recovery can be made by using such withheld amounts as tax payments on account for UK tax liabilities drawing upon double taxation agreements with Israel? This would clearly only be potentially relevant for transactions outside tax-free umbrellas. Not sure whether we would need paperwork from Adamind in support of dividends made last year showing them to be net of 25% tax. Perhaps last year's RNS would suffice.

Thread appears to have died btw.

[eenmakkie] 28/12/2008 11:44

The tax refund, would it be in dollars or Pound sterling?
If in any case they pay it back before ....

[luafc] 09/12/2008 15:40

I would doubt it. In any case we're still now only 9 days over the extended "deadline", which was only extended 4 months. So it's early days to be expecting the tax distribution monies yet. It's also too early to expect a courteous update of the situation, because courtesy falls outside the remit.

We just invested in a sh!t co, administered by similar.

[eenmakkie] 19/11/2008 21:22

anybody received any tax refund already?

[hugepants] 16/11/2008 18:17

Has anyone any idea how much the final payout is going to be?
I hope the reamining cash is in a dollar denomiated accout.

[hotfinance14] 13/10/2008 07:07

13 October 2008




Adamind Ltd

('Adamind' or 'the Company')




Update on distribution




Further to the announcement of 23 June 2008, Adamind today provides an update to all shareholders regarding the withheld tax from previous distributed funds. As announced on 10 April 2008, the Company's shares will be delisted from the AIM market of the London Stock Exchange on 14 October 2008, in accordance with AIM Rule 15.




Current Status




The Company advises shareholders that the majority distribution of withheld taxes has not yet taken place. This has been due to further requests for information from the Israeli Tax Authority (ITA). The Company informs all shareholders that the expiration date for the submission of the forms has been further extended and Adamind will continue to collate all of the required forms sent from shareholders until 30 November 2008. The Company will then distribute the applicable withheld tax amounts to those shareholders that provide the required forms, subject to ITA approval.




The forms required are:




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

Tax 'certificate of residence' (obtained from resident tax authority)




According to the ITA's interpretation of the ruling issued thereby, distributions, including of withheld tax amounts, can only be made to the ultimate beneficiary either directly or via the nominee. As the Company has no means to verify the information received from shareholders, Adamind has requested that the ITA approve the distribution of withheld amounts to shareholders who submit the Exhibit A form and the certificate of residency. If such approval is granted by the ITA, funds will be distributed as soon as practicable to shareholders who have provided correctly completed forms.




Corfin Communications will continue to work with nominees and all shareholders to ensure they submit the requested information in order to become entitled to the distribution.




As a result of the foregoing deadline extension and awaiting the ITA approval described above, the original payment date of July 2008 has been extended and the Company will continue updating its shareholders on any developments in this matter.




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




Shares held through offshore accounts




The current ruling does not enable certain shareholders, including entities that are registered in offshore countries that are not parties to tax treaties with Israel, to receive the withheld amounts from the Company. The Company is seeking additional approvals from the ITA to enable such payments.




Post De-listing Communications







After delisting, the Company will not be able to communicate with shareholders via the Regulatory News Service. Further communications to shareholders will be posted to the registered address of shareholders, and made available on the Company's website at www.adamind.com. Shareholders with further questions should contact Corfin Communications at [e-mail]. In addition, the Company will continue to convene and hold general meetings of its shareholders as required under applicable law.




Adamind has successfully managed to collect funds in the aggregate approximate amount of US$335,000 from different tax authorities and insurance companies. In addition, the Company expects to receive an amount of approximately US$500,000, representing a majority of the amount deposited in escrow pursuant to the sale of the Company's assets in April 2007. The Company intends to distribute to its shareholders the foregoing amounts, as well as any other amounts that become available for distribution, as early as practicable.

[luafc] 22/9/2008 08:08

zzzzzzzzzzzzzzzzzzzzzzzzzzz

Whatever happened to the most basic of courtesies? Having missed the July deadline by almost 2 months now, you would have thought an update of the position might have been released via the RNS protocols.

It's not pleasant this feeling of powerlessness over this situation. Phone calls to Corfin hardly reassure. I tried and despaired at what appeared to me to be a complete lack of genuine urgency in pushing the process forward.

[aliennag] 04/9/2008 08:16

Corfin Communications Harry Chathli, Victoria Ward [phone]

(It's in all their RNS announcements. E.g., the recent EGM result.)

[eenmakkie] 03/9/2008 18:37

can someone post the number of Corfin or the place where to find this info.

[aliennag] 27/8/2008 14:11

I was in contact with Corfin earlier this month. They said they'd like to pay me the withheld amount but couldn't find me on any of the lists of beneficial shareholders supplied by nominees. My shares are in my Sippdeal sipp where the broker and nominee is James Brearley. Corfin said I wasn't on the list supplied by Brearley. In fact, they implied they didn't have a shareholder list from Brearley. I contacted Brearley to try to find out what was going on. Brearley said they'd supplied all the info required, including a shareholder list, to Capita. They told me not get involved but leave it to them to resolve. I'm still waiting!

[nickcduk] 27/8/2008 11:58

Spoke to Corfin today and was told that they are having issues with certain nominees not forwarding all the information required to satisfy the Israeli tax authorities. Its a to and fro process and progress is being made apparently.

[dipso] 27/8/2008 07:29

still nothing here, would like to hear from ANYONE who has received any money.

[eenmakkie] 26/8/2008 23:44

end of August, a month later as always and still nothing....