Afferro Min Share Discussion Threads

[scorpione] 17/1/2014 10:45

Ok effortless, I see that you like paying tax when it should not be paid. I don't mind paying tax but in this instance the whole thing stinks!

[effortless cool] 16/1/2014 20:38

Did you vote against the offer?

If not, stop whinging.

[scorpione] 16/1/2014 17:48

Yes but it takes two to tango and you would expect both to get it right in ensuring that individual shareholders are not disadvantaged as in this case. AFF does not exist now so we can only moan at IMIC.

[effortless cool] 16/1/2014 16:37

You can't blame IMIC for this - the blame lies with the AFF board that accepted the IMIC offer.

[scorpione] 16/1/2014 15:41

Very unfair imo; did IMIC not take into this consideration when structuring the offer!? There must be millions of shareholders in this position and it means that they will all be losing out from the lionshare of profit made as it would have been tax free in the ISA!!!! To further rub salt into the wounds my understanding is that HMRC are considering a change to the rules (as they have already done with AIM shares) which will allow shorter term fixed interest securities to be in. I WOULD BE VERY ANNOYED if we get our loan notes turfed out and in a month or two they change the rule!! I think all shareholders in this position should get together to talk to HMRC / IMIC etc. to fight this en masse!!

[gatehill] 16/1/2014 13:40

I have received the same letter from Barclays this morning.

[nickdr99] 16/1/2014 11:30

Sorry, meant to add reason is that "as this is a security with less than 2 years to redemption it is not eligible to be held in your ISA. To comply with HMRC regulations this investment must be removed from your ISA"

[nickdr99] 16/1/2014 11:27

Got a letter from barclays this morning telling me that I can't hold the loan notes in my isa (despite saying previously I could) and have 2 options:1.Transfer to my own name/share cert. (£30 charge)2.Transfer to market master account (no charge)Have 1 week to decide and default is option 1. (Will do 2).

[irenekent] 15/1/2014 23:05

My broker who are Ramsey Crookhall in the Isle of Man have kept me posted all the way through and have confirmed that they are holding the notes on my behalf. The sale of my Afferro shares was credited to my bank account. They must have written me half a dozen letters about this and all for £25 in total. They may be a little more expensive than the mass brokers but the service is amazing, and they know who you are when you ring up!

[gatehill] 15/1/2014 18:05

Barclays have replied to my query over the "28 January" issue. They have no information about it and can therefore neither confirm nor deny it. However, they have promised to contact all holders with available options if the date is relevant.

[dgs2] 15/1/2014 15:44

According to my broker: IMIC Loan Notes don't qualify for retention in an ISA beyond 28 days because they are less than five years away from redemption.

[che7win] 15/1/2014 13:08

NAV,
You get 1 loan note for every share held.

[scorpione] 15/1/2014 11:21

What a nightmare!!!!!

[dgs2] 15/1/2014 10:52

I had a letter today to tell me that the loan notes have been multiplied 2.5x and have a principal value of 40p. The number of loan notes should now equal the number of shares you had in AFF. Still no timetable on when they can be traded on IRISH STOCK EXCHANGE.

[nav_mike] 15/1/2014 10:28

rossannan

This sounds correct to me

Remember, for every 1 AFF share you got 80p in cash and 40p in loan notes.

Therefore if say you had 10,000 shares you would get £8000 plus 4000 8% IMIC Loan Notes.

[scorpione] 14/1/2014 20:03

I doubt that HMRC would have the time or resources to check on every single broker! I agree however that it would be most unfair for you and other people in your boat; I suppose one way out would be to transfer to a broker that would keep them in before 28 January?? Not long to do it in though!!

[dgs2] 14/1/2014 13:29

That sounds unreasonable if brokers are interpreting the rules differently. But who checks up on this anyway? Are loan notes going to be confiscated if left in an ISA? It all has a bad smell about it!

[scorpione] 14/1/2014 11:31

bubble - not yet, they reckon mid week at the earliest as there have been some problems with Crest. As already mentioned I will post when I do.

Cupra - I take your point, no worries

dgs2 - I raised the very points that you make after Selftrade said they could stay in first time round. They came back and confirmed that this only applies when the notes are BOUGHT inside the ISA. Although, I must admit having read HMRC's ISA rules I have still have my doubts! Others have quoted above that their brokers also said that they can stay in. I guess we will soon know who is right and who is wrong. For my sake I hope that Selftrade have it right because it will be far more beneficial to keep them in!

[noirua] 14/1/2014 11:14

International Mining & Infrastructure plc 8% Convertible Loan Note
Sell: 100.00p Buy: 100.00p - No change
As shown by HL

[dgs2] 14/1/2014 11:01

Scorpione - not according to the Share Centre: who say they are bounded by HMRC regulations and the short term loan notes make these ineligible to be held in and ISA. If listing on the IRISH Stock Exchange is approved by 28th January, they may be sold. In the event that the listing does not take place they have to be moved to an ordinary trading account other than an ISA.

[dgs2] 14/1/2014 11:01

Scorpione - not according to the Share Centre: who say they are bounded by HMRC regulations and the short term loan notes make these ineligible to be held in and ISA. If listing on the IRISH Stock Exchange is approved by 28th January, they may be sold. In the event that the listing does not take place they have to be moved to an ordinary trading account other than an ISA.

[cupra kid] 14/1/2014 10:49

Scorpione, that wasn't directed at you directly but generally at all the confusion over the loan notes ( I sold prior to the deal completing).

[bubble pricker] 14/1/2014 10:34

Scorpione have you meanwhile received your loan note in the Selftrade ISa or not yet?