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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Int Ferro | IFL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.90 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.90 | 0.90 |
| Top Posts |
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Posted at 07/5/2018 18:49 by rhcm The following may be of help to those who hold shares:Thanks to Gengulphus on the CGT board rhcm, How to claim this as a loss? I am in the process of moving broker and I have one company IFL which is currently suspended and the company have said shares are unlikely to be of any worth to shareholders. The new broker will not accept the transfer and the current broker cannot obtain a paper certificate. They have advised that the shares could be gifted to a charity via sharegift but how can i claim the capital loss? Many thanks for your help. First, do NOT try to use your broker as your tax adviser, unless you have a specific agreement with them that they will act as such. The terms and conditions for an execution-only broker account specifically exclude them giving you financial advice of any type, which includes tax advice (that's basically why it's called 'execution-only'), and even other, more expensive types of broker account such as advisory or discretionary accounts might well have limitations on the types of financial advice the broker will supply. The reason I emphasise that so much is that giving the shares to a charity is one of the most certain ways to ensure that you cannot claim the capital loss! As the ShareGift website says (with my bold), "donating shares charitably gives rise to neither a gain nor a loss for Capital Gains Tax (CGT) purposes". I.e. giving the shares to ShareGift is of no value to you, nor to the charity (assuming that they really are worthless - it certainly sounds as though they are!). The broker is IMHO being rather irresponsible by even suggesting the course of action as a possibility - it is one, and they're not giving any financial advice by merely saying it's something they can do, but clients who aren't fully aware of what 'execution-only' means could easily read it as implying that donating the shares to ShareGift is a good idea... It generally isn't when you've made a loss on a share, especially a total loss! The answer about what you need to do to claim the loss is: make a negligible value claim. Not "wait for HMRC to declare the shares to be of negligible value, then make a negligible value claim", just make one once you're reasonably certain that they are indeed worthless (*). Usually, the point when you become reasonably certain of that for a company is when you get a statement that there is no realistic prospect of any return to shareholders from someone in a position to state that authoritatively - e.g. the administrator of a company in administration. I would generally be happy to base a negligible value claim on such a statement - indeed, I believe the reason such statements are made to shareholders is (besides informing them of the bad news about their investment) that it enables them to support a negligible value claim. Why shouldn't you wait for HMRC to declare the shares to be of negligible value? Quite simply, the reason is that HMRC generally (a) only decide whether shares are of negligible value when they're asked to make a decision by a taxpayer making a negligible value claim; (b) even when they have made such a decision, generally don't make a public declaration of the decision. They do make such a declaration in some cases, by adding it to a 'Negligible Value agreements' list But that list is limited to (in its own words) "shares formerly quoted on the London Stock Exchange", and "quoted" is a somewhat-slippery term with regard to tax... It certainly doesn't have the obvious 'everyday' meaning that "the London Stock Exchange quotes prices for it", as shares traded on AIM are clearly "quoted" in the 'everyday' sense but I have never seen a collapsed company on AIM make it on to the list... Just what the exact requirements are to get on to the list, I haven't managed to work out, but in general, I would take the presence of a share on the list to mean "yes, HMRC will accept a negligible value claim for this share, provided the claim's dates fit the entry", but its absence to merely mean "you'll need other support for a negligible value claim about the share you're interested in". Note incidentally that presence on the list is not a substitute for a negligible value claim - you need to make one to establish the loss whether or not the share is on the list, it's just that if it is on the list and your claim fits the dates, you have the assurance that HMRC will accept the claim. One other thing I'll mention is that you can accompany a negligible value claim with a "post transaction valuation check" request - see and the form it links to (the latter contains most of the information). That's another way to get assurance about whether HMRC will accept the claim - and especially around this time of year, you can send in the negligible value claim and "post transaction valuation check" request and leave HMRC plenty of time to tell you their answer before you have to submit the tax return. (*) And that you actually want the loss. You're not obliged to make a negligible value claim for any specific date - it's just got to be a date: * When the shares are of negligible value (and have become so since you acquired them). * That is in the tax year that you make the claim or one of the previous two tax years. (The previous tax year is probably the most common case - e.g. a claim submitted with a tax return now is for the 2017/2018 tax year that that tax return is about, but made in the 2018/2019 tax year.) * You still own the shares, and you must still own them on the likely-to-be-later date that you actually make the claim. (Basically, once you no longer own the shares, you have actually disposed of them for CGT purposes and so have actually realised the loss. Negligible value claims are there to allow people to deal with assets that have become worthless but they have difficulty actually disposing of, and so the rules don't allow you to waste the taxman's time with them once you have actually disposed of an asset.) It may be that claiming the loss now is not something you want to do - e.g. it might be that dates in the 2016/2017 tax year are before you can establish that the company is of negligible value (note I haven't researched IFL more than very superficially for this post!), that your net gains in the 2017/2018 tax year are below the CGT allowance and so the loss would simply end up being wasted offsetting gains that weren't going to attract any CGT anyway, and that it's too early in the 2018/2019 tax year to be certain whether the loss would end up saving CGT or not. In that case, it's perfectly OK for you to defer making the negligible value claim until a time when you can get some CGT savings from the loss - though note that if you keep deferring making it in that way, eventually you will probably find that you have actually disposed of the shares and so actually have realised the loss, on a date not of your choosing. (The common case for that is that a company in administration or liquidation eventually gets dissolved, i.e. ceases to exist. Its shares cease to exist at the same time, and an asset ceasing to exist counts as actually disposing of it for CGT purposes. I don't know exactly what is happening to IFL, though, and given its international aspects, very possibly wouldn't understand exactly what the CGT treatment would be even if I did know...) |
Posted at 12/1/2017 08:53 by stockriser Aye, I rang Barclays and asked what's happening with IFL, they just replied...It Fuking Lost ....lol |
Posted at 18/7/2016 10:36 by rishika2 That announcement was for IFMSA: there will be no distribution to IFL shareholders as part of IFMSA sale.That they did not say that shares are worthless although they definitely are. Also they need to publish their accounts. You may be surprised that they are still paying wages and still have employees. I wonder how their salaries are being paid ? |
Posted at 15/7/2016 11:07 by konil sorry rishika, i don't know, mine are held with pooled nominees with no admin charges.a further issue is when to claim the cgt loss - i have not yet because as far as i know we do not yet have confirmation of zero return to shareholders. has any one already claimed cgt loss for ifl in their 2016 return? did hmrc accept? |
Posted at 15/7/2016 10:07 by rishika2 can somebody please advice? IFL shares are suspended but company not yet declared to be in administration.Having to pay to the broker fees to maintain the shares when it seems like that they may have no value ? What are fellow shareholders doing ? |
Posted at 09/5/2016 10:55 by konil now that the new tax year is well underway has anyone submitted a cgt loss to hmrc?if anyone knows, would like to hear what hmrc have advised for ifl. |
Posted at 12/12/2015 14:21 by sledin IFL is simply too small for those big shareholders to care about.For example, take a look at Aberforth Smaller Companies Fund, who hold about 10% of IFL. At their peak, this 10% only equated to 0.3% of their total funds. They still have IFL as part of their holdings, but now it is worth 0.0% of their total funds. So, unlike PI's these large shareholders are mostly well diversified (IFL is only one holding in about 80 for Aberforth), so it simply isn't worth their effort to pursue this. They simply write it off and move on. |
Posted at 26/8/2015 12:41 by tomboyb Wednesday 26 August, 2015International Ferro Metals IFMSA enters Business Rescue 26 August 2015 International Ferro Metals Limited (“IFL” or the “Company” IFMSA enters Business Rescue As a result of deteriorating business conditions, IFL’s South African subsidiary, International Ferro Metals (SA) (Pty) Limited (“IFMSA” Despite the stringent cost cutting measures taken by IFMSA, its financial outlook is such that it is facing financial distress. The underlying reasons for this were set out in the Production Report for the three months ended 30 June 2015, and the principal ones are noted below. Since the beginning of the 2015 financial year, the IFL Group has suffered from a downtrend in its operations and profitability that has proved more deep-seated and sustained than anyone expected. It is consistent with the significant decline in global commodity markets generally. The Company reported a loss before tax of ZAR176 million for the half year ended 31 December 2014 and operating losses for the second half of FY15 are expected to be similar to the first half. The price of ferrochrome has continued to decline. This has been caused largely by the slowdown in Chinese economic activity and its consequent effect on stainless steel output and increased production by Chinese ferrochrome producers. These factors have driven prices lower and are expected to continue to keep prices low. IFMSA has also been affected by rising costs and other factors which have impacted its operations, which largely are outside of its control. This includes militant union activity and a general thrust for above inflation wage hikes which have increased IFMSA's labour costs. Most significant of all are the rising electricity costs and interruptions in power supply. Ferrochrome producers rely heavily on electricity for their furnaces and are particularly vulnerable to power discontinuity. Since 2007, Eskom’s prices have increased by 374% for heavy industrial users, which equates to 21.5% p.a. against CPI inflation of 6.3% p.a. over that same period. In July IFMSA lost more than 10% of its ferrochrome production because of load shedding and power trips. Production losses also occurred during the year resulting from section 54 orders to shut the furnaces made by government inspectors. While IFMSA was vindicated in court proceedings to lift these orders, the damage was done. Recently a strike of workers employed by one of IFMSA's contractors resulted in IFMSA having to reduce production from its furnaces and disrupted its logistics and shipping schedule, causing a further loss in production and strain on its liquidity. The combination of low ferrochrome prices, high electricity prices and other costs and losses of ferrochrome production have strained IFMSA's liquidity to the point that it is now in financial distress that is best resolved through the protection of Business Rescue. The Business Rescue process may entail a shutdown of its furnaces and all mining operations, significantly reducing its expenses. It will continue to derive income from the sale of UG2 chromite produced under a contract with Rustenburg Platinum. Such income is expected to cover ongoing costs, allowing IFMSA to continue in business during the period of the Business Rescue. IFL also owns Purity Metals Limited which owns 80% of the Sky Chrome mine. As noted in the Production Report, mining at Sky Chrome remains suspended. It is not envisaged that Sky Chrome will also decide to enter into Business Rescue. During the period of the Business Rescue, IFL will seek to sell its shares in IFMSA and Purity. It is reasonably expected that, after satisfying creditors and transaction expenses, a surplus should be generated that can be distributed to shareholders. The Company is in negotiation with an interested party and has been recently approached by others in relation to a potential sale. Any such sale will be subject to obtaining certain regulatory approvals, as a result it is envisaged that the period of the Business Rescue could be about six months. However, it is not certain that a sale on satisfactory terms will be able to be concluded. Even though IFMSA has been placed in Business Rescue, IFL itself currently remains solvent and expects to have sufficient cash to be able to cover its expenses of continuing operations during the period of the Business Rescue and to implement the proposed sale of IFMSA and Purity. Given the circumstances of the IFL Group, IFL has applied to the Financial Conduct Authority for a suspension of the listing of its securities on the Official List for a period of six months, or such shorter period in which the proposed sale is concluded. - ENDS- For further information please visit www.ifml.com or contact: International Ferro Metals Limited Tel: +27 14 574 6302 Chris Jordaan, Chief Executive Officer Numis Securities Limited Tel: +44 (0) 20 7260 1000 James Black / John Prior / Paul Gillam About International Ferro Metals: International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro Metals is listed on the London Stock Exchange under the symbol IFL. Forward Looking Statements This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements. |
Posted at 25/2/2015 15:29 by konil thanks for that info wildrider, useful to know how the industry sees things.according to jordaan fecr stockpiles have shrunk from 3 months consumption to 2 months (dont know if he meant globally or china only) . but he did say if fecr prices rose then dormant production capacity (from producers who have shut down at current prices) would come back on stream constraining further rises therefore he does not expect any big rise - that's different to no rise though. imo there are 5 fairly obvious factors which will determine the direction of ifl's share price in the near to medium term; - sudden shocks in wider markets, by which i mean if a serious bear does materialise it will hamper ifl share price regardless of how well ifl themselves are doing. with markets hitting highs much bad news is being ignored, so imo the possibility of a serious pullback is still there. - commodity pricing, which is dependent on economic factors and supply considerations. neither of these appear to be favourable currently and according to the metal pages piece wont be for fecr specifically until 2018 at least. - ifl success in reducing costs and showing consistent quarter on quarter profits at prevailing fecr prices. - ifl reducing debt or in other ways allaying investor fears over the debt facility especially when sailing so close to the facility limit. - absence of adverse operational issues which ifl do seem prone to albeit some of them may be outside management's control, or at least the ability to absorb such issues financially and still show a profit. imo the first 2 which are completely outside ifl control, could have the biggest impact on the share price but 2018 is a long way off, so i remain hopeful of better fecr prices before then, and additionally i look forward to higher ifl capacity at lower cost from 3rd furnace in 2017, and meantime hope ifl can deliver ongoing quarterly profits. near term a sharp pullback in markets seems likely though of course with markets hitting highs not many investors agree with that. for the time being i retain my 2p/11p exclusion zone for adding to my ifl positions. all imo, dyor, nai, etc. etc. |
Posted at 23/8/2014 17:01 by rishika2 My comparison for IFL has always been Merafe resources. I always compare their share price and performance to IFL. Declared a dividend few weeks back after so many years. They also suffered as IFL during cheap China ferrochrome dumping days but since last year bouncing back like a tiger.My issues --------- IFL not marketing themselves well to key investment community. Letting the share price drop like a stone for past so many years rather than getting concerned and explore with the brokers about getting some long term investors as shareholders and keep them well informed making part of IFL family. Such a huge IFL board with so many non executive members but not sure what they actually do. One of IFL main problem was their previous CEO David. He was a disaster. Almost everything he got involved in furnaces, Co Gen plant - IFL had to invest more and more of their capital later on to make it stable. He primarily presided IFL over the disaster years - share which was over a pound bringing into pennies. He should have been fired much earlier by Tony. My hope -------- Chris Jordaan. He is a great guy. He is the one who has been turning IFL around. Very effective communicator and a good innovative leader. Its just the share price which he needs to now turn around. Share price has not at all responded to some of the good work that IFL has done. May be market needs to see consistency. Profit growth Quarter on Quarter and some long term IIs who believe in IFL able to deliver a consistent return on their hard earned investments. Of course there will always be some operation hiccups in a setting like IFL but key is to develop a good trust between board and the shareholders |
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