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Pure Wafer Share Discussion Threads
Showing 6826 to 6850 of 6850 messages
|Equiniti funds arrived on 29 Sept. No letter, no details of the payment. I'd move from them if I didn't have concerns they'd screw that up!|
|My lot received a cheque, not cleared yet so not in my account.|
|Same here - I use TDDI and have heard nothing from them apart from the bland notification that they'd received the 4p dividend.|
|I have to assume that Equiniti got the letter but no one was at home to read it....|
|Yes, thanks. What an excellent letter. If only company directors could pen with such clarity :)|
|Letter to all shareholders:- 19 September 2016
Direct line: 020 7197 7271
Fax: 020 7951 9232
Pure Wafer PLC (In Members’ Voluntary Liquidation) ('the Company’)
As you are aware, on 7 January 2016 the Shareholders of Pure Wafer plc passed resolutions to place the Company into members’ voluntary liquidation and to appoint Samantha Jane Keen and I as Joint Liquidators.
I refer to my letter dated 30 June 2016 and I write to provide a further update to the shareholders of the Company on the progress of the liquidation.
I can confirm recent receipt of Company funds which were being held in ESCROW relating to the sale of the Company’s subsidiary Pure Wafer Inc. As such I intend to make a third interim distribution to shareholders within the next five business days and I expect the distribution to be 4p per share.
This will bring total distributions in the liquidation to date to 175p per share. You might recall that in the Circular dated 11 December 2015, the board of directors anticipated that the Joint Liquidators will make a total distributions of up to 188 pence per share and I am pleased to confirm that it is still anticipated that total distributions by the conclusion of the liquidation should be on or around 188 pence and more details in relation to factors which affect this appear below.
We are in protracted correspondence with HM Revenue & Customs (‘HMRC’) regarding the agreement of the Company’s tax position and specifically in relation to the Corporation Tax return for the period ending 6 January 2016.
We are seeking confirmation from HMRC that they will not be raising any enquiries in relation to the tax return. I am seeking this confirmation because the Company applied substantial shareholding exemption in relation to the sale of its former subsidiary and whilst I am satisfied that the exemption should apply, the legislation in relation to the exemption is complex and a number of conditions must be satisfied in order for the exemption to apply. Should HMRC disagree with the use of the exemption,
Corporation Tax would be payable on the sale of the subsidiary and so I am continuing to retain a provision in this regard. Please note that this is a provision only and I hope that tax clearance should be
obtained soon and I will be able to release this provision and distribute sums retained to shareholders in accordance with the circular in due course.
My request has recently been escalated to a specialist team within HMRC and as such I hope the position will be clarified in the near future, however, the timing and amount of distributions do rely on their response. If possible this distribution will be combined with other future distributions in the interests of efficiency, but this will be reviewed to ensure that the Joint Liquidators continue to act in the best interests of shareholders.
The other key outstanding issue in the liquidation at present relates to a dilapidations claim made against the Company in relation to one of its former premises. We are in correspondence with the landlord and their advisors in order to reach a full and final settlement in relation to the claim. However,
this is taking longer than was expected. We are reviewing the position and exploring options in order to get the matter resolved as soon as possible.
Should you have any queries regarding the liquidation, please do not hesitate to contact my colleague
Ben Good on the above direct line.
For the Company
Derek Hyslop and Samantha Keen are licensed in the United Kingdom to act as Insolvency Practitioners by the Insolvency Practitioners Association.
We may collect, use, transfer, store or otherwise process (collectively, “Process”;) information that can be linked to specific individuals (“Personal Data”). We may
Process Personal Data in various jurisdictions in accordance with applicable law and professional regulations including (without limitation) the Data Protection Act
|Very helpful. Not heard a peep so that sounds promising. Thanks Alan|
|Yes, very informative. I've got a pdf. If I can copy the text tomorrow, think I'll post the entire letter here.
In summary though, the liquidator still thinks that a total distribution of around 188p is feasible - 175p paid out so far as you know. Discussions with HMRC are protracted due to the complexity of the matter but it has recently been referred to a specialist team, which gives hope that a decision will be made reasonably soon, although it's impossible to commit to any indication of when that might be. A further complication is that a dilapidation claim by the landlord of the company's former premises remains unsettled. The liquidator is seeking advice as to how a resolution may be expedited.|
|No, nothing for me. Any insights?|
|I've been sent a letter that the liquidator sent to all shareholders 19th September. Did you guys receive it?|
|Is Selftrade now Equiniti? Think so. Agree they are the worst of the lot. They seem to imply you are a fool or a knave for trying to obtain what is rightly yours.|
|The payout may be all a bit inefficient but I am more than happy to wait!|
|Credit appeared on my holding with Hargreaves. Still nothing on my holding with Equiniti account (who are shockingly slow anyway).|
|Had all mine now. Painful inefficiences abound...|
|I had chased HL but noticed it arrived this morning.|
|Tx guys. I have a vision of the liquidator writing cheques by hand. Surely not!?!?!?|
|If the liquidator has forwarded funds without instructions it may be a problem.|
|IDealing are "waiting for the cheque to clear" - expect to credit my account Monday.
Shame, they used to be a decent broker. This isn't the first late payment recently.|
|Not in iDealing or Selftrade -am following up|
|I have had nothing in my Barclays account yet but they always take a few days longer than anyone else. They're a bank - it their prerogative!|
|Anyone still NOT had the 4p distribution? I'm missing it in one account...|
|Selftrade-normally useless-have lived up to their reputation by claiming to know nothing.|
|SIPP manager (Youinvest) has advised that they have received no communication or explanation from the liquidators - just the payment.
It is frustrating that liquidators provide such limited information when they could all simply have a home page with periodic updates. We should not have to email liquidators for an update or explanation.
Liquidations rules are well behind the digital curve!|