Scotgems Share Discussion Threads

[gb904150] 08/2/2024 09:18

yes, a final payment of £0.0112 or around that level IIRC from the corporate announcement at ii.

A final parting gift.

It was not a bad hold in its final stages!

[spectoacc] 08/2/2024 08:37

£560 landed in a/c, presumably the final liquidation payment. Can't remember how many shares I held, but a nice bonus.

[spectoacc] 21/3/2023 08:47

Yes same here, with a very interesting caveat:


"Terms: GBP0.013 in cash for each share held
Pay date: Upon receipt

The Liquidators of ScotGems plc have announced a payment for shareholders of GBP0.013 in cash for each share held.

The cash will be issued to entitled shareholders upon receipt from the liquidators.

ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, we will arrange to move your ScotGems plc holding to a linked trading account, opening one on your behalf if you do not already have one. The shares will be transferred to a Trading account following receipt of the liquidation payment."


Seriously? So I've got to have a Trading Account opened for me, just to keep holding SGEM, even tho I assume this is the final payout?

[epistrophy] 21/3/2023 07:15

brwo, my broker sent it.

[brwo349] 20/3/2023 20:28

I cant find that announcement. Where did you see it?

[epistrophy] 20/3/2023 18:41

"The Liquidators of ScotGems plc have announced a payment for shareholders of GBP0.013 in cash for each share held.

The cash will be issued to entitled shareholders upon receipt from the liquidators."

[epistrophy] 13/9/2022 15:43

Received my 79p. "Not great, not terrible."

Here's a chart of an EM ex-China ETF plotted in GBP.


Take a guess at which point everything was sold...

[spectoacc] 13/9/2022 14:38

Cash received in iii.

[epistrophy] 08/9/2022 15:13

Yep I'm not optimistic!

[spectoacc] 08/9/2022 15:07

"Friendly countries" eh..

What happens to any future value when SGEM is wound up I wonder - presumably someone offers a few quid & the liquidators get a night out.

[epistrophy] 08/9/2022 15:00

A reasonable result.

With MOEX trading restrictions due to loosen, I wonder if they will manage to find a buyer for the Russian shares.

$MOEX ⚡️ Non-residents from friendly countries will have access to the Moscow exchange stock market from September 12.

[spectoacc] 08/9/2022 14:33

"Initial Distribution

The Investment Manager has now realised 100 per cent. of the value of the Portfolio, with the vast majority of the proceeds of these sales being held in Sterling.

The only unrealised investments in the Portfolio are depositary receipts in Fix Price Group Ltd, a retailer with exposure to the Russian market, which are currently incapable of being traded due to legal restrictions imposed in response to the war in Ukraine. It is not known when, or indeed if, such regulations will be revised to permit the Company to dispose of these depositary receipts and, as previously advised, they are currently held at nil value for accounting purposes.

The Liquidators therefore expect to make an initial distribution of the cash proceeds of the liquidation of the Company's portfolio, less the costs of the Proposals and the amount attributable to the Liquidation Fund, on or around 13 September 2022 (the "Initial Distribution").

It is expected that this Initial Distribution will be 79 pence per Share"



79p was about what I was expecting, and happy with that, but looks like the final distribution is going to be less than I thought.

In these markets, will be glad of the cash, and coming back within the next week.

[spectoacc] 08/9/2022 13:38

Eh? We're all in cash, this is surely a typo:

"80.42 pence per share (excluding income)

80.42 pence per share (including income)"


Consistently 81.xx

[gatehill] 01/9/2022 19:38

Thanks, SpectoAcc. I might SI tomorrow to find out what they're on about! I didn't want to have any certificated shares etc if I did nothing!

[spectoacc] 01/9/2022 08:13

@gatehill - RNS of 18th August is the one to read, far too much to copy/paste but:

"...The Liquidators expect to make an initial distribution of the cash proceeds of the liquidation of the Portfolio, less the costs of the Proposals and the amount attributable to the Liquidation Fund, by 23 September 2022 (the "Initial Distribution")."

They've previously said they're 98% in cash.

The Meeting to approve it is next week, & seems a done deal - so meeting, liquidator appointed, most of the money back on 23rd September, small rump of unsellable stuff to be cleared at a future date for a few pence extra. Assume the Russian holding is in that, unless it's valued at zero and simply written off.

As ever with SGEM, things are opaque for us small shareholders - it's all stitched up behind closed doors. No idea what the costs are, nor the exact quantum of the cash return, nor timescale for receiving the last few pence.

As per above, I'm hopfuly for c.78p on 23rd Sept, but since they took over 3 months to respond to my last email, I've not bothered contacting them again. Not a seller here, nor a buyer.

Ignore what the inept Barclays Stockbrokers say.

[gatehill] 31/8/2022 20:16

I'm confused. All the postings above imply we are getting money back without taking any action. I have a holding via Barclays Smart Investor and this is the Corporate Action I have been sent:

DELISTING

Scotgems PLC has confirmed their intention to delist from the London Stock Exchange (LSE) on 9th September 2022. To ensure any sale trades are settled before the stock is delisted, the last day for selling will be 5th September 2022. After this date you will not be able to sell your holding in this asset from your Smart Investor account.

What does this mean for you:

1. If you want to re-register your holding onto a certificate in your own name (provided this is available) please contact us on 0800 279 3667* or if calling outside the UK [phone]. If it is available, we can request one on your behalf

2. To sell your holding prior to the delisting date you must ensure your trade has been carried out before 4.30pm on 5th September 2022 by logging into your Smart Investor account and placing your order by following the normal dealing process. Online transaction fees will apply


Can anyone please clarify, please?

[spectoacc] 30/8/2022 11:47

Finally the unwind of the "..Including income". 81.44p for both, which is correct post the 3p cash dividend ex date.

Still not entirely sure what we'll get in September, but hopefully about 78p, with 3p to follow.

[spectoacc] 22/8/2022 09:56

A month away from the majority of the cash back to shareholders, but no idea on costs, the overall total to be returned, nor the timescale - liquidators rarely stick to one.

And still don't understand them continuing to report this:

"81.43 pence per share (excluding income)

84.41 pence per share (including income)"


The circular RNS states:
"...The Investment Manager has realised approximately 97.51 per cent. of the Portfolio..."

Are they distinguishing between the portfolio and the income? Why is the accrued income staying so high? Why haven't the XDs paid out by now?


"...And expects to have realised approximately 98.35 per cent. of the Portfolio by [8th September]"

Have to assume the NAV of 84.41p is the correct one, that costs will be small, and that c.98% of that may come back to us next month - perhaps 82p.

But who knows.

[spectoacc] 05/8/2022 12:26

Be interesting to see how much they all pay each other out of our money, and how long they drag it out for.

[essentialinvestor] 05/8/2022 12:20

Being "custodians" didn't go quite according to plan, fine words but the
reality extremely disappointing - and that is perhaps too kind.

[spectoacc] 05/8/2022 12:14

Taking the RNS as meaning 91% of the cum-NAV value, they should be sat on 76p of cash atm, with 8p left to realise, 3p of it accrued income.

It's possible they don't mean that - this is SGEM, after all - in which case they're sat on 73.5p of cash, c.7.2p still to realise, c.3p accrued income to still come in (why that income figure is so high, and has been so consistent, when most of the portfolio has been sold is rather strange).

Honestly can't be bothered to find out, after my previous dealings with that inept bunch, both managaer & Board.

Short of them putting all the cash into a Russian bank, the downside from here is very limited.

[spectoacc] 04/8/2022 16:18

"....We're waiting for the Russian bourse to start trading again...".

[chrisdgb] 04/8/2022 15:55

runt of the litter...?!

[spectoacc] 04/8/2022 15:52

The last 9% will be the interesting part..

"Since 25 July 2022 the investment manager has continued to realise the Company's portfolio, and has now realised approximately 91% of the Company's portfolio. The majority of the proceeds of these sales are being held in Sterling. The timing of the realisation of the remainder of the Company's portfolio will be dependent upon prevailing market conditions."

[chrisdgb] 01/8/2022 11:56

nav hardly moving now, must be getting close.......