Adams Share Discussion Threads

[luafc] 09/7/2009 11:26

Have just managed to get hold of the following. For those in an unhappy position of not yet receiving a full tax top-up entitlement, the last sentence of para 4 is not overly comforting as regards timing to resolve this. And it betrays the limited comprehension out there. Does it not occur to them that many of the cheques will already have been presented and cleared?

Even more fundamental, does this company understand the purpose of a record date? It would appear not.

The incompetence is still very much alive with this company and its advisers...



7 July 2009

Adamind Ltd (in voluntary liquidation)
("Adamind" or the "Company")

Update on Withheld Tax Payments

Adamind announces that the cheques for the tax amounts withheld from the first distribution made in April 2008 were posted at the end of June 2009.

Following such posting, it has come to the Company's attention that certain shareholders made transactions after the record date for the first distribution, which was 11 March 2008. As a result, the register of shareholders was amended and the withheld taxes were transferred to the current owners of the shares instead of to the owners of the shares on the foregoing record date.

The Company would therefore like to advise shareholders to check the amount of shares stated in the letter accompanying the cheque sent to them against the number of shares they have in their own records. If there is a discrepancy, please contact Corfin Communcations immediately at [e-mail] or ([phone] in order to clarify the situation.

The Company is in the process of sending letters to all shareholders who it believes have been sent an incorrect amount of money, requesting those shareholders to return the cheques to Guberman Group, 12 Yad Harutzim Street, Tel Aviv, 67778, Israel. The Company will issue new cheques following the receipt of the incorrect cheques.

The Company is discussing with HSBC, the issuer of the cheques, ways to replace the incorrect cheques with accurate cheques.

Enquiries

Corfin Communications
Harry Chathli, Victoria Ward [phone]

[luafc] 09/7/2009 10:20

Don't know how widespread this is, but nominee holders at Stocktrade may have a longer wait if they sold shares after the record date.

Notwithstanding the net dividend was received correctly around April 2008 based on holdings at the record date of 12th March 2008, the tax "rebate" which should be one-third of the net divi is actually 6.44p on CURRENT holdings, i.e. holdings at the time a few weeks ago when the top-up was made.

It is currently "being looked into". Stocktrade say it is the fault of Adamind. Can't say whether it is, but it wouldn't surprise me - particularly as it's resulted in less cash being paid out. The shambles is not over for everyone yet.

[dipso] 04/7/2009 07:52

That's correct mrblogg, 6.44p per share, exactly one third of
previous payout when tax was witheld. So represents 25% of total.

[mrblogg] 03/7/2009 20:59

Some money seems to have appeared in my idealing account yesterday. They didn't email me about it but the payment is shown in the client ledger, and my ADA shares have gone. Looks to be about 6.44p per share if I've got the numbers right.

[chrisdgb] 02/7/2009 15:12

thanks for the link, looks like decent amount of cash left...

receipts cover most of possible tax liability...

were we expecting the distribution in Q4 of this year??

[nickcduk] 02/7/2009 14:53

Just in case it has been missed ADA put out their final results today. Haven't got a link to hand but should be up on the website if anyone is interested.

[dangersimpson2] 28/6/2009 22:23

Thanks for the update guys, I'll chase my broker.

[nickcduk] 27/6/2009 10:01

I got a cheque through the post this morning as well. Finally drawing to a close.

[moneyman18] 27/6/2009 09:10

you were the only holder

[dipso] 27/6/2009 09:09

Yippeeeeeeee!
Cheque has arrived for witheld tax.
Sent directly from israel in hand written envelope
by Guberman Group

[chrisdgb] 01/6/2009 10:50

Many Thanks for the update, very useful, sounds like some more patience required, 2011!!

[milesn] 01/6/2009 10:31

Only two of us turned up for the agm - another chap anoraked in a bit later to make it three.
I dont have my notes in front of me now but they said (as per the last announcement) that the tax amount should be coming out in a cheque this month. There was also mention of a potential further payment in the 3rd quarter. The whole saga is unlikely to end until Jan 2011 because of tax that may or may not be due in the US. At this point the case can be closed and any outstanding monies returned. Cash is held in dollars.
If anyone receives the tax rebate please do holler on this thread.
Cheers

[chrisdgb] 27/5/2009 15:47

any news at the AGM on a final distribution of proceeds????? (aside from the tax amount)....

[dangersimpson2] 22/5/2009 10:14

Any idea if this is a blanket return to all holders on the original xd date or whether it depends on those Israeli tax forms being recieved by Capita?

I'm not convinced my broker (iii) ever forwarded the forms I filled in and sent them since I never recieved any form of acknowledgement despite adressing it to their head of corporate actions.

I'm guessing I may need to chase them for payment if its a blanket return since I sold the shares after the xd date. Alternatively if they don't get the payment due to not forwarding my documentation then I'll have to complain to the FSA ombudsman.

Here's hoping it just turns up in my account in a couple of weeks!

[chrisdgb] 21/5/2009 07:30

Agree, this is brilliant.

[nickcduk] 21/5/2009 06:42

Here is a link to the article:-



Have to say I wasn't holding out much hope for a happy ending. Very pleasant surprise this morning. Just hope its smooth sailing going forward and that we get our tax back as per the timetable.

[deep powder] 21/5/2009 06:15

Tax amounts to be paid back before the end of June....!!!!!!!!!!!

That now just leaves the final distribution.........wonder how much?

Great news though, thanks to all involved......

[chrisdgb] 19/5/2009 12:49

if anybody is going would they be so kind to post any details..cheers..still hoping..

[eenmakkie] 15/5/2009 21:23

nobody will get any money back if you invested in these bunch of pirates.

The whole Emblaze family is the same.

Look now what they are doing with ZIP, they got all the cash from KIB by a takeover without of any money and now they will take it out of AIM.


If you are feeling what I do, what do all those palestinians feel then.

I do get an idea of what is going on there

[latifs100] 14/5/2009 22:26

are we going to get some more money..? tia

[outsizeclothes.com] 14/5/2009 22:24

Anybody planning on going to the AGM ?

[mmc71] 26/4/2009 20:28

Thanks Nick, i hadnt seen that. At the least the money is still in a company bank account rather than with the Israeli Tax people. Am a bit more hopeful now that some reasonable solution will be found even if it takes a while longer...

[nickcduk] 26/4/2009 19:14

There was an update last week. Just in case any of you missed it:-

[mmc71] 26/4/2009 18:16

Anyone else receive a letter about the winding up?

[deep powder] 17/4/2009 05:45

Interesting, what did the letter say?

Because it is so long ago now I can't even remember how much cash could be left, 3p per share????

And obviously the tax funds wrongly held back by Israel..

Once again, anybody reading this, I need the money...!!!

Let us have an RNS..