Adams Share Discussion Threads

[dipso] 21/9/2009 14:42

I think they are still trying to sort out the mess from the last payment.
I recently had a letter from Israel asking for my money back, although I have
held the shares for 4 years.

[chrisdgb] 21/9/2009 13:45

I have asked about the next cash distribution from Adamind with no response as yet, could someone else send an e mail to try to get an answer..??

[freestyle] 09/9/2009 19:03

yep it the new thread apart from the new fruit lovers above

[volsung] 09/9/2009 10:44

I like cherries. They are often nice with a sparkly white wine

[gerryjames] 20/8/2009 07:13

My fav are tomatoes with bacon.

[drbeng] 15/8/2009 01:03

I'm quite partial to pineapple. Does anyone else have a favourite fruit? Perhaps the kumquat, or the humble rambutan?

[gelp] 14/8/2009 15:24

is this new thread for ADA - adalto was DSY Dawmed?

[luafc] 31/7/2009 07:31

DIPSO:

Yes. This is not the issue.

Adamind have paid out on current holdings, not record date holdings.

Consequently, (whilst the aggregate payment has been made in full I believe) some investors have been overpaid, others underpaid. How easy it will be to fully recover overpayments remains to be seen.

Meanwhile those still to be fully paid are not being treated fairly and equally with other investors of the same class.

The adverse cashflow (hopefully temporary) of correcting underpayments prior to overpayment recoveries should be taken by the company, not the shareholders who sold after the record date but who are obviously entitled to have their net dividends already received topped up to gross.

[mocassinz] 30/7/2009 21:41

yes I did that

[dipso] 30/7/2009 08:52

To those who havn't received payout.
Did you send in the requested information last year
regarding UK tax residency?

[luafc] 30/7/2009 07:13

Still waiting too.

[mocassinz] 29/7/2009 23:12

Has anyone else not received the payout yet? I sold out after the Record date and Im still waiting.

[chrisdgb] 28/7/2009 13:49

The last I was told was distribution in late Q4....

Will be interesting to see how much we get/how much needs to be held back...

Thoughts on a 'per share' payout????

6p..??

[johnroger] 20/7/2009 15:35

Thanks Nick have spoken to Victoria and as you said I have to write directly to the Guberman Group. Those responsible for the screw up seem to be the registrars Capita.

[nickcduk] 19/7/2009 19:16

02079770020

Either Harry or Victoria should be able to help.

[johnroger] 19/7/2009 17:01

nickcduk

Would you be kind enough to post the telephone number? TIA

[nickcduk] 18/7/2009 08:37

Emailed them. Ring them up if that email isn't working. I emailed Victoria directly. She will probably tell you to do the same thing. Send your cheque back with a covering letter.

[johnroger] 17/7/2009 16:45

nickcduk

email address not valid,how did you get instructions from Corfin?

[nickcduk] 16/7/2009 16:25

One thing worth pointing out is that those who have incorrectly cashed in tax refund cheques won't be that difficult to get money back from. They would be current holders of the shares as they purchased their shares after the ex-date. If that is the case then they are still in line to receive about 5-6p in additional funds. If they decide to run with the tax refund cheque it would be easy enough to with hold their share of future proceeds.

[nickcduk] 16/7/2009 16:23

Some confusion about holders who held shares via Selftrade. Because they were held in nominee but then switched to certificate holdings, the Israeli's seem to think that those shares were purchased after the ex date. Ive written a letter and sent off my stopped cheque as per Corfin's instructions.

[johnroger] 16/7/2009 15:52

I was pleased to receive a cheque for the withheld tax but less pleased to have it returned by the bank "cheque stopped".
Have emailed [e-mail] to try and get an explanation!

[luafc] 09/7/2009 14:31

nick: not sure - depends whether nominee brokers have been sent one cheque or a number of component cheques. If the former, then in theory if only one out of all those forming part of a nominee holding sold ex-return of capital, then might not Adamind request a full broker return prior to a reissue?

My broker says he has been asked to return funds (he is resisting on practicality grounds: the cheque(s) has(have) been presented!), though on reflection I don't know whether he was referring only to individuals affected or everybody within the full nominee holding. He did say there were a few affected.

Secondly, why should individuals suffer because of company/adviser incompetence? The cashflow effect should be taken by the company: i.e. those not fully paid should be settled now with the company taking the adverse cashflow effect of chasing overpayments, some of which might prove hard to recover for all I know. Why should affected top-ups wait for recovery first? I thought all shareholders were supposed to be treated equally.

Finally, for those hoping to receive a final payment I would suggest delays over the past year/18 months and events like this are hardly conducive to managing anything that might be leftover efficiently.

[nickcduk] 09/7/2009 13:48

Only those who sold after the shares went ex-return of capital are affected. Don't think too many are in that boat.

[gbill11] 09/7/2009 12:57

Ive seen it all now.

[luafc] 09/7/2009 12:26

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]