Afferro Min Share Discussion Threads

[deltrotter] 06/10/2014 11:41

AFF would be about 10p now. LDS got us a cracking deal. Take a look at Sundance over in Oz.

[fairman] 06/10/2014 11:37

Agree with Scorpione, Must be a catch up on the IO price drops. Most IO are down 35% on the year. I think the fact that the PFS is not due until early 2015 may also be a disappointment.
However, it seems quite an (over?) drastic price drop, so I've picked up a few.

[scorpione] 06/10/2014 10:42

Probably because the price of iron ore is falling and China growth forecasts have been cut; temporary over reaction in my view.

[che7win] 06/10/2014 09:50

Why is IMICs price falling?

[soulsauce] 06/10/2014 07:14

Think we were robbed - errm yeah!!

[scorpione] 05/6/2014 14:30

No problem Dow, sorry it has not worked out, I agree that it's no longer worth your while pursuing however at least you did not incur any costs in trying. Just unfortunate like many others that you happened to be with a broker that has decided not to apply any flexibility to the interpretation of rules!

Best of luck from hereon!

[dow77] 05/6/2014 12:47

Scorpione
I have now had a full written explanation from Barc and I think that I have to accept that they have acted correctly. The bonds were removed from my ISA in February in accordance with the regulations that applied at that time. This was about a month before the Govt announced changes to the ISA rules on 19th March. Assuming that the budget changes go through Parliament then the new rules will apply from 1st July, in the same way as the annual ISA allowance is being increased from that date. If I did want to transfer the bonds to the ISA it would have to be a new transaction using funds available in the ISA.

They do advise that they would "attempt to process an instruction, however due to market issues, this can only be executed on a 'best endeavours' basis... however there is currently no market for transactions to be executed in this stock." Has anyone been able to sell/buy the bonds?

So I think that's the end of the road and I'll probably just leave them as they are. Thanks for your input.

[scorpione] 08/5/2014 09:04

Disappointing indeed Dow. In your shoes I would clarify first whether the cost of repurchase has to be met by funds within the ISA. Secondly I would put in an official complaint (make sure you use the COMPLAINT word / heading). If their reply is no different, take it to the Ombudsman as you never know and it it does not cost anything.

Best of luck

[dow77] 07/5/2014 12:53

I have now received a written reply from Barclays confirming their position: they "appreciate other brokers are allowing this holding to remain in ISAs on a nil value basis prior to the change of regulation, but we've made a business decision not to allow this holding to be kept in an ISA until the changes have been made"(on 1 July ). They understand this may be "disappointing".
If I wish to transfer my bond back into the ISA after 1 July, I will need to sell the holding, and buy this back in the ISA. They need do this "to comply with HMRC regulations". No commission on the sale, but there is dealing commission, and Stamp Duty, as usual on each purchase. Commission charged will be at telephone rates.
Although they didn't say as much I am sure that the purchase cost will have to be met out of funds within the ISA.

Has anyone been able to get their bonds re-instated?

Thanks for all the information Scorpione, Noirua and greg, but I feel I've probably come to the end of the line on this one.

Has anyone traded the bonds and at what price? I'm thinking that with the additional ISA allowance it may still be possible to sell and buy back in July.

[scorpione] 17/4/2014 12:00

keep it going greg

[greg the grinch] 17/4/2014 10:57

I found this check number 4, I'll see what they make of it.

[greg the grinch] 17/4/2014 10:44

They wont do it and quote "Please be advised the HMRC guidelines for ISA's currently state that securities must have a minimum residual term of five years, therefore these Bonds are must be moved either into a nominee account or into certificated form to held in your own name. "

Any ideas?

[greg the grinch] 16/4/2014 19:04

Thanks Scorpione. :o)

[scorpione] 16/4/2014 17:23

greg, again it's all mentioned in previous posts but just to summarise:

1. some ISA providers (Selftrade being one) have kept them in from the start without argument as they obviously interpreted the ISA (old) rules differently.

2. the ISA rules have now changed in any event in the recent budget meaning that they have done away with the former restrictions, so if they don't accept my first point there is no way they can argue against this one!

Good luck, keep fighting the blighters until they give in!

[greg the grinch] 16/4/2014 16:52

OK, but what is the silver bullet line that you need to tell them to keep it in?

Otherwise I fear it is pantomime season as they are going to stick to their story that I must chuck it out.

TIA :o)

[scorpione] 16/4/2014 15:38

Yes! See above previous posts

[greg the grinch] 16/4/2014 15:18

Has anyone had any success in keeping these in an isa?

[dow77] 14/4/2014 16:12

Noirua

Thank you very much for that information. I will have another discussion with Barclays.

[dow77] 10/4/2014 17:29

Thanks, I will let you know.

[scorpione] 10/4/2014 15:02

At least it's not flat refusal so hopefully once the bureaucracy theyn will have no excuses!

Good luck, let us know when you get further.

[dow77] 10/4/2014 14:04

Barclays say that the bonds cannot be moved back to the ISA just yet as there has been no formal notification from HMRC. They have contacted HMRC who advise that following the budget new regulations are being drawn up but not yet issued. This might still take a few weeks and clearly bonds with under 5 years to run will be allowed to be included in an ISA. But whether they will allow the IMIC bonds to be re-instated is anybody's guess.

I've made a diary note to contact Barc again in a months time.

If anyone else has any other information, please post.

[scorpione] 27/3/2014 10:42

No problem Dow; all the best, keep us posted.