Atalaya Mining Share Discussion Threads

[rougepierre] 29/11/2023 11:05

I think we're wasting our time...

Institutional shareholders will hold sway...

Management is already aware of the objections, but...

This share will be £6 in no time because of:

Main Listing by EOY with a sharo upsurge of institutional buying

Copper price breaking out

Economies of scale that are already baked in through the mining process and cost savings from renewable energy

The Touro decision and...ironically...

A return to high yields which will help propel the capital gain...

I'm greedy enough to want my cake and eat it, with high yield AND capital gain, but I think I will have to settle for 19% tax on all my ISA dividends, compensated by the gains...it'll still be an excellent net yield based on my average cost of shares...

Anyone considering selling here as a protest wants their head testing IMO... ;-)

[cthompso] 28/11/2023 21:13

HL have a voting form already.

[brockwl2] 28/11/2023 20:37

Last date is 6th December, so if expect brokers to want it by 4th.
My broker II have still not posted a voting form.
Has anyone else seen one yet, and who with?

[mronions] 27/11/2023 10:02

Reminder: I think the deadline to vote through your broker could be today, so please vote against domiciliation in Spain. Reason:

1. a 19% with holding tax will be applied by Spanish (non recoverable if stock in your SIPP or ISA).
2. even if we stay in Cyprus (for now) it will not prevent the move to the main board (away from AIM).
3. being domiciled in Cyprus means we have anti hostile takeover measures in place
4. Management said if Spain rejected they will look at alternative (back to UK? this was originally their 1st choice).

[waterloo01] 26/11/2023 17:39

It's not an issue for the institutions, who are probably the main buyers of stock these days, esp as it enters a main market index. I'd expect some capital gains on that basis (shielded in sipp and iSA) so a big swing amongst the roundabouts on the tax front!

[centipede] 26/11/2023 16:37

Thanks for the info - includes me, and many others I would imagine.
Strangely though, the Cyprus tax was avoided (happened at source rather than being offset)
I have some more money to invest tomorrow - on this basis I won't put it into Atalya, and will review my holding later.

[waterloo01] 26/11/2023 14:42

As Mr O suggested it's really only those holding in either a sipp or ISA (both for me) who can't reclaim any tax

[centipede] 26/11/2023 13:57

From 47 mins on in the Investor meet company talk, (and again from 49.10 on) they say that investors will be liable to a 19% (or 24%) witholding tax on dividends.

However, if you are personally domiciled in the UK, the company may provide a certificate which can be used in tax returns to set against UK tax liabilities.

So, sounds as though this will be quite a pain for normal investors, with a number of stages involved, and many opportunities for things to go wrong (HMRC springs to mind, and what they consider constitutes proof), and maybe even additional costs somewhere.

I recall the difficulties with forms and validation in the past related to Cyprus. Although this was finally resolved, Cyprus is no longer an option as a UK listing could not be based on this. (Also, other countries in the EU would need an actual physical presence to qualify as being domiciled there)

All of this seems likely to have a further downwards effect on the price/value of the company.

[centipede] 26/11/2023 11:06

For People using II

There is a section called 'Voting Mailbox', under Portfolio (you have to subscribe to this – under preferences [click on the little person, top right] – it’s Personal Details and Preferences, under ADMIN)

BUT , this does not have anything about Atalaya (other companies are shown, so it is working)

SO, I have simply sent a message saying:

Dear Sir or Madam,
I have an investment in Atalaya mining.
There is apparently a proposed Corporate action, which will result in the company becoming domiciled in Spain.
It is apparently possible to vote AGAINST this (as it will result in a 19% witholding tax)
I cannot find the corporate action anywhere on the II site.
Can this vote be carried out please ?
Many thanks

[waterloo01] 26/11/2023 08:04

No idea how II work, but with HL it's simple, just go to corporate actions and up comes the vote.

I have actually voted against.

[centipede] 25/11/2023 18:49

How does one vote against this proposal ?
I invest with Interactive Investor (as I suspect many others do), and have seen nothing which would give me this choice.
Is it a question of contacting II and asking them to vote on my behalf ?
What should I tell them to do, which will make things clear ?
I believe that II don't hold the shares directly, but through another company which aggregates them (I forget the technical term for this).
What is the resolution called that I want to vote against ?
Thanks if anyone can clarify this.

[mronions] 23/11/2023 13:39

IMPORTANT: Everyone, make the effort and vote against the EGM proposal.
This will not prevent us joining FTSE main board (leaving AIM).
What we want to do is avoid domiciliation in Spain.
We can just stay in Cyprus for now.
Domiciliation is Spain will cost you 19% of your dividend for stock in SIPP and ISA. You will also lose in your current trading account (but can claim back, which is hassle).
Other problem with Spain: its about to be ripped apart (Catalan separatists have just joined the government).
History, Catalonians held illegal referendum on separation, and they voted to break away. There could be chaos in Spain.

[misterd1] 22/11/2023 08:02

I've personally voted against following the knowledge an alternate plan will be considered - so thank you for whoever pointed that out

[mronions] 21/11/2023 17:13

We are all in agreement that ATALAYA is well managed and things are going well. However, the move to Spain is not in minority shareholder interest: the likes of Trafigura and Blackrock can put their shares on swap with a local Spanish custodian (or any marot prime broker with operations in Spain). The only reason given for moving to Spain was that there was a tax issue moving to the UK. The details of this tax issue were not given, hence the thinking that it could be about management options.

I recommend you instruct your broker to vote against the resolution to move to Spain.
Alberto said himself if it does not succeed they will find another solution: lets get the London domiciliation back on track.

[waterloo01] 21/11/2023 13:01

Just listened to Q&A and Mr O is correct re 19% withholding tax (an issue if you have ISA/SIPP which is where I hold)

[qs99] 20/11/2023 17:07

Copper moving along nicely over last few weeks IMO...supply is under demand still IMO, so hope we can see $4 behind us again soon DYOR

and London listing by far the best and main one too.

[rougepierre] 20/11/2023 16:24

Copper motoring today...ATYM should be much higher...

[mronions] 20/11/2023 16:10

If you hold shares in SIPP or ISA you are all taking a 19% cut in your dividend if we move to Spain. London best.

[mronions] 20/11/2023 16:09

We can get on the main listing with Cyprus .... its then a question of what indices we can join when domicile cyprus, some limitations

[mronions] 20/11/2023 16:06

Get your broker to vote against Spanish domiciliation.

No real details were given about what the tax charge was and who impacted (management options?).

Alberto said himself if does not get the vote they will have to find another solution.

The UK was their first choice and the delay has been to do with the tax issue: but what tax issue? who is paying? If its just managements options we are protecting then not really correct that majority of shareholders should take a 19% dividend haircut

[waterloo01] 20/11/2023 16:06

Main listing. Not sure there would be any withholding tax, but no expert on the subject

[mronions] 20/11/2023 16:01

Think we should vote against EGM resolution : moving to Spain will result in everyone in UK who has stock in ISA or SIPP getting stung 19% witholding tax. Moving to UK would be much better.

No real reason given for the move to Spain other than tax charge: but what tax charge? Management options? Are we taking a 20% hit for management options? Happy to be corrected if I am wrong.

[zangdook] 19/11/2023 12:15

5. Possible reduction in Inheritance tax may lessen the outflow of IHT investors when we leave AIM.

[robmcelf2] 18/11/2023 14:36

Other possible drivers for ATYM share price growth in 2024 (apart from Touro) -1. Solar farm comes on stream as does Elix early in the year which will bring cost reductions in turn boosting profitability2. Copper price appreciation - although this may not materialise until 20253. San dionisio finishes permitting and ATYM mixes in the richer grade pre to drive outputs for little extra cost 4. Listing on main market at end of next month could attract institutional interest not possible with an AIM listing

[nedludd] 18/11/2023 13:10

Can't remember him ever making a correct forecast. Can you?