Dmatek Ld Share Discussion Threads

[funchalman] 28/5/2009 09:14

well getting more than a little fed up with the wait.so sent following to idit at dmatek last night and as always a very quick reply,pity the brokers are not as fast with the money.

dear idit,

i am afraid the settlement for nominee shareholders in dmatek has now descended into a farce.i completed and sent my israeli tax declaration forms on 27th april,and one month later i am still waiting for payment.there seems to be a misconception amongst brokers that all beneficial holders in a nominee account have to complete the tax forms before
payment for that nominee account is made,this is obviously absurd.it would help if dmatek could ask capita registrars to advise all brokers holding dmatek nominee accounts that payment can be made to single individuals once that individual has completed the tax forms.

thank you for your help in this matter.

her reply this morning:-


Thank you for your email and thoughtful suggestion. We are doing exactly that, either through capita or I'd do it myself.

The fact that they are aware of it, does not seem to always help the claim submission process. They have their own priorities and operational practices, which we have no way of influencing.

May I ask through which broker/nominee do you hold your shares?

Idit

well i think her words "their own priorities and operational practices" just about sums it up.

[holts] 27/5/2009 19:08

still waiting for selftrade jad

[johnroger] 27/5/2009 16:27

My recent response from iDealing, any else with them?



Thank you for your e-mail.



We have spoken to the 'Corporate Actions Department' who have informed us that we have been contacted by the registrar regarding an issue with the paperwork that we sent to them and we are currently awaiting the return of the paperwork to correct the issue. We do envisage this to be a drawn out process and could take quite some time to be complete.



If we can be of any further assistance please do not hesitate to contact us.



Kind Regards



The Support Team

[jadeticl] 27/5/2009 15:20

Anyone paid by Selftrade yet?

[mctmct] 26/5/2009 09:30

jadeticl: Yes, E*Trade paid in full on May 19th. I'm still waiting for any payment from Barclays.

[jadeticl] 25/5/2009 22:31

mctmct,
Just reading through last 40 posts. Do I read your note correctly? Did you receive full repayment on 19th May?

[funchalman] 25/5/2009 19:01

well mctmct's explaination from barclays says it all.this is down to how many forms the broker wants to fill in(or how many times they want to fill in the same form),nothing more nothing less.still waiting here,but should be getting close surely.

[fullbreakfast] 25/5/2009 09:31

napoleon

I don't think there's any point in considering legal action against the Israeli authorities. We're talking about the proceeds of sale of an Israeli company received in Israel being remitted outside of Israel. Many countries have a withholding tax that may apply in such circumstances (in order to ensure domestic tax due is not being evaded) and an exemption procedure for bona fide foreign nationals etc - e.g. the USA - so there's nothing unusual about these arrangements except maybe their inefficiency. UK law considerations are irrelevant and you won't get any joy from the UK courts (or, I'd be fairly confident, the Israeli ones).

It's just one to put down to experience I'm afraid (and I am a fellow holder still awaiting payment).

Regards

fb

[napoleon 14th] 24/5/2009 22:59

jade - no, not a fart!

[mctmct] 23/5/2009 11:17

I have just received this explanation of the delays, from Barclays. The bottom line is that they didn't check the forms and now they have to get some of them corrected. What a mess.

---

The shares we hold for you in Dmatek are held as nominee, this means your shares are registered with the Company Registrars under the name of "BarclayShares Nominee Limited", although you are still the legal owner. As we have a large number of clients holding this stock with us, the holding we have at the Registrars is also very large. Due to the size and nature of this Corporate Action it was not realistic for us to send back individual tax forms as we also have to complete a form of surrender for each batch of tax forms we submit. We took a business decision to set a reply date for the clients holding this stock to try and submit the majority of tax forms in one batch.

I'm pleased to confirm we have already submitted the first batch of forms already returned by our clients, however, the checking of the tax forms was not our responsibility and many of these have been filled in incorrectly by clients. Due to this we are having to amend our original form of surrender so that the remaining clients who have filled out their form correctly will not be affected. These issues all take time to resolve and we are trying our utmost to get this done in a timely manner as we understand the concerns our clients may have in the delay of this payment. As yet we do not have a date for when this process will be completed and when payment will be made, as this process is now out of our hands. Clients who have yet to submit their tax forms or who have completed them incorrectly will be submitted at a later date as we have until September to return these forms to the Registrars.

Clients who hold their shares as a certificate have been able to submit their tax forms separately rather than in batches, hence why they are receiving their payments quicker. I cannot comment on the process other brokers. such as Etrade, have chosen in order to deal with this Corporate Action.

I understand your concerns about maybe selling this stock prior to the Corporate Action taking place, however, Barclays Stockbrokers is an execution only broker and therefore we cannot provide you with any advice which regards to selling your stock. You received notification as soon as we were able too as we needed to wait until the Registrars published their business document to support the Corporate Action, notifying us on the terms.

I hope this has been helpful. If you have any further questions, please feel free to contact me by email or telephone and I'll be happy to help you.

Our aim is to resolve all complaints internally; although we recognise that this may not always be possible. If we are unable to agree a way forward, you may be able to ask the Financial Ombudsman Service to review your complaint, however, I hope to be able to resolve matters for you before you take this step.

I will keep your complaint open for eight weeks, to allow you time to consider my response. If I have not heard from you within this time, I will regard your complaint as resolved and close my file.

Kind regards

Anice Petherbridge
Complaints Handler
Complaints Team

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[jadeticl] 23/5/2009 08:45

For the avoidance of doubt can someone tell me if anybody has yet received money from Selftrade. I have not despite many secure messages and a formal complaint.

[holts] 22/5/2009 17:04

Elm, which broker was helpfull ?

[elmfield] 22/5/2009 13:02

just teasing
Good luck!

[hindsight] 22/5/2009 12:56

Elmfield, I was not mean to her or Dmatek and agree they have always been an honorable company. She explained that Dmatek were not happy with this paperwork mountain to get payment.
However I asked her to pass my thoughts and future actions to the Israeli tax authorities, who obviously act like typical civil servants.

[elmfield] 22/5/2009 12:43

that is a bit mean,
Dmatek have always behaved in an Honourable manner, I have received all money but it took a broker that was very keen to help.

[hindsight] 22/5/2009 12:40

One of my holdings was via Hoodless Brennan
Just had a call from a Mrs Edith Mor, is apparently the go between for Dmatek to the Israeli tax authorities
I had added all my holdings figure onto the tax form rather than just the Hoodless Brennan which I felt was a more transparent way, but I now need to email in to her explaining that then they will release the payment.
Anyway she was very nice, but I did ask her to tell the Israeli tax authorities next time she meets them, that I will never invest in another Israeli company and how do they expect to get western support with this attitude. She sounded as if she was nearly in tears and that the tax authorities were very stubborn to Dmatek requests for a easier payment system.

[holts] 22/5/2009 12:17

Contradicting information from Selftrade, I note on here someone was advised next week , last week, and at the same time I had:

can confirm that a claim will be submitted to the registrars regarding Dmatek on 18 May 2009. We cannot confirm an exact timescale for this to be completed but we are acting on this as quickly as possible.

[mctmct] 21/5/2009 10:09

There may be scope for a small claims court action against Barclays. It will certainly be worth a referral to the Financial Ombudsman. Barclays must be crazy - the damage to their reputation on this (and other) BBs must cost them more than simply paying out immediately would have done.

It suggests very poor judgement.

[rivaldo] 20/5/2009 20:42

Thx for the Barclays updates everyone, I'm in the same position as regards my family's ISAs with them. I'll see what I can find out myself.

[wilddonkey] 20/5/2009 20:05

I too have Barclays as ISA holders and am mad as hell about this. When someone here posted that the returned forms would be sent off shortly (as opposed to the original information he had been given about September) then I assumed that in a matter of days or a week they money would be there.

Every day the market rises is money lost and has been for months now. Is is simply inexcusable that Barclays are behaving like this. I also have to say i'll never again invest in an Israeli company. At the very least the 75% should have been paid immediately, followed by a form for the 25% perhaps. Outrageous.

[elmfield] 20/5/2009 17:32

HI,
My broker confirmed the arrival of all the money due from the take over of Dmatek, It was quite a lot so I am glad to see it, but at least it means we should all get the money due!

[elmfield] 20/5/2009 13:42

that backs up what I thought, if you get the forms in before a certain time we should get paid soon but for those that delay it could be september or later?

[mrwoo] 20/5/2009 12:46

Re 1213: I have now had a further e-mail from Barclays, which in some respects contradicts their earlier advice. This time, they say that the forms which their clients have already returned to them have been sent off and are being processed for payment - although Barclays have no idea when they will receive such payment. In contrast, clients who have yet to return their forms may find that their payments are not processed until nearer the September deadline.

Not great - but better than being told that there will be no payments at all until every tax form is in. I have asked Barclays to confirm which version of their advice is right.... They still haven't told me if they definitely did get my forms, so I have asked them that again too....