Dmatek Ld Share Discussion Threads

[glluckett2] 11/6/2009 10:19

Gerd - No. But wrote to the Head of Client Contact, Alistair Thaw, on 4th June. Reply awaited. My forms were returned to Barclays by the required 22nd April - have no idea yet whether they were correctly completed but I think so.
Will post any reply.

[gerdmuller] 11/6/2009 10:07

Still waiting for Barc. Has anyone been paid by them yet?

[spudders] 07/6/2009 19:11

elm - Looks interesting & moving to main market possibly.

Not sure who mentioned Carclo a few months back, thank you, a nice profit so far :))

[elmfield] 06/6/2009 13:34

we agreed that we would post here if we found any other shares that might be worth a look, I have put some of my proceeds from here into LMS capital, they are connected/part(?) of san fransico partners ETC but just what stake in Dtk you get by buying them I don't know, but they look shrewd and one to tuck away at these prices, take a few mins and check it out but as ever DYOR.

[mctmct] 06/6/2009 10:29

I asked Barclays how many of their clients held DTK (so that I could judge whether their excuse that it was too much effort to carry out a preliminary scan of the forms was credible). This is their response:

"Due to business confidentiality I cannot disclose how many of our clients currently hold shares in Dmatek and the decisions for dealing with this Corporate Action were taken as a business decision, which took into consideration the costs and time needed for processing this Corporate Action. As the batches are returned these will then be sent back in smaller batches, depending on how many incorrect forms are included in each batch. This decision was made so that we did not disadvantage our clients who did complete their forms correctly by then re-submitting new batches.

Barclays Stockbrokers are an execution only broker and therefore we are not qualified to know what was correct or incorrect on these tax forms. Therefore, we could not have checked these before submission. Further complications have then arisen as the registrars will not return the incorrect forms due to postage costs, therefore we arranged for a courier to be sent to pick these up so we could then learn what errors were made on these forms before returning them to our clients.

I'm pleased to confirm your form was completed correctly and has been re-submitted to the registrars, therefore we are expecting payments to be delivered soon and we are currently chasing the Registrars for an exact payment date."

The business confidentiality argument is just another way of saying "we don't want to tell you". It can hardly benefit their competitors to know whether they had 100, 10,000 or a million DTK investors.

If it's true that Capita have added to the delays by refusing to post back the batches of forms, that's another aspect of this fiasco that the regulator needs to examine.

I wonder whose account has held all the unpaid cash for the past weeks?

[holts] 03/6/2009 20:32

Had a reply from IDIT at DTK , poor lady she must be thoroughly fed up, I have deleted name of twerps concerned



have checked with twice in the past weeks, attempting to ascertain exactly the same, why are forms stalled.

Lastly, on June 1st, they assured me that many of their forms were sent of to Capita, the paying agent on Friday.
They are aware that they do not have to wait to all beneficiaries to come forward with their forms.

I tried checking with Capita if they have the forms in yet, but no confirmation as yet.

The practical implications are that if indeed received, the forms will be scanned to me later today, so I should know if your personal form is there. Assuming it is, and filled correctly, checks will go out on the 8th of June, and than it would be responsibility to distribute the funds.

I apologize for all the 'if"s and "but"s, hope to have more certainty sooner rather than later.

[gerdmuller] 03/6/2009 16:24

Finally got a response part of which is below.

This is different for an individual shareholder as only the 1 form needs to be submitted, whereas we have a large volume of forms to submit together with Surrender Forms completed by Barclays Stockbrokers. If we were to individually submit each form separately then we would have increased administration, which could ultimately lead to increased administration costs for our clients. We therefore, took a business decision to submit these forms in batches as we do not wish to increase our administration charges. It was not our responsibility to check each form before submission, as we are a execution only broker so any errors in the batch meant the Registrars would return the entire batch. The first batch has now been returned and separated into 2 further batches; 1 for correct forms and 1 for incorrect forms. The correct forms has been re-submitted and we estimate payment to be made within the next 2 weeks. The incorrect forms will be individually returned to clients, providing them with information on their errors and asking them to re-submit a brand new form.

I'm pleased to confirm your form was in the batch correctly submitted and so payment will be with your shortly, although I can not provide you with a guaranteed date as this is not something Barclays Stockbrokers can control.

They have been telling me 2 weeks since April.

[holts] 03/6/2009 14:56

Gerd , share sentiments , these guys really do not give a stuff about your business ,its a numbers game and they figure your just one of the percentage they calculate they will lose across a year , but you will be replaced by some other mug, so they don't care .

[gerdmuller] 03/6/2009 14:24

I sent an email to Barclays last week and said that if my account wasn't fully credited by the 11 of June I would be looking to move to another firm. Of course I will still have to wait for the funds before I can do that but I think it is the only option.

I pay their management fee and made about 70 trades with them last year and hold a large amount of capital with them but obviously they must have better customers to spend their time on.

It is not just the fact they have not paid yet but also their lack of customer advice. You have to wait for over a week for an email reply and then it tells you absolutely nothing. Calling by phone is little better as you just get passed from one clueless person to another.

Where do you go though? Most firms now are fine until they have your cash and then you get a phone line staffed by a bunch on people who cannot take any initutive whatsoever.

[mctmct] 03/6/2009 12:44

jadeticl:

How to contact the Financial Ombudsman Service
· By post: The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
· By phone: [phone]
· By email: [e-mail]
· Website: www.financial-ombudsman.org.uk

[jadeticl] 03/6/2009 12:20

mctmct. Re above--how do I contact the financial ombudsman, please? I am going to do it.

[elmfield] 02/6/2009 10:02

A local broker, but it is all about getting what you pay for, is it not?
cheap broker = cheap service. any decent private client broker should have got all this sorted by now.

[holts] 02/6/2009 09:48

Elm, raised a query some posts back, you may not want to answer, or may nothave seen , which broker was helpfull , I am peed off with mine and want to change , will understand if you do not wish to answer.

[sammu] 01/6/2009 18:34

John

I am also with Idealing and sent the forms off promptly, and have had no monies.

Your reply from them seems to confirm why - similar to Barclays they did not check the forms and one inccrrect form in the batch seems to cause problems. Administratrive incompetancy is costsing us all money.

It wouldn't be "a drawn out process" if they had got it right and checked the forms.

Capita are one of the poorest administrators in the financial world from all my experiences with them, so it is disappaionting that they are involved in this farce.

I may try and make a fuss, to see if I can get them to pull their finger out of their a88.

Sam

[hindsight] 01/6/2009 10:48

For info, Hoodless Brennan paid on Friday.

[mctmct] 01/6/2009 10:33

puc3 Send them a polite formal complaint, saying that if you do not get a reply within 3 days you will copy the email to the Financial Ombudsman. If they still don't reply, contact the ombudsman.

[pucpucpuc] 01/6/2009 10:10

I am stuck with TD waterhouse, same telephone disaster! No money, I sent the form back in April, it is difficult to get something consistent from TDW, no answering to emils.
Any suggestion ?

[funchalman] 29/5/2009 10:12

anyone with james brearley beaware,they have finally owned up that they have not sent the paperwork in yet!say they cannot get the money until all nominee account holders have completed the paperwork i.e tax forms.what they probably did not know when they told me that by email,was that i knew idit mor had already told them this was not the case.i wonder what they come up with now when they open my email this morning.

[elmfield] 29/5/2009 09:57

money should follow soon then, mine did.

[mrwoo] 28/5/2009 15:47

This just in from Barclays:

"I have received a further update and the correctly submitted forms are
estimated to have a payment made within the next 2 weeks."

I am told that my forms were correctly submitted (phew) - and that many others were not.

[funchalman] 28/5/2009 14:18

thanks hindsight,yes idit is very good,pity some of the other small companies
i have invested in over the years have not had someone of her calibre to communicate with private investors.she has been on to my broker james brearley
to clarify and expedite matters,however i have tried to get james brearley to give the date they sent off my tax forms to capita,so far they are proving elusive.

[hindsight] 28/5/2009 13:49

Funchalman, agree Idit Mor is very efficient. She informed me my Hoodless Brennan holding should be paid today, she also sent me the below

BTW - just so you know your comments did not go unnoticed: one of
Israel's major law firms, which oversaw the transaction is taking the
matter up with the ITA next week. I am actually preparing a report for
them gathering your and other comments. I do not know what will come of
it, and whether it will help in this transaction.

I can assure you we are investing considerable efforts into streamlining
the process. Much of it is a "financial cultural" gap - I believe the
ITA is not fully familiar the way shares are held in the UK and do not
realize the complexity this causes with the forms having to go back and
forth between multiple administrators.

[funchalman] 28/5/2009 13:35

hi rivaldo,well have finally got it in black and white from capita registrars.
i sent the following email yesterday:-

thank you for your reply,however it is still not clear.

lets say 10 people have shares in a dmatek nominee account,9 people complete the israeli tax forms.the other person is missing up the amazon,my question is ,can those 9 people be paid if the 10th person in the nominee account has not completed the israeli tax forms.



thanks and regards

and the answer,which we all know:-

Yes they can go through as long as the Form of Acceptance submitted by the nominee reflects the amount of the other nine only.



Regards



so this is all down to the brokers being too lazy to complete a form more than once.the only way to get your money is to verbally kick the .... out of your broker.if your tax form is filled in correctly then dmatek are issuing cheques twice a week.there is no excuse for a nominee account to be so overdue in payment compared to a share certificate account.

goodluck all

[rivaldo] 28/5/2009 09:21

Well done funchalman, good stuff. Might expedite things a little.

Still not got my money despite getting the forms back asap.