Cheque now received safely by post from Registrars (of course) Equiniti, for my small certificated holding.
Why do Registrars still send capital payments by cheque when they send dividends direct to bank account? |
With experience of the other IT liquidation (certificate holding), FRP advisory emails holders when new documents become available on their site reporting progress etc. They sent me a suitable password to access the documents - which I always forget/lose and have to end up battering my way in.
For non certificate holders' without such access I try to summarise the key points from FRP liquidator's reports. More or less as they are released! ;-)
e.g.
The thing is, if all the holders keep contacting FRP individually, this will take up the liquidator's time (and costs!) and seems to me can only add to the costs of the liquidation. |
Rec'd my 352p/share at AJBell |
..OK. Thanks.
Can now confirm I have received payment into my ISA holding.
WRT certificated holding, this will have to come via letter from FRP. With the current state of the UK postal system (in my experience) this represents a not insignificant risk... |
Hi, i emailed them yesterday and they were kind enough to reply and confirm. There has just been an RNS issued, and i did get my cash about 1h agao, so good luck with yours too. |
Where did you hear this? No payment as yet, though it is still a bit early in the day.
I haven't had any communication from FRP advisory as yet - they already know my details from liquidation of another IT. (I still hold a small number of DNE in certificated form)
Dunedin Investment Trust updates liquidation schedule
Investing.com
Company News
Published 19/12/2024
"The exact date of this distribution is to be determined by the appointed liquidators but is anticipated to be on or around January 29, 2025." |
352p confirmed by the liquidators yesterday, to be paid today. Anyone got their cash yet? |
OK Thanks. |
Future information can be expected to come from the liquidators at FRP Advisory. |
is the 350p payment on 29th confirmed? I thought it said estimated and of course comms is dying out further. I had hoped for more of course at this stage, and the future annual payments for the remaining investments as they mature, but i did think it looked like they could afford 400p. |
Resolution passed at general meeting. DNE to be liquidated. |
My broker now confirmed DNE can stay in ISA for duration of liquidation. |
New announcement, new timetable:
"If shareholders approve of the Proposals, the Company's shares are expected to remain suspended from Listing until, at least, after the payment of the first cash distribution to shareholders and, as such, should continue to be "qualifying investments" for ISA purposes. Shareholders are strongly recommended to consult their professional advisers regarding their own tax position and their own ISA provider in advance of the General Meeting." |
The current share price here looks to be covered assuming £5m costs from here to end of the liquidation, and assuming 50% haircut on the remaining investments.
Does that mean it is a buy at these levels? What costs and/or final return / timescale do you estimate? |
interactive investor -
IMPORTANT UPDATED INFORMATION FOR ISA CLIENTS
Proposed Delisting and Liquidation
Following our recent notice issued on the 17th December 2024 regarding the delisting and liquidation of Dunedin Enterprise Investment Trust, ii have sought clarity regarding the ISA eligibility status of the stock.
We can now confirm that in-line with the company’s circular the shares will retain their ISA status when they are delisted and can remain within an ISA wrapper until the completion of the liquidation. |
ISA's - I queried the position with ii, and quoted the section on ISA's in the circular. Glad to say that they have changed their position - they will be sending out an updated notice shortly. DNE shares can continue to be held in ISAs during the liquidation process. |
"1. I will be emailing my ISA provider with a few questions."
Answer came there none. :-(
Looks like I will have to speak to them. |
...But is this about DNE? It is certainly necessary with single company shares but, as my previous post shows, not necessarily true with an IT in liquidation. But individual brokers will have their own policy.
Curiously, my ISA provider seems to want to take a different approach to this to the last time a very similar type of IT was liquidated. |
According to Halifax Share Deaing
“If the company cancels its listing on all Recognised exchanges, the shares will become non-ISA eligible, as they won't meet HMRC requirements. In this case, if you hold your shares in an ISA, we'll move them to your Share Dealing (non-ISA) account once the Cancellation is complete”. |
 WRT holding in ISA during liquidation:
This is getting confusing...
I hold most of my DNE shares in an ISA, but a few others separately, outside an ISA. The ISA manager has sent me an option form:
1. Move shares out of ISA to another account.
2. Move shares out of ISA to certificate in my own name (the default).
This aligns with my prior expectations about effect of liquidation on shares in an ISA. (This seems different to last time an IT was liquidated in the same ISA!)
But... No other explanation or information - apart from saying information is available on DNE company website. No mention of any option to vote on liquidation!
Outside ISA have received voting form and details of liquidation from company registrars. On p.9 Shares held in a ISA
"...The Company intends to conduct its affairs so as to meet the ongoing provisions required of a company operating as an approved investment trust. As such, the Shares would continue to be stocks and shares 'qualifying investments' during the liquidation period for ISA purposes. ISA providers may therefore permit the Shares to continue to be held in an ISA account.
Some ISA providers may however take a different approach in relation to the Shares during the liquidation period. For example, they may state that if the Shares are removed from CREST prior to completion of the liquidation, they may remove the Shares from the relevant ISA Shareholder's account to a new account outside of the ISA into which any further distribution payments would be made. From a practical perspective, such removal from CREST may occur just before completion of the liquidation process at which point the company expects that shares would have only a nominal value.
Notwithstanding the above, Shareholders are strongly recommended to consult their own ISA provider in advance of the appointment of the Liquidators so as to ensure that any action which may be necessary in relation to their shareholding can be taken in good time."
So it looks as if:
1. I will be emailing my ISA provider with a few questions.
2. You will need to seek advice from your ISA provider to find out how it is going to be handled by them. |
"pvb 4 Dec '24 - 10:13 - 347 of 348
SKYSHIP 3 Dec '24 - 14:12 - 340 of 346
350p is a pretty disappointing first payout!
Does seem a bit on the low side..."
Thought: May in fact be way of mitigating possible CGT liabilities? |
MIGO Opportunities Trust plc see value and increased their holding on Thursday. |
SKYSHIP 3 Dec '24 - 14:12 - 340 of 346
350p is a pretty disappointing first payout!
Does seem a bit on the low side (ignoring costs):
£26.8m Cash / Total shares 5,504,274 = 487p
Share price is rising this morning, maybe it will settle nearer 487p? |
Have to say that when they announced the completion of the EV sale last week, the outstanding commitments suggested that it would be about £3.70 left to come back (I didn't realise a bit more caution would be added in aswell).
Took a bit of a risk and sold a chunk (always a chance there is good news or new information lands) as £5 looked a stretch vs £3.70. Had been hoping for about £4.25 being returned before the RNS last week. |
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