Ediston Property Investm... Share Discussion Threads

[perfect choice] 14/3/2025 16:06

Well that was what I initially assumed chucko1, it was just the wording on the secure message received today in relation to that last payment which made me think different. 0.25p per share it is then.

[chucko1] 14/3/2025 16:02

No - 0.25p. A fraction of the first payment (being circa 1.45p). Then they lock the doors.

[perfect choice] 14/3/2025 15:42

Hope I am not sounding stupid here with this query and have got this wrong, but received notification today via my AJ Bell SIPP of the final payment and it stated "The liquidators intend to make a third and final cash distribution of approximately GBP0.025 per share during May 2025".

I am reading other posts saying that is 0.25 pence per share, but isn't it 2.5 pence per share i.e. "GBP" is Pounds not Pence?

The statement I had for the previous payment was "Following the liquidation, the cash proceeds at a rate of GBP0.0145 were credited to accounts on the 03rd October 2024". That was a payment received of 1.45p per share I received so the last payment should be 2.5 pence per share then?

[spectoacc] 13/3/2025 13:31

And we still don't know where this extra came from. I got a completely unexpected and very late extra payment on Scottish something-or-other IT, taken over by JGGI, and it turned out to be something pensions-related - presumably a larger surplus than first extimated. Could it have been dilaps or something on EPIC.

[chucko1] 13/3/2025 13:27

To be fair, the aggregate three (final) distributions have been significantly higher than had been supposed. Although small relative to the poorly timed portfolio sales proceeds, very high compared with the initial rump value.

The only useful information from this exercise appears to that liquidation costs are not as bad as some expect. This is a lesson that may be useful in valuing other REITs/ITs which are in liquidation (and still trading).

Liquidators always take a conservative stance in the amount of cash to be held back for the months or year following the initial repayment as they have certain legal obligations etc. (mainly relating to HMRC as creditors have but 30 days to state their claim(s) in most circumstances). The affairs of these ITs are generally pretty simple.

[spectoacc] 13/3/2025 11:45

Better than nowt, but bet it started out at 0.5p.

[justdave20] 13/3/2025 10:59

The report has been posted. Key part is this:

The Joint Liquidators intend to make a third and final distribution to shareholders during May 2025. It is
anticipated that this distribution should be for an amount in the region of 0.25 pence per Ordinary Share.

[justdave20] 27/2/2025 15:59

From my records it was the payment in October. No word from the liquidators about the final payment.

[nickrl] 01/2/2025 22:03

what was the second distribution?

[justdave20] 28/1/2025 09:14

It’s pretty vague, agreed, and likely that the admin fees are eating up the final distribution.
This is the email back the liquidators, I was keeen to clear this line item from the portfolio!

[spectoacc] 28/1/2025 07:22

Bizarre - "...We still do not yet know the quantum of this distribution and so I am not able to provide an estimated rate...".


Not even the vaguest hint? De minimis? 50p? £1?

My guess is, most of it is now going to be eaten up by further liquidator fees, not least this next mailshot & ongoing billed time.

Will it be explained in the Feb report, and if so, why not tell us now?

How can these funds still not have been received?

(Thanks for the update @justdave20, I get nothing here).

[chucko1] 27/1/2025 21:47

Perhaps they uncovered some lost interest. I thought the previous distribution was on the high side, so at least it's making an honest dash through the finishing line.

[justdave20] 27/1/2025 20:50

Update from the liquidator.
We still estimate that there will be a third and final distribution to shareholders around June 2025, however, we still do not yet know the quantum of this distribution and so I am not able to provide an estimated rate for this distribution at this time. As the funds have not been received before the anniversary of the liquidation, being 11 January 2025, an update will be provided in the Joint Liquidators’ annual progress report which will be issued to shareholders by the end of February 2025. Please note that this report is distributed by post only to the addresses on the shareholder register, the liquidators do not maintain an email mailing list.

[skinny] 09/10/2024 11:04

Once again, HL credit something late but date it with the 'correct' date.

As above, appeared on the 4th, but stamped the 3rd.

[chucko1] 04/10/2024 08:13

Have a look now. Once again, HL later than most.

[spectoacc] 03/10/2024 14:49

Interesting - nothing in HL, neither money nor notification.

[perfect choice] 03/10/2024 14:48

Received my payment in my AJB SIPP today, the payment was at 1.45pps, so higher than the original announced 1.21pps, every little bit counts!

[ramellous] 03/10/2024 14:47

I’ve just been paid out with ii

[justdave20] 03/10/2024 14:30

From liquidator today.

Ediston Property Investment Company plc (In Members’ Voluntary Liquidation)(“the Company”)

Computershare has confirmed that the cheques were issued to shareholders on 30 September as planned and so the second cash distribution in the liquidation of the Company was made on that date.

Computershare continues to manage the Company’s shareholder register and so if you have any further queries on the distribution, please contact them on the details below.

Computershare Investor Services plc
The Pavilions
Bridgewater Road
Bristol
BS99 6ZZ

[chucko1] 02/10/2024 20:56

No news, no messages, no nothing.

[justdave20] 02/10/2024 15:51

Has anyone received any further update / cash in their accounts?

[justdave20] 25/9/2024 10:50

Soirce is the liquidators. I emailed them.

Broker have told me that they will pay cheques into accounts. Agreed probably some fees, but not much one can do about that.

For tax is this capital gains or divs?

[cwa1] 25/9/2024 08:22

Dear Mr Nickrl

After deducting our VERY modest handling fee, we are pleased to say you owe us £1237. This can be paid to us in any of the following ways...

Kindest regard

Rapacious Nominee Company

[nickrl] 25/9/2024 07:57

So if its by cheque presumably they send the cheque to the nominee company who then has to distribute it no doubt after they've charged a handling fee!