Eleco Public Share Discussion Threads

[stevemarkus] 26/5/2017 10:02

I know Barclays will take up scrip issues if you have dividends reinvested. But I have just moved from them to Hargreaves Lansdown as Barclays were putting up their charges a lot for larger portfolios.

Cheers,
Steve.

[smithie6] 25/5/2017 19:57

What about moving your account to register your objection...or moving your ELCO holding out to cert format

...your broker might then review their policies....

[ansc] 25/5/2017 09:46

I'm not surprised in the least that so few shareholders took up what appeared to be the very generous scrip dividend offer alternative. With my own broker (Hargreaves Lansdown Stockbrokers) not allowing scrip issues in their nominee accounts, I contacted three others - with a view to transferring my custom - but none of them allowed 'scrips' online either.

With the scrip shares being priced at 38.95p and the current offer price now 49.0p, I've calculated that it's cost me £714. My broker's argument is that, being part of a large pooled holding, it was impossible for them to differentiate each individual shareholder's entitlement. Bunkum! How do they manage to allocate dividends then? And I've also done two rights issues with them in the past. I will be putting my complaint to the Financial Ombudsman in due course but, according to HLS, even if the Ombudsman agrees that this is an unfair practise, the broker can not be made to change their terms and conditions.

In the meantime, has any shareholder participated in an online scrip issue with their own broker?

edit: slight miscalculation, have amended my 'cost' figure.

[smithie6] 22/5/2017 12:30

few chunky trades gone thru in last 2 weeks....be interesting to know who was doing those

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Price up today....
@fulltimeinvest yesterday tweeted casually in passing that happy to keep holding and that last trading update was good....but whether or not anyone reads those tweets is another question !

[smithie6] 14/5/2017 20:32

Instis or some other big fish soaking up the sells imo

they take a 3-5 year view and ignore that they could have bt cheaper X months ago...

[ansc] 11/5/2017 12:34

Yesterday was the last day for shareholders to accept the scrip offer alternative (if they were allowed to by their broker!), it will be interesting to see what the percentage uptake was.

A lot of selling pressure (@ 46.5p) recently being absorbed by the Mingy Machs without dropping the price. Most unusual.

[ansc] 05/5/2017 18:42

Interestingly the six trades this afternoon marked at 47p (totaling 102.5k), presumably all buys, didn't move the share price one jot. At least that should have mopped-up any possible surplus stock the Mingy Machs may have had on their books.

Let's see what happens next week ..... not that that will influence my stance at all. It looks as though our 'traders' have disappeared, having pocketed no doubt a useful profit.

[ansc] 05/5/2017 16:39

Pinewood Structures is a fan of Elecosoft's Framing software:

[as usual, read the full case study]

[ansc] 05/5/2017 14:48

For any (relatively) new shareholder in the company, who wishes to learn more about the 'ins and outs' of ELCO's activities, there is a comprehensive report produced by Progressive Equity Research which was released at yesterday's AGM. The person to contact (to obtain a copy) is Gareth Evans and he can be emailed at [e-mail].

It is well worth a read.

[smithie6] 04/5/2017 15:04

Brummy
...your migraines or your PMT ?!

...with your incessant sniping...perhaps we can now see where your posting label came from !

[brummy_git] 04/5/2017 14:53

Oh dear smithie6 here again. I was hoping we had lost him for good, but I guess like my migraines, he just keeps coming back

[kemche] 04/5/2017 14:22

smithie - ssshhhhh........

[smithie6] 04/5/2017 13:56

...thats what I call a quiet board !! ;-)

[brummy_git] 04/5/2017 13:48

Bang in line with my estimates too

[b1ggles] 04/5/2017 12:11

I expected worse from a trading update in the middle of the day! Not too bad at first glance.

[ansc] 03/5/2017 13:08

The Mingy Machs are steadfast in their determination not to drop the price, they are now prepared to pay 44.92p for 25k shares. Are they anticipating a bullish chairman's statement at tomorrow's AGM? 23 hours to go ......

[ansc] 27/4/2017 18:05

Price holding firm in spite of regular, sometimes weighty (a 50k today), selling. Unusual for Mingy Machs not to drop the share price at any sign of selling which makes me suspect that there might be a large 'buy' order being filled quietly.

[ansc] 26/4/2017 16:03

Glasgow-based Mactaggert & Mickel Timber Systems Ltd enthusiastic about Elecosoft's Framing software: [read the full case study]

[smithie6] 14/4/2017 13:16

...I sent a query to this or another co....& they asked for details of my nominee ...& then were co-operative....so I think they also had access to data inside the nominee

( I guess the registrar has all the data...in part to protect holders inside a nominee holding..& phps for mkt to ensure that ppl dont break the 30% rule
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& my nominee lets me vote....no charge..
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For the difference in price for the ELCO scrip...& small size of the divi..Im not going to bother

[ansc] 13/4/2017 13:49

Thanks for your reply, rhomboid, that proves immediately that this 'do not offer scrip dividends' is not a standard broker practice; I would appreciate hearing from other investors before penning my response to HLS. I know already, however, that their statement 'Your holding is part of a pooled nominee holding' as being incorrect ..... on checking in for last year's AGM, the company's registrar's representative (on the door) asked for my credentials and was able to find all three 'Vantage' holdings with our individual names My wife and mine) annotated.!

[rhomboid] 13/4/2017 09:26

AJ Bell Provides scrip div/divi reinvestment on a stock by stock basis, HSDL offer a global reinvest option iirc

[ansc] 13/4/2017 09:22

With reference to the scrip alternative offered in the 2016 results announcement, 95% of my ELCO holding is in ISAs and, having written to my broker requesting them to take up the scrip offer (as per instructions in the relevant circular), I've just received this gobsmacking response:
'Unfortunately, we do not offer scrip dividends on the Vantage service. Your holding is part of a pooled nominee holding and as a result we are unable to segregate individual holding for this purpose. As an alternative we offer the Vantage Reinvestment service.'

I would imagine the majority of shareholders these days take advantage of tax-efficient ISAs for share dealing and will, therefore, be in this situation ...... or are they, perhaps it's just Hargreaves, Lansdown (one of the largest brokers in the country) who've decided on this penny-pinching approach. I'd like to hear of the attitude of your broker if you'd care to post it. Thanks