European Real E Share Discussion Threads

[zangdook] 02/2/2018 22:27

Incidentally the reason I think Lloyds are in the wrong is Chapter 17 section 49 (second bullet point) of this:



If anyone else is in the same position, please join me in pointing this out to them.

[zangdook] 02/2/2018 12:24

HL have corrected their mistake. Lloyds have not.

Is anyone else here affected by Lloyds (including iWeb and Halifax)?

[zangdook] 01/2/2018 17:06

Money's come through but in unsatisfactory way:

iWeb (part of Lloyds Banking Group) have paid me 187.3p per redeemed share, and they've moved the remaining shares out of my ISA, which is fair enough as they're unlisted, but they've also paid the money outside the ISA. Maybe they're technically right but it's extremely annoying as the shares were shown in my ISA until today.

Hargreaves Lansdown have left everything in the ISA but they've only given me 165p per redeemed share. I'm waiting for their explanation.

[flagon] 26/1/2018 23:26

Interactive Investor today acknowledged the due distribution but as yet have not credited my account.

zangdook - thanks for bringing this to the attention of this board.

[zangdook] 26/1/2018 23:05

Money is supposed to be paid today. I suppose I'm not surprised that I've heard nothing from my brokers, about the distribution or the winding up or the meeting or the redemption of shares...

[zangdook] 20/1/2018 15:27

I'm a little concerned that none of the nominees I (or people I know) have holdings with has bothered to tell us about this. Less than two weeks to go. I've given my voting instructions for my not very significant holding. I don't remember how the shareholder register is made up.

[sleepy] 17/1/2018 08:55

Thanks zangdook

[sleepy] 16/1/2018 16:21

Zangdook - thank you. Would you send me a copy please

[zangdook] 16/1/2018 10:30

I have a copy now. Anyone wants it, pm me. I'm travelling and may not reply immediately.

[zangdook] 13/1/2018 01:10

I haven't seen it.

It's a pity they took the website down before this happened - why not keep it up at least until the EGM and the winding up vote?

[sleepy] 12/1/2018 05:55

Thanks zangdook. Is the circular available on the internet?

[zangdook] 11/1/2018 20:51

seems there are unclaimed dividends of 700k. If the missing shareholders can't be traced the money reverts to the company. That could be quite meaty as there are less than 500k shares outstanding IIRC.

[zangdook] 11/1/2018 18:22

A circular has been sent out today

120.19p/share will be returned on 26 Jan (subject to exchange rate movement - €600k is being returned)

EGM on 31 Jan to approve winding up and appointment of liquidators

current NAV 187.3p

return of cash will be by way of redemption of 64.17% of issued shares

liquidators will then continue to pursue the tax claim...

[zangdook] 11/1/2018 18:16

not a tweet. I spoke to someone who spoke to someone...

[asmodeus] 09/1/2018 18:52

A tweet, presumably?

[zangdook] 09/1/2018 10:01

a little bird tells me we may hear news soon.

[sleepy] 04/1/2018 22:34

Thanks Finkwot

[finkwot] 04/1/2018 18:49

Posting this here for reference:

Registered office
Sarnia House
Le Truchot
St Peter Port
Guernsey
GY1 4NA
Telephone: [phone]

Investment manager
Schroder Real Estate Investment Management Limited
31 Gresham Street
London EC2V 7QA

For investor information
Contact: Tom Dorey
Telephone: [phone]
Email: [e-mail]

Administrator and company secretary
Praxis Fund Services Limited
Sarnia House
Le Truchot
St Peter Port
Guernsey
GY1 4NA
Telephone: [phone]

[finkwot] 04/1/2018 15:08

The company website seems to have gone offline.

[zangdook] 22/12/2017 12:42

from 7 August

"...the Company expects to appoint a liquidator by the end of the year, with the intention to make a further capital redemption before 31 December 2017, should any current surplus cash remain within the Company."

hm....

[finkwot] 08/12/2017 20:36

I would have expected an announcement by now.

[nicholasblake] 10/9/2017 16:54

There will have had to be an estimate made on what's reasonable. But an imponderable factor is how much the French tax authorities mess company around: delays tends to involve more liquidator cost. At the margin a choice between returning the max now and trying to retain enough to cover more delays.

[zangdook] 10/9/2017 15:43

"Funds have also been retained to pay for the liquidation and to pursue
the claim against the French tax authorities."

I assume they've retained enough to pursue it. It would be rather silly otherwise.

[nicholasblake] 10/9/2017 12:54

The actual NAV at 30 June was 173p. The 165p estimate is, as you suggest, after liquidation costs in second half.
From here one can expect £700k or so by end December.
The tax claim may never make it to court: the liquidator will only progress while there is enough in the kitty to pay its fees. But good upside if the court ever gets to opine.