Pure Gold Mining Share Discussion Threads

[alan@bj] 11/12/2015 10:41

Both seem possibilities. A 118p payout would seem to be risk-free now.

[papy02] 11/12/2015 09:54

Maybe off market transaction, eg to give a family member a clean exit if they need the money now

[hutch_pod] 11/12/2015 09:50

I guess this might indicate there is a small chance of a higher payout should things get settled favourably.

[badtime] 11/12/2015 09:30

Good question

[alan@bj] 11/12/2015 09:15

Why would a Director buy 40,000 shares at 188p?

[eezymunny] 11/12/2015 07:23

188p then. Nice. Good to know I can still add up.

[alan@bj] 10/12/2015 22:33

Well if the share price gets up to 185p I'm selling and I'll take the capital gain.

[hutch_pod] 10/12/2015 19:19

I guess the recent accounts figure of $5m net working capital could be a guide to the deduction, albeit reduced a bit by any cashgen. Not personally heard of the tax on distribution either..

I wonder if the 31.8 share count is on the high side too, as the 2014 annual report referred to 1.4m ish options expiring in 2021-2023 i believe.

But yeah I struggle to get even below 1.88 ish

[eezymunny] 10/12/2015 18:21

I've never heard of a tax on distribution. Have you just made it up? Nice Mr Osborne might give you a job...

[flyfisher] 10/12/2015 17:32

I would expect the bulk of the trade payables would relate to the usa business, as the uk business was closed several months prior to the accounts date.
It also seems prudent to anticipate some tax charge upon distribution of the proceeds of liquidation.

How do you see the tax charge on distribution panning out?

[eezymunny] 10/12/2015 17:00

I hope there's 171p PER SHARE. Not just 171p as you stated ;)

Your sums are a bit thin on the ground. eg you haven't accounted for current liabilities such as trade payables of $7.8m some of which may have been in the UK biz as they close down.

What on earth is your "uk tax on distribution"?????????

Calculating a precise number is impossible as we simply don't have enough info but I've yet to find a way for it to be less than 170p. We'll see in due course!

[flyfisher] 10/12/2015 16:44

Eezy, Why hope, it is in the accounts.

$85.16m / 1.57 fx rate / 31.79m shares, fully diluted.

[hutch_pod] 10/12/2015 16:19

Wow flyfisher, appreciate you laying out your thoughts.

Is the UK tax on distribution applying a standard rate?

Cheers.

[eezymunny] 10/12/2015 16:17

I sincerely hope that they had more than 171p cash at last acctng period ;)

[flyfisher] 10/12/2015 15:47

At the last accounting period the company had 171p cash on the balance sheet.

cash £54.3
usa sale 10.6
warrant/option premium 0.7
tax on Arizona sale - 0.5
uk tax on distribution - 2 retained earnings of $88.13m
liq costs - 1
directors severance - 0.5
final value / 31.79 issued £61.6m = 194p by 10/16

It looks like they will be in a position to make a first payout within a couple of months of about 160p, followed by a second distribution on completion of the usa sale of about 30p by march, then a final distribution upon liquidation in October of around 4p.

At the current share price holders should have capital returned and a profit within 4 months and a free ride on the final payment.

[eezymunny] 10/12/2015 13:48

allyp just read the documents issued by the company. It's all in there. Much better than asking people on a bulletin board ffs.

ps they will NOT pay out before delisting!

[allyp] 10/12/2015 13:24

So can someone clear up for me, for I'm not the brightest... They will payout before delisting, and if we keep the shares in an isa or sipp and they delist, eventually we get some money for whatever is left of the assets?

[hutch_pod] 10/12/2015 13:15

So not long til we see the distribution amount I guess, if it comes with the circular for the Liquidation GM..

[coolen] 03/12/2015 22:38

As Eezy correctly states, it is the de-listing and not the liquidation which triggers the ISA problem as only listed stocks can (or should) be held within an ISA.

The danger of waiting until after de-listing, is that the only option a "more than my jobs worth" ISA provider can offer is to re-register the stock out of the ISA into your own name, thus taking a chunk of value out of your ISA.

Eezy also rightly tips: trade at the top end of the quote when you de-ISA.

[hutch_pod] 03/12/2015 14:43

Seems worth confirming. I wrote to HL..

[papy02] 03/12/2015 14:15

I've never had a prob In these situations either with Selftrade or iDealing ISAs - afaics they just leave the short lived unlisted stock in the ISA.

[flyfisher] 03/12/2015 12:06

zoolook. I have held a few unlisted stocks in an isa with TD, however all providers may not act the same.