Pure Gold Mining Share Discussion Threads

[flyfisher] 04/10/2016 08:49

Thanks alan.

[alan@bj] 04/10/2016 08:35

Letter to all shareholders:- 19 September 2016
Ref: ML5W/BG/FL/MC/DH
Direct line: 020 7197 7271
Fax: [phone]
Ben Good
Email: [e-mail]
Pure Wafer PLC (In Members’ Voluntary Liquidation) ('the Company’)
As you are aware, on 7 January 2016 the Shareholders of Pure Wafer plc passed resolutions to place the Company into members’ voluntary liquidation and to appoint Samantha Jane Keen and I as Joint Liquidators.
I refer to my letter dated 30 June 2016 and I write to provide a further update to the shareholders of the Company on the progress of the liquidation.
Third Distribution
I can confirm recent receipt of Company funds which were being held in ESCROW relating to the sale of the Company’s subsidiary Pure Wafer Inc. As such I intend to make a third interim distribution to shareholders within the next five business days and I expect the distribution to be 4p per share.
This will bring total distributions in the liquidation to date to 175p per share. You might recall that in the Circular dated 11 December 2015, the board of directors anticipated that the Joint Liquidators will make a total distributions of up to 188 pence per share and I am pleased to confirm that it is still anticipated that total distributions by the conclusion of the liquidation should be on or around 188 pence and more details in relation to factors which affect this appear below.
Outstanding matters
We are in protracted correspondence with HM Revenue & Customs (‘HMRC’) regarding the agreement of the Company’s tax position and specifically in relation to the Corporation Tax return for the period ending 6 January 2016.
We are seeking confirmation from HMRC that they will not be raising any enquiries in relation to the tax return. I am seeking this confirmation because the Company applied substantial shareholding exemption in relation to the sale of its former subsidiary and whilst I am satisfied that the exemption should apply, the legislation in relation to the exemption is complex and a number of conditions must be satisfied in order for the exemption to apply. Should HMRC disagree with the use of the exemption,
Corporation Tax would be payable on the sale of the subsidiary and so I am continuing to retain a provision in this regard. Please note that this is a provision only and I hope that tax clearance should be
obtained soon and I will be able to release this provision and distribute sums retained to shareholders in accordance with the circular in due course.
My request has recently been escalated to a specialist team within HMRC and as such I hope the position will be clarified in the near future, however, the timing and amount of distributions do rely on their response. If possible this distribution will be combined with other future distributions in the interests of efficiency, but this will be reviewed to ensure that the Joint Liquidators continue to act in the best interests of shareholders.
The other key outstanding issue in the liquidation at present relates to a dilapidations claim made against the Company in relation to one of its former premises. We are in correspondence with the landlord and their advisors in order to reach a full and final settlement in relation to the claim. However,
this is taking longer than was expected. We are reviewing the position and exploring options in order to get the matter resolved as soon as possible.
Should you have any queries regarding the liquidation, please do not hesitate to contact my colleague
Ben Good on the above direct line.
Yours faithfully
For the Company
Derek Hyslop
Joint Liquidator
Derek Hyslop and Samantha Keen are licensed in the United Kingdom to act as Insolvency Practitioners by the Insolvency Practitioners Association.
We may collect, use, transfer, store or otherwise process (collectively, “Process”;) information that can be linked to specific individuals (“Personal Data”). We may
Process Personal Data in various jurisdictions in accordance with applicable law and professional regulations including (without limitation) the Data Protection Act
1998

[hutch_pod] 04/10/2016 07:37

Very helpful. Not heard a peep so that sounds promising. Thanks Alan

[alan@bj] 03/10/2016 21:29

Yes, very informative. I've got a pdf. If I can copy the text tomorrow, think I'll post the entire letter here.
In summary though, the liquidator still thinks that a total distribution of around 188p is feasible - 175p paid out so far as you know. Discussions with HMRC are protracted due to the complexity of the matter but it has recently been referred to a specialist team, which gives hope that a decision will be made reasonably soon, although it's impossible to commit to any indication of when that might be. A further complication is that a dilapidation claim by the landlord of the company's former premises remains unsettled. The liquidator is seeking advice as to how a resolution may be expedited.

[hutch_pod] 03/10/2016 20:02

No, nothing for me. Any insights?

[alan@bj] 03/10/2016 18:55

I've been sent a letter that the liquidator sent to all shareholders 19th September. Did you guys receive it?

[meijiman] 29/9/2016 09:16

Is Selftrade now Equiniti? Think so. Agree they are the worst of the lot. They seem to imply you are a fool or a knave for trying to obtain what is rightly yours.

[puffintickler] 29/9/2016 07:34

The payout may be all a bit inefficient but I am more than happy to wait!

[zimbtrader] 29/9/2016 06:17

Credit appeared on my holding with Hargreaves. Still nothing on my holding with Equiniti account (who are shockingly slow anyway).

[eezymunny] 28/9/2016 12:05

Had all mine now. Painful inefficiences abound...

[hutch_pod] 28/9/2016 11:44

I had chased HL but noticed it arrived this morning.

[eezymunny] 28/9/2016 10:13

Tx guys. I have a vision of the liquidator writing cheques by hand. Surely not!?!?!?

[meijiman] 28/9/2016 10:05

If the liquidator has forwarded funds without instructions it may be a problem.

[papy02] 28/9/2016 10:04

IDealing are "waiting for the cheque to clear" - expect to credit my account Monday.

Shame, they used to be a decent broker. This isn't the first late payment recently.

[papy02] 28/9/2016 09:24

Not in iDealing or Selftrade -am following up

[mjcrockett] 28/9/2016 08:57

I have had nothing in my Barclays account yet but they always take a few days longer than anyone else. They're a bank - it their prerogative!

[eezymunny] 28/9/2016 08:46

Anyone still NOT had the 4p distribution? I'm missing it in one account...

[meijiman] 27/9/2016 10:58

Selftrade-normally useless-have lived up to their reputation by claiming to know nothing.

[dhlindy1] 26/9/2016 12:13

SIPP manager (Youinvest) has advised that they have received no communication or explanation from the liquidators - just the payment.

It is frustrating that liquidators provide such limited information when they could all simply have a home page with periodic updates. We should not have to email liquidators for an update or explanation.

Liquidations rules are well behind the digital curve!

[flyfisher] 24/9/2016 11:38

4p is the return from the $1.6m amount held in escrow till end august 2016 from the sale of the business. Presumably they are still waiting for tax clearances from the inland revenue before distributing the residue.

[dhlindy1] 24/9/2016 09:02

The original report was that we could expect £1.88 on liquidation. So far we have had an initial £1.63 then 0.08 and now 0.04 total received £1.75 leaving 13p to come subject to currency gain on US sale retention released and the final tax position being agreed.

[eezymunny] 24/9/2016 08:52

Me a 4p in one acct but not the other. I reckon only 6p more to come. Can't remember why!

[alan@bj] 24/9/2016 08:51

I emailed the liquidator again yesterday so may hear something on Monday.

[dhlindy1] 24/9/2016 08:25

I received a 4p dividend into my Sipp account yesterday. No notice yet of any letter of explanation from the liquidator has anyone else heard from them.
By my estimates there should be roughly 13p more to come.

[alan@bj] 16/9/2016 14:57

Anyone heard from the liquidator?