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SGEM Scotgems Plc

0.00 (0.0%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Scotgems Plc LSE:SGEM London Ordinary Share GB00BYT25542 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 78.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 78.50 GBX

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Posted at 21/3/2023 08:47 by spectoacc
Yes same here, with a very interesting caveat:

"Terms: GBP0.013 in cash for each share held
Pay date: Upon receipt

The Liquidators of ScotGems plc have announced a payment for shareholders of GBP0.013 in cash for each share held.

The cash will be issued to entitled shareholders upon receipt from the liquidators.

ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered an ISA-qualifying investment. Therefore, we will arrange to move your ScotGems plc holding to a linked trading account, opening one on your behalf if you do not already have one. The shares will be transferred to a Trading account following receipt of the liquidation payment."

Seriously? So I've got to have a Trading Account opened for me, just to keep holding SGEM, even tho I assume this is the final payout?
Posted at 20/3/2023 18:41 by epistrophy
"The Liquidators of ScotGems plc have announced a payment for shareholders of GBP0.013 in cash for each share held.

The cash will be issued to entitled shareholders upon receipt from the liquidators."
Posted at 08/9/2022 14:07 by spectoacc
"Friendly countries" eh..

What happens to any future value when SGEM is wound up I wonder - presumably someone offers a few quid & the liquidators get a night out.
Posted at 08/9/2022 13:33 by spectoacc
"Initial Distribution

The Investment Manager has now realised 100 per cent. of the value of the Portfolio, with the vast majority of the proceeds of these sales being held in Sterling.

The only unrealised investments in the Portfolio are depositary receipts in Fix Price Group Ltd, a retailer with exposure to the Russian market, which are currently incapable of being traded due to legal restrictions imposed in response to the war in Ukraine. It is not known when, or indeed if, such regulations will be revised to permit the Company to dispose of these depositary receipts and, as previously advised, they are currently held at nil value for accounting purposes.

The Liquidators therefore expect to make an initial distribution of the cash proceeds of the liquidation of the Company's portfolio, less the costs of the Proposals and the amount attributable to the Liquidation Fund, on or around 13 September 2022 (the "Initial Distribution").

It is expected that this Initial Distribution will be 79 pence per Share"

79p was about what I was expecting, and happy with that, but looks like the final distribution is going to be less than I thought.

In these markets, will be glad of the cash, and coming back within the next week.
Posted at 08/9/2022 12:38 by spectoacc
Eh? We're all in cash, this is surely a typo:

"80.42 pence per share (excluding income)

80.42 pence per share (including income)"

Consistently 81.xx
Posted at 01/9/2022 07:13 by spectoacc
@gatehill - RNS of 18th August is the one to read, far too much to copy/paste but:

"...The Liquidators expect to make an initial distribution of the cash proceeds of the liquidation of the Portfolio, less the costs of the Proposals and the amount attributable to the Liquidation Fund, by 23 September 2022 (the "Initial Distribution")."

They've previously said they're 98% in cash.

The Meeting to approve it is next week, & seems a done deal - so meeting, liquidator appointed, most of the money back on 23rd September, small rump of unsellable stuff to be cleared at a future date for a few pence extra. Assume the Russian holding is in that, unless it's valued at zero and simply written off.

As ever with SGEM, things are opaque for us small shareholders - it's all stitched up behind closed doors. No idea what the costs are, nor the exact quantum of the cash return, nor timescale for receiving the last few pence.

As per above, I'm hopfuly for c.78p on 23rd Sept, but since they took over 3 months to respond to my last email, I've not bothered contacting them again. Not a seller here, nor a buyer.

Ignore what the inept Barclays Stockbrokers say.
Posted at 22/8/2022 08:56 by spectoacc
A month away from the majority of the cash back to shareholders, but no idea on costs, the overall total to be returned, nor the timescale - liquidators rarely stick to one.

And still don't understand them continuing to report this:

"81.43 pence per share (excluding income)

84.41 pence per share (including income)"

The circular RNS states:
"...The Investment Manager has realised approximately 97.51 per cent. of the Portfolio..."

Are they distinguishing between the portfolio and the income? Why is the accrued income staying so high? Why haven't the XDs paid out by now?

"...And expects to have realised approximately 98.35 per cent. of the Portfolio by [8th September]"

Have to assume the NAV of 84.41p is the correct one, that costs will be small, and that c.98% of that may come back to us next month - perhaps 82p.

But who knows.
Posted at 05/8/2022 11:14 by spectoacc
Taking the RNS as meaning 91% of the cum-NAV value, they should be sat on 76p of cash atm, with 8p left to realise, 3p of it accrued income.

It's possible they don't mean that - this is SGEM, after all - in which case they're sat on 73.5p of cash, c.7.2p still to realise, c.3p accrued income to still come in (why that income figure is so high, and has been so consistent, when most of the portfolio has been sold is rather strange).

Honestly can't be bothered to find out, after my previous dealings with that inept bunch, both managaer & Board.

Short of them putting all the cash into a Russian bank, the downside from here is very limited.
Posted at 25/7/2022 12:52 by spectoacc
"Since 13 July 2022 the investment manager has continued to realise the Company's portfolio, and has now realised approximately 83% of the Company's portfolio. The majority of the proceeds of these sales are being held in Sterling. The timing of the realisation of the remainder of the Company's portfolio will be dependent upon prevailing market conditions."

Surprised it's 83% in cash now - they've been reporting a consistent c.3p/share income NAV differential, which made me think they were waiting for a bounce to sell into.

Still - if there's something to be got wrong, SGEM will do it.

Rather than hold it in Sterling, they should be expediting it back to shareholders.
Posted at 28/3/2022 07:58 by spectoacc
SGEM cumulative performance from the Feb Factsheet:

MSCI Emerging Small Cap +30.9%
MSCI Emerging Markets +21.3%

SGEM NAV -8.9%.

Share price performance far worse, but let's say they can't help what it trades at.

We should agitate for wind-up.
Scotgems share price data is direct from the London Stock Exchange

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