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Shangri-LA Asia LSE:SHA London Ordinary Share BMG8063F1068 ORD HK$1
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  +HKD0.00 +0.00% HKD24.85 HKD0.00 HKD0.00 - - - 0 06:37:56
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Date Time Title Posts
24/11/201709:08Share Ideas: macro & micro.74,485
24/10/201615:40Ichimoku resource centre.162
08/12/201515:11SHA 2014 share comp7
13/4/201317:03Company Accounts & Valuation Ratios: video tuition.-
13/1/201209:38Candle resource centre.78

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01/10/2017
22:43
tippow: With Copper set to explode i have Put together some info on #GEO which is well worth researching over the weekend. GEO has £4.5m in cash (enough to take them to production) and BOD have bought £100k's of shares in the open market previously so they are aligned with share holders. "Our twin objectives for 2017 are to report a 3 to 5 Mt copper and gold resource and to commence low cost production to be processed at our JV partner's neighbouring operations. We are on course to meet both objectives..." GEO are looking at proving up 50mt and it looks like that may well be blown out of the water as the resource looks much bigger then originally thought. 50mT at 1% gives 500,000 tonnes of copper. Copper at $3/lb = $6.62/kg=$6,620/tonne 6,620x500,000= $3.31 billion 50% ownership so that become $1.655 billion $=0.75£ $1.655billlion=£1.24 billion Lets assume a modest 50% recovery and a 25% profit margin. 1.24x0.5x0.25=£;155m Even with my ludicrously conservative assumptions and excluding the gold cap, this company is sitting on an asset at 5 x the current share price and production is likely to commenceg in the coming months. John Meyer,twice winner of the UK Smaller Mining Analyst of the Year. He picks Georgian as his top copper pick and describes GEO as "the next SOLG" SOLG market cap is £500m!! John Meyer, analyst at share price Angel, looks at his picks including Glencore, Rio Tinto, Georgian Mining and SolGold. 4.45mins in hxxps://www.ig.com/uk/market-insight-videos?CHID=9&SM=TW&REF=IGTV&bctid=5567278253001&bclid=3671160850001 … … … … … … Also previous videos on GEO worth watching hxxps://audioboom.com/posts/5996550-john-meyer-covers-georgian-mining-corp-geo-ortac-resources-otc … … … … … … … hxxps://audioboom.com/posts/6041037-john-meyer-on-solgold-solg-georgian-mining-corporation-geo-21st-june-2017 … … … … … … … hxxps://player.fm/series/the-vox-markets-podcast-with-justin-waite/824-georgian-mining-corporation-geo-and-bonnie-hughes-on-botswana-diamonds-bod … … … … … … … hxxps://audioboom.com/posts/6149837-greg-kuenzel-managing-director-and-martyn-churchouse-technical-director-of-georgian-mining-corporation-geo-27th-july-2017 … … … … … … … https://www.youtube.com/watch?v=RWSzYMTcZKg … … … … … … … This is what is being indicated by the BOD. "Although work to date has focused on three zones as separate areas, recent results suggest that they coalesce to form a large epithermal copper-gold system" Now that would be HUGE!!! "A large epithermal copper-gold system" GEO with its vast resources,no capex outlay for a mine,plenty of cash in hand Leading to a more or less debt free flying start to a rolling income equating to a minimum price target of 60pps+ based on available information with a million ton throughput for copper followed almost at the same time by gold? Is 60pps too conservative in view of the increasing copper and gold prices? we are awaiting in a strong news rich transformational period for the company and await results of the 28 assay results, JV production agreement, production starting date. The project is derisked now. It is going to be mined and no capex needed!! Remember the company have previously described their find as a "world class discovery" John Meyer also said in one of these interviews that " this will be in hundreds of millions if not more" Multibagger in the making here and all very close All thoughts are mine and helped by others posters snipets.
29/9/2017
05:47
temmujin: RKBeekeeper Investment Case: Zanaga Iron Ore Company (ZIOC) Wednesday, Sep 06 2017 by Ash Deans 0 comments 3 Every now and then I come across a share that I was not expecting to find and that I’ve never heard anything about before, this is a classic example of one of those shares. Yesterday Zanaga Iron Ore Company popped up on my radar due to a very strange action in the share price and some very large trades moving through a stock that typically sees very few trades per day. This much un-loved stock may actually prove to be one of AIMs biggest movers this year! Let’s start with the fundementals Shares in issue: 279m Free Float: Approx: 75m (27%) Current MCap: £17m 52 Week High: 212p 52 Week Low: 4.6p All-time High: 212p (No dilution since this high!) All-time Low: 1.35p Cash in Bank: Approx $4.5m Zanaga Project Details The bare fact is that the company sits with a mineral resource situated in the Republic of Congo that is one of the world’s largest with up to 6.9bn tonnes and of which 2.1bn is iron ore at a 66% fe. These figures have been produced in compliance with the key JORC code and the iron ore NPV (after financing and net of production and transportation) has been valued at anywhere up to $966m net to ZIOC based upon the current iron price of approx $55/tonne. (If the price of Iron Ore moves back closer to the $80 range then this puts the value up to $1.4bn!!) The project is a 50/50 collaboration with Glencore ($40bn Mcap), with Glencore hold 1 share more than Zanaga to give them control of the project. Zanaga management have been playing the long game this last two years, steadily progressing the project through, in the most important instance, the ratification of its Mining Convention and the lodging of the Environmental Permit that is now VERY OVERDUE and that will be another potential major milestone in the progress towards exploitation of this world class ore resource. Next Catalyst This project is waiting on the Environmental Permit to be obtained, this was expected at the end of the 2016 fiscal year which means it is now several months overdue and can land any day now! Once the permit has been agreed this could spark a chain of events that will send this share price on a crazy journey. With the permit in place I would expect ZIOC to look at selling their stake in the project and due to Glencore’s huge success over the past couple of years they are now in a cash rich position and according to their chairman they are looking to buy out projects that they already have a stake in. “We are looking for opportunities around,” he said, adding Glencore was particularly interested in assets where it already had stakes or partnerships. This would put ZIOC firmly on their radar, the only outstanding issue being the Environmental Permit which should land very soon. My View: What happens next Based on my research I strongly believe that once the Environmental Permit has been obtained ZIOC will look to sell their half of the project, either to their partner Glencore or to another party, potentially a Chinese interest as there have been rumours of interest from China in the past. This is backed up by the share transfer announced on the 3rd April 2017, which I believe was to get everything ready for the sale of the asset. I also see the directors holding a huge percentage of the shares in issue here which is a sign of confidence in my mind that they know what is coming. It would not surprise me if the deal is already in place and the permit being obtained is the catalyst to finalise it. In regards to the price for the sale of the asset, based on it being one of the world’s leading iron ore assets I would be surprised if it were to sell for less than $100m (fire sale price), with my estimate being somewhere between $200m-$300m. When you compare this to the current Mcap of £17m you can see the huge value here! The Mcap appears to only be this low as it is so far off people’s radars at the moment and the overdue nature of the Environmental Permit. Downsides? Are there any risks here? Of course, as with all shares there is a potential risk here that there will be further delay in the Environmental Permit, or that it might not be granted. However, given that all other permits and licenses have been obtained I see this as extremely unlikely. The risk to reward here is huge in my mind. Very low risk, massive reward. Targets The movement in the share price here is going to be driven by the Environmental Permit being obtained… On that news I would expect the share price to move to around 50p per share (600%+ Rise) I would then expect the share price to continue to rise up to the point of the asset sale, which would likely be over £1 per share (1300%+ Rise) Due to the Very Low free float in this share it moves incredibly quickly which will make it very difficult to by once the RNS lands so this is one you want to be in before the news lands. If you wish to check the figures here in this post then I suggest you take a look at the most recent investor presentation here to get an understanding of the size of this asset: hxxp://www.zanagairon.com/pdfs/ZIOC-Investor-Presentation_21-Sept-2016.pdf The share price at the time of writing this post was 6.125p Note: I have emailed the company to obtain answers to a couple of outstanding questions. I will update this post once I get a reply.
26/8/2017
13:34
hpcg: Hosede - one of the things I stopped doing was buying low PEs; that is fishing for falling knives. GM has a forward PE of under, a flat chart and pays a 4.4% dividend, but I bet you in a years time the share price will be lower than it is today. Mattjos - scanning for sloping breakouts is difficult to program so I expect that is why you get decent results. It's a good edge to have. A few ideas from my last run on Wednesday night which I have only just started looking at (tickers, percentage gains are in dollars unless otherwise) ECH - Chile ETF. Makes sense with copper doing it thing. Up 27% year to date, and I bet there is plenty more to come. I'll be buying on Monday. BRAQ - Brasil consumer ETF, up 100% in a year and a half, and looks like getting busy again. UK alternative would be BRLA, which has Chile and Brasil exposure and has been mentioned on LM's IT board. China is heading higher, also noted on the IT board - plenty of ways to participate and also helpful to back up the metals story. Both global and US utilities are heading up. London listed EGL is at a chunky discount and its NAV is outperforming MSCI world utilities (at last). Municipal bond ETFs are going up, whilst very intriguingly KRS, short regional banks, is maybe showing signs of breaking out higher after a long decline. I might punt that, but I think both say a lot about interest rate expectations. PGR - Progressive insurance. Gorgeous chart, well rated by customers, and not too pricy. I'll buy that once Harvey damage is known. Either on a dip, or sooner if the share price keeps moving higher. Harvey should be good for premiums, hence why I don't know if the share price will even go down.
15/8/2017
19:27
hpcg: Simon - yep, got PMO1 cash a week or so ago. I think the Mexico discovery is probably the best find in the last 5 years. It isn't the largest in that period, top 5, but shallow water and in the Gulf of Mexico so cheap and easy to develop. Bluster - indeed, I still have a few bottles of GFC Barolo, claret and Chateauneuf. I know not many fans of overseas shares here, but RWE and RWE preferred's have reacted well to the tax refund news. For more gain, though more potential for something to go wrong, Hertz car rental, HTZ, looks to be bowling up nicely. Some pretty extreme recovery leverage as equity worth about 1.3 billion, whilst debt is 10 times that. Very early days if there is a recovery in the share price underway so lots of upside IMO. GILD also worth a look at from that point of view; possibly a genuine value opportunity, but much less upside as the share price decline has been for perfectly legitimate reasons.
27/4/2017
08:55
henryatkin: A good bit a price appreciation if this comes off. (ShareCast News) - The plan by Merlin Entertainments to add hotels to their theme parks is underappreciated by the market, said Morgan Stanley on Wednesday as it set a bullish share price target for the years ahead. Adding hotels to theme parks increases the visitor catchment area, revenue visibility, ancillary revenues, trading periods and guest satisfaction, Morgan Stanley gushed, with themed hotels such as Lego rooms at its Legoland parks providing an "immersive" family experiences and premium revenues. Its analysis suggests around £450 revenue per room per night, which is three to four times higher than the market average, with management's ambitious target to increase the current 3,600 rooms by 2,000 by 2020. With an average of 400 at its large parks being well short of the 1,000 at some competitors, Morgan Stanley sees 7,000 rooms by 2022, with hotels growing to 30% of adjusted operating profits, adding 5% to the annual group number. Analysts calculated that earnings per share, which came in at 19.56p and are forecast at 22p for 2017, with continuing strong London hotel and visitor statistics expected to help Midway performance this year, could reach 50p by 2022. A target price of 580p was set, with the bull case putting a 1,000p share price based on a forward multiple of around 20 times.
06/11/2016
14:44
skyship: Barbarian at the Gate suggests opportunity for LSR ========================================= LSR has been a bit of a rollercoaster this year. Starting at 27p they rose to 32p in March, succumbed to 25p over the Summer before rising yet again to 32p in September – since when they have drifted back to 27.75p-28.0p. All in all a great stock for the swing trader. The recent spike to 32p was due to an announcement of a 19.1m share stake (23.1%) picked up by investment company Thalassa Holdings (THAL) at prices up to 34p. Some of their stock (2m shares) seems to have come from Damille (DIL2) who declared a small reduction in their stake down to 18.3m shares (22.2%). So, what is going on; and do the shares again offer good value at 28p? Well, what looks pretty clear is that neither DIL2 or THAL can afford to make a general offer for the Company. Neither has the firepower for one thing. DIL2 is in liquidation mode, so they are looking for the most profitable way out. THAL is the new kid on the block and is run by a bit of an eccentric player in Duncan Soukup. He has now stated he is looking for an investment policy review and will be requisitioning an EGM. LSR has stated: “Your Board believes that the proposals indicated by Mr Soukup would be highly detrimental to the interests of shareholders in general, would destabilise relationships with critical stakeholders and would be very disruptive of the programme that the Board has in hand for executing the strategy approved by shareholders.” Yah, boo humbug to that. What matter that the THAL intervention may upset DIL2 or likely upset the cosy Board who have done very little over the past two years. Though to be fair it does seem as though the Board did get quite close to selling the 2nd half of the property portfolio to a single buyer; but late in the game they walked away. Brexit fears a possibility – who knows? Anyway, if THAL do requisition that EGM – then GAME ON. Surely both the Board and THAL have to lay out their case for the best route to shareholder value. With an NAV well North of 40p, such discussion has to be viewed as a positive for a 28p share price. So why the lumpy seller holding the share price below 30p? Well, if you are a holder like Thames River Capital (F&C Asset Management) who recently sold down 70% of their holding at c34p leaving a rump of 3.2m shares valued at c£900k, why not just get out of the game altogether by selling what you can in the Market, aided by the arrival of buyers motivated by corporate activity. The seller may not be Thames River, but whoever, the game is afoot and the ample discount promises upside. Personally I was waiting for the Finals in mid-December to confirm the 30th September NAV and provide a statement of the forward strategy. Surely the Board will have to bring forward those two elements if they are to make a reasonable case to stay in place and continue to manage the future of LSR. I've topped up my holding with a few more at 28p, essentially buying back the few I released on the "THAL spike" – that’s a full 17.6% lower than the price THAL paid just 8 weeks ago and a 35% discount to the last stated NAV of 43p.
02/6/2016
20:48
skyship: For those open to suggestions in the Private Equity space: ========================================================== After the bizarre happening last Summer when the LMS Capital (LMS) BoD tried and failed to usurp shareholders wishes for liquidation, many continue to harbour doubts as to the Board’s probity. However, there is no escaping the 4 principal facts: 1. Their past performance with the liquidation process has been impeccable, with 63% of the NAV at the start of the process having already been returned – a figure equal to the MCap at the start of the process 2. The liquidation process is again on track with a 32% tender at NAV in Dec’15 3. At the AGM last month the BoD again reaffirmed the liquidation process and the continuing return of capital through Tenders; and for the first time they put a timescale to completion of the process – essentially by Dec’17 4. The current NAV = 88p; versus the offer price of 63p; ie the shares are trading at a full 28.4% discount, even though in liquidation mode These are the basic facts which should justify an element of research. That research will quickly uncover last month’s AGM statement which revealed that already the Company is refilling the cash coffers – now up to £15m, so likely halfway to what will be needed for the next Tender. So, now one needs to practice a little conjecture. Say the next Tender will be declared again for 28.7% - that would translate to 29.7m shares @, well let’s be conservative and predict an NAV fall from 88p to 85p, so @ 85p would cost £25.25m. Note – we already have £15m in the kitty! So, buy @ 63p…..sell a minimum of 28.7% @ 85p…..yes, that’s a profit of 35% on that part. But wait, it gets better. First, there is the official Tender overage – that was an additional 3.4% in the last Tender, the 4th Tender providing these profitable trading opportunities. Add to that the unofficial overage which arises from having your stock held in a Joint Stock Nominee Account. I got another 7% from Selftrade last time around – a total of 39.4% redeemed at NAV. Many posters on the LMS thread did even better than that. The Nominees overage is a fickle friend paying out better for some than for others – but always more! This aspect will only make sense to the professional investor, but that is what most of you are here on the SHA thread, so I won’t bother to explain further. The final soupcon of information for the time-being. The well-respected IC tipster Simon Thompson has just revisited LMS. He wrote a piece on LMS yesterday. I won’t post his entire article as the IC Online is a subscription site; however, I will post his closing remarks: ======================= “Of course, the fall in LMS's net asset value from 96p last autumn, to 92p at end of December 2015, and to around 88p now will make some investors cautious even though the aforementioned one-off hit on an unlisted investment and the fall in Weatherford's share price account for the vast majority of the decline. However, I believe the discount is simply too deep given the impressive track record of the company in successfully divesting its interests. I also believe that given the surge in the cash pile, and the fact that LMS's uncalled commitments to funds it has invested in is only £4.1m, then it's only reasonable to expect LMS to make another hefty cash return later this year through a tender offer pitched at net asset value, a factor that is simply not being reflected in the share price. The company is due to report results at the end of July and I would anticipate further news on likely capital distributions then. I would point out too that every time the company has announced a tender offer the share price has bounced back strongly. Needless to say, I rate LMS Capital's shares a buy on a bid-offer spread of 62p to 63p.” ==================== So, in a difficult year VALUE is hard to find. LMS certainly represents VALUE. And if you are still looking for a hedge against a plunge in CABLE following an unlikely BREXIT vote, the LMS portfolio is 66% $-denominated. Help yourself @ 63p; and thank me later in the year…
29/3/2016
06:06
ten bag man: CBUY: News late Thursday of £5.7M cash injection should see this fly today and through the week. Today's share price 6.5P Roberto Sella a long term CBUY shareholder has agreed to subscribe up to £5.7M ten year convertible and non convertible loan notes at 2.33% interest. Some of the loan notes can be converted to shares @6.5P at any time. If the loans are not repaid on the tenth year the share conversion price is 1P Mr Sella has in effect saved CBUY from going bust and also provided funding for growth. The company is also handing out new share options at 10P ( 55% higher than today's share price) Full details can be found by reading the RNS dated 24/03/16. This is absolutely fantastic news for existing shareholders in CBUY 1/ Without this cash injection CBUY would be bust and shareholders will have lost 100% of their investment. 2/ The loan note funding is by far the best solution for shareholders ( placings on the London market for companies in this position are being done at 50% -75% to the then share price at best. 3/ I believe the shares may well have been shorted over the last 12 months on the hope that the company would go down the pan, or / and billions of new shares would be issued ITRO 1P. ( if that is the case their may be a rush to close) One particular shorting web site has been in overdrive this weekend,trying to rubbish Thursdays terrific funding news. In my view it's a case of shooting themselves in the foot. !! 4/Any new investor has to ask WHY Mr Sella would risk a very large £5.7M investment unless he was absolutely sure of a return and on such good terms for existing holders.? 5/The company is now incredibly cheap as the risk of it going bust is removed. 6/ Cost have been slashed in the last 8 months. 7/ A new director is being appointed ( for Mr Sella ) 8/ A new investor is coming on board 9/ The outlook is good (see RNS ) presumably the reason for Mr Sella"s investment. ? 10/ To sum up, so long as things go to plan CBUY could be a rather good long term investment. One can buy ( if one wants to) at the same price Mr Sella can convert shares at and at a 50% discount to director share options
21/1/2016
13:29
sefton1: "These moves in the market are like a tale told by an idiot: full of sound and fury, signalling nothing" The quotation is attributed to Jack Bogle, the octogenarian founder of Vanguard Group, the world’s second largest asset management group. Jack has a habit of bringing a good degree of common sense during times of stock market stress and in his 86 years has seen a great deal. Furthermore, with US$3 trillion of passive funds under management Vanguard, he is well placed to assess markets more objectively than the active funds that are causing the current upheaval with their manic trading. Jack urged investors thinking of selling amid the current market turmoil to sit tight commenting “This is speculation that we're seeing out there, and you can't respond to it.” While the share prices of some stocks had clearly risen too high, corporate balance sheets are, for the most part, in excellent shape with plenty of cash. The clear exception is the beleaguered oil and gas sector which has been a primary beneficiary of cheap money over the past few years and is now paying the price. However, even in oil and gas world there are plenty of well capitalised businesses that will exit the current maelstrom in terrific shape. The recent fall in stocks and commodities, particularly oil, has raised questions as to whether or not the economy is at risk of entering a recession. In the short term this market mayhem has been for the most part about the oil price which permeates all aspects of the global economy. Until the oil price displays a degree of stability we foresee the speculators to continue to run riot. Saudi Arabia is intent on breaking the back of US oil and gas production to secure their own market share and place itself at the head of the global oil and gas table. With the price now below US$30 per barrel, and no doubt set to fall further still, we sense that the time approaches when US production will fall materially as higher cost US producers throw in the towel. Up to now technological advances have helped the US producers drive down costs and improve production, but geography will ultimately win. Returning to the 86 year old Bogle he concludes that: "In the short run, listen to the economy; don't listen to the stock market," he said. "These moves in the market are like a tale told by an idiot: full of sound and fury, signalling nothing." On home soil, fund manager Gresham House Asset Management (‘GH’) recently published an excellent article on its Investing Strategy. GH commented how value investing has been out of favour with investors for a number of years, effectively since the financial crisis and that the material underperformance of “value” stocks versus “growth” companies is comparable to levels last seen at the peak of the TMT boom in 1999. With investors focusing on growth and momentum companies over the past few years the recent market activity reflects a reality check for the momentum trade. We are now hopefully returning to a time when the proper analysis of fundamentals will be rewarded. Investors have also questioned the business prospects of UK listed WH Smith with its dull portfolio of high street stores. WH Smith has also been going through a transformation with the high street operation essentially being run for cash which is subsequently being reinvested in a growing portfolio of ‘Travel’ venues. It’s hard to visit an airport or train station without coming into contact with WH Smith. The UK group has been returning cash to shareholders through dividends and share buy backs. We anticipate investors will need to pay greater interest to ‘value’ investments in the coming years and focus on real cash returns, high returns on equity and capital and sustainable dividends. So what does it mean for our client portfolios? Small caps Clearly many of the small caps we follow have benefited from the momentum trade with valuations becoming more stretched; although quite a few are also substantially less expensive following the falls of the past few days! However, unlike their blue chip peers, these businesses are also demonstrating real growth, generating plenty of cash and possessing the desired balance sheet strength. While large well established businesses have been the major beneficiaries of quantitative easing and low cost debt, UK small caps have, for the most part had to tread more carefully with debt less freely available. Don't be put off by the violent share price swings of small caps during heightened periods of market volatility such as the one we are currently experiencing; that's the nature of small cap investing and its important not be sucked in Mr Market's dark mood! We remain on the look-out for real value and businesses that are able to demonstrate an ability to generate meaningful free cash and a willingness to return this shareholders in some form. AIM News Real news from AIM quoted companies since the start of 2016 (it’s a busy period for AIM results) has been overwhelmingly positive. News from AIM can also a good gauge of the state of the UK economy with the majority of AIM companies more reliant on the UK economy than blue chips. We summarise below recent news from some of the companies we follow, across a vast array of sectors and industries: Majestic Wine (wine retailer) - Encouraging Christmas Trading Statement Majestic Retail like for like sales grew 7.3% in the Period (versus decline of 1.7% in comparator period) Breedon Aggregates (Quarrying of aggregates and the production of added value products)- Largest ever contract award KBC Advanced Technology (Software technology and consultancy for hydrocarbon industry) - Takeover at a 50% premium, look out for more like this in the oil and gas sector Shoe Zone (Low cost footwear) - Results in line with additional proposed Special dividend bringing yield to 6.8% at current share price Quartix Holdings (Subscription-based vehicle tracking systems) - Trading statement confirms revenue and profits are anticipated to be ahead of market expectations. Smart Metering Systems (Integrated metering services company) - New domestic smart meter contract wins as part of the UK Government programme, requiring domestic energy supply companies to provide all of their customers with a smart meter in homes and small businesses across the UK by 2020. XLMedia (Provider of digital performance marketing services) - Trading update confirms that the Company expects to exceed current market expectations with the dividend materially increased Plexus Holdings (Oil and gas equipment provider) - New customer contract and region win worth approximately USD$0.6m. Quixant (Specialised computing platforms for gaming and slot machines) - trading update confirms profitability over the 12 months ended 31 December 2015 was comfortably in line with market expectations. The Company has started 2016 well, with a healthy order book which underpins their confidence in achieving market expectations for 2016. We would urge investors to focus on real news and the real economy and ignore the market noise and actions of speculators. Long term investors (and real investment is all about the long term!) should view the current sell-off as a potential buying opportunity to acquire interests in good businesses at much fairer prices. Fundamental Asset Management Ltd
02/12/2015
12:50
henryatkin: Don't forget your investment dividend allowance Posted on 20 November 2015 by Ian Cowie, Sunday Times columnis The Chancellor of the Exchequer has announced a new dividends allowance which will enable shareholders to receive £5,000 a year tax-free income in addition to any existing tax shelters, such as ISA and pensions. Dividends are the income paid by shares, usually twice a year but sometimes quarterly, and they are not guaranteed. It is important to remember that share prices and dividends can fall without warning and you may get back less than you invest in the stock market. Investment trusts are companies listed on the stock market that invest in other companies to seek income or growth or a mixture of both and which aim to diminish the risk inherent in stock markets by diversification and professional fund management. Investment trusts can help you benefit from the new £5,000 a year tax-free income allowance. A SIMPLE WAY TO INCREASE YOUR TAX-FREE INCOME With effect from April 6, 2016, everyone will be allowed to receive up to £5,000 annual tax-free dividends regardless of their other income. This announcement in the Summer Budget 20154 means shareholders will be able to increase the cash-in-hand value of dividends without needing to use tax shelters, such as Isas, to do so. At present, dividends are paid net of basic rate tax deducted at source. So most people have no further income tax liabilities on dividends from equities, another name for shares – including investment trusts. But the new allowance means everyone – including high earners, who may be liable to tax at the higher or top rates of income tax – can receive up to £5,000 tax-free income from shares, without needing to keep these shares in a tax wrapper. This simpler system will mean that only those with significant dividend income will pay more tax. If you’re an investor with modest income from shares, you’ll see either a tax cut or no change in the amount of tax you owe. Dividends received by pension funds that are currently exempt from tax, and dividends received on shares held in an Isa will continue to be tax-free and need not be declared on your self-assessment tax return. The new tax-free dividend allowance should be seen as complementary to existing tax shelters HOW WILL TAX-FREE DIVIDENDS WORK IN PRACTICE? The dividend allowance will not reduce your total income for tax purposes. However, it will mean that you don’t have any tax to pay on the first £5,000 of dividend income you receive. For example, at the time of writing, JPMorgan Claverhouse Investment Trust is yielding just under 3.5% – that is, dividends paid expressed as a percentage of the share price equal nearly 3.5%. So more than £142,000 could be invested in JPMorgan Claverhouse shares held outside Isas or other tax wrappers and the current yield of less than £5,000 could be taken tax-free. Claverhouse aims to provide a combination of capital and income growth from a portfolio consisting mostly of companies listed on the London Stock Exchange. Its portfolio consists of between 60 and 80 other companies’ shares in which the fund manager has a high degree of conviction. As another example, The Mercantile Investment Trust is currently yielding 2.8%. So more than £178,000 could be invested in this trust before annual dividends paid would be likely to exceed the new tax-free allowance. The Mercantile Investment Trust aims to achieve capital growth through investing in a diversified portfolio of UK medium and smaller companies. It pays quarterly dividends and aims to increase the income it pays at least in line with inflation. However, it is important to remember that dividends are not guaranteed and may be reduced or cancelled. You may get back less than you invest in the stock market. Investment trusts aim to diminish the risks inherent in stock market investment by diversification – spreading assets over many different underlying shares to reduce exposure to setbacks or failure at any one company – and professional fund management. So it makes sense to consider investment trusts as a way to utilise the new tax-free dividends allowance. WHAT WILL HAPPEN IF MY DIVIDEND INCOME EXCEEDS £5,000 A YEAR? When the tax-free dividend allowance7 is introduced on April 6, 2016, new rates of tax will be applied to dividend income that exceeds £5,000 per annum. As a result, basic rate taxpayers – that is, people whose income during the fiscal year that ends on April 5, 2017, does not exceed £43,000 – will be liable to pay 7.5% tax on dividend income that exceeds £5,000 that year. Higher rate taxpayers – that is, people whose income exceeds £43,000 but is less than £150,000 during 2016/17 – will be liable to pay 32.5% tax on dividend income that exceeds £5,000 that year. Top rate taxpayers – or people whose annual income exceeds £150,000 – will be liable to pay 38.1% tax on annual dividend income of more than £5,000. Dividends within your allowance will still count towards your basic or higher rate bands, and may therefore affect the rate of tax that you pay on dividends you receive in excess of the £5,000 allowance. DON’T FORGET TO ALSO CONSIDER USING YOUR ANNUAL ISA AND PENSION ALLOWANCES For the reasons set out above, the new tax-free dividend allowance should be seen as complementary to existing tax shelters, rather than as a replacement for them. The dividend allowance is a new tool for tax-planning, not an alternative or substitute for existing tax shelters and allowances. So, while many investors will welcome the new freedom to receive up to £5,000 annual tax-free income from shares, it makes sense to also consider utilising your Isa and pension allowances to build wealth tax-efficiently. These enable individuals to place up to £15,240 in an Isa and up to £40,000 in a pension each year. But all these allowances are annual – they expire on April 5 each year – so it really is a case of “use them or lose them”. JP Morgan Investor Insights.
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