Somero Enterprise Share Discussion Threads

[longshanks] 30/4/2018 19:53

IWeb dividends arrived today too: 8.5p roughly so yes, looks like the full 30% withholding tax applied.Can't say I understand the reasons and not sure if it is worth going to the AGM in Florida to challenge it!

[martinthebrave] 30/4/2018 16:37

Standard Halifax Share Dealing Account saw Divi arrive today & duly taxed at 30%. ISA Divi hasn't arrived yet, only 10 days late so far! I will post the Tax rate when it arrives.

[stepone68] 27/4/2018 12:51

Had an online chat with iWeb just now where I was told deduction would be 15%. But the guy just called me back to say he got it wrong, and Somero is one of the few exceptions where it is not held by a foreign custodian - what he said was normally when a US stock is held the settlement system is via a foreign custodian (e.g. Intessa) and so the 15% rule applies. With Somero the settlement is in CREST which is the UK system. He said it's outside the control of iWeb, and couldn't comment on whether other brokers would be affected.

Does anyone hold Somero with iDealing as I have an account with them also and could switch my holding over if I was going to get to keep more of the dividend?

[greyingsurfer] 27/4/2018 11:25

That could well be right - I've certainly had US div payments with no tax deducted in the past (too long ago to remember who from), and it would explain why I paid 15% in my ISA on SOM.

Peter

[stepone68] 27/4/2018 10:32

Mine still hasn't arrived, but when it does I'm pretty sure there will be 30% deducted - always has been in the past. Post from MartinTheBrave earlier this year says;

"US Dividends:

My understanding is that the rate Dividends are Taxed on US stocks varies according to whether the company pays the dividend through Intesa or a UK CREST system.

If the Broker uses Intesa & a W8BEN has been completed the Dividend is paid without any Tax.

If the Broker uses UK Crest then a W8BEN is useless & Dividend Tax is 15% within an ISA & 30% outside.

HL & XE use Intesa while Halifax use UK Crest."

I think he is wrong about the ISA thing though. I definitely have 30% deducted despite having filled in a W8-BEN and iWeb have said there is nothing they can do about this.

[greyingsurfer] 27/4/2018 08:30

Selftrade arrived yesterday

The dividend was paid at the rate of USD 0.1635 per share converted at a rate of 0.702296 GBP to USD to holders of the
stock as at 29 March 2018 and a rate of 15% withholding tax was applied.

End result 9.76p

Which is about what I'd expect in my ISA, W8 form completed - 15% witholding tax rate.

Except they seem to have helped themselves to a useful spread on the exchange rate - the mid being around 0.715 on the 20th - 23rd

Peter

[longshanks] 26/4/2018 23:16

Mine comes without the 15% additional tax deducted...last couple at least.I will confirm as and when this one comes through.

[stepone68] 26/4/2018 23:08

Hi longshanks - no you can't. I have filled in W8-BEN but still have 30% deducted because they settle through CREST. No way around it unless you hold in a SIPP apparently

[longshanks] 26/4/2018 21:52

ISA and Share dealing accounts.Not sure what to expect but with iWeb you have to submit the W8N form independently to reclaim the additional 15% withholding tax.

[stepone68] 26/4/2018 11:51

I'm expecting more like 9p (6.9 plus 2.0 special). Are yours in a SIPP, ISA, or standard dealing account?

[chashley1806] 26/4/2018 11:38

Hi longshanks. Received my dividend on 24/4/18 - I'm with Interactive Investor. Dividend payment works out at 10.6p per share for me. Hope this helps.

[longshanks] 26/4/2018 06:08

Just checked on historic payments from Somero. Last year the final Dividend due on 17th April was credited to my account on the 24th and the interim dividend due on 20th October credited on the 25th.Not sure why there is such a long delay: might complain to my broker (iWeb too).

[greyingsurfer] 25/4/2018 14:26

No div here either, with Selftrade, but I'm not surprised, non sterling divs always take a few extra days to process.Peter

[stepone68] 25/4/2018 12:39

Same here - no divi yet. With iWeb Sharedealing.

[longshanks] 25/4/2018 12:37

My broker seems very slow to pass the cash on to me...

Out of interest what was the pence equivalent of the dividend?

[cfro] 24/4/2018 18:14

Nice fat divi gladly received in my account today. :-)

[rivaldo] 20/4/2018 11:57

The IC have just today published their annual review of the AIM 100, their guide to the junior market.

SOM are a Buy:



"89. Somero Enterprises

High-tech concrete levelling might not sound like the most fascinating specialism, but Somero Enterprises (SOM) is proving just how lucrative this industry can be. Last year’s performance took Somero ever closer to its $90m sales target for 2018. And the company now targets a net cash balance of at least $15m, with plans to distribute 50 per cent of excess cash as a special dividend.

Where could future growth lie? Europe has enjoyed excellent revenue momentum, and the equipment fleet here may be due for technological upgrades, possibly engendering new opportunities. Meanwhile, bosses have identified a serious addressable market in China and also plan to focus on wider international expansion, along with new product development.

At 395p, Somero trades on a multiple of 15 times broker FinnCap’s forecast adjusted EPS for 2018. More demanding than when we tipped the company (279p, 28 Dec 2017), but supported by compound annual revenue growth of 17 per cent from 2013 to 2017, and the attractive prospect of supplementary dividends. Buy."

[ir35] 18/4/2018 15:25

rhomboid/greyingsurfer

Thanks for the ideas.

I did originally buy the shares online with Barclays but took certificates last year as I didn't want to tie up my Marketmaster account and my SIPP in an endless transfer where I wouldn't be able to access them. Despite filing transfer instructions in July my SIPP only transferred at the end of last month and during that time I have not been able to sell any of the shares.

I have spent 40 minutes on the phone to Computershare (the registrars) who assured me that I had filled in the correct forms and despite SOM and SPSY being US companies the are in fact UK tradeable shares. I spent 2 minutes on the phone to IG and IG now say rejecting the shares was an error so I should resubmit them.

[greyingsurfer] 17/4/2018 12:54

I tried buying SOM in my Barclays Smart Investor acc after the move, and failed. So I went and bought them in my Selftrade acc instead. I did raise the issue with Barclays, but other than being told that my account was important to them and they had had lots of complaints about the same or similar issues, and they were looking at is as a matter of urgency (along with all the other issue I've raised!) I've heard no more.

Peter

[rhomboid] 17/4/2018 12:16

AJ Bell / Youinvest might be your best bet, no experience of this problem but on every other issue I’ve raised with them they’ve been exceptionally helpful, for instance Somero dividends are paid in full whereas other brokers withhold tax

[ir35] 17/4/2018 11:53

I held these in a Barclays account and back in August last year they told me I could no longer hold them once Barclays migrated to Smart Investor. As a result I took them in certificated form as I didn't have time to sort out an online account elsewhere during the holiday period. I received my certificates in November and have tried to dematerialise them into an online account and have so far failed.
Hargeaves Lansdown said they couldn't accept them. IG index said they could so I opened an account , filled in a CREST transfer form and sent them off. IG Have returned the share certificate saying they can't dematerialise them as they aren't UK CREST settled.

Has anyone else had a similar problem and managed to resolve it.

[rivaldo] 13/4/2018 13:18

SOM have been purchased (again) by the AIM sustainable dividends portfolio:

http ://www.proactiveinvestors.co.uk/columns/stockpot/29584/the-aim-sustainable-dividends-portfolio-gets-the-kettle-on-29584.html

[rivaldo] 11/4/2018 09:52

Up again in the afternoon yesterday - that's a 27.5p rise in 2 days.

Interesting to see if it happens again, which would strongly suggest American buying.

[rivaldo] 09/4/2018 23:10

:o))

Interesting close today - American buying perhaps given the afternoon upsurge? I assume the £41,000 at 386p reported after the close was the buy which was largely responsible.

[crazycoops] 05/4/2018 14:44

Golden trowel awards x3 - that is dinner party dynamite. Lol!