Somero Enterprise Share Discussion Threads

[djabel666] 30/4/2019 14:17

I hold shares in my ISA with iWeb and also hold a spreadbet position with IG. Both deduct 15% following the completion of a W8-BEN initially. Never had any problems or variations to this

[harris tweed] 30/4/2019 13:26

It seems that some brokers make up their own rules regarding what level of tax to withold.

Apologies for clogging up the board with this peripheral stuff but I thought this info from poster johnsmith68 over on Stockopedia was illuminating and may be intersting to others who hold SOM via Halifax:

"I used to hold Somero Enterprises Inc (LON:SOM) in a Halifax ISA and I noticed that I only received 70% of the expected dividend payments despite having completed a W8-BEN.

Halifax told me that this was because "The dividend for Somero is not eligible to receive the reduction in withholding tax which is covered by the W8-Ben, as this stock pays its dividends via the UK settlement market,(CREST)"
Other readers have stated in the past that Hargreaves Lansdown and TD Direct only deduct the 15% withholding tax on Somero when a W8-BEN has been submitted.
When I put this to Halifax, they said that it was a business decision "..not to offer the facility to register the W8 Ben forms on US stocks held through CREST".
It seems pretty outrageous to make such a decision which effectively prevents their customers receiving dividends on shares that Halifax allow their customers to trade in.

Not satisfied with Halifax's answer, I contacted CREST, who informed me that ".. as the security is a depository interest, Halifax will need to contact the registrar, Computershare who collects and distributes all cash in the same way as they do for a UK security."

When I put this to Halifax, they informed me that I would need to contact Computershare regarding the reclaim.
I never got as far as doing that since I subsequently sold out of Somero, however I would be interested to know if any other readers have had similar experiences or indeed, if anybody has ever contacted Computershare to claim their missing dividend payments?"

[stepone68] 30/4/2019 12:58

I think it's a combination of things. Crest vs. Intessa as a settlement system. iWeb use Crest, and so I get 30% deducted, even with a W8-BEN filled in. I don't know whether it's the broker or the company that decide the settlement route, but no one seems able to fix it.

[harris tweed] 30/4/2019 12:33

Is that an iWeb issue rather than a Somero issue?

If you hold in an ISA you'll still get 15% tax deducted even with a W8-BEN - which is why I recently moved my SOM holding from ISA to a SIPP where no tax should be payable. No sign of the div in my HL SIPP yet though.

[stepone68] 30/4/2019 11:40

Great news, but will they also be sorting the issue which means iWeb deduct 30% withholding tax even when a W8-BEN has been filled out? Still no sign of mine, but I'm not expecting it until next week.

[harris tweed] 30/4/2019 09:07

It looks like SOM will be paying dividends in GBP rather than USD in future, so these delays should become a thing of the past.

A post from Welshborderer on Stockopedia:
"Somero Enterprises Inc (LON:SOM) Dividend, having not received the dividends paid on 26th April contacted Halifax who confirmed the dividend was indeed received by them on Friday but unfortunately was denominated in USD and paid by cheque. The issue then compounded by having well in excess of 400 accounts to distribute the funds and then only when cleared. Commenting on chatter I had seen concerning conversions indicating others had already received theirs was informed that would be a factor of holding shares directly against held in a Nominee account.

Fearing that something else might be going on here then made contact with Somero Enterprises and received a very swift response from Jennifer Oliver, Director of Legal & Corporate Affairs, Investor Relations & HR who confirmed the overall issue and stated "We are in process of establishing the necessary elements to pay dividends in GBP. The specific mechanisms to accomplish this were not previously available to us which is why we always have historically paid in USD. Future dividend payments to UK-based shareholders should be in GBP and thus eliminate the delays you’ve experienced."

[petes5] 29/4/2019 18:08

ii paid into my ISA in £ the same day. Had a holding in my SIPP and this use to take several days and was always paid in $. Could be something to do with regulations.

[jimbox1] 29/4/2019 17:42

I called the Share Centre about the delay in receiving the dividend into my account. Their staff said that the dividend was received in USD and had to be converted into GBP before it could be applied to my account, and that this would take "a couple of days."

[p49b] 29/4/2019 16:22

Havent had my Divi yet at HL.

[stepone68] 27/4/2019 15:07

You must have a very large number of shares to notice that difference!

[lammylover] 27/4/2019 09:17

Got my dividend too yesterday, well pleased! Good work BOD

[grahamburn] 26/4/2019 20:33

My II payment was nearer 16.42583p per share.... but what's 0.0000083p between shareholders?!

[3800] 26/4/2019 13:39

ii paid in 16.425p a share dividend into my ISA today, as greyingsurfer says no sign at selftrade (or whatever they are calling themselves now) yet.
3800

[greyingsurfer] 26/4/2019 13:32

Selftrade took 5 working days for the Oct dividend. It's not there yet. Will see if they can beat that this time!

[stepone68] 26/4/2019 13:05

Okay, it's time for the bi-annual 'how long till the dividend arrives' competition. No sign of anything in my iWeb account. Took 10 days last year, and 8 days for the final in October. Will we have it before the bank holiday?

[davebowler] 25/4/2019 16:12

SOM gets a mention as a new holding.-

[its the oxman] 08/4/2019 23:05

Any known reason for the selling?

[podgyted] 08/4/2019 17:57

Is the support level here or at 280p

[podgyted] 08/4/2019 17:56

360k shares sold at 335p - strange day!

[alphabeta4] 07/4/2019 11:50

IG also in effect confirms this - I have had some on spread for sometime and got paid the dividend after COB on the 3rd.

[smallcapinvestor1] 04/4/2019 15:38

I also checked with a market maker who also had no idea why but for some reason they noticed the share price drop yesterday and decided not to mark the stock down first thing today.

[shanklin] 04/4/2019 15:25

FYI, I contacted Alma PR at an email addressed provided at SOM's web-site to ask about the ex-div date. They have just confirmed that the ex-div date is today.

So the share price movement yesterday and today is just somewhat bizarre, nothing to do with an abnormal ex-div date.