Somero Enterprise Share Discussion Threads

[rivaldo] 15/4/2016 10:31

More new highs.

[simoan] 13/4/2016 13:19

Kudos to the AJ Bell dividend team who contacted me this morning about the SOM dividend payment. Apparently the company sends all brokers a US dollar cheque, they will not pay the dividend any other way. This is why they do not declare an exchange rate for the dividend because it varies with the exchange rate at the time the cheque clears with your broker and what exchange rate loading they apply. Most brokers take on the exchange risk and pre-pay the dividend in sterling near or just after the payment date but before the dollar cheque clears. AJ Bell do not and so they wait until the cheque clears before crediting accounts with the payment, so AJ Bell customers will not see it until next Monday.

Hope this information is useful.
Si

[rivaldo] 13/4/2016 11:40

New all-time highs now methinks. Nice buying at 157p today.

[rivaldo] 13/4/2016 08:04

Nice start - up 1.5p on just a 1k buy at the full 155p offer price. New recent highs now.

[melody9999] 12/4/2016 22:13

Bit of a struggle to get above 150p. Maybe new highs shortly now.

[ulinbac] 12/4/2016 17:05

In this today. Been watching for a while

[simoan] 12/4/2016 15:46

Well if you're with AJ Bell the dividend won't be paid into accounts until Monday 18th April. Apparently, the registrar will only send out a US dollar denominated cheque and whilst other brokers pre-fund the payment AJ Bell do not. Quality.

Si

[rivaldo] 11/4/2016 13:44

Barclays have told me that in the next day or two everyone will be able to buy SOM in their ISAs after they adjust their systems.

They do also reclaim any excess withholding tax paid on dividends received on request (I was credited with my SOM divi on Friday).

[grabster] 10/4/2016 20:42

Barclays have always been the least cooperative of brokers - saying no when most others say yes. They've been like that for at least 20 years. If any broker is going to say "You can't do that" it will always be Barclays! As evidenced in hundreds of bb posts over the years.

I have my SOM shares in an ISA.

[twonky] 09/4/2016 15:18

So does HL

[grahamburn] 09/4/2016 13:54

TD Direct Investing definitely allow in an ISA - see above.

[ben12358] 09/4/2016 11:15

Hi

I think it is more of a reflection on Barclays systems than anything else, because they would have to convert usd dividends on a same day basis.

[capercaillie] 09/4/2016 11:08

I have looking into this as a prospect. On speaking to Barclays I was told they cannot be held within an ISA. Has anybody else experience of this?

[grahamburn] 08/4/2016 19:39

TD Investing say +/- 1.5% over and above the live exchange rate at the time the transaction (ie dividend) is received. Suppose that rate could indeed vary minute by minute. Of course, with the standard 15% withholding tax (assuming the W8BEN has been completed and filed) that means the yield as per advfn Financials page is slightly misleading (eg by 15%). But still a yield not to be sneezed at!

And yes, you cannot hold foreign exchange in an ISA which is why the broker has to convert it "in real time".

[3800] 08/4/2016 19:01

Hi all again, yes I did fill in a W8BEN and hold them in an ISA, to be honest I wouldn't be surprised if all the dividends differ a little (but not as much as WirralOwl's) as the different brokers will I suppose charge differing amounts for currency conversion. I have been told in the past that it's against the rules to hold foriegn currency in an ISA so I expect everyone holding in an ISA will some charges built in.
3800

[le4r] 08/4/2016 18:59

Interesting. Will report back what I hear - along those lines or otherwise. Good weekend all

[wirralowl] 08/4/2016 15:10

Thanks battlebus2 & LE4R for your input.

I've put the question to IG's Corporate Actions, who to be fair have been first class since I've been using them, but suspect it might be the case in this instance, battlebus.

[battlebus2] 08/4/2016 15:07

It takes time to process a wben so you may have lost this years reduced tax, it's happened me in stocks where it can take 3 months and you have no recourse i'm afraid..

[le4r] 08/4/2016 15:05

Hi both. I received about the same figure as 3800 with HL (also have W8BEN completed). Have emailed them asked that they clarify the position though. Will let you know their response.

[wirralowl] 08/4/2016 12:25

Hi 3800,

Thanks for your reply. Looks like you have had withholding tax applied too, but tdw have claimed back half for you at the outset, under the double taxation agreement (presumably you also filled out a W-8BEN ?).

I hold mine with IG and only received 2.453p, so they've applied the full 30% taxation against my holding. I've also filled out a W-8BEN and do hold in an ISA, so time will tell if IG claim back the 15% for me at a later date...

[3800] 08/4/2016 11:52

Hi wirral owl I got paid 2.94286p per share in dividend (td waterhouse). How much did you get?

[wirralowl] 08/4/2016 09:07

Just received my first dividend payment from Somero, having bought in to the company last November, and was surprised to be charged a 30% withholding tax. Is this correct? I thought this tax was applied only for US listed companies, not US companies listed in the UK?

My shares are held in an ISA and I was asked me to fill a W-8BEN form before I could buy these, so perhaps the broker will be able to claim part of the tax back on my behalf at a later date?

Thanks in advance for any input.

[breaktwister] 07/4/2016 22:09

Correct me if I'm wrong but the weakening dollar will help Somero with its exports, basically its products become cheaper to purchase for non US based customers which should increase exports?

[rivaldo] 07/4/2016 09:43

Maybe SOM are just giving their new facilities a bit of a PR push - I got this as a news alert. It's also possible that the new facility had previously been completed in terms of build-out, but has become "fully operational" having been kitted out.

[discodave4] 06/4/2016 20:28

rivaldo,Wasnt that completed ages ago?:"In October 2015, we completed our 20,000 square-foot expansion of our Operations and Support Offices in Houghton, Michigan, for a total project cost of US$ 1.3m. The expansion provides us with a facility that is able to support growth up to and exceeding our 2018 strategic objective."DD