Spectra Systems Share Discussion Threads

[nico115] 07/7/2021 12:32

Not me I have been bid of late and doubt it's the buyback as bid came not from broker Probably a U.K. instiDon't blame them as we are too cheap here

[nico115] 07/7/2021 12:31

I'm v happy there I'm sure for larger amounts the comm gets reduced I wouldn't pay 1.65pct!!

[investoree] 07/7/2021 11:37

Looks like the company may have bought back 180,000 shares at £1.65 this morning, unless it was nico115 topping up! No apparent large increase in the share price, although perhaps the shares could have slowly have been accumulated by the broker before making an RNS.

[investoree] 07/7/2021 08:36

Thanks nico115 Funnily enough I used to be with Redmayne Bentley between 1987 and 2007 but found their charging structure a bit expensive @ 1.65% commission with a £40 minimum. Decided to move to low cost stockbroking firms with fixed rates irrespective of dealing size and found that making more trades at lower cost was financially more beneficial to me, especially when dealing with illiquid shares.

I suppose the old adage of claiming you 'get only get what you pay' for applies here. Also it wasn't as if my trading with Redmayne Bentley always went smoothly as for some reason they often produced incorrect contract notes, although overall I found their service to be extremely good, although slightly on the expensive side. Now with the benefit of experience I would probably have asked them if they could provide me with a fixed commission rate for a larger number of trades before transferring. IE

[nico115] 06/7/2021 17:07

I'm with Redmayne and I always get paid on pay date (or day after) and always have only 15pct tax withheld.All very efficient

[investoree] 06/7/2021 15:05

nico115 if you don't mind me asking as a substantial SPSY investor like myself which brokers(s) do you use and what is there policy regarding implementing the dreaded US withholding tax? I used to frequent the Sparrow Hawk Hostelry on a Sunday night with my friends during my misspent youth in the 60's. Although for the last 20+ years we have resided with the 'Good Country' folk and 'Yokels' in Norfolk. No prized for guessing which category of social class that I fall into Cheers IE

[nico115] 06/7/2021 13:17

All good !!

[junior21] 06/7/2021 13:08

Dividends have just been credited to Youinvest account - no tax within SIPP, 15% with ISA

[shanklin] 06/7/2021 12:19

nico, Having a nice day?

[nico115] 06/7/2021 12:17

What utter nonsense. !!

[shanklin] 06/7/2021 11:35

And to HL who were on time

[jaf111] 06/7/2021 10:20

Gold star then to II who paid me my divi on 25 June!!!!

[harrogate] 06/7/2021 09:52

Stocktrade have told me that a cheque was received by them on 28th June and until it is cleared I won't be credited with the dividend. And that it can take up to 6 weeks. Hard to believe in this century !!

[fozzie] 06/7/2021 09:39

Still no dividend in my AJBell account which even by their low standards is very poor indeed.

[death by donut] 06/7/2021 09:15

Hold the front page , I see blue!DbD :-) I hold

[spann_703] 06/7/2021 09:12

Investoree, you are doing good work in trying to get to the bottom of this and posting your findings.

I came to a similar conclusion and sold my shares held within iWeb, repurchasing them in a different broker account. I combined this action with some amateur trading based on Nabil's recent Mello appearance, which worked out for me as well as trading usually does - not very [to be fair, I did for once make a tiny profit].

The fact that iWeb are able to simply declare "For UK listed shares paying US sourced dividends a 30% Withholding Tax rate is applied even if you have a W-8BEN form in place." seems really off. Obviously, I will not be purchasing any further US-listed shares in that account.

[investoree] 06/7/2021 08:55

Received 2 Emails from X-O (Jarvis) yesterday informing me that 2 new valuations were available in my SIPP and Nominee accounts, code for Dividend Payments. It also said please allow some time for this to appear in your accounts. Have now telephoned them and been told that the cash hadn't arrived yet and that when it did it would show in my account. Why don't they send a message when the cash in in our accounts, instead of when its simply on its way - which can clearly take a long time. I also had some lengthy conversations with other departments and have been assured that the dividends paid into my SIPP will be free of US withholding tax and the dividends in my Nominee account will have 15% US tax deducted.

Provided that what has been claimed is true and the dividend payments eventually arrive in my X-O accounts at the rates stated I will probably transfer my other Nominee SPSY shareholdings to them and then bizarrely sell my SPSY shareholdings in my various ISA's and then repurchase them within my X-O nominee account using cash from elsewhere. Effectively the opposite of Bed and Breakfasting into an ISA, sheer madness the complexity of the different taxation systems. No wonder the likes of Apple, Amazon, Microsoft et al get away without paying any tax!

I have drawn the plight of UK Private Investors in respect of the debacle of the discrepancies in how US withholding tax is implemented within different brokerage accounts to various embers of the SPSY board and will post a summary of any response received from them. IE

[nick_dunton] 05/7/2021 15:37

Same: emailed AJB customer services, said they were sorry and it should appear shortly

[fegger] 02/7/2021 12:14

@Gnome3 yes caught up except I changed move to X-O instead. My account is still split across Eqi and X-O with shares sitting in both at moment ie account not moved fully yet. Spectra dividend will take ages too if it ever appears automatically. May have to chase it.

[boonkoh] 02/7/2021 10:49

Nothing yet in my AJ Bell /Youinvest SIPP. Anyone else get their dividend yet with the same account?

[vprt] 02/7/2021 10:04

SPSY divi: HL SIPP 6.764p, HL ISA 5.750p per share. Daylight robbery by some brokers to only pay out 4 point something p. Not often HL looks attractive these days...

The divi is obviously really tax inefficient for many UK PI holders (including me in the ISA) - personally I'd be happy with zero divi and more buybacks instead (timed to when the board believes it is good value), but that's just me...

[argylerich] 02/7/2021 09:57

IG paid out in record time this year, although still on autopilot deducting 30% instead of 15% with a W8-BEN in place. Only the 3rd year on the trot they've got it wrong!

[gnome3] 02/7/2021 09:05

Has anybody else been caught up in the sale of EQI to Interactive Investors? The transfer to ii took place on the weekend of 26th June, before the dividend had landed. Now having to complete a new W-8BEN and hope for the best. No sign of the dividend yet in ii.

[fozzie] 02/7/2021 08:27

Investoree - I raised a complaint case against IWeb two years ago about their treatment of Spectra dividends. They were withholding 30% for Isa customers and 15% for Sipp customers, which was clearly wrong. After a three month investigation they wrote to all customers who receive US paid dividends and said that they would pay out at the correct rate including going back in time to previous dividend payments but that going forward they would be withholding the full 30% tax and that if you didn’t like it that you should sell affected shares and move on, or words to that effect. AJBell are just awfully slow to pay dividends. They wait until they have been paid by the registrar and the funds have cleared in their accounts before paying their customers. They will not budge on this, I have tried. Again just accept it or move on.

Edit: IWeb div just landed at the same rate as you Investoree.