Steppe Cement Share Discussion Threads

[zangdook] 13/12/2023 09:30

I read that as broadly positive and topped up - we have money, we want to give it to you, we're not going to give it to the taxman if we can help it, hang in there.

[tag57] 13/12/2023 09:21

New RNS out.
So divi on hold for the foreseeable.

[1knocker] 08/12/2023 11:49

If the present corporate structure as a public company is fiscally disadvantageous and difficult to improve, doesn't that make the attraction of taking the company private all the greater to the few big shareholders who call the tune?

[aleman] 08/12/2023 11:04

Benign inflation figures saw another 0.25% cut to 15.75% in the Kazakhstan interest rate at the end of November. Every little helps. The central bank's inflation forecasts were maintained at 7.5-9.5% and 5.5-7.5% for 2024 and 2025 , respectively, so the interest rate is expected to fall considerably more in months ahead. (Inflation latest was 10.3% and the target is 5%. High was 21.3% in Feb.) The stockmarket loved the news, hitting a new high and is up over 30% since the start of the year.

[bishan bedi] 08/12/2023 10:11

Potentially 25% Mattjos!

I'm quite close to talking myself into buying back in to these

[wilo101] 08/12/2023 10:09

Season went long as first real cold last night minus 26C in TSE

[wilo101] 08/12/2023 10:09

Deloitte are hopeless at such work, stupid CEO would not listen, thinks he knows best always but he is clueless on such corporate and tax structuring issues

[mattjos] 08/12/2023 10:08

Last thing we want is for the divi to get clobbered with 10,15,20% tax.
Surely bettter to wait while they sort this out and, in the meantime, the cash will be earning interest in the bank

[wanobi] 08/12/2023 10:01

many thanx Mj :-) Cheers Wan :-)

[bishan bedi] 08/12/2023 09:57

Did they get Deloitte in for the restructuring Wilo? The big four are way too rigid and unable to think commercially for that type of work.

[bishan bedi] 08/12/2023 09:53

I can vouch for Dutch subsidiaries being problematic, as a result of the CFC rules brought in in recent years.

We've just finished a restructuring that took months to get to the bottom of, the rules are unclear, untested, and leave a lot to interpretation. I hope they have good tax lawyers, it is very complicated (but possible!)

[mattjos] 08/12/2023 09:52

I believe they have explained the situation well enough.
It's a complex situation & you can imagine what it's like with Accountants and Govt. tax officials - like pulling teeth.

[wilo101] 08/12/2023 09:47

Now the shares in CAC and Karcement owned by CAC Holdings BV have to be transferred to it, and also need to get rid of the Dutch and NA entities so Labuan owns SCALAIFC and it the 2 Kz subs, Deloittes are and were the wrong choice for this job, stupid JDSP

[wilo101] 08/12/2023 09:43

hxxps://publicreg.myafsa.com/details/230540900399/, Steppe Cement Astana Limited

[fozzie] 08/12/2023 09:43

Might they communicate that to shareholders Matt?

[wilo101] 08/12/2023 09:40

Deloitte's are half-wits bad choice

[mattjos] 08/12/2023 09:36

I've had some dialogue with the CEO & it is the tax restructuring process that is the cause of the delay

[aleman] 08/12/2023 08:51

I still interpret it as being held up in ongoing tax restructuring.

In response to evolving tax legislation in the jurisdictions of our intermediary holding companies, we have diligently continued the restructuring of the Company's holdings to mitigate the potential risk of withholding tax on the dividend stream. Our efficiency enhancement strategy focuses on both streamlining the structure and minimizing associated costs. In line with this strategic realignment, Steppe Cement has incorporated a wholly-owned subsidiary in the Astana International Financial Center (AIFC) as a future holding company of the Kazakh operating entities. The Kazakh operating subsidiaries will remain 100% owned by Steppe Cement through its subsidiary companies. The current objective is to pay a dividend of 2 to 3 pence per share before November 2023.

[riskvsreward] 08/12/2023 08:33

If they knew they would not pay it or more unlikely to pay it,why would they make that statement about their objective? Most of posters here after that statement have interpreted it meaning a payment is coming. Furthermore, they should have retracted it as soon as they knew they were not paying it at all. It was still misleading to those investors who have been impacted in their investment decision based on that statement.

[zangdook] 08/12/2023 08:26

This is not a company which has always paid dividends at the same time for years - we know they've been adjusting their corporate structure because of complex tax issues. I agree we're entitled to moan that they're not more forthcoming - that seems to be a common theme with small companies operating abroad these days - but we shouldn't be completely surprised that the dividend didn't turn up.

[zangdook] 08/12/2023 07:30

As wan says, they didn't declare a dividend, they just said it was their objective to pay one.It's helpful to know their thinking even if the plan didn't work out yet. Yes, it would have been nice to have an update once they realised they weren't going to make it, but we know they've probably got some money set aside for us, assuming it's corporate structure tax complications still holding it up.

[wanobi] 07/12/2023 18:50

correct,,, they said...

12 July 2023 - Steppe Cement Ltd - Market update for the first half of 2023

"The current objective is to pay a dividend of 2 to 3 pence per share before November 2023."

so it was only ever an objective,,,, not a promise or announcement/confirmation of a divi at all...

Cheers
Wan

[eggbaconandbubble] 07/12/2023 18:42

zangdook - they didn't do what?

[andydaf] 07/12/2023 18:30

Seems to be dragging on with this dividend business.In my view management will take this private.Hard to see any benefits for maintaining a uk listing.I hope i am wrong as i see a long life cement works as a sound investment.As always GLA

[wanobi] 07/12/2023 15:43

very, very, poor from management!! grrr!!! Cheers Wan