Tyratech (DI) Share Discussion Threads

[nobbygnome] 09/1/2018 17:20

It just shows how useless some brokers are. This offer really wasn't complicated and the timetable was set out well in advance. There is really no excuse for them screwing it up!

[greedfear] 09/1/2018 17:03

Anyway, this is the kind of stuff that makes me understand why people have been selling at 2.4-2.5p although they could get 3p because of the tender offer.

Maybe people that had previous bad experiences with corporate actions like this.

[greedfear] 09/1/2018 16:59

>>Nobby

I would prefer them not having been able/willing to take part in the offer as I would haunt them for the 3p.
Much better than them having taken action and for whatever reason only paying 2.24p. Who is to blame if the W8-BEN isn't present and a withholding tax of 30% has been taken into account?

[nobbygnome] 09/1/2018 16:28

>> gf

But the problem is that I don't physically own the shares as I held a series of spread bets. I suspect the brokers may be able to say that they couldn't take part in the offer and might just get away with it. Then it is up to Spreadex whether they want to pursue the matter as they are the actual shareholder. Of course I (and presumably the other people with positions) will be hounding them and threatening to close my account.

[mudbath] 09/1/2018 16:28

Still no cash received from what was TD Direct.
Tomorrow ?

[mudbath] 09/1/2018 16:27

Still no cash received from what was TD Direct.
Tomorrow ?

[greedfear] 09/1/2018 16:23

Fine with me if shorters get burned. No problems with that.

Good to read that you received the full amount. Then others still have a chance of receiving the full amount too. I suppose problems arise if a broker has no client's W-8BEN on file.

[nobbygnome] 09/1/2018 16:14

Apologies I really am rambling to myself now! I went back and looked at the RNS. They actually declared an interest in 3.95% of the TYRU shares. However, I know they also had some TYR because I had a position of 250k with them. I would have thought they needed to declare the aggregate number in the two classes of shares as it is the same company. Strange!

[nobbygnome] 09/1/2018 15:55

PS just a thought. If they had customers with a long position which was balanced by a corresponding short position the tender offer could have completely screwed them up. If the people long all sold but the shorters maintained their position, they would then be stuffed! Quite amusing in a way....

Sorry for taking over the thread and talking to myself!

[nobbygnome] 09/1/2018 15:53

Spreadex's broker is clearly giving them the runaround. Does anyone else on this thread have positions with Spreadex? My suspicion is that the brokers are short and therefore, it is in their interest to say there was a problem with the tender. After all there was a holding announcement a while ago which said that Spreadex held over 3% of the company so their broker has a lot to lose if they are indeed short!

Needless to say I will be getting the FCA involved if there ultimately is a problem.

Nobby

[nobbygnome] 09/1/2018 15:04

And still nothing from Spreadex either. They have been completely useless....

[nobbygnome] 09/1/2018 15:04

Redmayne Bentley have paid the full amount into my account. My second largest holding was with them so that is a relief! Still nothing from A J Bell, although they are investigating.....

[al h] 09/1/2018 13:41

I've received nothing so far ... hopefully because they are sorting out the tax F'up before settling.

[greedfear] 09/1/2018 13:30

Anyone that did get 3p per share? Nothing from my broker thus far.

[ashtree2] 09/1/2018 12:51

I have had a reply from SVS saying 24% withheld for Tax which SVS did not know about.The have recieved forms in order to claim it back I presume.ash

[nobbygnome] 09/1/2018 12:17

>> ash

Which broker are you with? Ring them up and complain!

[al h] 09/1/2018 11:51

Where does 2.28p come from anyway ? US withholding tax is 30% = 2.1p.

Has anyone been paid the correct price ?

[ashtree2] 09/1/2018 11:36

What is going on here.In both my isa account and my wife's account I have been credited only 2.28 pence per share,It has not made any difference TYRU or TYR .If I had know this I would have kept them.SVS is my broker and not spoken to them yet.

[al h] 09/1/2018 11:10

Well I never received a copy of US IRS form W-8BEN from HSBC. All they sent was their own summary of the offer. They stated there may be a liability for US withholding tax and that they would "endeavour" to provide further information on this ... I've heard nothing since. Form W-8BEN would need to be returned to your broker but HSBC made no mention of it. I'm concerned now they simply can't be bothered doing the necessary to ensure the withholding tax isn't applied to Non US nationals. HSBC did state the proceeds from the tender would be paid on or around 8th Jan. Nothing so far.

[nobbygnome] 09/1/2018 10:46

I should make it clear that the ETX holding was a spreadbet so strictly speaking I didn't hold the shares, they did. However, you would hope they have filled out the relevant form....

[greedfear] 09/1/2018 10:42

Their should not be any withholding tax:

"A Non-U.S Holder may be subject to U.S. backup withholding (described above) on the
proceeds from the sale of Shares pursuant to the Tender Offer, unless the Non-U.S. Holder provides a properly completed IRS Form W-8BEN, W-8BEN-E or W-8IMY certifying its nonU.S.status.

The Company believes, based upon its reasonable estimate of accumulated earnings and profits and current earnings and profits for the Company’s taxable year in which it is anticipated the sale of Shares pursuant to the Tender Offer would be consummated, that any amount treated as a distribution under Section 301 of the Code (as described above) would not be paid out of current or accumulated earnings and profits, and would therefore not be a dividend for U.S. federal income tax purposes based on such estimate. Accordingly, under applicable Treasury Regulations, the Company does not intend to withhold on payments pursuant to the Tender Offer unless special circumstances apply."

page 44:

[nobbygnome] 09/1/2018 10:39

No only 250k shares with them so not that much. I think they were TYR but they have now disappeared from my account so not absolutely sure. I await to see if the big holding with A J Bell is similarly taxed as that will potentially cost me a large sum!

[ferris_bueller] 09/1/2018 10:30

I suspect that's cost you circa £25k

Were yours TYR or TYRU?

Does the tax apply to both types?

[nobbygnome] 09/1/2018 10:17

Yes but in this country we are definitely not liable for this. If ETX don't sort it out, I will be taking it up with the FCA.

[al h] 09/1/2018 10:13

US withholding tax I take it ? Think this is one reason people were selling sub 3p. No trust in the system. HSBC mentioned something about the withholding tax along the lines of we'll let you know if there's a problem. Pretty shambolic by the sounds of it. I'm showing nuttin in the way of payment for the tender yet ...