U.k. Spac Share Discussion Threads

[boxerdogz] 25/9/2022 20:07

Yea , they should be updating the market now as to what is holding this up.

[wrtmf] 25/9/2022 09:13

17 weeks tomorrow since prev update

[wrtmf] 21/9/2022 20:12

good work from masergt and bennitto

edit - share, share & share

[wrtmf] 21/9/2022 13:46

bennitto, lse, yest 22.24

'I got this from HL today. They had moved my shares out of my ISA.

Further to our previous correspondence, we have received confirmation from HMRC that the UK SPAC plc shares can remain within the ISA provided the reverse takeover currently underway progresses as planned. They have instructed us to review this matter periodically to ensure that, if the situation changes and it becomes necessary to remove the stock, we can act accordingly.

As a result of this confirmation, your UK SPAC plc shares will remain within your ISA'

[wrtmf] 11/9/2022 09:20

the coming week is the last week for an announcement offering a sept relist. i'm not going to say any kind of news would be welcome, because that wouldn't be the truth. i'm only interested in the most important announcement, the one we've been waiting for!

[wrtmf] 07/9/2022 20:31

magoo247, today - 'I believe it'll be pushed out to Oct now - due to the stock market being bearish unless you're gas is your business - an update coming out soon !'

3aug - 'It's going to be a little longer - expectation is September now !'
[magoo247]

--
oct, then nov, then dec, then 2023...
mr jay. if you're reading this, the market is not improving anytime soon

[boxerdogz] 07/9/2022 10:09

Same with CCAP , announced RTO within a day of SPC

[wrtmf] 07/9/2022 08:23

realistically, just 1 week left for sept relist

no spc comms
no pr
no hellenic tweets

[wrtmf] 05/9/2022 09:00

14 wks, if no update tomorrow i think.
monthly updates earlier this year.
only expecting news mon-wed here.

[puzzler2] 03/9/2022 07:52

What exactly is the delay here? - this is becoming tedious.

Per Peter Jay's reported comments (post 1 July above) - "The contents of the prospectus have been approved and the advisers and the directors are working on the final details before convening the EGM ahead of completion/admission."

Come on, two months to work on the final details? It doesn't take that long - unless the FCA still haven't given their sign off?

[wrtmf] 30/8/2022 18:34

if no news tomorrow, the nxt best chance of update is mon 5th, by which time the earliest relist date is the 19th sep.

tick tock

[garth] 30/8/2022 09:17

Thanks Masergt

[wrtmf] 27/8/2022 09:04

if there was an announcement on tues 30th [after bh], we couldn't relist before 13th sep, which hints at how quickly the sept window is passing

one day!

[previous official word 31st may]

[masergt] 25/8/2022 19:18

"Changes to investments held in a stocks and shares ISA
The most common examples of a change to an investment are:

takeovers
demergers
capital reorganisations (other than a rights issue or bonus issue)
rights issues
bonus issues
Investors may take up any offer to shareholders in respect of investments held in a stocks and shares ISA. Whether the resulting investments can be held in the ISA will depend on whether they are qualifying investments.

Where the new investments are qualifying investments, they can remain in a stocks and shares ISA.

Where the new investments are not qualifying investments, managers must, within 30 calendar days of the date on which they became non-qualifying investments, either:

sell them (in which case the proceeds can remain in the stocks and shares ISA)
transfer them to the investor to be held outside the ISA.
Complex reorganisations often involve more than just the issue of one set of new investments. There could, for example, be a bonus issue of shares, which are replaced in turn by other shares, which are then sold, or converted to other investments. If the intermediate investments are not qualifying investments for a stocks and shares ISA then, strictly, the final investments, or cash proceeds, cannot be held in a stocks and shares ISA even if the final investments themselves are eligible.

However, where ineligible investments are issued as an intermediate stage, and those investments are short-lived, or are automatically replaced by cash, HMRC will consider whether it is possible to look through the intermediate stages and apply the guidance on qualifying investments to the initial and final investments alone. If a reorganisation involves intermediate ineligible investments managers should submit full details to [e-mail], and if possible well before the planned reorganisation date.

Where there are income and capital options available to an ISA investor, the ISA manager can select the income option (whether by choice or default) if any resulting (non-qualifying) deferred shares will be either cancelled or purchased for a negligible amount at some stage in the future (albeit not within the usual 30 days)."

I argued;
SPC shares were not a new investment
A binding RTO had been agreed
It is not dependent on a fund raise
The suspension was a mandatory requirement of the FCA
The FCA's dilatory action caused the share to become delisted
The RTO is proceeding as planned
Delisting was an intermediate stage in a complex corporate action
The shares will become qualifying once more on return to the main market
That return is imminent subject to the FCA completing diligence on the prospectus

There is other guidance on RTO's in ISA shares. Just takes a while to find it. GL.

[garth] 25/8/2022 14:58

Rivaldo/Masrgt,

ditto.

G.

[rivaldo] 25/8/2022 11:00

Masrgt, thanks for your post 1247. I too have a small holding of these in my ISA and would love to know the contents of your letter to Hargreaves Lansdown, as Barclays are threatening to transfer my shares out of my ISA so need to be persuaded otherwise. I've private messaged you via ADVFN too without luck to date, so hopefully this pst will reach you.

[alfiehale] 24/8/2022 10:37

Hello, this post is great, could you point me in the direction of the HMRC guidelines so i can do a similar things with freetrade.

[qackers] 22/8/2022 08:53

Thanks for the info masergt. Will take this back to IG. IG showing the shares at 0.2

[mister md] 21/8/2022 15:39

Hopefully it will be a pleasant surprise

[realcooltrader] 21/8/2022 12:53

One of these months they're going to surprise us all!

[wrtmf] 21/8/2022 09:08

looking for an announcement by 14sep for a comeback by end of sep

[gleach23] 20/8/2022 12:09

Thanks for posting that masergt...I have used the info you provided to try to sort out a similar situation with a Child Trust Fund held with EQi

[masergt] 19/8/2022 20:09

"qackers3 Aug '22 - 18:39 - 1227 of 1246
0 1 1
IG moved my shares from ISA to dealing account."

Sorry to hear that. HL tried it with me - even tried to force a sell through Jenkins - but I quoted HMRC guidance re exceptions where RTO's are involved and today received confirmation from HL that HMRC have upheld my interpretation of their guidance. My SPC shares will remain in my ISA.

HL have been snotty about this all along. No support for their clients' position at all, had to fight them all the way and even yesterday they were still saying they would transfer them to my fund and share account with or without my permission.

Don't know if you can get IG to reverse their unnecessary and erroneous action but here is the relevant part of the email from HL.

"Thank you for your reply.

I am pleased to inform you that we have received a response from HMRC this morning and having reviewed information provided by UK SPAC plc, they have confirmed that the shares may remain in the ISA wrapper providing the transaction progresses as planned. They have instructed us to review this matter periodically to ensure that if the situation changes, and it becomes necessary to remove the stock, we can act accordingly.

Whilst I appreciate your comments on how we have handled this matter, but I must respectfully confirm that we have acted correctly in seeking further guidance from HMRC.

I can confirm we will not be taking any further action on this matter at this time but will continue to monitor the progress of the transaction as necessary. Our Corporate Actions team will provide further communication going forward; I hope this will be satisfactory."

I'd be curious to know how they valued your SPC holding. Funds removed from your ISA cannot be replaced in the same year if you've already hit the £20k subscription limit. If you still have a little headroom then IG must put a value on your holding as at the date they were transferred out of your non taxable ISA. They were suspended at 0.205p last August but the delisted value (whatever that is?) is the figure, I imagine, that must then be used as the purchase price when looking at CGT liabilities on them bearing in mind the agreed RTO values each SPC share at 0.472p on relisting. It's a mess and the sooner PJ gets the prospectus signed off and convenes the EGM the better it will be all concerned. GLA.

[judijudi] 18/8/2022 06:54

🤷‍a94;️