Dealing with the Polymetal delisting and moving holding to Kazakhstan

[Foor]

3 hours ago, sancho panza said:

The arduous part is now for us to work with Nominee holders to locate investors' holdings and squeeze them out of the Nominee account. Investors then have the choice either to receive them in an account opened under their name at the AIX Registrar (after successful KYC) or to an account opened under a broker or custodian at the AIX CSD.
 

SO AJBell and Hargreaves holders will be directly registered, no nominee name? Whats to stop trading then transferring to a Kaz broker all very odd in that announcement?

KYC Know your customer?

Edited September 7, 2023 by Foor

[sancho panza]

5 hours ago, Sign said:

A little update.
Any security holders whether with HL or AJ who want to be directly registered on the AIX exchange whether directly, then open an account with the AIX or indirectly through a broker such as HALYK, then open an account first. 
Then it is possible. You can then add shares and sell shares, no different to the people who went to paper/Taby’s/AIX registration.
You must contact HL or AJ and instruct them that you want free of their nominee account, so in turn they (HL or AJ) must contact Polymetal to deliver your securities on your instruction to your newly opened account opened in your name.
You must contact Polymetal that you want your shares received into the newly opened account under your name whether a Kazakhstan broker or an account on the AIX exchange.
This will not happen by default. 
When I find out more I will share.
 

many thanks for the update Sign,thats super news.I'm heading down the Tabys route currently but it sounds very promising that down the line we'll be able to invest more in Kaz if we wish.

Great news for world trade too....

[GoneDark]

On 07/09/2023 at 13:58, Foor said:

SO AJBell and Hargreaves holders will be directly registered, no nominee name? Whats to stop trading then transferring to a Kaz broker all very odd in that announcement?

KYC Know your customer?

Yes KYC is know your customer.

[GoneDark]

I have some poly in an ISA with H&L. Anyone else in a similar position? Are you going to keep them on H&L or look to transfer out to AIX?

[GoneDark]

11 minutes ago, Sign said:

They are already registered on the AIX register under the nominated name HL. You need an AIX broker account in your name so you can transfer your shares from the HL name to your name in you're new broker account.

Thanks for that. I think I'd better read up again as to what is happening as I thought I could leave them on H&L and collect the dividends in the hope that the war comes to an end and they list again on a stock exchange that H&L deal with.

[wherebee]

Well, complaint formally into the agency here in Australia. 

Interactive Broker's internal complaints response was basically 'fuck off and swallow your loss'.

Let's see how this goes.

[Foor]

6 hours ago, wherebee said:

Well, complaint formally into the agency here in Australia. 

Interactive Broker's internal complaints response was basically 'fuck off and swallow your loss'.

Let's see how this goes.

Looks like AJ Bell and Hargreaves have registered as nominee account holders on the Kaz index, Hence the complete Poly registrar has moved over along with all the shares held in their nominee accounts. Lucky holders really have not had to go to the trouble but same outcome as Taby users. The ball ache now is registering with a broker on the new index for either outcome. You'd think the company would oversea something as big as this? Why can't these two platforms appoint a broker, madness.

[belfastchild]

24 minutes ago, Foor said:

Why can't these two platforms appoint a broker, madness.

Probably dont want to whilst sanctions are still in place etc.
I suspect they will do when this blows over, at a price of course.

[Foor]

13 minutes ago, belfastchild said:

Probably dont want to whilst sanctions are still in place etc.
I suspect they will do when this blows over, at a price of course.

Or possibly RU split?

[belfastchild]

Just now, Foor said:

Or possibly RU split?

Yeah, I see this all as a process. I had just written it off and maybe a bonus sometime in the future (big fecking bonus!), but even if back divis came my way in the next year to 18 months Id take it!

I sold out of my sipp as I was in profit and it looked like it was going to be a ball ache for sipp holders (at the time) but kept in my isa. Im going off the probably mistaken impression that I should leave things at each step things get easier to access as people will sell and prices will be affected as people rush to the exits etc. Of course been wrong on that many times before with shares but happy enough to let this one ride a bit more. (although reserve the right to bitch profusely if it blows up in my face)

[Foor]

2 minutes ago, belfastchild said:

Yeah, I see this all as a process. I had just written it off and maybe a bonus sometime in the future (big fecking bonus!), but even if back divis came my way in the next year to 18 months Id take it!

I sold out of my sipp as I was in profit and it looked like it was going to be a ball ache for sipp holders (at the time) but kept in my isa. Im going off the probably mistaken impression that I should leave things at each step things get easier to access as people will sell and prices will be affected as people rush to the exits etc. Of course been wrong on that many times before with shares but happy enough to let this one ride a bit more. (although reserve the right to bitch profusely if it blows up in my face)

I think the worst is over now. If you had the balls to ride the last 18 months, hold in AJ or HL, well you will get your reward because that took balls. Big Divvy coming after RU split, just hope the board do not screw over share holders with a low ball buyout. Huge company the mkt cap is quire absurd.

[Jesus Wept]

22 hours ago, Sign said:

You can leave them with HL and receive dividends. But you cannot sell them or buy more. Also they are not in your name at the moment.

Cheers @Sign- some good information there. Much appreciated.

So for clarity what should one be doing if one has ‘frozen’ shares sitting in a H&L ISA  account ? Idiots guide please…

[Jesus Wept]

5 minutes ago, Sign said:

Nothing if holding for divs.

If you want rid open an account with Haylk kaz broker tell HL you want to transfer and once done sell them. 

See instruction in detail above.

If I keep holding them and collecting divs in the H&L - is it still likely I will still have the opportunity to transfer and sell in a few years time? Could they eventually become ‘unlocked’ and tradeable on the H&L website again - if they relist? 
 

edited to add. I think I’ll hold in H&L and collect isa protected divis. …. and see what happens to the shares in terms of ability to trade eventually. 

 

Edited September 12, 2023 by Jesus Wept

[Jesus Wept]

25 minutes ago, Sign said:

Bud if I could predict the future I would not be on here I'd be with Soros on some yacht not in my caravan in Scarborough.

Don’t worry …… I can actually predict the future. All will be well eventually. 

[leonardratso]

45 minutes ago, Sign said:

Bud if I could predict the future I would not be on here I'd be with Soros on some yacht not in my caravan in Scarborough.

I think youll find soros is in the next caravan along. The one with the boarded up windows and crack ho's coming and going all day and night.

[Cold Cold Ground]

Also worth being aware you may have to accept leaving the tax free wrapper if you transfer. If you are still with HL it seems you might have the unusual benefit of a tax free dividend on a non supported share. I transferred and will likely need to complete a tax return next year now.

[Foor]

10 minutes ago, Cold Cold Ground said:

Also worth being aware you may have to accept leaving the tax free wrapper if you transfer. If you are still with HL it seems you might have the unusual benefit of a tax free dividend on a non supported share. I transferred and will likely need to complete a tax return next year now.

It's ISA wrapping supported on the AIX by the HMRC same as SIPPS.

HL and AJ Done good by their investors. Can only think some influential politicians have holdings in here...

[wherebee]

10 hours ago, belfastchild said:

Probably dont want to whilst sanctions are still in place etc.
I suspect they will do when this blows over, at a price of course.

There are no sanctions against Polymetal.  I am constantly depressed by how many people think there are.

Putin's sanctions are against the UK exchanges.

[Red Debt Redemption]

1 hour ago, Foor said:

It's ISA wrapping supported on the AIX by the HMRC same as SIPPS.

HL and AJ Done good by their investors. Can only think some influential politicians have holdings in here...

I remember think it was Durhamborn saying there are cheaper brokers but you pay HL for the service.

[Loki]

1 hour ago, wherebee said:

There are no sanctions against Polymetal.  I am constantly depressed by how many people think there are.

Putin's sanctions are against the UK exchanges.

I think he meant the sanctions in general.  And companies going "elf and safety mad"

[sancho panza]

Finally got my shares appeared on Tabys.

WOuld have been a lot easier if AJ Bell hadn't gone back on their promise,

[wherebee]

Well, my complaint to the regulator has been accepted and IB has a deadline to respond.  I already exhausted the internal complaints procedure, so the regulators first hurdle of 'talk it out amongst yourselves) was a non-starter, I assume.

Let's see.  I am not positive at all, but whichever was it goes it will be useful intel re our discussions of brokers possible behaviour during a BK.

[VeryMeanReversion]

4 hours ago, Cawn said:

Anyone holding with HL, they have no share price attached anymore, zero value how can they charge commission in an ISA when they have no value. I thought it was a percentage of the share price?

You will get divis but can't trade.  You can transfer out if you can find another broker that can trade them.

Charges for shares are zero.

[Majorpain]

1 minute ago, Cawn said:

I know the situation but HL are charging customers a percentage of what to hold Polymetal shares in a SIPP and ISA. The shares are deemed to be valued at zero sterling so 0.whatever percentage of zero is zero yet they took over 10 quid off me this month. How can they calculate this singularity 0 times 0 is not 10 fucking quid. It's basically 0.

FCA will be getting a visit. I mean why don't they get off their arses and find a broker in Kazakhstan. What's the point in holding zero value shares until when?

They will be kept effectively on ice until Russia situation sorts itself out, but count yourself lucky you still hold them and not been bombed out of them by you lazy broker!

The good news they do have a value on Astana, $3.90 a share, so they are probably taking size of your holding and charging against that.

https://aix.kz/issuers/polymetal-international-plc/

[Castlevania]

41 minutes ago, Cawn said:

I know the situation but HL are charging customers a percentage of what to hold Polymetal shares in a SIPP and ISA. The shares are deemed to be valued at zero sterling so 0.whatever percentage of zero is zero yet they took over 10 quid off me this month. How can they calculate this singularity 0 times 0 is not 10 fucking quid. It's basically 0.

FCA will be getting a visit. I mean why don't they get off their arses and find a broker in Kazakhstan. What's the point in holding zero value shares until when?

 

It’ll be a daily accrual. Value of holdings * 0.45%/365. Charged monthly in arrears. They’ve only been without a price for about a week.