Dealing with the Polymetal delisting and moving holding to Kazakhstan

[wherebee]

4 hours ago, Cawn said:

They can't value against an exchange which has no option to sell buy on.

No it's just lazy management fee's being extracted by sleight of hand.

HL offered no facility to go to paper they had no choice but to hold on an exchange they do not facilitate the option to trade. 

WTF you have a broker which charges you a fee even when you don't trade?

[Majorpain]

11 hours ago, Cawn said:

They can't value against an exchange which has no option to sell buy on.

No it's just lazy management fee's being extracted by sleight of hand.

HL offered no facility to go to paper they had no choice but to hold on an exchange they do not facilitate the option to trade. 

Well, they can because they are, if they should is another matter.  Depends on how much you want to rock boat over it i suppose.

[Hunty]

On 23/10/2023 at 22:18, 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?

 

HL update. 8th of the month no management charges withdrawn as of close of business today.

So fingers crossed no value no charge we're all going to be broke but not charged for it. Hoo raaa.

[VeryMeanReversion]

I have a cunning plan....

Can I move my Polymetal and Evraz shares into SIPP flexible drawdown with an effective value of zero? I'm age 55 soon so drawdown is an option.

At zero value, that won't use up any of my 25% tax-free withdrawal.

If they do become worth something later then I can sell bit by bit to stay under the £6K annual CGT limit.

Would Baldrick approve?

 

[belfastchild]

2 hours ago, VeryMeanReversion said:

I have a cunning plan....

Can I move my Polymetal and Evraz shares into SIPP flexible drawdown with an effective value of zero? I'm age 55 soon so drawdown is an option.

At zero value, that won't use up any of my 25% tax-free withdrawal.

If they do become worth something later then I can sell bit by bit to stay under the £6K annual CGT limit.

Would Baldrick approve?

 

Wouldnt zero value limit the amount you could take in the 25%?
Id rather they were full amount, I could sell other stuff in profit and take the 25% based on the total value.

[VeryMeanReversion]

3 hours ago, belfastchild said:

Wouldnt zero value limit the amount you could take in the 25%?
Id rather they were full amount, I could sell other stuff in profit and take the 25% based on the total value.

The idea is that it can take the 25% out tax free, but that includes the zero value poly/evraz which may have a significant future value.

I'm basically taking poly/evraz out tax free on top of the 25%.

[BWW]

7 hours ago, VeryMeanReversion said:

I have a cunning plan....

Can I move my Polymetal and Evraz shares into SIPP flexible drawdown with an effective value of zero? I'm age 55 soon so drawdown is an option.

At zero value, that won't use up any of my 25% tax-free withdrawal.

If they do become worth something later then I can sell bit by bit to stay under the £6K annual CGT limit.

Would Baldrick approve?

 

havent the commieTories said that 6k allowance, was 12last yr is going to 3 next year?

[sleepwello'nights]

I have been sent the share certificate for my Poly holdings. I've heard nothing about my holding in Evraz. Can anyone advise what is the position with their listing?

[VeryMeanReversion]

1 hour ago, Cawn said:

Where you taking them out to?

What will you do with them.

If you had say 5k polymetal shares in your sipp and your over 55 can you take them all out and put them in a normal trading account.

If you call them do you ask for your Sipp to be put into drawdown then ask them to move your polymetal shares into your trading account with no tax hit.

That's basically it.

Move them out of the sipp wrapper into a fund&share account with no effect on my 25% untaxed withdrawal limit.

I'll probably hit the ~250K tax free limit at some point. That won't be going up in real terms so best to get it out sooner rather than later.

I'm planning on using it to convert a building in the garden into a bungalow/annexe. Better to have assets under my control in case the Great Taking or something similar happens.

[belfastchild]

Just realised I sold the Poly in my sipp for a profit! Oops.

Was getting confused with my ones in my ISA which AJBell still have as a 4k value, so if that were the case in my sipp they would allow that to go to my overall total so would allow 1k more to be taken out as tax free at the time of removal?
Either way it doesnt apply to me.

8 hours ago, VeryMeanReversion said:

I'm planning on using it to convert a building in the garden into a bungalow/annexe. Better to have assets under my control in case the Great Taking or something similar happens.

Thats been my view this year, plus the fact that if we do have more inflation better to buy things now (car, boat engines etc) whilst I can still afford them as after I start sipp drawdown next year who knows.
Im above the IHT limit for handing on to my nephews and nieces now anyway.

[BWW]

19 hours ago, Cawn said:

Well not officially yet.

But by offering a one to one share swap moex to aix so you go from having no voting rights can't receive dividends on the Moex to the opposite on the aix. Your either going to take the swap or sell and buy back on the aix or sell to someone who will take the swap eventually putting huge downward pressure on the moex price hence the huge falls over the past two days.

Eventually there could be hardly any liquidity on the moex forcing the aix price upwards.

Then possibly an officially announced de list.

 

is the plan to re-list on lse still in place?

are they planning to pay a divi before that?

i took certs abd then didn't get round to actioning the letter from polymetal saying please register with then registrar for lse, I'm assuming no longer registrar. If they're not gonna pay divis before returning to lse, if that happens, I cant see the point of doing anything. Once back on lse I can send the certs to my uk broker and have them put back in my account.

[Funn3r]

5 hours ago, Cawn said:

I'll be honest I don't think the company have plans more than the next plan which is the moex exchange.

Dividends not sure. LSE listing possibly when if ?

The whole registrar of LSE book has moved to The Astana Exchange.

There's a group on Telegram. All the Russian news articles are posted and translated. Keeps one up to date.

Get the Telegram app and search 

Polymetal Global 

Two words very up to date news articles just regarding Polymetal 

I find that telegram thread a bit too much. OK if you are really into it but I have a fairly small Poly holding and just want a tl;dr on what to do. OK lazy I admit.

[leonardratso]

5 hours ago, Funn3r said:

I find that telegram thread a bit too much. OK if you are really into it but I have a fairly small Poly holding and just want a tl;dr on what to do. OK lazy I admit.

i agree, i myself have on a couple of million in there so i dont want to plough into the where and what nots too deeply.

luv stuey.xx

[wherebee]

14 hours ago, Cawn said:

It looks as though anyone holding with HL will not be prohibited from transferring to another provider who has access to the Astana International Exchange.

So rather than wait to see if Polymetal does return to the LSE. It gives the option to sell.

Currently 337p on the AIX 

Wood and Co are accepting onboarding 

 

Can you give me a link to the Wood & Co decision? 

Might be handy for my stoush with INteractive.

[dnb24]

@Cawnkeep up the good work on this, I’m not looking to sell yet but these posts are helpful

[sancho panza]

5 hours ago, Cawn said:

Scroll to  bottom of page 

https://wood.com/

can you move from tabys to wood ?no pressure if you dont know/

[BWW]

On 28/11/2023 at 15:36, Cawn said:

It looks as though anyone holding with HL will not be prohibited from transferring to another provider who has access to the Astana International Exchange.

So rather than wait to see if Polymetal does return to the LSE. It gives the option to sell.

Currently 337p on the AIX 

Wood and Co are accepting onboarding 

 

Do wood and co allow you to buy?

My specs possibly rose tinted by the fact I am up 50℅ anyway on the aix price. Averaged down big time as I didn't hold much pre ukr. invasion.

[nirvana]

any of you guys used Wood to sell these? just checked and I had a few thousand of these shares so that's errrr lots o hookers n blow still lol........pondering if I should sell up??

PS that's reassuring eh.....not.....

Edited December 6, 2023 by nirvana

[Hunty]

5 hours ago, nirvana said:

any of you guys used Wood to sell these? just checked and I had a few thousand of these shares so that's errrr lots o hookers n blow still lol........pondering if I should sell up??

PS that's reassuring eh.....not.....

I'm in the process of asking questions about the exchange between AJBELL and these guys.

Big vote Friday could see an upswing as Moscow holders might be looking for something cheaper in Kazakhstan.

[Pip321]

I am just sitting in an AJ Bell SIPP…..and being charged I believe. Hands tied until the US decide they are friends with Russia again and it’s all Saudi’s fault.

Either that or until Poly sell the Ruskie stuff and relist on the LSE.

The wait continues. 🤦🏻‍♂️

[Pip321]

3 hours ago, Cawn said:

Did you get to vote today with AJ no voting in HL.

HL have zero value for Poly, I am trying to get my no value Polymetal shares transferred outside the SIPP as it has no value there in no tax advantage so hopefully i will get them to wood and co.

I didn’t see anything and can’t see any messages so 8 probably didn’t get a vote 🤷🏻‍♂️…..noticed they are charging me as well. But if I sweat a £20 pa charge I guess I shouldn’t have bought them.

[Hunty]

 
Progress update:  
 
As of December 15th, close to a thousand investors who were on record at the previous Registrar have now been given access to their account at the Registry portal. In addition, one hundred new investors who did not appear directly at the previous Registrar have opened accounts at the AIX Registrar and were able to receive their securities into it from the Nominee holder. All investors who so wished were able to use the registry portal's voting facility to participate in Polymetals resolution presented (and approved) at the Company's Annual General Meeting in early December. 
 
However, there is always a chance that some submissions by investors to access their registry account have "slipped through the cracks" of our due diligence and registry portal access procedures and are still awaiting a response from us. If you are in this case, first please accept our apologies and reach out with no delay to [email protected] with, if possible, a copy of your initial email, and we will fast-track the procedure.
 
Almost 5 months after the re-domiciliation of Polymetal International, the main issues that investors are still facing can be summarized as follows:
 
Investors being unable to locate their securities. This is still by far the most common issue. A significant number of investors did not receive their certificates in time prior to the re-domiciliation. As a result, their name does not appear in the AIX Registrar. This is very common with investors who purchased their securities via US-based online brokers. We would like to stress that for the sake of security ownership, AIX Registrar has a full list of all the recordings of Polymetal share ownerships that were on record at the previous Registrar. Not a single one is missing. The arduous part is now for Nominee holders to consensually locate investors' holdings and transfer these to either an account opened in the investor’s name at the AIX Registrar, AIX CSD or under a broker / custodian at the AIX CSD, as per the investor’s preference.
 
However, since our last dispatch, we have made remarkable progress with the largest nominee holders, and we are now processing multiple outgoing transfers on a daily basis into investors' accounts at the AIX Registrar or under brokers at the AIX CSD.
 
It is not uncommon for financial institutions holding investors’ securities under a custodian’s account at the registry to seem to be unwilling to help investors to locate or move their shares out of the nominee account. This behavior is unfortunate and occurs quite often based on investors’ feedback to us. When sub-nominee holders seem to refuse to cooperate, they may give incorrect reasons such as the existence of sanctions imposed on the issuer, which at this moment is not the case.  If you find yourself in this situation as an investor, we suggest requesting a written response that addresses the same reasons and share it with us. Our Regulator has already approached their peer organization in the concerned jurisdictions to find a resolution to these issues and we have already seen some traction with some of them that eventually processed their investors' outwards transfer requests.
We understand that opening an account with an AIX broker can sometimes be problematic. Some brokers have strict account opening requirements that may seem unnecessary while others try to make the process easier for foreign investors, yet still complying with local and international standards. If you are a concerned investor, please do not hesitate to contact us for guidance on this matter.    

2-Factor Authentication (2FA) SMS being rejected by local operators. This is quite frequent for US- and UK-based investors. However, we handle such problems on a case-by-case basis by changing the sending carrier from our end, which usually resolves the issue. If you are concerned, you may want to check with your carrier to ensure that SMS messages from foreign operators are allowed. In the event that all attempts to send SMS fail, we will resort to emailing your address as a last option.
 
A reminder about the payment of dividends. Please note that it is the responsibility of the Issuer to decide if and when dividends will be paid. However, we can provide clarification on the following:  
 
Investors holding accounts at AIX CSD (including via Tabys) will receive dividends directly from their broker or custodian (AIX CSD in the case of Tabys).  
Investors holding accounts at the AIX Registrar will see dividends paid by the Issuer into their bank account. Please note that an updated version of the registry portal will be available in Q1 2024 where investors can update their full bank account details including SWIFT / BIC code and other important information missing from the current version. We recommend that investors take no action at this stage as we will inform you once the new version becomes available.
We are fully focused on ensuring that investors can access their Tabys account, Registrar account or retrieve full ownership of their securities as swiftly as possible. We still need to manage expectations that, in some cases, this might take longer than expected. Any inquiry should be directed to [email protected]
 
Lastly, we thank you all for taking the leap of faith that was Polymetal's re-domiciliation to AIFC and AIX. As an Exchange, Central Securities Depository and Registrar, we endeavour to provide you with the best service in 2024 and beyond and we wish you a very Happy Holiday Season!
 
With best regards,
The AIX Team

[wherebee]

On 21/12/2023 at 23:01, Hunty said:

 
Progress update:  
 
As of December 15th, close to a thousand investors who were on record at the previous Registrar have now been given access to their account at the Registry portal. In addition, one hundred new investors who did not appear directly at the previous Registrar have opened accounts at the AIX Registrar and were able to receive their securities into it from the Nominee holder. All investors who so wished were able to use the registry portal's voting facility to participate in Polymetals resolution presented (and approved) at the Company's Annual General Meeting in early December. 
 
However, there is always a chance that some submissions by investors to access their registry account have "slipped through the cracks" of our due diligence and registry portal access procedures and are still awaiting a response from us. If you are in this case, first please accept our apologies and reach out with no delay to [email protected] with, if possible, a copy of your initial email, and we will fast-track the procedure.
 
Almost 5 months after the re-domiciliation of Polymetal International, the main issues that investors are still facing can be summarized as follows:
 
Investors being unable to locate their securities. This is still by far the most common issue. A significant number of investors did not receive their certificates in time prior to the re-domiciliation. As a result, their name does not appear in the AIX Registrar. This is very common with investors who purchased their securities via US-based online brokers. We would like to stress that for the sake of security ownership, AIX Registrar has a full list of all the recordings of Polymetal share ownerships that were on record at the previous Registrar. Not a single one is missing. The arduous part is now for Nominee holders to consensually locate investors' holdings and transfer these to either an account opened in the investor’s name at the AIX Registrar, AIX CSD or under a broker / custodian at the AIX CSD, as per the investor’s preference.
 
However, since our last dispatch, we have made remarkable progress with the largest nominee holders, and we are now processing multiple outgoing transfers on a daily basis into investors' accounts at the AIX Registrar or under brokers at the AIX CSD.
 
It is not uncommon for financial institutions holding investors’ securities under a custodian’s account at the registry to seem to be unwilling to help investors to locate or move their shares out of the nominee account. This behavior is unfortunate and occurs quite often based on investors’ feedback to us. When sub-nominee holders seem to refuse to cooperate, they may give incorrect reasons such as the existence of sanctions imposed on the issuer, which at this moment is not the case.  If you find yourself in this situation as an investor, we suggest requesting a written response that addresses the same reasons and share it with us. Our Regulator has already approached their peer organization in the concerned jurisdictions to find a resolution to these issues and we have already seen some traction with some of them that eventually processed their investors' outwards transfer requests.
We understand that opening an account with an AIX broker can sometimes be problematic. Some brokers have strict account opening requirements that may seem unnecessary while others try to make the process easier for foreign investors, yet still complying with local and international standards. If you are a concerned investor, please do not hesitate to contact us for guidance on this matter.    

2-Factor Authentication (2FA) SMS being rejected by local operators. This is quite frequent for US- and UK-based investors. However, we handle such problems on a case-by-case basis by changing the sending carrier from our end, which usually resolves the issue. If you are concerned, you may want to check with your carrier to ensure that SMS messages from foreign operators are allowed. In the event that all attempts to send SMS fail, we will resort to emailing your address as a last option.
 
A reminder about the payment of dividends. Please note that it is the responsibility of the Issuer to decide if and when dividends will be paid. However, we can provide clarification on the following:  
 
Investors holding accounts at AIX CSD (including via Tabys) will receive dividends directly from their broker or custodian (AIX CSD in the case of Tabys).  
Investors holding accounts at the AIX Registrar will see dividends paid by the Issuer into their bank account. Please note that an updated version of the registry portal will be available in Q1 2024 where investors can update their full bank account details including SWIFT / BIC code and other important information missing from the current version. We recommend that investors take no action at this stage as we will inform you once the new version becomes available.
We are fully focused on ensuring that investors can access their Tabys account, Registrar account or retrieve full ownership of their securities as swiftly as possible. We still need to manage expectations that, in some cases, this might take longer than expected. Any inquiry should be directed to [email protected]
 
Lastly, we thank you all for taking the leap of faith that was Polymetal's re-domiciliation to AIFC and AIX. As an Exchange, Central Securities Depository and Registrar, we endeavour to provide you with the best service in 2024 and beyond and we wish you a very Happy Holiday Season!
 
With best regards,
The AIX Team

can you share a link to that on a website?

 

[Hunty]

17 minutes ago, wherebee said:

can you share a link to that on a website?

 

Personal email. I'm registered with the AIX.

Sending email address is 

[email protected]

Or mail this guy 

Olivier Gueris, Chief Operating Officer 

[email protected]

Some UK platforms are not playing ball they have to allow transfer out to a broker who trades on the AIX. 

[VeryMeanReversion]

HL is now listing Polymetal in my SIPP at 448p.

It had been showing as zero value for a long time but now I'm at +12%

Its not showing as tradeable though, just "contact us"

 

Edited December 30, 2023 by VeryMeanReversion