Dealing with the Polymetal delisting and moving holding to Kazakhstan

[Funn3r]

11 hours ago, sancho panza said:

This can't be legal surely

[Pip321]

Daft question but it would be good to know how we will track this shares price  moving forward and somehow make a simple comparison from its final day on the LSE.  

[BWW]

guessing this

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

equals gbp 2.54 up from 2.35 this morning although volume seems tiny.

[Foor]

All three exchanges suspended now.

We'll know more in the next eight weeks.

Would not surprise me RU divested re list FTSE 100 all in one swoop come Sept 30th. Div announced 400p a pop.

[TNS]

Sat at $3.75 on AIX or £2.93, it should be interesting when it's all sorted.

[Foor]

49 minutes ago, TNS said:

Sat at $3.75 on AIX or £2.93, it should be interesting when it's all sorted.

Worth double on a bad hair day.

Most suppressed stock on the universe.

[Majorpain]

Been busy, come back to some interesting remarks from II:

They couldn't phone everyone because of the number of people who held Polymetal, i.e. they have potentially annoyed a lot of people.  I should have logged onto my account and they sent emails!

They didn't want to lock the shares in certificate form as they would be potentially locked in and untradeable indefinitely and therefore liquidated them before they got to that stage to realise the value.

They have closed my complaint (and are sending me a final letter per regs) with one of the arguments being the account is self managed(!!!), so anything that happens with it is my problem.  Which is my argument of course that they have meddled with it....

You get 6 months to send Final letter to ombudsman so i can sit tight for a few months and see what happens.

[TNS]

1 hour ago, Majorpain said:

Been busy, come back to some interesting remarks from II:

They couldn't phone everyone because of the number of people who held Polymetal, i.e. they have potentially annoyed a lot of people.  I should have logged onto my account and they sent emails!

They didn't want to lock the shares in certificate form as they would be potentially locked in and untradeable indefinitely and therefore liquidated them before they got to that stage to realise the value.

They have closed my complaint (and are sending me a final letter per regs) with one of the arguments being the account is self managed(!!!), so anything that happens with it is my problem.  Which is my argument of course that they have meddled with it....

You get 6 months to send Final letter to ombudsman so i can sit tight for a few months and see what happens.

Stitch up of the highest order.

[Majorpain]

1 hour ago, TNS said:

Stitch up of the highest order.

They did nothing I wouldn't have done in their position after what happened, but its important that you have from them in writing what happened, and why they did it, so it was my time well spent IMO.  

The funny thing is that because they had made financial decisions for me they couldn't refuse my reasonable requests for information, no matter how difficult they were!  But nothing they said changed my opinion that they have made a serious error, i also suspect that they know they have now, we need to see what actually happens because if Polymetal doesn't delist shit hits the fan.

[sancho panza]

On 27/07/2023 at 09:20, sancho panza said:

I've had an email from Polymetal saying I need to reigster my details with the AIX .

If I'm registered with COmputershare do I still need to do this?

'

25 July 2023

Dear Shareholder,

COMMUNICATION FROM THE AIX REGISTRAR WITH REGARDS TO THE RE-DOMICILIATION OF POLYMETAL INTERNATIONAL PLC

The below information received from the AIX Registrar is shared with the shareholders of Polymetal International Plc ("we", "us" or the "Issuer"). This request is made by us and the AIX Registrar jointly in connection with the re-domiciliation of the Issuer from Jersey to the Astana International Financial Centre in Kazakhstan. For additional information regarding the re-domiciliation, please visit: https://www.polymetalinternational.com/en/re-domiciliation-agm/. This webpage is updated on a regular basis as new information becomes available.

"Shareholders of Polymetal International Plc, registered as shareholders of record on its register (maintained by Computershare) at the date of the re-domiciliation must provide the AIX Registrar with the information set out below. In the absence of this information, the AIX Registrar will be unable to open an account for the concerned individuals and corporate entities.

If an individual:

1.      First Name

2.      Last Name

3.      Date of Birth

4.      Nationality

5.      Individual Identification Number (if a citizen of the Republic of Kazakhstan) OR Passport Number (if otherwise)

6.      Email

7.      Mobile Number

8.      Residential address

If a corporate entity:

1.      Company name

2.      Date of incorporation

3.      Country of incorporation

4.      BIN/Company registration number

5.      Email

6.      Address

We recommend that all shareholders of record provide this information at the earliest to [email protected]".

Please note, if you have already opened an account via Tabys mobile application, you do not need to respond to this letter. 

A copy of the above letter is attached as a PDF file.

Kind regards,

Polymetal International plc'

Sorry for late posting been off email as am on hols and taking some downtime

Here's the answer from Computershare to the email above Bascially,we will need to either email details to the registrar of fill in the tabys app as per the email above.I'll likely do the tabys app.

I know someone on here has done it,how easy was it?

 

'Dear Mr Sancho

 

Polymetal International PLC

 

Thank you for your recent communication.

 

We confirm you will need to register on the AIX as per the email from Polymetal. The shares cannot be held with Computershare.

 

Any further queries should be directed to the Polymetal shareholder relations email address below.

 

[email protected]

 

Please note this email address is not monitored. If you would like any more help, please call one of our dedicated customer service representatives on the number below or email us at [email protected]

 

Kind Regards

 

Please be advised that this email bucket is not monitored. Any replies to this address will not be picked up or responded to. Should you have further queries, please reply to the email address that has been copied in to the original email or please call +44 (0370) 707 4040

Lines are open Monday through till Friday between 8.30am and 5.30pm GMT

 

Issuer Resolutions Team

Computershare Investor Services PLC
Resolutions > Communications Centre Issuer
T+44 (0370) 707 4040

The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, United Kingdom'

[Foor]

14 minutes ago, sancho panza said:

Sorry for late posting been off email as am on hols and taking some downtime

Here's the answer from Computershare to the email above Bascially,we will need to either email details to the registrar of fill in the tabys app as per the email above.I'll likely do the tabys app.

I know someone on here has done it,how easy was it?

 

'Dear Mr Sancho

 

Polymetal International PLC

 

Thank you for your recent communication.

 

We confirm you will need to register on the AIX as per the email from Polymetal. The shares cannot be held with Computershare.

 

Any further queries should be directed to the Polymetal shareholder relations email address below.

 

[email protected]

 

Please note this email address is not monitored. If you would like any more help, please call one of our dedicated customer service representatives on the number below or email us at [email protected]

 

Kind Regards

 

Please be advised that this email bucket is not monitored. Any replies to this address will not be picked up or responded to. Should you have further queries, please reply to the email address that has been copied in to the original email or please call +44 (0370) 707 4040

Lines are open Monday through till Friday between 8.30am and 5.30pm GMT

 

Issuer Resolutions Team

Computershare Investor Services PLC
Resolutions > Communications Centre Issuer
T+44 (0370) 707 4040

The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, United Kingdom'

So HL and AJ can hold listed AIX shares as how other would they retain you're holding.

Surely if they can retain nominated status and their name be listed against your holdings.

Trading should be relatively easy.

Anyone?????

[Shamone]

12 minutes ago, Foor said:

So HL and AJ can hold listed AIX shares as how other would they retain you're holding.

Surely if they can retain nominated status and their name be listed against your holdings.

Trading should be relatively easy.

Anyone?????

Kept my very small amount in HL as is. Don’t expect to see those suckers again.

[Foor]

2 minutes ago, Shamone said:

Kept my very small amount in HL as is. Don’t expect to see those suckers again.

Can I ask why?

Surely unless the company files then the risk is all but removed.

All that is required is for HL to attain trading whether on the LSE or possibly a other exchange via GDR.

AIX is far too illiquid for the bod to not look elsewhere.

My guess is 30th Sept a new dawn a new day..

[Castlevania]

54 minutes ago, Foor said:

So HL and AJ can hold listed AIX shares as how other would they retain you're holding.

Surely if they can retain nominated status and their name be listed against your holdings.

Trading should be relatively easy.

Anyone?????

They’d need to have a broker on the AIX to go through to do the trades. Probably too much effort in their view.

[Shamone]

1 hour ago, Foor said:

Can I ask why?

I’ve never had a share go to Khazakhville before. Can’t bode well.

[Foor]

31 minutes ago, Shamone said:

I’ve never had a share go to Khazakhville before. Can’t bode well.

This time next year Rodder's...

[wherebee]

11 hours ago, Majorpain said:

They did nothing I wouldn't have done in their position after what happened, but its important that you have from them in writing what happened, and why they did it, so it was my time well spent IMO.  

The funny thing is that because they had made financial decisions for me they couldn't refuse my reasonable requests for information, no matter how difficult they were!  But nothing they said changed my opinion that they have made a serious error, i also suspect that they know they have now, we need to see what actually happens because if Polymetal doesn't delist shit hits the fan.

Same from IB in Australia - we told you we'd sell your shit, you didn't move it to another broker, we don't agree with certification so didn't help you do that, so hard cheese, go to the ombudsman.

Difference in my case, I think, from other retail investors is that I have it in writing from IB staff that they would not sell against my wishes.

I'm going to write back to them with that lovely chart showing the massive dip in prices on sale day.  And give them one last chance for compensation (double the value of the shares; if I put that in BAT I'll make enough to feel less aggreived).  Guessing they will refuse, then it's off to the regulator.

The thing is, this precedent also lets brokers sell your shares in companies failing any other test they like.  ESG, climate change, racism...

 

[Majorpain]

7 hours ago, wherebee said:

The thing is, this precedent also lets brokers sell your shares in companies failing any other test they like.  ESG, climate change, racism...

Ouch, based off what II told me isn't that the truth?  At least if it gets put in black and white, something good will come from this, and could potentially stop us on the deflation thread getting massively screwed over in future.

Oil. Bad. Gone.

Tobbacco. Bad. Gone.

Mining. Bad. Gone.

Defence stocks. Bad. Gone.  (Not joking, banks are making things difficult for UK ones!)

"Exceptional circumstances of the climate crisis" have dictated we need to take all your money and invest in windfarms.....

[23rdian]

On 31/07/2023 at 11:19, 23rdian said:

Anyone know what the latest with Freetrade is? 

Answering my own question. Just in case anyone else has any with them. 

[JimmyTheBruce]

12 hours ago, 23rdian said:

Answering my own question. Just in case anyone else has any with them. 

Unless something has changed since my last debate with them,  Freetrade's ability to handle corporate actions is risible.

There would be a certain irony if they managed to keep everyone whole whilst the big brokers fuck us all over.

Brief update on my position; £100 offer from AJ Bell, and II have rejected both my wife's complaint and mine with the assertion that their terms allow them to sell my SIPP holdings.

I'll be raising this with the ombudsman within the allowed 6 months but, as mentioned above, I might wait a couple of months to see what Poly do.  If they manage to divest the 'bad' stuff and relist, the case is going to be much stronger.

Having said that, they sold the holdings because of a delisting before my wife or I had a chance to exercise our shareholder rights to vote on that delisting.  For me, regardless of what happens going forward, that is completely unjustifiable.

[sancho panza]

On 05/08/2023 at 08:35, JimmyTheBruce said:

Unless something has changed since my last debate with them,  Freetrade's ability to handle corporate actions is risible.

There would be a certain irony if they managed to keep everyone whole whilst the big brokers fuck us all over.

Brief update on my position; £100 offer from AJ Bell, and II have rejected both my wife's complaint and mine with the assertion that their terms allow them to sell my SIPP holdings.

I'll be raising this with the ombudsman within the allowed 6 months but, as mentioned above, I might wait a couple of months to see what Poly do.  If they manage to divest the 'bad' stuff and relist, the case is going to be much stronger.

Having said that, they sold the holdings because of a delisting before my wife or I had a chance to exercise our shareholder rights to vote on that delisting.  For me, regardless of what happens going forward, that is completely unjustifiable.

Good news Jimmy.

I think I'm going to follow your lead and await developments before filing my complaint to the Ombudsman.The fact that other SIPP holders allowed punters to certificate means they had no reason to really force a sale and hiding behind your T+Cs when you force sales in such circumstances isnt the strngest defence I suspect.

Have you asked for the T+Cs that they're suing for jsutification?

[JimmyTheBruce]

9 hours ago, sancho panza said:

Have you asked for the T+Cs that they're suing for jsutification?

They referenced the terms they think are relevant in their response to my complaint.  There's nothing there that says they can liquidate because they don't fancy the administrative burden of maintaining paper certificate holdings.

I don't think those terms are applicable because alternative options were available, and being offered by other brokers.  The holdings were being redomiciled to an HMRC-approved exchange, not pulled from the market completely.

[wherebee]

On 05/08/2023 at 17:35, JimmyTheBruce said:

Having said that, they sold the holdings because of a delisting before my wife or I had a chance to exercise our shareholder rights to vote on that delisting.  For me, regardless of what happens going forward, that is completely unjustifiable.

what was the date they sold you out?  and the date of the vote?

I'm drafting my regulator letter...

[Foor]

https://market.aix.kz/details/POLY/trading

Polymetal International plc Re-Domiciliation to AIFC Completed

Polymetal International plc (the "Company") is pleased to confirm that the re-domiciliation of the Company from Jersey to the Astana International Financial Centre ("AIFC") in Kazakhstan has successfully completed effective as at 7 August 2023.

Further to the information set out in the circular published by the Company on 10 May 2023 (the "Re-domiciliation Circular"), the Company is pleased to announce that all necessary approvals have been received and all Conditions have been satisfied to effect the re-domiciliation.

As a result, the Company is pleased to announce the successful completion of the re-domiciliation of the Company from Jersey to the AIFC, effective as at 7 August 2023.

The Company confirms that it remains listed on the AIX which has now become the Company's primary stock exchange. The resumption of trading on the AIX will be announced separately, once the Company has completed the technical register migration procedures.

Unless otherwise defined herein, defined terms have the same meaning as set out in Re-domiciliation Circular.

Edited August 8, 2023 by Foor

[Red Debt Redemption]

When's divi?