Dealing with the Polymetal delisting and moving holding to Kazakhstan

[Foor]

7 hours ago, Majorpain said:

AFAIK yes, there is no difference between Astana and Nasdaq/Kong Kong/Frankfurt.....

Its if they want the hassle of setting up custodians and dealers for it is the problem, and its wait and see what they tell you on that.

You make a very good point there MP. What I am seeing is the company whipping up hysterical retail investors into either selling out or chasing every app, broker or idea the company throws at them. The whole SIPP/ISA Saga has been mis-managed by the company, the cynic in me would think its as if the company want to see the back of as much retail as possible. The contrarian in me obviously seeks to do the opposite and buy more which I cannot do due to HL banning all buying now.

It would be so funny if a UK broker actually decided to set up custodians/dealers and allowed UK retail to trade on the Astana exchange. Allowing retail to keep their tax wrappers and shares.

Maybe that is what the company actually wants, hence the push for retail to badger HL for certs etc? HL decide to allow trading on the Astana exchange...Job done.

It is early days, the vote has not even passed. the company has not been suspended, no de-list date, yet retail has already left the UK and planning for life in Kaz which to be fair seems rather odd. As we have so many bumps in to road to overcome?

I am not saying it is not a done deal, but things can change. Me, I am doing nothing until i can see the clear picture, which at present is very murky.

[wherebee]

Anybody else with IB Australia?   I have had nothing from them requiring any actions, and normally they are very good on adminstrative issues.

[sancho panza]

On 13/05/2023 at 06:25, Foor said:

There is a really good Telegram group called "POLY London"...

https://telegram.org

Search"POLY London", excellent stuff.

HL have now blocked buying Poly. Can only sell the stuff.

They are also being a ball ache in releasing paper certs, which you need to input into the Taby's app.

I like risk me, I think there is a big upside in there, yesterday the bid kept rising yet there was sell sell sell, I think the MM's are filling orders for the big boys, while retail opt out due to risk and the pain in the ass of listing on the AIX.

I even think the company might just relist on the LSE, once the spilt is over and its a Kaz only company. For me to see it back on the LSE at £6 or more would be heart breaking after buying in around the 200's.

But we are all different.

Taby's app activation.

To get the code, please send the
following details to

[email protected]

 

with the subject “Tabys access code request”:

• First name
• Last name
• Date of birth
• Mobile number with a country code
• E-mail

Looks like from the 1st of June there will be no need to convert to paper certs as it will be all done in a digital manner from broker to Taby's app.

Only shareholders holding paper certificates will be able to transfer their holdings to the AIX CSD through Taby's app. Upon the transfer, cert's will be converted into paperless...

paper certs loaded into tabys looks like an excellent plan A/B.

possibly Freedom FIncane who got back to me Fri

I think post redom,things will settle,viable secondary lsiting will be found and/or UK brokers will set up on AIX.

Freedom finace got back to me ref their app

'Good afternoon!

You can open a Global brokerage account with access to global markets (USA, Europe, etc.) through the tradernet.global mobile application:

 

- for Android https://play.google.com/store/apps/details?id=global.tradernet.terminal

- for iOS https://apps.apple.com/kz/app/tradernet-global/id1558692227

 

Thanks for reaching out and have a nice day!'

 

Специалист отдела поддержки

 

контакты:  7555 |  +7 7172 727 555

email:  7555@ffin.kz

сайт: www.ffin.kz

 

 

 

On 13/05/2023 at 06:38, moneyscam said:

Thanks for posting the TG link. Can you elaborate on the above about your broker doing the transfer to Tabys? Haven't seen this option discussed before.

https://www.polymetalinternational.com/files/en/2023_05_10_Re-domiciliation_QAs_eng.pdf

Tabys guide point 4 makes it seem as if they are working on this.

https://www.polymetalinternational.com/files/en/Tabys_guide.pdf

 

On 13/05/2023 at 07:41, Majorpain said:

Wait and see at the minute, UK brokers will have lots of shares in this and will be umming and arring about what to do.  They can do forced sells, but its not a good look if they sell for 100p to big institution on LSE who is laughing all the way to the bank when it relists at 600p+ on Astana.

 

Talking to my phone broker Fri where we hold these,I suspect there will be a lot of p1ssed off retial if these come good once relsited espceially if it becoems claer the big instos have hoovered up cheap shares and tehn a UK broker starts offering coverage.

 

He was saying a lot of retila are opting out( i nkow he owns some as he mentioned it when we put some trades through last year so he was interested in what we're doing).I was mulling my options in terms of certification .

 

ref this last point I think once the timetable is in play then we will know more.I think there's no need to panic,he was aying certification wil tkae circa 10/15 days but 'once you're in the process you're in the rpocess' if you get my drift.

 

you could even certificate and then wait for thigns to settle and see which interface is best.

 

Edited May 14, 2023 by sancho panza

[sancho panza]

10 hours ago, wherebee said:

Anybody else with IB Australia?   I have had nothing from them requiring any actions, and normally they are very good on adminstrative issues.

I've been in touch with IB and bascially they wont be dealing in AIX.

IB big broker not sure how you'd certificate through them.there msut be an option.

You may need to transfer to a more customre friendly broker.

[wherebee]

8 hours ago, sancho panza said:

I've been in touch with IB and bascially they wont be dealing in AIX.

IB big broker not sure how you'd certificate through them.there msut be an option.

You may need to transfer to a more customre friendly broker.

Is that IB UK though?  IB Australia is a seperate legal entity and AFAIK a lot of their international trades are settled via HK - which may create a different situation?

[sancho panza]

13 hours ago, wherebee said:

Is that IB UK though?  IB Australia is a seperate legal entity and AFAIK a lot of their international trades are settled via HK - which may create a different situation?

Thats the UK version WB.

Jsut tried setting up teletrder account with freedom finance.The app is easy to download.but when you go to set up accoutn the lsit of countries comes up in kazakh.

I ahve emailed FF to see what I'm doing worng.If anyone succeeds,then please let me know.

@moneyscam being proved correct thus far,big insto's loading up.That's a 1005 profit so far for thsoe that piled in at £1.25

Edited May 15, 2023 by sancho panza

[No One]

I have a small holding in an AJ&Bell SIPP. I'm guessing I'm fucked and can only sell right?

[Castlevania]

I’m struggling to see how this is actually different from other delistings. The free shares I received in Aclara were tradable in London via some sort of depository instrument. They got rid of it and as it was no longer part of CREST, HL simply passed it off to HSBC. I can sell but not buy. Assuming something similar would happen here.

[wherebee]

IB Australia reply so far is that they will just hold the position and do nothing; I will be able to sell, but not buy.  I have asked them what will happen to dividends.

[BurntBread]

1 hour ago, Castlevania said:

I’m struggling to see how this is actually different from other delistings. The free shares I received in Aclara were tradable in London via some sort of depository instrument. They got rid of it and as it was no longer part of CREST, HL simply passed it off to HSBC. I can sell but not buy. Assuming something similar would happen here.

I'd be happy with that, provided I got the dividends, as I want this company for a long-term hold. I like to think they are relatively well-run (although that's a bit nebulous, and I don't have much objective evidence). If this were Great Panther a few years ago, I'd want to grab whatever(?) capital gains were on offer, and then you wouldn't see me for dust, so Id be selling at the last moment. POLY I want to keep.

[Majorpain]

Quote

Meeting date: 30th May 2023
Expected LSE suspension date: 17th July 2023
Market affected: London Stock Exchange (LSE)
Trading restrictions: The last day we will be supporting sales in this stock will be 7th July 2023

Polymetal International plc has announced its intention to re-domicile from Jersey to Kazakhstan. A consequence of this will be the cancellation of its Ordinary shares from trading on the LSE. This is subject to shareholder approval at a general meeting due to be held on 30th May 2023.

If approved, Polymetal International shares are expected to be suspended from trading on the LSE on 17th July 2023. However, our final date for facilitating purchases of Polymetal International shares on our platform will be 30th June 2023, and our final date for facilitating sales of Polymetal International shares will be 7th July 2023.

As the shares will cease trading on a stock exchange we support on our platform, we will endeavour to perform a mandatory commission-free sale of any remaining shares held on accounts on or after 10th July 2023. If you do not wish to have your shares mandatorily sold, you may choose to liquidate your holding prior to 7th July 2023, transfer your holding to another broker, or withdraw your holding into certificated form, registered in your own name.

The deadline for receipt of requests to transfer out to another broker will be 25th June 2023. Any transfer-out requests received after this date will not be processed.

The deadline for receipt of requests to withdraw holdings into certificated form, registered in your own name, will be 30th June 2023. To request a certificated withdrawal, you can contact us by phone. Alternatively, you can send us a secure message using the subject-line Polymetal Certificated Withdrawal. Please note, certificated withdrawals can only be processed for settled stock positions, and are not permitted from SIPP, Pension Trading Account, or Junior ISA Accounts.

II response if anyone was wondering, i'm probably going to be lazy, play chicken and see how hard they "endeavour" to sell them after delisting.  Should be some opportunities to get a nice low average coming up to 30th June anyway, so as long as i make a profit its not a waste.

Edited May 15, 2023 by Majorpain

[The Bear of Doom]

11 minutes ago, Majorpain said:

II response if anyone was wondering, i'm probably going to be lazy, play chicken and see how hard they "endeavour" to sell them after delisting.  Should be some opportunities to get a nice low average coming up to 30th June anyway, so as long as i make a profit its not a waste.

I was just going to post the position of Interactive Investor on the delisting of Polymetal, but you beat me to it   Looks like we have a few weeks to sort out alternative brokers, but that time will fly by! They haven't mentioned  whether they are charging for the certificated withdrawal (they usually charge £35)

[sancho panza]

1 hour ago, The Bear of Doom said:

I was just going to post the position of Interactive Investor on the delisting of Polymetal, but you beat me to it   Looks like we have a few weeks to sort out alternative brokers, but that time will fly by! They haven't mentioned  whether they are charging for the certificated withdrawal (they usually charge £35)

@Majorpain thanks for that info on the timetable.Thats a super summary.

It is time to get cracking but from what I've seen thus far,it's looking like Plan B Tabys app will be the winner for now.Unless Freedom finance get their app up and running using the western european alphabet,then I wont be taking that risk.

AS far as Im aware theyre still working on a decent secondary lsiting thats free from the sanctions

Edited May 15, 2023 by sancho panza

[AWW]

I've a reasonable holding of POLY in my HL SIPP, so can't transfer a paper cert out. However, I don't want to sell either. I'd like to investigate selling on HL then buying outside a wrapper on another platform that allows paper certs to be transferred out. Does anyone know if any of the usual suspects will allow buying of POLY and transfer out to Tabys via paper cert?

[MockneyRebel]

2 hours ago, AWW said:

I've a reasonable holding of POLY in my HL SIPP, so can't transfer a paper cert out. However, I don't want to sell either. I'd like to investigate selling on HL then buying outside a wrapper on another platform that allows paper certs to be transferred out. Does anyone know if any of the usual suspects will allow buying of POLY and transfer out to Tabys via paper cert?

Interactive Investor have stopped allowing purchases, as have iWeb. I can still see the purchase option in AJBell/YouInvest but sadly that is in a LISA so no way of withdrawing/transferring so currently deciding/procrastinating on best time to sell. Assuming LSE purchases are restricted on major brokers then presumably the sell pressure from Sipp holdings (and others) will cause the price will fall (to be snapped up by someone with better connections than us mere mortals).

Wood & Co seem to be working on a solution for transferring direct to AIX (for existing holders, taken from POLY London telegram group)

Current plan:

Sipp (ii) /LISA (AJBell) holdings: cant transfer out so going to sell at some point

iWeb ISA: transfer to trading account, get paper certs and use Tabys

New purchases: Maybe FF EU (awaiting a decision on whether they will accept UK customers) or FF Kaz (but the process seems to be a bit of a ballache)

Edited May 16, 2023 by MockneyRebel
Removed wrong info on ii restricting purchases

[GTM]

7 minutes ago, MockneyRebel said:

Interactive Investor have stopped allowing purchases

I bought some through II this morning to replace some I had to sell from the kid's Junior ISAs, since I can't get those in certificated form. The JISA is also with II.

[MockneyRebel]

3 minutes ago, GTM said:

I bought some through II this morning to replace some I had to sell from the kid's Junior ISAs, since I can't get those in certificated form. The JISA is also with II.

Thanks for clarifying, when I tried to purchase in SIPP yesterday it would not allow but oddly today I can (apologies for the misinformation folks!)

[belfastchild]

Was away all weekend and just back so sold out my small holding of poly in my sipp (3k). Was 10% up so thought Id just take that and not have to bother with all the other nonsense.

Still have my larger isa holding which is just over 40% down. Its 10k so a fair loss and probably will just let it ride, along with evraz. Bit of a kick in the balls but a hell of a punt now.

[AWW]

Just had a message from HL suggesting that POLY shares can continue to be held in a SIPP even after delisting from LSE.

No info on what happens to dividends though.

[Heart's Ease]

4 hours ago, AWW said:

Just had a message from HL suggesting that POLY shares can continue to be held in a SIPP even after delisting from LSE.

No info on what happens to dividends though.

Thanks for that snippet. Is that the same treatment as Gazprom which just sit in our SIPPs, waiting for...peace?

[wherebee]

13 hours ago, AWW said:

Just had a message from HL suggesting that POLY shares can continue to be held in a SIPP even after delisting from LSE.

No info on what happens to dividends though.

Interactive Brokers Australia came back and confirmed again I can continue to hold in my portfolio, cannot buy or sell until sanctions regimes change (?) and for dividend information suggested contacting POLY directly.

IB are really very good on communications.  Can't fault them.

[Foor]

4 hours ago, wherebee said:

Interactive Brokers Australia came back and confirmed again I can continue to hold in my portfolio, cannot buy or sell until sanctions regimes change (?) and for dividend information suggested contacting POLY directly.

IB are really very good on communications.  Can't fault them.

I'm doing the same with HL. As long as the shares are sitting there at today's depressed prices waiting and patience is the plan.

[Pip321]

19 hours ago, AWW said:

Just had a message from HL suggesting that POLY shares can continue to be held in a SIPP even after delisting from LSE.

No info on what happens to dividends though.

Mine are in a SIPP, I have sent an email to AJ Bell for advice. They are looking into it....surprising they have not issued a message on the basis last year they boasted Poly was their most bought share by small investors (volume rather than value I am sure). 

AIX is fine to be held in a SIPP (per HMRC)....its just whether they will do it.

If not then at least I know and can decide when to sell from the SIPP...ie if we have a mini run up. 

[JimmyTheBruce]

20 hours ago, AWW said:

Just had a message from HL suggesting that POLY shares can continue to be held in a SIPP even after delisting from LSE.

No info on what happens to dividends though.

@AWW any chance you can paste the content of that message?  I've had the exact opposite response from Interactive Investor.  I wanted to just leave them in my SIPP until a means of doing anything becomes apparent, but II are saying they won't support this and will liquidate them if I don't sell.

Incidentally, for those looking to get certificates for shares held in an ISA or trading account, II say the certification fee is waived.

[Castlevania]

50 minutes ago, JimmyTheBruce said:

@AWW any chance you can paste the content of that message?  I've had the exact opposite response from Interactive Investor.  I wanted to just leave them in my SIPP until a means of doing anything becomes apparent, but II are saying they won't support this and will liquidate them if I don't sell.

Incidentally, for those looking to get certificates for shares held in an ISA or trading account, II say the certification fee is waived.

We’ve recently sent you some information about the potential delisting of Polymetal International from the London Stock Exchange. This was sent to you by post or secure message, depending on your preference. Please find below a copy of the information that has been sent to you. 

Polymetal International has announced plans to relocate the company from Jersey to Kazakhstan. 

If approved, this will result in Polymetal shares being delisted from the London Stock Exchange (LSE) and its main listing being changed to the Astana International Exchange (AIX) in Kazakhstan. 

If approved, it’s currently expected that the last day to trade shares on the LSE will be Friday 14 July. We are unable to trade shares on the AIX, so if the delisting goes ahead, you won’t be able to sell shares via HL after this point. 

You can vote on the proposals

The proposals will go to a shareholder vote at a meeting on 30 May 2023. If you’d like to vote, please follow the steps below before 1pm on Wednesday 24 May 2023. 

• Log in online at www.hl.co.uk  

• Select ‘view shareholder meetings’ which you’ll find under the link to your secure messages

• Click the ‘give instruction’ link next to the relevant shareholder meeting(s) and follow the instructions.  

We’ll write to you after the shareholder meeting to let you know the outcome. If it’s approved, we’ll give you further information about your options. In the meantime, we’ve included some frequently asked questions below.

Nothing here is a recommendation. If you have any questions, please contact us so we can help.

Frequently Asked Questions

Why is the company proposing to relocate from Jersey to Kazakhstan?

As a result of the Russia-Ukraine conflict, Russia has imposed sanctions against companies operating in certain areas, including Jersey. This has caused difficulty for the company’s Russian operations, so they are looking to move to an area where they can avoid as many of these sanctions as possible. 

Why does this mean the shares will be delisted from the LSE? 

If the relocation to Kazakhstan takes place, the company will not meet the criteria to be listed on the LSE. 

Can I transfer my holding to a different provider that can trade on the AIX? 

You can transfer your holding to a provider that can trade on AIX. We’ll provide more information on this option if the proposal is approved. 

Can I withdraw my holding into a share certificate? 

We do not offer a certificated withdrawal service so are unable to send you a certificate for your shares. 

Can I buy more Polymetal shares?

Due to the potential delisting, we are no longer accepting any further buy orders for Polymetal shares. 

Would a delisting affect my ability to hold Polymetal shares in an ISA or SIPP? 

The AIX is recognised by HMRC as a qualifying ISA market, so the shares will still remain eligible to be held in an ISA after the LSE delisting. The shares will also remain eligible to remain within a SIPP. 

Where can I obtain further information? 

Full information is available on the Polymetal website at https://www.polymetalinternational.com/en/re-domiciliation-agm/. You may also be interested in the FAQ produced by Polymetal, which contains information on a number of providers that are able to trade on the AIX. This is available at https://www.polymetalinternational.com/files/en/2023_05_10_Re-domiciliation_QAs_eng.pdf