Dealing with the Polymetal delisting and moving holding to Kazakhstan

[TNS]

Ironically, MOEX has the price around £6 so it'll be interesting to see the new listing price.

[lid]

Spoke to HL, they ain't accepting incoming poly transfers ☹️

He hinted that there may be other brokers out there that could but couldn't give advice. Fuck sake 🤪

[Castlevania]

1 hour ago, TNS said:

Ironically, MOEX has the price around £6 so it'll be interesting to see the new listing price.

There’s probably an element of trying to get around capital controls in that price.

The price on the AIX is USD 3.00, which is ~£2.40ish so there is an arbitrage opportunity for anyone who can still buy on the LSE and sell on the AIX once the transfer has happened.

[sancho panza]

4 hours ago, lid said:

Spoke to HL, they ain't accepting incoming poly transfers ☹️

He hinted that there may be other brokers out there that could but couldn't give advice. Fuck sake 🤪

That's bad news as the HL transfer was becoming my number 1 option.

There remains

2) Wood.com

3) certificate and then register wiht the app

Because I'm not selling.

I will double check with HL Monday,jsut in case there's an option.I'll also call AJBell.

4 hours ago, Castlevania said:

There’s probably an element of trying to get around capital controls in that price.

The price on the AIX is USD 3.00, which is ~£2.40ish so there is an arbitrage opportunity for anyone who can still buy on the LSE and sell on the AIX once the transfer has happened.

I think it might take a wait but in five years you'll be glad you sat on them.

We're already at full allotment with these across the family,otherwise I'd buy more if I could

 

[JimmyTheBruce]

5 hours ago, lid said:

Spoke to HL, they ain't accepting incoming poly transfers ☹️

He hinted that there may be other brokers out there that could but couldn't give advice. Fuck sake 🤪

That's not what I've been told by HL and this was the route I was planning on going down.

All of this would be a damn sight easier if any of them could actually communicate a consistent message.

[GTM]

IG have finally realised they need to do something:

Dear Client,

Polymetal International PLC has announced the re-domiciliation from London Stock Exchange to Astana International Financial Centre in Kazakhstan .

Unfortunately, the Kazakhstan exchange is not offered our platform. In order to avoid your position being dormant on your account, you have the following options:

You may choose:

Option 1 – You may trade out of your position by end of session 13th July 2023 (official date given as per the announcement is 17th July 2023)

Option 2  – Email us if you would prefer us to Take No Action. In this scenario, the positions will likely be rendered as untradable on your IG Account. We cannot guarantee any means of closing these positions.

Option 3 (Default) –  If we have not heard from you or if you have not traded out by 13th July 2023, we close your position on 14th July 2023.

IG cannot provide any assurance that we can trade or transfer the resultant shares or of any further monetary benefits.

Your decision must be made before the end of session on 13th July 2023. If we don’t hear from you then the default option will be applied as stated above.

Note: Please be advised that if you currently hold these shares in an ISA and choose to hold them after the delisting date, kindly note that the positions will be transferred to your corresponding Share Dealing account. This action is necessary due to the delisting of the stock, as it will no longer be eligible for ISA holdings.

We're here to help

Fucking useless. No certification option. Default position is sell under your nose. Useless tossers. 

[Foor]

3 hours ago, GTM said:

IG have finally realised they need to do something:

Dear Client,

Polymetal International PLC has announced the re-domiciliation from London Stock Exchange to Astana International Financial Centre in Kazakhstan .

Unfortunately, the Kazakhstan exchange is not offered our platform. In order to avoid your position being dormant on your account, you have the following options:

You may choose:

Option 1 – You may trade out of your position by end of session 13th July 2023 (official date given as per the announcement is 17th July 2023)

Option 2  – Email us if you would prefer us to Take No Action. In this scenario, the positions will likely be rendered as untradable on your IG Account. We cannot guarantee any means of closing these positions.

Option 3 (Default) –  If we have not heard from you or if you have not traded out by 13th July 2023, we close your position on 14th July 2023.

IG cannot provide any assurance that we can trade or transfer the resultant shares or of any further monetary benefits.

Your decision must be made before the end of session on 13th July 2023. If we don’t hear from you then the default option will be applied as stated above.

Note: Please be advised that if you currently hold these shares in an ISA and choose to hold them after the delisting date, kindly note that the positions will be transferred to your corresponding Share Dealing account. This action is necessary due to the delisting of the stock, as it will no longer be eligible for ISA holdings.

We're here to help

Fucking useless. No certification option. Default position is sell under your nose. Useless tossers. 

That's more or less the same as the HL option. Only HL will allow you to hold in a SIPP and ISA and receive dividends.

I think the big three HL, AJ and IG are all going the same route. My guess is maybe they have some big bag holders deeply underwater or whatever? If they are not willing to provide materialisation then in essence it is unlawful to force liquidation. To hold in certificate form under nominee is there way of providing a certificate without losing your business.

There does seem to be a conscious effort to maintain positions but not be too transparent in to how this will all pan out with regards to future trading and stock management.

I've always felt the board are a wee bit too pushy in getting holders to go to paper, and then the AIX via Taby's. Taby's is way to tricky for me. I think there are major bumps in the road yet, and those who jumped too early may live too regret it.

For me its either paper in your name or paper in your institutions name until the dust settles. I would not touch some app with yours.....

I also think this from here is a ten bagger, with yields to bring water to one's eyes.

Its a great company, with a great future, just a few mines the wrong side of the fence.

[reformed nice guy]

I hold some with iweb in an ISA so the choice is sell, transfer or get a certificate.

If I take the certificate, do they post out the dividend or arrange for BACS tranfer?

[MockneyRebel]

25 minutes ago, reformed nice guy said:

I hold some with iweb in an ISA so the choice is sell, transfer or get a certificate.

If I take the certificate, do they post out the dividend or arrange for BACS tranfer?

I am in the same boat and requested a transfer out of my ISA and conversion to paper certs yesterday via support chat, response: 'We'll send the certificates by recorded delivery as soon as possible, the service delivery expectation is 10 working days'

For paper certs you can then register your ownership via the Tabys App (after requesting a code from Polymetal) to arrange divi payments: 

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

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

You can also transfer the certs to a friendly UK/EU/KZ broker. Not sure what happens if you just leave them as UK paper certs once delisting happens (might be something in the second linked pdf)

 

[JimmyTheBruce]

On 02/06/2023 at 15:53, lid said:

Spoke to HL, they ain't accepting incoming poly transfers ☹️

He hinted that there may be other brokers out there that could but couldn't give advice. Fuck sake 🤪

Just had this confirmed by HL.  

Basically if you're holding them in SIPP or ISA with II then you're fucked 

[Cosmic]

On 01/06/2023 at 17:53, lid said:

II say the deadline for transfer out to another provider is 25th June

Anyone know if this means if the transfer needs to be done and dusted by then or just for it to be instigated by then?

Did you get an answer on this one?

Can you do a transfer of one holding out of an ISA or is it the whole lot?

Tempted to transfer everything from II to AJ, since they broke their website... but it means I'll have far too much under the control of one provider...

[lid]

2 minutes ago, Cosmic said:

Did you get an answer on this one?

Can you do a transfer of one holding out of an ISA or is it the whole lot?

Tempted to transfer everything from II to AJ, since they broke their website... but it means I'll have far too much under the control of one provider...

Didn't ask about transferring whole lot vs individual stocks but they said it needs to be initiated by that date 

If only there was a broker to transfer to

Hopes resting with an answer from AJ bell 

[BarSteward]

I have moved my holding from HL to II to certificate in my name. HL does not leave me with confidence after their handling of the Evraz and Gazprom ADR fiascos.

 

Outside of their poor communication and general dismissive attitude towards their customers, my main worry with continuing to hold via HL in their nominee account is that this leaves you exposed to broker and/ or UK gov (on direction of the White House and US state dept) throwing their toys out of the pram further- what would it mean for the holder who is having to deal with HL as the go-between, following a hypothetical split of the company into Russian and Khazak assets (do Russian jurisdiction assets go into the bin- de facto or de jure- without any say 'cause Biden and Clinton say Russia bad?), or would dividends be restricted somehow in some way in the future through regulation of the brokers or at broker discretion on 'ethical grounds', etc.?

 

I'm mindful that there are rumours circulating now that Russia might be looking to topple the puppet government in Kiev (hitherto this has not been the stated goal of the Russians, according to their government's official statements)-- it will cause the democrats/ deep state to have one hell of a hissy fit if Russia achieves total military victory in Ukraine and boots NATO out completely.

[sancho panza]

17 hours ago, JimmyTheBruce said:

Just had this confirmed by HL.  

Basically if you're holding them in SIPP or ISA with II then you're fucked 

I struggle to see why they can't certofocate them for you outside the SIPP/ISA?

[Foor]

It would not surprise me if HL and possibly AJ, IG all allow access to the AIX when the dust settles. Its the reason why HL are allowing customers the hold and do nothing scenario, they keep their fee's coming in but more importantly the AIX has a bright future and Poly will be one hell of a whale on that exchange attracting alot of overseas investors who want to buy into a top ten gold and silver miner. I mean Poly is one fucking monster of a company with a hell of a bright future. The SP is laughable really! It would not surprise me to see Poly over 20 quid in four years time. Banging out a pound a year in divs.

49 minutes ago, sancho panza said:

I struggle to see why they can't certofocate them for you outside the SIPP/ISA?

ISA yes, but unless you are over 55 then the SIPP is stuck.

[lid]

AJ Bell looks a goer 

[Yellow_Reduced_Sticker]

58 minutes ago, lid said:

AJ Bell looks a goer 

can you confirm as soon as YOU have done the above (received certificate) via AJ Bell. CHEERS!

AS SOON as you confirm, HL will have no choice but to offer the same.

if HL DON'T ...they really are gonna get fooked over...How / WHY?

I have a SECRET method (carefully crafted snail mail letter) that have used over the last 30  years with banks etc..resulting in a...100% success rate!

I'll take on the fookers HL, if AJ Bell CAN do it, hl can't make BS excuses about GOV legislation etc!

BRING IT ON!

[sancho panza]

3 hours ago, lid said:

AJ Bell looks a goer 

also @JimmyTheBruce.Just got off the phone from the dealing team at AJ Bell.Also spoek to customer services ref setting an accoutn up..

they confirmed they are accepting transfers in of Poly until 30th June.They reckon setting up an account can be done in mintues.

My Broekr rekcons transfer will take ten days.

I will set up AJ Bell accoutn tonight and start the transfer tmrw.

I msut say they very helpful indeed and sought confirmation on a few questions from authtoritative sources on a couple of technical questions I had.Must sya I was impressed.

ALso relieved as I  agree with @Foor that AIX access looms and it'll offer some great companies for our cash.

Edited June 5, 2023 by sancho panza

[lid]

9 minutes ago, sancho panza said:

also @JimmyTheBruce.Just got off the phone from the dealing team at AJ Bell.Also spoek to customer services ref setting an accoutn up..

they confirmed they are accepting transfers in of Poly until 30th June.They reckon setting up an account can be done in mintues.

My Broekr rekcons transfer will take ten days.

I will set up AJ Bell accoutn tonight and start the transfer tmrw.

I msut say they very helpful indeed and sought confirmation on a few questions from authtoritative sources on a couple of technical questions I had.Must sya I was impressed.

ALso relieved as I  agree with @Foor that AIX access looms and it'll offer some great companies for our cash.

Yeah I opened an account before and launched a transfer

Operation Shit or Bust underway 

[Cosmic]

5 hours ago, lid said:

AJ Bell looks a goer 

I'll have to ring them tomorrow and see if I can transfer just the Poly shares from II in my ISA. Don't want to transfer the whole ISA from II>AJ due to the GAZPROM shares sitting in II

[JimmyTheBruce]

3 hours ago, sancho panza said:

also @JimmyTheBruce.Just got off the phone from the dealing team at AJ Bell.Also spoek to customer services ref setting an accoutn up..

they confirmed they are accepting transfers in of Poly until 30th June.They reckon setting up an account can be done in mintues.

My Broekr rekcons transfer will take ten days.

I will set up AJ Bell accoutn tonight and start the transfer tmrw.

I msut say they very helpful indeed and sought confirmation on a few questions from authtoritative sources on a couple of technical questions I had.Must sya I was impressed.

ALso relieved as I  agree with @Foor that AIX access looms and it'll offer some great companies for our cash.

 

2 hours ago, lid said:

Yeah I opened an account before and launched a transfer

Operation Shit or Bust underway 

Cheers fellas, I'll get started on this first thing tomorrow.

[JimmyTheBruce]

Just opened a SIPP with AJ Bell, and completed the process to transfer just my Polymetal holdings over from II.

Takes 15 minutes, everything can be done online, including specifying the holdings to transfer and providing electronic signatures, which pisses all over both the HL and II processes, which are painfully manual.

If all goes well, I'll consider moving everything over. 🤞 

 

[Pip321]

On 05/06/2023 at 15:58, sancho panza said:

also @JimmyTheBruce.Just got off the phone from the dealing team at AJ Bell.Also spoek to customer services ref setting an accoutn up..

they confirmed they are accepting transfers in of Poly until 30th June.They reckon setting up an account can be done in mintues.

My Broekr rekcons transfer will take ten days.

I will set up AJ Bell accoutn tonight and start the transfer tmrw.

I msut say they very helpful indeed and sought confirmation on a few questions from authtoritative sources on a couple of technical questions I had.Must sya I was impressed.

ALso relieved as I  agree with @Foor that AIX access looms and it'll offer some great companies for our cash.

 

23 hours ago, JimmyTheBruce said:

Just opened a SIPP with AJ Bell, and completed the process to transfer just my Polymetal holdings over from II.

Takes 15 minutes, everything can be done online, including specifying the holdings to transfer and providing electronic signatures, which pisses all over both the HL and II processes, which are painfully manual.

If all goes well, I'll consider moving everything over. 🤞 

 

My understanding was fairly clear initially but I see you guys have been looking into this for a few more pages now. So can I just clarify (in a lazy bastard way).

Mine (all 3500 of the fuckers) are all in AJBell SIPP…..so basically they do all the voodoo magic and get the share certificates etc and I can just carry on holding them? 

Should I then wish to sell I then can do that via AJ Bell albeit these shares will be held on the AIX so it ‘might’ be a bit more complicated than a click of a button.

I think if that’s the case I will hold until the shares come good again.😉

[Foor]

41 minutes ago, Pip321 said:

 

My understanding was fairly clear initially but I see you guys have been looking into this for a few more pages now. So can I just clarify (in a lazy bastard way).

Mine (all 3500 of the fuckers) are all in AJBell SIPP…..so basically they do all the voodoo magic and get the share certificates etc and I can just carry on holding them? 

Should I then wish to sell I then can do that via AJ Bell albeit these shares will be held on the AIX so it ‘might’ be a bit more complicated than a click of a button.

I think if that’s the case I will hold until the shares come good again.😉

The sell bit with AJ and HL is the unknown bit for now. Hopeful they get AIX access for trading.

[Pip321]

37 minutes ago, Foor said:

The sell bit with AJ and HL is the unknown bit for now. Hopeful they get AIX access for trading.

Thanks, and just read more of this thread and that seems to be the concern. Selling won’t be impossible but might be costly particularly I guess if you have a smaller holding.

I will factor that in because if the shares did rally to say £3.50 before the deadline (unlikely) I might bail. But I don’t fancy selling at a lower amount and taking a loss knowing some companies will be snapping up shares as retail sell. There is no doubt Poly is a good company, this is just a question of whether we in the West will be allowed to benefit from it. 

I think the conflict will continue for a while yet, now the West keep supplying Ukraine with weapons so it can blow up its own dams 🤦🏻‍♂️…….would be funny if it wasn’t so sad. 

Edited June 7, 2023 by Pip321