Dealing with the Polymetal delisting and moving holding to Kazakhstan

[23rdian]

9 hours ago, Talking Monkey said:

Im keeping mine in the HL Sipp and Isa as my understanding is that its no different than it being in AJ Bell once the thing gets delisted. 

FWIW I initiated a transfer to AJB last night. They were surprisingly swift so I thought what the hell. It may well not happen but it gave me a kick up the arse to try and sort this. I may well end up going to paper certs if it doesn't work though. I don't want to sell unless at this point and hate being forced to by these brokers. 

Edited June 10, 2023 by 23rdian

[wherebee]

On 10/06/2023 at 05:27, JimmyTheBruce said:

Agreed.  I've got a complaint open with them.  I'll be escalating it with the ombudsman regardless of what they come back with. 

If the ombudsman answers with some shit about sanctions, point out that it is the RUSSIAN sanctions that Uk brokers are worried about breaking, which have no authority under UK law.....and if you feel nasty, ask why the Ombudsman is supporting the warmongering Putins actions...

[23rdian]

Any more opinions on this? I am thinking about calling them tommorrow to request the certs from II. Despite me requesting a transfer as I doubt it will happen. 

 

[The Bear of Doom]

I've just requested Certificated Shares from II. I'm planning on going down the route of the Tabys App (I must admit that I am a bit concerned about security as they want you passport details, a selfie, a video?!, and your bank card details), though from what I understand, the Tabys App doesn't allow you to trade shares (please correct me if I am wrong on this point).

[Funn3r]

20 minutes ago, The Bear of Doom said:

I've just requested Certificated Shares from II. I'm planning on going down the route of the Tabys App (I must admit that I am a bit concerned about security as they want you passport details, a selfie, a video?!, and your bank card details), though from what I understand, the Tabys App doesn't allow you to trade shares (please correct me if I am wrong on this point).

I installed their app but still waiting on an activation code from Polymetal so have not bothered trying to use it. Have I missed something? 

[The Bear of Doom]

8 minutes ago, Funn3r said:

I installed their app but still waiting on an activation code from Polymetal so have not bothered trying to use it. Have I missed something? 

I've done neither so far , so I can't give much guidance. Looking at the Tabys guidance PDF from the Polymetal website, you need the access code from Polymetal before you can proceed through the registration process.

[MockneyRebel]

49 minutes ago, The Bear of Doom said:

I've done neither so far , so I can't give much guidance. Looking at the Tabys guidance PDF from the Polymetal website, you need the access code from Polymetal before you can proceed through the registration process.

As far as I can tell from Telegram, nobody has managed to register with Tabys yet as they need to update the app to handle the access Code.

In addition to the transfer shares to AIX friendly broker/upload certs to Tabys options there was a 'do nothing for now' option:

Quote

3. AIX Registrar

• Shareholders will be automatically transferred onto the Register to be maintained by the Company and the AIX Registrar.
• To fully activate an account with the AIX Registrar, terms and conditions must be accepted through its portal. The AIX Registrar expects to provide limited shareholder services through its electronic portal, which is in development. Once fully rolled-out, electronic voting may still not benefit from the full functionality equivalent to CREST electronic voting. Also, on-exchange or over-the-counter trading will not be supported and payment of dividends will be made manually by or on behalf of the Company.

Dividends: Payable by the Company directly rather than through the AIX CSD.

• If you don’t follow either of the two options in the adjoining columns and appear in the company’s register on the de-listing effective date, you will be automatically recorded as Shareholders by the AIX Registrar

• Holders of certificated (paper) shares should send to the Company updated details of their passport and Date of Birth - see answer to Q13

• You will be invited to register at the AIX Registrar portal as soon as it is launched

We would be registering directly with Polymetal so less worries about uploading personal info to a third party etc, and they would be paying you dividends directly (rather than via AIX, possibly why they haven't pushed this option as would be a ballache posting cheques out to all the individual shareholders). Drawback would be no ability to vote on corporate actions.

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

Current status/plan:

iWeb S+S ISA: Removed from ISA wrapper, awaiting paper certs

AJBell LISA: Leaving them to see what happens, maybe it will buy me a house one day

ii Sipp: Going to be force sold at some point, need to ring up and arrange a manual sell. Not a happy customer right now.
 

 

 

 

[The Bear of Doom]

1 hour ago, MockneyRebel said:

As far as I can tell from Telegram, nobody has managed to register with Tabys yet as they need to update the app to handle the access Code.

Come to think of it, in the Polymetal delisting FAQ there was mention of the Tabys App not having the functionality to transfer the shares at the moment, though it did say that this would be added in June (I must have been taken in by the flashy screenshots in the Tabys guide on the Polymetal website).

1 hour ago, MockneyRebel said:

In addition to the transfer shares to AIX friendly broker/upload certs to Tabys options there was a 'do nothing for now' option:

We would be registering directly with Polymetal so less worries about uploading personal info to a third party etc, and they would be paying you dividends directly (rather than via AIX, possibly why they haven't pushed this option as would be a ballache posting cheques out to all the individual shareholders). Drawback would be no ability to vote on corporate actions.

Thanks, I will have a re-read of the FAQ to see what it says about that option, presumably all I need is the Certificated Shares from II.

[lid]

II have extended the transfer out date to 16th June apparently 

Edited June 13, 2023 by lid
As per telegram

[The Bear of Doom]

I pulled the trigger on getting the Certificated Shares from II - they said that I should receive it in 2 to 3 weeks. I hope it has lots of ornate squiggly bits and drawings on it like Share Certificates from the past 

[Gordie Lastchance]

Just for info:

I contacted IWeb a few minutes ago to request that my humble holding in Polymetal be transferred to certificate and sent to me at home. Took a handful of minutes over the phone to it get done and dusted. Basically just passing security questions, confirming my address and the call handler pressing buttons to start the process.

The woman I spoke to said the paper should be with me in seven to 10 days, but "that might be a bit longer because we're dealing with a lot of requests from people to send them certificates".

It looks, therefore, that we're in good company among retail investors opting to remain onboard and acquire the paper copies of our holdings.

Best of luck, all fellow holders.

 

[23rdian]

I think the ii thing was to give holders a kick up the arse to do something but the whole thing is a mess. 

I initiated a transfer. AJ Bell which I think would have gone through in timen but I was concerned in case it didn't so requested the paper certs.

I had message saying the transfer had failed as I no longer had these shares.

Paper certs hopefully on the way. 

I have been in a similar position before being forced to sell shares by HSBC and I don't like it. 

Edited June 14, 2023 by 23rdian

[TNS]

22 hours ago, Gordie Lastchance said:

Just for info:

I contacted IWeb a few minutes ago to request that my humble holding in Polymetal be transferred to certificate and sent to me at home. Took a handful of minutes over the phone to it get done and dusted. Basically just passing security questions, confirming my address and the call handler pressing buttons to start the process.

The woman I spoke to said the paper should be with me in seven to 10 days, but "that might be a bit longer because we're dealing with a lot of requests from people to send them certificates".

It looks, therefore, that we're in good company among retail investors opting to remain onboard and acquire the paper copies of our holdings.

Best of luck, all fellow holders.

 

Got mine pretty quick (5-7 days i think). Need to look into what to do next actually now i have it!

[wherebee]

I'm keeping mine within Interactive Brokers Oz, have in writing that they will not sell from under me.  Now I just have to work out how to get the ongoing dividends.  I don't plan to sell for years - I am convinced this is a long term divvie factory.

Anyone else had insights into how to get the cheque from POLY direct?

[Foor]

2 hours ago, wherebee said:

I'm keeping mine within Interactive Brokers Oz,IB have in writing that they will not sell from under me.  Now I just have to work out how to get the ongoing dividends.  I don't plan to sell for years - I am convinced this is a long term divvie factory.

Anyone else had insights into how to get the cheque from POLY direct?

IB will receive the dividend as they are the nominated owners for yourself. Happy days fella fair fucks to you for holding your nerve and not selling like some have.

[Foor]

I don't think this will delist after all this pantomime....

The Company continues to engage with the FCA in respect of an orderly termination of the London Listing (the "London De-Listing"). For the avoidance of doubt, any London De-Listing will be subject to shareholder approval and will take effect no less than 20 Business Days from the passing of the relevant London De-listing Resolution at a General Meeting.

So we will have to vote again and another GM.

Redom is not delist it seems from this mornings RNS.

 

[HousePriceMania]

8 hours ago, wherebee said:

I'm keeping mine within Interactive Brokers Oz, have in writing that they will not sell from under me.  Now I just have to work out how to get the ongoing dividends.  I don't plan to sell for years - I am convinced this is a long term divvie factory.

Anyone else had insights into how to get the cheque from POLY direct?

I received an email today From IB saying I had to sell them by June 30th as they were being delisted. They say they Might sell them on my behalf.

 

Did you contact them about holding them after delisting?

[lid]

Just had an email off AJ Bell, they've had to cancel transfer due to the upcoming delisting. 

What a bunch of knobs

Why fucking say in writing that they could facilitate it then pull the rug after I've gone through all the aggro of opening an account with them and sending forms over

 

Just sold the fucking things before they take another nosedive

Edited June 16, 2023 by lid
Fucking knobs

[HousePriceMania]

Just spoke to ajbell and they tell me as of yesterday they are no longer accepting transfers of poly metal shares

 

Ever get the feeling your being stitched up?

 

Edited June 16, 2023 by HousePriceMania

[JimmyTheBruce]

1 hour ago, lid said:

Just had an email off AJ Bell, they've had to cancel transfer due to the upcoming delisting. 

What a bunch of knobs

Why fucking say in writing that they could facilitate it then pull the rug after I've gone through all the aggro of opening an account with them and sending forms over

 

Just sold the fucking things before they take another nosedive

Got the same message.  I'm guessing some senior people at the major brokers have got their heads together, as all options are now being taken off the table for SIPP holders, there's nowhere else to go.

[sancho panza]

10 hours ago, wherebee said:

I'm keeping mine within Interactive Brokers Oz, have in writing that they will not sell from under me.  Now I just have to work out how to get the ongoing dividends.  I don't plan to sell for years - I am convinced this is a long term divvie factory.

Anyone else had insights into how to get the cheque from POLY direct?

I'd worry about that down the line,they'll normally mail you them direct as a cheque like the old days as long as you're on the register.If the nominees hold,then they'll send the cheque to the nominees.

58 minutes ago, JimmyTheBruce said:

Got the same message.  I'm guessing some senior people at the major brokers have got their heads together, as all options are now being taken off the table for SIPP holders, there's nowhere else to go.

I've had no email off AJ Bell.I'm transferring outside a SIPP/ISA.Was yours and @lid a SIPP transfer?

I'm gonna set up a wood.com accoutn Monday jsut in case this transfer goes awry,although if AJ Bell don't take the transfer I'll probabaly jsut certify and use the tabys app tbh.

I'd only sell if we had no choice.

Edited June 16, 2023 by sancho panza

[lid]

1 hour ago, sancho panza said:

I'd worry about that down the line,they'll normally mail you them direct as a cheque like the old days as long as you're on the register.If the nominees hold,then they'll send the cheque to the nominees.

I've had no email off AJ Bell.I'm transferring outside a SIPP/ISA.Was yours and @lid a SIPP transfer?

I'm gonna set up a wood.com accoutn Monday jsut in case this transfer goes awry,although if AJ Bell don't take the transfer I'll probabaly jsut certify and use the tabys app tbh.

I'd only sell if we had no choice.

Yeah SIPP transfer

Now what to do

Work like a twat for the next 10 years and maybe turn it into a 150k pot to give me some options at 57

I'm wary of doing OT for ten years and banging it in a SIPP only to see the goalposts moved and be fucked over though 

Or just punt this 40k and hope to get a similar result

Or a mix of the two 

I don't care much as I'm lucky to be in a DB works pension so that is plan A anyway

I have a high tolerance for risk

[JimmyTheBruce]

1 hour ago, sancho panza said:

I've had no email off AJ Bell.I'm transferring outside a SIPP/ISA.Was yours and @lid a SIPP transfer?

Yep, SIPP.  Be interested to hear if you get the mail for yours given that they have made no distinction between type of account in their message.  If they can still transfer into trading accounts there doesn't seem to be any reason why they can't do the same for SIPPs.

The constant moving of the goalposts in this debacle is bizarre, and there's clearly collusion amongst organisations that are supposed to be competitors.  Given Polymetal's frequent appearance on "most traded" lists before this all started, the forced liquidation in the face of alternate options just smells off.

[BWW]

Also no mail from Ajb here yet. Xfer in isa. Request acknowledged but not done yet.

They weren't allowing buys this week either. Last week would give a quote on a small buy and I lined up 20k to add but the request for a small buy failed this week and i confirmed on phone to ajb no more buys. Lucky escape (if they u-turn to forced sales in a few weeks) or missed boat?

Raises the question who is being allowed to pick up these 'forced' / coerced sales at low prices and how is the price 'set'?

Ajb need to come out and explain the problem of sipp transfers to a journo that asks. Otherwise they just look lousy even if looking lousy puts them in company of forced sales at short notice Barclays and change deadlines and change them back ii along with wrong info on phone hl.

This flaky mess is not expected from companies reliant on  trust, they are going to find that a problem and I hold shares in two of the brokers I just named. Hmmm.

Mess that stinks.

 

[lid]

They don't want the little guy profiting from this, that much is clear. I hope they all get AIDS to be honest. 

And not just this recent will they won't they unproven covid AIDS, I mean good old honest to goodness 1980s Freddie Mercury bumhole AIDS 

Edited June 16, 2023 by lid
I'm not bitter