Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Trading Emissions

Discuss Stock buying Shares, tips and ideas for stock market dealing
Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Trading Emissions

#139350

Postby Bouleversee » May 16th, 2018, 11:59 am

Having been away for a couple of days, I have just seen an email from IWeb advising me of a corporate event concerning TRE: Following an EGM on 10 May (of which I wasn't advised) TRE is to make a payment of 3.5p per Ord. share on 23 May, with an ex-entitlement date of May l7, which is also the last date for dealings as the Board intends to cancel its listing on AIM the next day as the company is being wound up..

I haven't been in this particular situation before and I am wondering whether to wait for the distribution and sell the shares that day though they may not have any value at that point or hang on to them on the remote chance that there might be a further distribution or sell them now (the quoted selling price was 3.82p a few minutes ago and I would have to pay £5 commission and would forgo the distribution).

Does anyone else still have a holding? I expect I am the only on here who hasn't got around to getting rid of them long before now. Any advice/information would be appreciated.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Trading Emissions

#139365

Postby PinkDalek » May 16th, 2018, 2:27 pm

Not a holder, although I recall the share, but it might depend on where you hold (ISA or taxable) and whether or not they generate a capital gain or useful capital loss now - rather than at some time in the future - and whether or not selling now would give you a better opportunity elsewhere (or at least pay for your next G&T or even your current gardener ;) ) and/or give you a further opportunity to tidy up your holdings.

A few trades today buying at 4.20p/4.24p. If it were me, I'd stick in there on the basis that they are moving to an orderly winding up, but what do I know?

Not sure if you've now seen the detail but http://www.londonstockexchange.com/exch ... 08094.html and https://www.tradingemissionsplc.com/ might fill in the gaps.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#139387

Postby Bouleversee » May 16th, 2018, 3:56 pm

Thanks, PD. You probably know more than I do. I have looked at all that but the accounts don't mean a lot to me though they would suggest that there is unlikely to be much more than the 3.5p distribution at the end of the day. My shares are in a dealing account and since I elected to take most of previous distributions as dividends, I am making a substantial loss in percentage terms, which may or may not be useful, depending on how many of my non-ISA shares I dispose of and when. I am not short of losses to set against gains, however.

I wonder who is buying TRE at the moment and why. Presumably, someone must think there will be some value left to distribute after the 3.5p distribution even if one can't sell the shares after May 17. I wonder how long it will take to wind up the company and at what point they would be declared of negligible value.

I wonder what will happen to the share price tomorrow when they go ex-entitlement.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Trading Emissions

#139407

Postby PinkDalek » May 16th, 2018, 5:09 pm

Bouleversee wrote:... I wonder how long it will take to wind up the company and at what point they would be declared of negligible value...


Sorry no idea on how long the eventual winding up will take but I think it unlikely they'll ever hit the negligible value agreements list, as they are an AIM share, and isn't the suggestion they may have some value anyway. I don't think even main listings end up there if they go through the voluntary liquidation route. Hope that makes sense.

You may recall HMRC say that list doesn't cover unlisted shares (including AIM shares) but having had a quick look https://www.gov.uk/guidance/negligible-value-agreements, I note that two are specifically named as having been on AIM (Drings of Bath and Greenhills) and I spotted Globo plc who I'm darn sure were also there.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#139415

Postby Bouleversee » May 16th, 2018, 5:34 pm

I think I read that the NAV per share was only 4.75p and they are about to pay out 3.5p (73% of the cash held by the company at 16.4.18 allowing for estimated costs up to the winding up) so it doesn't leave much remaining value to be distributed later. Although they are on AIM till May 18, they don't qualify for IHT exemption as they are not a trading company in the accepted sense. I guess it could drag on a bit.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Trading Emissions

#139614

Postby PinkDalek » May 17th, 2018, 4:22 pm

Bouleversee wrote:… Although they are on AIM till May 18 ...


I thought today was the last day of trading on AIM http://www.londonstockexchange.com/exch ... 42584.html :

… wishes to remind shareholders that the last day of dealings in Ordinary Shares of the Company on AIM will be on 17 May 2018. The Cancellation of the Company's listing will become effective at 7.00 a.m. on 18 May 2018.

Intrigued as to what you decided.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#139633

Postby Bouleversee » May 17th, 2018, 4:50 pm

PD -

Today was indeed the last day for dealings but the cancellation of their AIM registration is effective tomorrow at 7 am as you stated. I missed the boat as regards selling yesterday which would have meant sacrificing the distribution and of course the price has come down today in proportion to the distribution to 0.52p so not worth selling. Contrary to what one of their reps. told me, I will get the distribution on May 23, not that it tots up to much, and it's possible I may get a final distribution later on which will give me a tad more (added to the 3.5p) than I would have realised had I sold yesterday but the amounts are trivial and it makes no odds either way. I just hope the winding up is completed in this tax year. As of tomorrow, they won't be listed at all presumably so it looks as though I shall have to wait till the bitter end to claim my loss.

PinkDalek
Lemon Half
Posts: 6139
Joined: November 4th, 2016, 1:12 pm
Has thanked: 1589 times
Been thanked: 1801 times

Re: Trading Emissions

#139644

Postby PinkDalek » May 17th, 2018, 5:37 pm

Thanks for the update.

Bouleversee wrote:... I just hope the winding up is completed in this tax year. ...



That is extremely unlikely, given the content of the link I gave previously http://www.londonstockexchange.com/exch ... 08094.html, which you may not have had the chance to read.

It includes: (I haven't read the rest)

At 16 April 2018, the Company holds cash net of liabilities of £9.7 million, and is entitled to receive further proceeds from:

• TEP Solar, which at 16 April 2018 holds cash of:

(a) €1.0 million, which will become distributable to TEP to the extent that valid claims of up to €1.0 million in aggregate are not received by 30 June 2018 in connection with the realisation of a private equity investment; and

(b) €2.0 million placed in escrow, which will become distributable to TEP to the extent that valid claims are not received by 18 December 2018 in connection with the realisation of four private equity investments.

• the realisation of the EWG Slupsk wind farm project in Poland should the project proceed, which is uncertain given the recent policies announced by the Polish Government designed to promote power generation from sources other than wind.



Given that December 2018 date, I doubt they'll complete the liquidation before 6 April 2019, and the Polish wind farm issue may take a considerable time longer.

Incidentally, I looked for more recent share discussions at advfn, lse, iii etc but failed to find anything of interest.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#139665

Postby Bouleversee » May 17th, 2018, 6:31 pm

PD -

You may be right but the representative I spoke to said they were keen to complete it as soon as possible and mentioned the l8 Dec. as the last receivables due date, implying that it shouldn't take too long after that. However, as he was under the impression that anyone selling today wouldn't get the 3.5p distribution (later apologising for his mistake) I wouldn't set too much store by that. Maybe I should have stuck to my original idea of selling yesterday to get it out of the way but no matter. I can adjust sales accordingly if necessary.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#180201

Postby Bouleversee » November 14th, 2018, 11:22 am

Does anyone know what has happened to this company since May? I haven't had a peep out of them since then and one can no longer get onto their website without a password which one has to get from another IoM company which I am now trying to do. They haven't got IWeb (my shares are in a dealing account there) down as a nominee, however, so I am trying to sort that out. All references to them on the internet are out of date.

Bouleversee
Lemon Quarter
Posts: 4652
Joined: November 8th, 2016, 5:01 pm
Has thanked: 1195 times
Been thanked: 902 times

Re: Trading Emissions

#180212

Postby Bouleversee » November 14th, 2018, 11:55 am

P.S. to previous:

I suggested they look under Halifax (although IWeb insisted the nominee was IWeb not Halifax) and that solved the problem and I got the password. They are in the process of winding up and getting close to the EGM and appointing a liquidator. There is likely to be a tiny final distribution. Hopefully, all will be completed in this tax year, which is what they are aiming at.


Return to “Stocks and Share Dealing Discussions”

Who is online

Users browsing this forum: No registered users and 8 guests