The Lemon Fool

terminal7 wrote:

simoan wrote:

terminal7 wrote:As a holder and nursing a small loss, I have been lurking on this board. Despite the above recent views, the price keeps edging down. This within a context of a degree of stability in the markets. Does anyone know what the likely timetable would be post 14/11 for a payout?

It does state:

Expected date for payment of Initial Distribution*
on or about 18 December
* Actual date to be determined by the Joint Liquidators

Any idea what an 'initial' distribution will actually look like?

T7

If you look at the latest fundsheet you will see where the investments are listed. Most holdings are large, liquid companies on major stock markets, so I would expect maybe 80% or more to be returned in the initial distribution. The delay for some holdings will likely be because they are listed on less liquid stock markets (i.e. in the 11.4% listed under "Other Countries") or because of the liquidity of the holding itself, so selling without the price moving against them in this case is likely to be an issue. Then again I could be completely wrong! We're all guessing at this point as there is nothing definitive in the public domain.

Has anyone seen news of any update re distribution? Should we just assume for reinvestment reasons that monies will not hit our accounts much before the holidays?

T7

terminal7 wrote:Monies just hit my account this afternoon.

There does not appear any guidance as per the approximate quantum of the balance.

T7

doug2500 wrote:

terminal7 wrote:Monies just hit my account this afternoon.

There does not appear any guidance as per the approximate quantum of the balance.

T7

I think previous guidance was about 90% this payment, but of course they won't know exactly until everything is tidied up. The tax implications in April may yet prove to be a headache.

Dod101 wrote:And is all of this worth the effort of buying when the issue was first identified? It is not the mechanics of the wind up that matters (except of course to long term shareholders) for the purposes of this thread?

Howard wrote:I am wondering about the administration of the second distribution?

I ask because after the first distribution FEET has disappeared from my portfolio as shown by my online stockbroker.

I assumed that the account would continue to show a record of the rump holding. Will call them on Monday just to check how they/I will receive the final payment later this year.

Has anyone else noticed this in their account?

regards

Howard

scotia wrote:

Howard wrote:I am wondering about the administration of the second distribution?

I ask because after the first distribution FEET has disappeared from my portfolio as shown by my online stockbroker.

I assumed that the account would continue to show a record of the rump holding. Will call them on Monday just to check how they/I will receive the final payment later this year.

Has anyone else noticed this in their account?

I believe the Ticker FEET has been delisted, so probably won't appear on a stock list.

Pendrainllwyn wrote: When the broker receives the second distribution, regulations require them to treat it as client money, segregate it and distribute to the appropriate accounts.

Alaric wrote:

Pendrainllwyn wrote: When the broker receives the second distribution, regulations require them to treat it as client money, segregate it and distribute to the appropriate accounts.

It also means that the portfolio value is understated by the value of the right to receive the second distribution, But I'm not aware that right can be traded, so it's treated as having no value. I wonder how instutions are treating it though, particularly where they are required like OEICs to do a daily valuation for unit prices or like ITs for a monthly NAV statement.