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Picton Property Income (PCTN)

Closed-end funds and OEICs
langley59
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Picton Property Income (PCTN)

#105433

Postby langley59 » December 20th, 2017, 6:43 pm

This is a commercial property investment I am holding for the long term for the yield and which I occasionally top up. I have just received a message from my broker, Hargreaves Lansdown, stating that "new regulations from 1st January 2018 require that issuers of certain types of investments (known as ‘Packaged Retail Investment and Insurance Products’ or ‘PRIIPs’) must issue a Key Information Document (or KID) if they are available to private investors. Without a KID, private investors will not be able to make any further purchases, although they can continue to hold the PRIIPs they already own. They can also sell at any stage. The issuer of Picton Property Income Limited Ord NPV have not confirmed that they intend to publish a KID. This means that from 1 January 2018 you may not be able to buy any more of this stock."

I presume that issuing a KID is a formality and there must be some communication issue between PCTN and the brokers and it will get sorted out before Jan 1st. At least I hope so.

Anyhow a heads up for others who may hold this.

LittleDorrit
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Re: Picton Property Income (PCTN)

#105498

Postby LittleDorrit » December 21st, 2017, 9:49 am

This appears to apply to all Investment Trusts (other than those purchased through a dedicated savings scheme).
I await enlightenment.

Markab01
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Re: Picton Property Income (PCTN)

#105508

Postby Markab01 » December 21st, 2017, 10:18 am

LittleDorrit wrote:This appears to apply to all Investment Trusts (other than those purchased through a dedicated savings scheme).
I await enlightenment.


It appears that the regulations apply to all investment trusts but that certain of them have not complied yet or that HL does not know about their compliance yet.

My ISA holdings are almost entirely IT's. I received a similar message from HL as that to langley50 but mine was for VPC. None of my other holdings were mentioned.

LittleDorrit
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Re: Picton Property Income (PCTN)

#107842

Postby LittleDorrit » January 4th, 2018, 10:36 am

City wire today record that Hargreaves have suspended trading in a total of 96 Trusts.

http://citywire.co.uk/investment-trust- ... -news-list

On my own platform I merely have to tick a box acknowledging that I have read the (non existent) KID.

UncleEbenezer
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Re: Picton Property Income (PCTN)

#107875

Postby UncleEbenezer » January 4th, 2018, 12:40 pm

Interesting. The ITs mentioned in that article include DNE, which I hold within my H-L SIPP. Yet I never got an alert like the OP above.

I just went to its H-L page (not logged in), and I find a link to a Key Information Document, which it tell me I should read before investing. Leads me to wonder what the journo is on about?

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Re: Picton Property Income (PCTN)

#107914

Postby richfool » January 4th, 2018, 4:02 pm

I think this is all to do with the new MIFID 2 regulations which have just come into force.

There is a separate thread in existence, but I don't think it has yet found a suitable home (board)!! At this moment it is in on the "Financial Software" board, but may move again. It is surely about Financial Regulation.

viewtopic.php?f=27&p=107910#p107910

langley59
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Re: Picton Property Income (PCTN)

#113520

Postby langley59 » January 26th, 2018, 4:44 pm

Hargreaves have now advised me that Picton have now produced their KID.


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