Rober01
07 Feb 2017
Re: Still buyers Assuming 55p. Might be much lower if the Market goes T*** U*!!If I had a good enough margin of profit at the lower price, I would be tempted to cut and run. Who knows what the Trump might get up to in the next six weeks.If not in that position, all one can do is keep everything crossed.
Hardboy
07 Feb 2017
Still buyers Interesting to see there are still buyers & sellers. Buying at 51.1 for a distribution of 55.5 (yesterday's NAV) looks like high risk for little return.On the other hand why are there sellers at 48.5 when they are likely to get around 55.5 p in 6 weeks.
Rober01
31 Jan 2017
Re: Winding UP HardboyYes, my thinking was that this arrangement was to suit the institutions as they are the main investors. This way they cut the cost to them of the wind up. One cannot blame them for that.My experience with M&G has been nothing but good!!!
Hardboy
30 Jan 2017
Re: Winding UP Rober: "the default position: - your investment will be moved into M&G UK Income Distribution Fund R Income Shares."I had noticed that. Can't blame them - they're trying to hold on to our cash; and is this not the fund run by the same chap as the High Income IT? So they can justify it by saying it is the closest match.Just to triple confirm. I heard back from M&G today saying: -"I can confirm that the sum of £350,000 has already been taken in full. The amount was taken in one day, rather than being spread out over a period of time, by adjusting the Net Asset Value for the Company. The adjustment has already been made, as the Company has started to incur professional fees relating to its liquidation. I apologise for any confusion caused by my earlier email"An apology too - how unusual is that for a fund manager?
Rober01
30 Jan 2017
Re: Winding UP One interesting fact that no one has mentioned is the default position. From the Company information:-"Please note that your instructions must reach us no later than 5pm on Thursday 2 March 2017. Should we not hear from you by then, your investment will be moved into M&G UK Income Distribution Fund R Income Shares."In the past my experience has been that the default position was cash, not sum Company chosen fund!!!Br careful not to get caught out.
Rober01
30 Jan 2017
Re: Winding UP Indeed!! More important is what happens to markets, given the unpredictable President Trump????
Kool Keith
29 Jan 2017
Re: FAO Hardboy/iii Thank you both for replying.
72_fastback
29 Jan 2017
Re: Winding UP Fair enough - the Company bears the cost and since there is more than enough to meet the ZDP entitlement, they won't pay anything and it all borne by Income shares.It still isn't 14p though!
Rober01
29 Jan 2017
Re: FAO Hardboy/iii HardboyI also have heard nothing yet. I checked on Friday with my two brokers online and ZILCH!!!As there are 39 days to go I am not concerned and like you I am sure, I have received numerous notices of a similar nature in the past. This situation is no different I am sure.
Rober01
29 Jan 2017
Re: Winding UP This is really academic, but ZDP shares DO NOT carry costs!! They are tasked with receiving their agreed payout and that is it.
Hardboy
29 Jan 2017
Re: FAO Hardboy/iii Hi Keith,Although most of my holdings are with iii - an isa & share account - the M&G High Income shares are held with ADM. I have heard from them.However my dad holds some too - with the Share Centre and he has not had anything through yet. But there is still more or les a month before one has to have decided, so I would not start to worry just yet.
72_fastback
29 Jan 2017
Re: Winding UP I'm pretty sure the wind up costs are NOT 14p per share.There are 250m of each share class (ZDP, Income, Capital). Let's say Capital shares bear no cost as they are worthless, so £350k between 500m shares = 0.35m/500m = £0.0007 or 0.07p.If wind-up costs were going to take 14p a share, that would mean these are trading at a large premium, which makes no sense.Or look at it another way - if it were 14p a share on 500m shares that would be windup cost of £70m.
Kool Keith
28 Jan 2017
FAO Hardboy/iii Hi, Hardboy My other half has the MGUI fund and she's not yet received any information/options from iii, just wondering if you've heard off them yet?
Rober01
28 Jan 2017
Re: Winding UP HardboyActual Share Capital for InformationCalled up share capital (equity and non-equity) as at 30 November 2016 Preference Shares Income Shares Capital Shares 250,503,505 £2,505(000) 250,503,505 £2,505(000) 250,503,505 £2,505(000)% of share capital 33.33% 33.33% 33.33%Windup costs £350000/14p per share = shares 2500000 only payable by Income shares 33% of called up capital
Rober01
28 Jan 2017
Re: Winding UP Could not agree more!!!!
