Fundsmith Emerging (FEET) - Crazy idea?

[simoan]

I thought the further distribution was expected in August, but I am not aware of any recent updates.

Yes, I've made a note to contact the company directly if I've not received the second distribution by end of August. Since the company is no longer listed it does not have to release RNS updates.

[doug2500]

Has there been any news on the final payment? It'll be nice to get all the paperwork squared up.

Also, one of he things I liked about FEET was it's strong positioning in India. Does anyone have any suggestions on an IT similarly positioned, or even and India IT?

Thanks,

Doug

[Armorduck]

I thought the final distribution was due today.

I just phoned Fundsmith and they say the distribution is delayed. There should be another distribution in the week commencing 21st August and a final distribution some time after that.

[Howard]

See notice to shareholders on FEET website

Payment of 30p per share on 23 August.

regards

Howard

https://www.feetplc.co.uk/

[toofast2live]

Has there been any news on the final payment? It'll be nice to get all the paperwork squared up.

Also, one of he things I liked about FEET was it's strong positioning in India. Does anyone have any suggestions on an IT similarly positioned, or even and India IT?

Thanks,

Doug

Ashoka have an IT for India. Pretty good too

[doug2500]

See notice to shareholders on FEET website

Payment of 30p per share on 23 August.

regards

Howard

https://www.feetplc.co.uk/

Thanks, I didn't think to check the website as the last time I did I thought it was more or less shut down.

[jaizan]

I wonder why it takes so long to dispose of a portfolio of listed equities ?

Close price day before liquidation RNS = 1215p
Share price after liquidation RNS = 1335 (Diluted NAV) 1432
Delisting share price = 1140 Diluted NAV = 1302.8

By 23 Aug, I should have received 1270p, with an unknown sum to follow.

Obviously the market price of the stocks moves all over the place in the meantime, but I also have no idea if the liquidators are getting value for money. I thought it was odd that FEET did not sell the equities themselves.

Anyhow, it's a net gain since the day before liquidation, but with hindsight, I should have sold after the liquidation announcement.

[Alaric]

I wonder why it takes so long to dispose of a portfolio of listed equities ?
.

I expect the listed assets were disposed of quickly and financed the large payment made shortly after the closure date. Presumably the delay with the settlement of the smallish balance is any unisted equity and dealing with outstanding expense and taxation issues.

[Pendrainllwyn]

I wonder why it takes so long to dispose of a portfolio of listed equities ?

One reason is that FEET invested in listed equities in restricted currencies such as Indian Rupees. It's may take a few days or weeks to sell the Indian Equities (depending on how large and liquid the positions were) but it takes much longer to convert the Indian Rupee proceeds and repatriate the proceeds. FEET's local custodian in India in concert with a Tax Accountant will need to provide all the details of how those Indian Rupee proceeds have been generated dating back to when the funds were first introduced into the country to the Indian Tax Authorities. Only once they have approval and appropriate capital gains tax has been paid can the Indian Rupees be sold. This takes months. At least that's how it used to work and I expect it still does. I expect there will be other onerous repatriation requirements to be met in other emerging market countries. FEET will not be able to close the Fund until that has happened and the closing of the Fund will take time too.

Pendrainllwyn

[RajK]

Did anyone receive the second distribution from FEET. it was suppossed to be today or does it take some time to hit our accounts?

[doug2500]

Not in one broker anyway. Some of mine were held directly.

[simoan]

Did anyone receive the second distribution from FEET. it was suppossed to be today or does it take some time to hit our accounts?

I suspect the payment will take a while to hit accounts. I can imagine since delisting the standard way of paying (maybe via the registrar) is no longer viable and so the company has sent cheques directly to brokers who will then have additional admin to cope with. FWIW I've had a couple of dividends paid into my AJ Bell account today and still no sign of the FEET payment.

All the best, Si

[doug2500]

I've had it in one account but not the other.

[Alaric]

I've had it in one account but not the other.

ii now have the distribution. (25/08)

[RajK]

I also got it in my II account today

[Spet0789]

I've had it in one account but not the other.

ii now have the distribution. (25/08)

How much was it per share?

[doug2500]

30p

Across my family's accounts, that's the payment in 3 out of 4 accounts.

[Lootman]

ii now have the distribution. (25/08)

How much was it per share?

It was announced as 30p a couple of weeks ago:

https://www.feetplc.co.uk/

[Spet0789]

How much was it per share?

It was announced as 30p a couple of weeks ago:

https://www.feetplc.co.uk/

Thanks!

[doug2500]

The saga continues.......

As a family we held FEET with 3 different brokers, all in ISA's. One has decided that due to HMRC rules they can't hold unlisted stocks in an ISA so have paid the 30p into a taxed account. This is probably correct but the other 2 haven't taken that approach.

I suppose that 30p and any subsequent return will now need to be included in any CGT. With a 0 base cost, what a pain. Thankfully it is a small amount in this case but it's bound to catch some people out.