Ediston (EPIC)

[kempiejon]

I held EPIC in my Halifax ISA and checked the corp action details today. I noticed this part

If the Cancellation becomes effective, Ediston shares will no longer be listed on a Recognised Exchange and will no longer qualify to be held within an ISA product. Should you hold these shares within an ISA, we will transfer your Ediston shares to your Share Dealing Account once the Cancellation becomes effective. If you do not have a Share Dealing Account, we will arrange to open one for you.

I usually prefer inaction but this says my sheltered EPIC investment would be taken out of the ISA wrapping. I prefer as much of my worth sheltered so sold.

[Gerry557]

I held EPIC in my Halifax ISA and checked the corp action details today. I noticed this part

If the Cancellation becomes effective, Ediston shares will no longer be listed on a Recognised Exchange and will no longer qualify to be held within an ISA product. Should you hold these shares within an ISA, we will transfer your Ediston shares to your Share Dealing Account once the Cancellation becomes effective. If you do not have a Share Dealing Account, we will arrange to open one for you.

I usually prefer inaction but this says my sheltered EPIC investment would be taken out of the ISA wrapping. I prefer as much of my worth sheltered so sold.

I have just checked my broker and I had missed the corporate action basically saying the same. Fortunately I managed to sell the lot for slightly less than advertised in the plot of events.

This leaves me with a pot that needs a home

I have topped up SREI and CLI with some of the funds whilst I consider what to do with the rest. This could have been a bit of a disaster moving it all out of the ISA. That bit was hidden in the small print.

[kempiejon]

I have the cash sat in my ISA now while I have a little think, there's a few thigs on my shortlist, I want to buy income in that ISA so Legal and General, Assura, Foresight Solar, Plus and Hikma could handle some extra cash though being indolent I might buy a tracker.

[Gerry557]

Lgen might have been added too but it's on the up at the moment. This is on the wait n see.

Fsfl might get added.

I had moved this into a different broker used to automatically pay out its dividends so hopefully the bills can be paid even if I'm on the missing list. The monthly high income from epic fitted the bill nicely.

There aren't many that fit the same criteria. There is high or monthly not normally both. I suppose I could get a mix of things paying out over time.

I did think of some bonds whilst the fizz comes out of the shares but the broker didn't do SMIF so that's stuck where it is.

I might investigate payout dates too.

[Novision]

Dropped my Edison ISA monies into RECI for now - 9.4% yield atm... won't blow the doors off but might see some modest growth as well.

[scrumpyjack]

I have checked this with HL who have checked it with their corporate actions team and they confirm the liquidation proceeds will be paid into my ISA account, so I won't lose the ISA shelter in respect of this holding.

[keith]

does anyone know when the proceeds will be paid

Keith

[fisher]

I got my liquidation proceeds of 69p per share credited to my ISA today. That's with Jarvis (x-o.co.uk).

[scrumpyjack]

Came through today on HL

[fisher]

The 69p per share liquidation payment was credited to my IWeb ISA today in respect of the EPIC shares I hold therein.

[Gerry557]

Out of interest was it an Iweb ISA or trading account? I sold mine to ensure it stayed in the wrapper as they said it would be swapped.

I also deployed the rest of the cash finally today. It went to ULVR, a bit different from EPIC but it's dipped.

I also topped up lloy and a second cli batch yesterday on the market falls. I was expecting the market to drop post new year after the santa rally but not necessarily this quick.

Will this be the 3rd down week this year. I'll have to check the difference in income from the epic holdings. It might be down slightly and more lumpy.

[spiderbill]

Out of interest was it an Iweb ISA or trading account? I sold mine to ensure it stayed in the wrapper as they said it would be swapped.

I also deployed the rest of the cash finally today. It went to ULVR, a bit different from EPIC but it's dipped.

Despite getting a similar statement from Interactive Investors to the one mentioned above, I got my ISA shares credited to my ISA account (I also had some in my non-sheltered account and they naturally went in there). Makes me wonder if they really meant that the additional amount, which will be due later once the winding up is fully finished, is the one that will go to a non-sheltered account even if the shares were held in an ISA.

So far I've bought some more Glencore and am looking at topping up UKW. The cash from the unsheltered shares will probably go on something more growth oriented - or maybe just top up FCIT in my IT portfolio.

cheers
Spiderbill

[fisher]

Out of interest was it an Iweb ISA or trading account?

It was paid into the IWeb ISA. The shares still show as being in the ISA. My understanding is that they don't have to move delisted shares out of the ISA for the first 30 days after delisting, so I am expecting them to get moved to my trading account in the next few weeks.

Also, the cancellation of the listing was on the 12th January but the record date for the liquidation payment was the 10th of January so I would have made a complaint if they had not paid the liquidation payment inside the ISA.

[Gerry557]

Thanks for the replies. Maybe my panic sell was unnecessary. I just wanted to avoid them coming out of the wrapper.

Probably in hindsight it might have been better to sell the lot with the first batch but I would have to check a bit more closely on how things have gone compared to holding on.

I think at the time identifying another investment was the issue and the one that I did find the broker didn't cover. I'll miss that last bit of payment too but shouldn't be that much.

[Seasider]

Does anybody know how you work out the CGT on the disposal? HL have simply deducted the proceeds from my base cost but I assume for CGT purposes you have to apportion the base cost. I believe the ratio is 69/70.2 on the basis that 69 is what we got and 1.2 is what they say they expect to pay later (I think) but is that right?