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SIPP Connected Party Transaction

yieldhog
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SIPP Connected Party Transaction

#277395

Postby yieldhog » January 14th, 2020, 3:25 pm

About ten years ago I bought some Mapeley shares for my SIPP. Some months later the company delisted and the shares have remained in my SIPP since then.
I'm 72 years old and have been diagnosed with an incurable cancer, so I would like to tidy up all my financial affairs while I still have time to do so.
My intention is to leave the SIPP for my wife initially and for her to leave it to our two sons when she passes away.

Mapeley Limited is still operating as a going concern and according to my calculations, obtained from figures in the 2018 Report and Accounts, has a NAV of £3.67. However, as far as I am aware, there is no market for the shares and so if any of my SIPP beneficiaries want to sell them, transfer them to another SIPP provider, or otherwise deal with them, then they might run into some problems.

In order to avoid any future problems I'm in the process of buying the Mapeley shares from my own SIPP and either take physical delivery or transfer them into my taxable share dealing account with the same company that handles my SIPP dealing. This is known as a connected party transaction.

Has anyone on this board gone through a connected party transaction to remove shares from a SIPP?

tjh290633
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Re: SIPP Connected Party Transaction

#280509

Postby tjh290633 » January 28th, 2020, 9:13 am

yieldhog wrote:About ten years ago I bought some Mapeley shares for my SIPP. Some months later the company delisted and the shares have remained in my SIPP since then.
I'm 72 years old and have been diagnosed with an incurable cancer, so I would like to tidy up all my financial affairs while I still have time to do so.
My intention is to leave the SIPP for my wife initially and for her to leave it to our two sons when she passes away.

Mapeley Limited is still operating as a going concern and according to my calculations, obtained from figures in the 2018 Report and Accounts, has a NAV of £3.67. However, as far as I am aware, there is no market for the shares and so if any of my SIPP beneficiaries want to sell them, transfer them to another SIPP provider, or otherwise deal with them, then they might run into some problems.

In order to avoid any future problems I'm in the process of buying the Mapeley shares from my own SIPP and either take physical delivery or transfer them into my taxable share dealing account with the same company that handles my SIPP dealing. This is known as a connected party transaction.

Has anyone on this board gone through a connected party transaction to remove shares from a SIPP?

As it happens, this subject came up in a discussion last night. There is a company called Asset Match Limited whose objective is to organise periodic matching deals for shareholders of delisted companies, many of which have been on AIM.

Their website is https://www.assetmatch.com/ at that may be helpful. One of their major clients is Brewdog.

I have not looked at the website, so cannot comment further.

TJH


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