Derek47
02 Jun 2018
Deducted Tax from dividend. Hello. Can anyone tell me how long I am expected to wait for the return of the deducted tax from the last dividend on my Medicx shares which were held in my ISA account.My stock broker X-O, say, they are in the process in claiming it from the registrars.I hope this will not happen with the next dividend at the end of the month.
Chucko63
23 May 2018
Re: DIVIDEND COVER Perhaps, but the original intention was to substantially cover the higher dividend.I would agree that yesterday’s statement was covered in a medium thick layer of obfuscation. It leaves a less than wholly positive impression.
electrocash
22 May 2018
DIVIDEND COVER I am sure we will all feel more comfortable with a covered dividend.
FRTEB
22 May 2018
Re: Results - div slashed There seems to be some confusion. From the results: " During this transition period to a fully covered dividend, your Board intends to maintain its previous announced guidance that it will declare and pay dividends totalling 6.04 pence per share for the 2018 financial year. Therefore, subject to unforeseen circumstances, dividends of 1.51 pence per Ordinary Share are expected to be paid in respect of the quarters ending 31 March, 30 June and 30 September 2018, payable quarterly up to 31 December 2018. Following this transition period, the Board expect to pay a rising quarterly dividend from a covered position. As an illustration, if the Company had declared and paid a fully covered dividend on the basis of the results for the six months ended 31 March 2018, less headroom of 5%, the dividend declared on an annualised basis would have been 3.5 pence per share. Based on the share price at 31 March 2018, this would have given a covered dividend with a dividend yield of 4.45%. " ...So on an "annualised basis [the dividend] would have been 3.5 pence per share", as opposed to the current (annual) dividend of 6.04 pence per share. And in the previous paragraph it states, " The new policy will better align the Company's dividend distributions with its current level of cash flows. " In other words, from 01/01/2019 the dividend is going to be re-based to ensure it is fully covered by cash flow (for FY 09/17 it was not - it was partially funded by leverage). With regards to this statement: " The shift to a policy of a fully covered dividend will not change the total return achieved by shareholders, but instead will re-balance how shareholders receive that return between income and capital growth. " What Helen Mahy, the new Chairman, is saying is that the net asset value will rise to reflect that leverage will no longer be used to partially fund the (re-based) dividend - so (assuming the sp rises accordingly) the total return (including re-based divi) should remain the same. But this assumes that property prices don't move down and affect the NAV. I suspect they think there's a risk of property prices declining and that's why they are re-basing the dividend. Using leverage to partially fund the divi in the face of falling property prices would increase gearing. I must admit the statement is badly worded and doesn't make categorically clear that they are cutting the dividend, instead weasel words are used to dress it up like it's business as usual when in reality it ain't. However, with the re-based dividend MXF will be comparable to Primary Health Properties, which operates in the same sector and offers a dividend yield of 4.6% fully covered by cash flow (MXF re-based will offer ~4.4% covered by cash flow).
STEP-HEN
22 May 2018
Re: Interim Results RNS Southmead, I fully concur with your interpretation of the divi affecting the results. I would also add that the philosophy going forward is to reduce the divi to facilitate paying down the debt resulting in a potential increase in NAV. As such the BOD believe that the TR will remain the same as the share price should increase with the NAV.
Medway Man
22 May 2018
Good time to top up B-gger, I topped up my holding by 2500 yesterday (I currently buy 5000 a quarter)..........so am looking if I can move things around in my ISA a bit, so I can buy a further tranche today.Will also top up our holdings in PHP and AGR over the next few days also, as we get dividends from other holdings.
Medway Man
22 May 2018
Re: Interim Results RNS Surely the change in policy follows the same logic of distribution that REITs pay their dividends on....... so yes you get the same amaount, but part comes from one source in the accounts and the other from another source.As all my (and my wife's) holdings are within an ISA or pensions, it does not materially alter things; but memory tells me for those who hold REITs outside a tax wrap, it does........ but as always DYOR
Southmead
22 May 2018
Re: Interim Results RNS Yes, it appears that the resetting of the dividend down to 3.5pps has disconcerted the market and there have been some large share disposals this morning. However the BOD intend to maintain the dividend for the remainder of 2018 at its existing level and the new policy will only affect future years. I would suggest that the SP reaction has been overdone as a result of institutional investors rebalancing their portfolios by selling shares ahead of the dividend change. The base profitability of the Fund was excellent in the Interim Results and this positive has been completely overshadowed by the negative reaction to the dividend change.Very poor judgement by the BOD and Chairman to introducing the dividend policy change instead of maximising the PR in the healthy results and announcing the change to dividend policy later on.Retail investors will see this as a buying opportunity at this SP IMHO.
Medway Man
22 May 2018
Re: Results - div slashed If I recall correctly, if you read the result notes further down; it says it's 3.5p based on 6 months not a business year.I think the actual reason for the drop is PEEL HUNT have reduced their target price down to 72p
the last night trader
22 May 2018
Results - div slashed the div is going to be rebased at 3.5 p a share down from over 6p ....... shares will fall as income seekers move ou
Medway Man
22 May 2018
Re: Interim Results RNS Was just wondering the same myself............
Southmead
22 May 2018
Interim Results RNS A seemingly great set of results but why the SP reaction?Is it the change in dividend policy?Please anyone with an informed view, I would appreciate your comments.
Medway Man
03 Apr 2018
Re: Dividend I don't use Halifax and have had mine on due date of 29th March........so would suggest Halifax are just slow at sorting things
Jar-Jar Both
03 Apr 2018
Re: Dividend Still not had the dividend today in my Halifax account 3/4/18Whats occuring!
Getifu
31 Mar 2018
Re: Dividend It is due to be paid on the 29th not the 31st, according to there dividend statement.
