Vodafone / Verizon Sale

Protocol

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Also note that even though my divs are bank into a bank account, the proceeds of the sale of the Verizon shares will be issued by cheque.
 

Janet

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Just had a look at investorcentre and it looks like they did receive my form on time (posted from Germany on 14th February). There is a capital payment (EUR14.70) and a fraction payment (EUR2.65) listed on the document that's shown under "My Documents". Woohoo, I'm rich, I'm rich!

I received 1 whole Verizon share and the fractional bit. My return of value for Vodafone shares was USD20.20. The exchange rate used, if anyone's interested, was EUR1 : USD1.37445.

The money hasn't hit my bank account yet but I haven't actually received any money to that account yet so I need to check with them if they will actually pay to a German account. I submitted my bank details a few weeks ago - a few days later I received a letter asking for bank details saying that dividend payments in euro could only be paid to an Irish bank as it's some kind of special set-up. However, a day later I received the activation letter for investorcentre and when I logged on it confirmed that my bank details had been amended so I assumed that the letters had crossed or something. Not sure now so will have to contact them again to make sure they will pay to a German account - given SEPA it shouldn't be an issue but since it's the UK and not a eurozone country, perhaps it is.

Edited to add: My return to value money (the 14.70 and the 2.65) is in my German bank account this morning (Wednesday 5th March). I might just treat myself to lunch out today. :)
 

ClubMan

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Also note that even though my divs are bank into a bank account, the proceeds of the sale of the Verizon shares will be issued by cheque.
OK - thanks. That was my mistake. I assumed that if I elected to get the return of value/share consolidation payment to my bank then the same applied to the proceeds of the Verizon CDI sale. But I read the guide that I linked to earlier again and it does seem to say that the latter payment would be by cheque. So I'll just sit tight and wait for it... :D
 

Janet

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Another document has been added to "my documents" on investorcentre today, showing the sale of my lone Verizon share. I assume the cheque (for EUR34.08) will make its way to me. That'll bring my total "windfall" up to just over EUR50. Yay! :p

Actually, looking more closely at the document I'm wondering if it was already in the system and I didn't see it. The settlement date given (for the sale of my Verizon share) is 27 February 2014.
 

elcato

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I don't recall giving them any bank details when I filled these forms in originally. Can someone confirm that in this case I will receicve two cheques, one for consolidation changes and one for sale of the (verizon) shares ? Or would they be capable enough of just waiting for the sale to go throgh and send one out ?
 

gipimann

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elcato,
Do you receive your vodafone dividend into a bank account? That's where my consolidation change funds were lodged (yesterday).

The Verizon share sale cheque arrived today. Like Janet, I think I'll treat myself to lunch :)
 

Janet

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I don't recall giving them any bank details when I filled these forms in originally. Can someone confirm that in this case I will receicve two cheques, one for consolidation changes and one for sale of the (verizon) shares ? Or would they be capable enough of just waiting for the sale to go throgh and send one out ?
You're due one payment from Vodafone (or more likely two, as you'll probably also have a fractional payment, in addition to the capital one) and one payment from Verizon. The Vodafone ones seem to be paid into a bank account if you already have one saved with Computershare. The Verizon one is a cheque payment to everyone.

Did you keep a copy of the form when you sent it back? One of the items listed was how you would receive payment. If you have a log-in for the Computershare website (which is called investorcentre), you can check it all there.
 

niallshox

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Computershare look after share-dealing of ordinary shareholders in Vodafone. Vodafone recently carried out a 'Return of Value' to shareholders following the sale of their 45% stake in Verizon USA. Shareholders were asked to elect to receive their 'windfall' as income or capital, where income would be taxable while capital would not (for the vast majority of shareholders). A 'Form of Election' was to be sent to Computershare before Feb 20th 2014.
I and many others mailed our form well before the deadline to be told by Computershare that they either didn't receive the forms or the forms arrived late. This leaves us liable to an income tax bill (in my case almost €1000). This is crazy as my form was mailed 11 days before the deadline. I wonder if Computershare simply didn't have the manpower to deal with the 380,000 Irish shareholders and took the simple way out of saying that they never received the forms? A collective revolt needs to be coordinated by a financial regulator or by some good business journalist?
 

Janet

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A collective revolt needs to be coordinated by a financial regulator or by some good business journalist?
Not really. All it needs is for all the individuals involved to make complaints. There was an article by Dominic Coyle in the Irish Times the other day outlining exactly how to do that. I posted the link above and also in the other thread specifically about this problem: Vodafone Return of Value forms arrived too late
 

niallshox

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Vodafone Computershare disorganisation

Computershare look after share-dealing of ordinary shareholders in Vodafone. Vodafone recently carried out a 'Return of Value' to shareholders following the sale of their 45% stake in Verizon USA. Shareholders were asked to elect to receive their 'windfall' as income or capital, where income would be taxable while capital would not (for the vast majority of shareholders). A 'Form of Election' was to be sent to Computershare before Feb 20th 2014. I and many others mailed our form well before the deadline to be told by Computershare that they didn't receive the forms (or the forms arrived late for many other people).

This leaves us liable to an income tax bill (in my case over €800). This is crazy as my form was mailed 11 days before the deadline.

I wonder if Computershare simply didn't have the manpower to deal with the 380,000 Irish shareholders and took the simple way out of saying that they never received the forms?

I phoned their Dublin number today to be told they still have no record of receiving my 'Form of Election' letter (quoting my SRN : Share Ref Number).

After all that I received approx €600 to my bank account directly yesterday 4/3/14 and approx €1500 by cheque today 5/3/14. Page 26 of the Vodafone 'Return of Value to Shareholders - Guide' states that this is how one would expect to receive his/her payment having taken the 'Income' option. The guide however isn't clear on how payment would be made if the 'Capital' option was chosen.

Please let me know how one's payment is received if they elected the Capital option?

I ask this question as the experience I have had with Computershare has been terrible. I'm wondering if the lady I spoke to this morning got it wrong and if there is any chance that maybe I was processed as 'Capital' and not 'Income'?

Sorry if this all is very confusing, but it definitely has me confused. Thank you.

[Mod Edit: Thread merged with existing thread]
 

Brendan Burgess

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Do we really need yet another thread on this issue?

[Mod Edit: Thread merged with existing thread]
 
Last edited by a moderator:

niallshox

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I believe so. I think that this query is new now that people have received their payments and are still unsure if they need to make a declaration to Revenue. If so I believe that Computershare are at fault and not the individual shareholders who followed the procedures offered by Vodafone. Collectively we might have a voice if Computershare have made errors that have cost a lot of people a lot of money.
Thanks.

Furthermore, nothing on the paperwork from Computershare re either the Vodafone portion or the Verizon portion makes any reference to whether the payment is 'income' or 'capital'. It is all left very loose, and nobody wants to receive a knock on the door from Revenue looking for back-tax and interest and penalties for someone else's mistakes.
 

RedDevil

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Arrived today
5 Verizon letters
5 Vodafone letters
10 cheques e.g 1.42
Holding back on Verizon dealing and still
stuck with less valuable Vodafone shares
It is a pain in the ***
 

ajapale

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Please let me know how one's payment is received if they elected the Capital option?
I chose the capital option and chose to dispose of any Verizon shares as soon as possible. I left it very late to inform them of my choice but they recieved the from just before the closing date.

I got three cheques today:

Vodafone Return of Value - Capital Payment: €211.54
Vodafone Fraction Payment: €17.53
Verizon - CDI Sale Advice Note: €511.25

It is fairly clear to be that these are capital payments.
 

niallshox

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Thanks ajapale.

As mentioned earlier, I spoke to a representative of Computershare today and she told me that they haven't received my 'Form of Election' and therefore my payment was processed as 'income' by default (not capital).

However, at this point I have no faith in anything that comes from Computershare regarding this Voda/Verizon sell-off.

I also received three payments.

1. Vodafone Return of Value - Capital payment: €634.26 (direct to bank a/c)
2. Vodafone Fraction payment: €17.79 (direct to bank a/c)

3. Verizon - CDI Sale Advice Note: €1567.84 (received by cheque today)

The Vodafone paperwork clearly states 'Capital payment' while the Verizon paperwork only makes a cursory reference to showing the documentation to HM Revenue to calculate any 'Capital gains tax liability'. There is no direct mention of this being a Capital payment otherwise.

I would be very happy if you could confirm if your paperwork is similar.

Thanks again.
 

Hen

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Thanks ajapale.

As mentioned earlier, I spoke to a representative of Computershare today and she told me that they haven't received my 'Form of Election' and therefore my payment was processed as 'income' by default (not capital).

However, at this point I have no faith in anything that comes from Computershare regarding this Voda/Verizon sell-off.

I also received three payments.

1. Vodafone Return of Value - Capital payment: €634.26 (direct to bank a/c)
2. Vodafone Fraction payment: €17.79 (direct to bank a/c)

3. Verizon - CDI Sale Advice Note: €1567.84 (received by cheque today)

The Vodafone paperwork clearly states 'Capital payment' while the Verizon paperwork only makes a cursory reference to showing the documentation to HM Revenue to calculate any 'Capital gains tax liability'. There is no direct mention of this being a Capital payment otherwise.

I would be very happy if you could confirm if your paperwork is similar.

Thanks again.
On your figures do you have a capital gains liability assuming that you have no other capital gains for the year? I still have not elected to sell my Verizon shares but have till next month to decide and I was wondering would they lead to a capital gain?
 

sole

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Cashing Vodofone joint cheques

I got my cheques for Vorizon etc shares. 3 cheques for myself - no problem there I will lodge them to my acc.. But We had bought shares for our 3 children (now adults) and we have 3 cheques for them also. They have individual accounts but not a joint acc for the 3 of them. Can one lodge the cheque even if it has 2 other names on it and it is marked 'non negotiable'.
The cheques amount to 80 euro so we don't want to have to open new accounts as the 3 are not in the same country now.
Is there a simple solution.
 

1dave123

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129
Hi Folks - here is my experience just in case it is of interest.

I opted for

* Capital return option
* Sale of Verizon Shares asap
* Two payments were made direct to my bank a/c. One on 4th March and one on 5th March. The 4/3/2014 payment was the Vodafone share cash payment. The 5/3/2014 payment was a fraction payment relating to the Verizon share purchase
* I received a cheque yday re the sale of my 9 Verizon shares - €306.75

That just about covers it I think.
 
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