Evraz plc ⛏ (£EVR)

Hi All, ive just noticed this group. I’m on the 500 strong telegram Evraz investor group usually and find it very useful but only a small % invested with Freetrade.

Does anyone have any thoughts on Freetrade being one of the only platforms not allowing materialisation of share certificates?

I appreciated it was not normal procedure with T&C’s but these extraordinary circumstances leave potential for loss in my own opinion by leaving with Freetrade as a nominee. The t&c’s do not support some of the eventualities I seek and Freetrade cannot guarantee my wishes to hold irrespectively.

Hargreaves Langdown just this week had similar t&c’s and have now allowed materialisation. Most brokers have and there seems to be a lot converting.

Looking into the wider peer group those who Support Move into Share Certification seem to be the majority now:

Barclays - YES (no charge)
Halifax - YES (£25 charge)
iWeb (Halifax) - YES (£25 charge)
Interactive Investor - YES (£42 charge per line of shares)
x-o.co.uk - YES (£25 charge)
Lloyds Bank - YES (£25 charge)
Equiniti - YES (£20 charge)
IBKR - NO currently (awaiting feedback on challenge)
Freetrade - NO
Hargreaves lansdown - YES (have now allowed against previous t&c’s, no charge)
T212 - NO currently (awaiting feedback on challenge)

I feel rather perturbed after a mature and experienced broker like Hargreaves Langdown has capitulated late in the day to pressure to allow this like the majority of brokers already did.

Seems Freetrade might potentially be more focussed on staunchly applying t&c’s designed for efficiency and refusals based on meme stocks than having consideration for adequate organisational requirements to avoid potential for loss or diminution.

My concerns as I have been refused paper I asked to transfer out and Freetrade now say I can only do this by settling in cash without the in specie option set out in the FCA handbook to avoid losses.

Anyone else concerned or contacted Freetrade to implore them to allow certification in your own name as the company Investor relations have seemingly recommended?

I am aghast how late in the day Freetrade have left this and not allowed it as a viable option. Every other broker has communicated corporate action and timely options whereas I feel absolutely left in the dark by Freetrade and beholden to very basic t&c’s not designed for this situation at all.

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Profit after tax was down $1.3bil to $6mil due to what I see as an IAS 34 compliant interim accounting adjustment for ForEx between inter group companies as per notes on something like p37 or 39 of the report.

I would expect to see this adjustment back reflected in H2 it is rather illusory in my opinion but is normal. There is commentary to support it.

The company doesn’t have major issue it’s geographic basis remains sound outside of UK/EU and traditional markets are continuing and growing business with great uptake from China and India.

North America ops are up x3 and RASP (yet to be re-added to value) x4 yoy.

If you are using profit after tax as a sole indicator of the trading performance of this company like the media wishes you to see then I understand taking a dim view.

However the revenue and EBITDA results at H1 are already almost the same as full year 2020.

Once the accounting adjustments for ForEx $1.7bil and ussaigned expense account of $1.3bil are realised in all regions and parts of the company and clarified in full year accounts then I’m sure there will be relatively pleasant surprise.

Working capital issues were well explained by the company meaning previous factoring facilities allowing payment in 2-3days are now reverting to non factoring payment terms. Hence the huge increase in receivables with additional inventory.

Why would that all be cause for alarm? It looks like $1bil in inventory could equate easily to $3bil in sales and production capacity is still 90% across board with expected stimulus packages from Russia and China in view expected to further assist.

Profit after tax in interim accounts is one view, mine is that this company has an underlying performance indicators this is one of the best years it has ever had but rightly so it is making reasonable interim adjustments and records.

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