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FLX - Felix Resources

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Just posting on here on the very slim chance that anyone still reads this thread! (hopefully Noirua, as she seems to be an expert!).

I am trying to ascertain two things regarding my capital gains tax position here in the UK regarding Felix Resources shares. Tried the company and their registrars, but nothing.

1. Did AuIron become Felix Resources in a straight name change, or were there any share splits, rights or other capital/stock issues?

2. Did the sale of Felix Resources in December effectively crystallise a capital gain? Or did a 'Special Dividend' circumnavigate that?

3. Has Felix Resources effectively become SAC, for share ownership/capital gains purposes?

Grateful for any help. I inherited shares in AuIron from my late mother in 2002, but didn't receive communications from the company for years , and I'm not quite sure what my tax position is now. And it's effectively the end of the UK tax year tomorrow (1 April). May have some decisions to make on sales/crystallising offsetting losses.

Many thanks in anticipation!

Paul D
 

Hi madterrior, I'm not a tax expert and have only picked up information from accountants and various bulletin boards.

Felix Resources was a straight name change from Auiron Energy.

Felix Resources paid 3 dividends that were all fully franked. Two 50c dividends that are only liable to tax if you pay above the 20% rate in the UK.
The in-species dividend of 10c a share representated South Australian Coal (SAC) [will be floated on the ASX in 2010] and this type of dividend is zero rated for tax purposes in the UK. [the shares however have a 10c price for any future tax purposes or in UK pence at the value paid to you at the time you received SAC stock].
Felix Resources did NOT become SAC.

The takeover bid did infact make your shares subject to UK capital gains tax. That is, if you made a gain of over £10,100 in the tax year ending 5th April 2010, the rate of tax is 18%.

On inheritance, the value of the shares would be taken to be the share price at the date of the death of your mother, in the UK. [provided all relevant taxes due were properly paid at the time]

Further on SAC shares. The company is at present appointing staff ie geologists etc., and is solely exploring for precious metals near Coober Pedy. The Phillipson coal interests are within the Woomera Protection Zone and there remains a question mark on future access. The company started last October with $10 million in the bank.

Good luck - noi
 
Thanks noi, for the speedy and detailed response.

Hmmm...not sure it's the news I wanted to hear though!

I had thought that with the special dividend, it was just that - a dividend on which tax had already been paid. Leaving no capital gain as such.

Now, either I've got to work out the transfer price at my mother's death and see how much CG that adds for this year, and then see what else if anything I've got to sell to crystallise by tomorrow morning. Or hope that somehow, given the uncertainty, I can 'deal' with this in the next tax year.

But why did they call it a 'special dividend' if in fact it was sales proceeds from the company being taken over?

Many thanks

Paul
 
Only 25 minutes left before I have to close my books for the tax year.

It sounds like this is a capital gain, despite it being described as a special dividend. But I'm not 100% sure.

Also I have to find the share price of AuIron in the first week of May 2002. Any ideas? I've tried float.com.au, but cannot make head nor tail of the data that comes back.

All the best

Paul
 

I shouldn't worry too much as you have until 31st January 2011 to put your return in and the fines only £100 if you delay further.
If you read my post again, you will see that only the A$16.95 per share paid to you is subject to capital gains tax. [all dividends were fully franked]
I pay most of my tax to Australia now (non-doms have to pay £35,000 tax and I'm only employed part time), except on UK and Canadian pensions that are taxed at source and some foreign dividends where there is a taxation agreement. So I'm no expert on UK tax and a phone call to the UK tax people is probably best to guarantee accuracy and where to find shareprices in 2002. [i believe Auiron Energy was an AIM quoted stock in 2002, so going to the AIM website may give a clue to the price]
 
I am in the UK with a similar Capital Gains Tax problem as you but going back to 1989!
My price for Aurion in May 2002 appears to be aprox 0.08P but this was before the 1 for 10 capital reconstruction of November 2004. Only a ball park figure but may help your angina. Graham.
 
SACL are exploring for Gold at the Christie Domain area South of Coober Pedy on ELL 3386.
It is possible there may be similar styles of Archaean gold to that found at the Challenger mine, Aurora Tank Prospect and Gulf Bore Prospect.

Coal at the Phillipson prospect was given at 3 - 4 billion tonnes by Mr Brian Flannery.
There is already a trial pit at Ingomar and the Corner gate prospect has multiple seams.

Hopefully there will be a counter-bid for SAC at a far higher price than that offered by White Energy WEC.

Recoverable coal over time should be at least 2 billion tonnes and at just 10c a tonne this amounts to 200 million dollars or $1.10 a share and that leaves nothing in there for the gold prospect at Christie Domain.
 
SACL shares (float of FLX asset) are now worth about 28c a share on the WEC price reaching $3.60 today - an increase on the 10.13c a share value in October 2009 of 180%.
If the extra 21.6c is paid this indicates an increase of 380%.

SACL (South Australian Coal), a former subsidiary of Felix Resources, has coal assets at Phillipson in South Australia, about the size of England, given as between 3 and 5 billion tonnes of subituminious coal (brown coal) and gold prospects at 5 locations at Phillipson.
 
Shareholders in South Australian Coal (SACL) who were registered with Felix Resources (formerly ASX:FLX) have been emailed information concerning the takeover bid for their company by White Energy (WEC).

SACL has no website and FLX's is under reconstruction.
 

Felix Resources' (FRL) new website is now up and running at http://www.felixresources.com.au and they are now a private company. Part of Felix Resources will be sold together with Austar Coal mine during 2012.
 
Hi again,

Were we, as former Felix Resources shareholders, due to receive one share in SAC for every Felix share held? I've not heard or received a thing, now I read that SAC is a takeover target!

Can anyone shed any light on this and who I should try and contact?

Many thanks

Paul
London
 
Auiron energy ltd shares???

Hi there, I have found an old share cert of Auiron Energy Ltd from 2001. I have found they have changed there name to Felix Resources Ltd. Will the shares be worth anything?? I have over 7000 of them. Any news would be helpful, cheers.
peo3110
 
Hi,

I don't know if anyone can help me, I have Auiron Energy Shares which I know had a name change to Felix Resources Ltd and then they were bought by SAC, I wrote to Computershare as they were the registrars for SAC and they told me that my holding 'moved to a zero balance on the 16 June 2004, which is before the the Scheme of Arrangement with Yanzhou Coal Mining Company.'

Can anyone help me please???

Thank you!
 
A reminder of how well some companies can recover when the negative tide eventually turns. The equivalent low price in 2003 was 35c. The all-time high in 2008 was $22.30. A 63-bagger. Felix Resources Limited formerly named Auiron Energy Limited and Meekatharra Minerals.

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www.24hgold.com
 
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