Video: SOM FY18 results presentation

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29th Mar '19 by TamzinPiworld

8 comments 1884 reads

FY18 results presentation given by Jack Cooney (CEO), Howard Hohman (EVP Sales) and John Yuncza (CFO) (final results to 31st December 2018.)

Forward order visability now 1 year (previous 6 mths). Clear strategy. New market: high rises, being developed.

https://www.piworld.co.uk/2019/03/29/somero-enterprises-som-2018-full-year-results-presentation/

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About the Author

TamzinPiworld

Premium Member

An active private investor in small caps: growth/value. Co-Founder of piworld.co.uk which provides videos of company presentations, management interviews, investor interviews & webinars, to enable investors to make informed decisions.

8 comments

dmcarver

9th Apr '19

Very impressive presentation. As a new investor, both reassuring and compelling. I look forward to an opportunity to meet a member of management on one of their next trips to Europe.

pgs501

7th May '19

Really good presentation, thanks for the link. Having recently received my SOM dividend it came in at less than I expected and if anyone could clarify that I am not missing something I would appreciate it:

Announced dividend: 25.2 cents / share (11.7 special & 13.5 final)
FX rate on 26/04/19 (the payment date, I actually received mine on 30/4): 0.77547 GBP / USD
GBP dividend: 19.54 GBp / share

My actual receipt: 13.39 GBp / share
% of expected: 69%

I know the US has withholding taxes on shares but I thought that having filled out a W-8BEN form that was 15%, is this not the case? In addition if there is any way to get any of this difference back could someone let me know.

Pete

buz

7th May '19

I would assume you are holding the shares outside of an SIPP ?

pgs501

7th May '19

Hi Buz,

Yes sorry shares held in an Iweb ISA.

Pete

barney100

7th May '19

Hi Pete,

Something does seem amiss with your payment.

I hold mine in my AJB SIPP and I received the equivalent of 19.35p a share (after a small charge foe currency conversion)

As an aside I have not as yet filled out a W-8BEN but this does not seem to have been an issue.

Hope this helps

Jamboreebop

7th May '19

This is an iWeb issue that's been discussed over on the SOM board at ADVFN. When queried, It appears that iWeb are not interested in reclaiming the witholding tax for their customers.

With a filled in W-8BEN in an ISA most other brokers are deducting 15% tax, rather than the 30% with iWeb.

pgs501

7th May '19

Thanks for the answers, I appreciate them. I will pester Iweb but I appreciate it may be to no avail. I have to say this totally changes whether Iweb are a cheap or expensive.

Pete

Jeremy Rea

7th May '19

Hi Pete,

Firstly, commiserations on holding Somero in an ISA with Iweb. I made the same mistake. We have just had the pleasure of donating 30% of our dividends to the IRS.

Iweb have made "a business decision" that W8-BEN's do no apply to Somero shares, thus they deduct the full 30% US Withholdings Tax (WHT). They do the same if you hold it in a SIPP even though WHT is not supposed to apply to shares held in pensions. I spoke to them at length about it and the only semblance of a logical answer I could get was it was "a business decision" on their part. It does seem very strange that they are about the only broker I know who have decided that their clients would like to pay unnecessary tax to the American tax authorities, and who have then gone and deducted it from their dividends. They even have the cheek to show no tax as having been deducted on the breakdown form if you click on the dividend amount.

It's p**s poor on Iweb's part, and I told them that in no uncertain terms. Not only to do it but to not own up to it by showing the tax as having been deducted.

Additionally, as the holdings are in an ISA (and a SIPP in my case) the tax can't be written off against UK tax. We have just helped Donald build a tiny part of his wall.

I did suggest Iweb put a note on their system to inform clients that Somero dividends will attract the full 30% regardless. At least that way in future people will know they are going to hit with US WHT. I won't hold my breath.

Ohh and for the record, one of the people I spoke to did tell me that Somero was the first and only share she had come across that had this issue. That did cheer up mightily.

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Video: SOM FY18 results presentation

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TamzinPiworld

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