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Picton Property - Problems
HR Man
Posted: 21 December 2017 19:19:01(UTC)

Joined: 20/08/2011(UTC)
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I have been told by HL that as from Jan 18 it will not be possible to buy any further shares in Picton either by them or any other UK stockbroker because of their failure to issue a KID which a requirement by the new rules (‘PRIIPs).. This sounds quite odd but HL have been quite clear on the matter (see below);

"The new regulation requires that issuers of certain types of investments (known as ‘Packaged Retail Investment and Insurance Products’ or ‘PRIIPs’) must issue a Key Information Document (or KID) if they are available to private investors.
Without a KID, private investors will not be able to make any further purchases, although they can continue to hold the PRIIPs they already own. They can also sell at any stage.
The issuer of Picton Property Income Limited Ord NPV have not confirmed that they intend to publish a KID.

This means that from 1 January 2018 you may not be able to buy any more of this stock. As well as the dealing instructions you give us, the new regulation applies to automated trades we place on your behalf (such as dividend reinvestments, limit orders and regular savings instructions). Therefore, from the start of next year we may also need to turn off any automated trades we would otherwise have placed in this stock.

Please be assured that we will continue liaising with investment providers on this matter and if yours does publish a KID we shall let you know.

However, if they fail to publish a KID then from 1 January 2018 you will not be able to buy any more of this stock."

I wonder where this leaves current Picton shareholders who want to have more shares either through reinvestment of dividends or simply as a new investment- why is there a reluctance from Picton to issue the KID?
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Guest on 21/12/2017(UTC)
Tug Boat
Posted: 21 December 2017 20:47:08(UTC)

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I had the same message from HL re TFG.

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dlp6666 on 28/12/2017(UTC)
Posted: 21 December 2017 22:33:08(UTC)

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dlp6666 on 28/12/2017(UTC)
Posted: 22 December 2017 00:09:11(UTC)

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Is this related to the Channel Islands base? Interview with CEO recently suggested that they were likely to convert to REIT status in 2018.

Interesting to see if this is HL being overly prudent in interpretation of regulation or if this is black and white for all Brokers. ATS have not told me anything yet but then again they are not particularly quick of the mark from an operational perspective.
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Tim D on 22/12/2017(UTC)
Posted: 22 December 2017 19:29:57(UTC)

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I also wondered if it is something to do with Picton's base in Channel Islands but not only that. Isn't it due to MiFID II, so that we can all be protected by those big boys in Brussels? I understand that MiFID II comes into effect in January 2018 so that ties up. I have also just had to complete a form for HL relating to "Complex Instruments". In my case it was due to a holding of an index-linked gilt. I certainly got the impression that the originators of the regulations (not HL) think that I am a fluffy-head whose wellbeing needs to be overseen.

As for the KID, it could be that Picton (and any others) just haven't done one yet for Picton Property because historically it was not a requirement and they don't want to be rushed. Maybe they will do it in due course.

I also wondered: If retail investors (within EU?) are not permitted to buy, how will that affect the price? Value of underlying assets and income may remain unchanged. I suppose it depends upon the institutional investors.

You ask where does that leave the current Picton Property shareholders, I guess that we would be told that we can only invest in this share via an IFA or certain firms or something like that.

I don't KNOW any of the above. These were my just my thoughts.
Posted: 22 December 2017 19:38:00(UTC)

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Also: IWebShareDealing, required me to confirm that the name of my account matches my passport. Reason: MiFID II, for January 2018.

HL has also been asking for confirmation of nationality and National Insurance No.
Alan Selwood
Posted: 22 December 2017 20:12:15(UTC)

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A wish for 2018 :

May bureaucracy, for once, manage to think carefully about its actions, however well-meaning, to avoid the worst aspects of the Law of Unintended Consequences!

5 users thanked Alan Selwood for this post.
dd on 22/12/2017(UTC), Jeff Liddiard on 22/12/2017(UTC), Micawber on 23/12/2017(UTC), Redundant (Old Timer?) on 23/12/2017(UTC), dlp6666 on 28/12/2017(UTC)
Posted: 23 December 2017 13:46:26(UTC)

Joined: 13/03/2015(UTC)
Posts: 1

Picton announced on 22 December that they will release a KID in compliance with the Packaged Retail and Insurance-based Investment Products Regulation on 2 January 2018 - see https://www.investegate....ent/20171222103428PD0AA/
Posted: 30 December 2017 11:52:47(UTC)

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It seems Picton will release the Key Information Document on Jan 2nd
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dd on 01/01/2018(UTC)
Posted: 11 January 2018 21:23:29(UTC)

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I have about 8 holdings out of action at the moment with HSBC share dealing. I think it`s just a matter time before all IT`s produce the proper documentation to comply with Mifid 2. A couple of years ago,there was a similar standoff between Blackrock and HSBC that lasted about 3 months. You just have to sit these things out although some prior warning might have been useful for those wanting to top up holdings. Although it`s an inconvenience,I wonder if we might be richer if we traded less!!
2 users thanked Peter59 for this post.
Mr Helpful on 12/01/2018(UTC), dlp6666 on 12/01/2018(UTC)
Posted: 26 January 2018 16:56:36(UTC)

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Kid is available now, in H-L.
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