MGHI M&G High Income Shares final distribution

[tramrider]

The MGHI M&G High Income Shares final capital distribution has been declared with a Terminal Asset Value TAV per share of 57.796035p.

http://www.mandg.co.uk/investor/hiit-tav-calculation/

If you chose to receive cash and your investment was certificated, a cheque will be sent to you on, or soon after 21 March 2017. Where your investment was held in uncertificated form, CREST accounts are expected to be credited with cash on Tuesday 21 March 2017.

http://www.mandg.co.uk/investor/hiit-wind-up-2/

After a few worrying months during 2016, the fund has closed with the FTSE100 on a 7400 high, so things are relatively rosy, although 70p would have been the possible maximum if the FTSE100 had reached over 8000. I held some for just over 2 years, enjoying some large dividends and now a small final capital profit, and so should get an XIRR of about 15.1%. I think that Anniel (penym) has held some as well, so I hope she will be as pleased as I am!

Tramrider

[penym]

Tramrider,

Thanks for your post. I must look at my M&G account!

I tried hard to deal with M&G and Equiniti about the disposal of my holding but M&G passed me to Equiniti. That company refused to address my questions about being overseas at the crucial date so I decided to take a relaxed attitude and let my proceeds be put into the appropriate M&G account until I am back home.

Armed with your information I can now look to see how much money was deposited. I had 16,143 income income and growth units.

Anniel

[tramrider]

Hi, Anniel,
If they didn't take much notice of your request for cash, they may have put the proceeds into another investment fund. At least you can get an idea of the final value for the old MGHI on closure day.

Best of luck with sorting out M&G!

Tramrider

[penym]

M&G made me cross. they sent me a letter telling me they had to identify me because of money laundering regulations. Really? My husband had been dealing with them for years before his death and I have had investments in my name over the 8 years. they got the money after the winding up of th High Income investment trust and it is sitting in an income fund. I had to get certification of my identity from a solicitor, accountant financial adviser or a bank. I have none of the first three so went to Santander who told me they did not offer such a service. I rang M&G and told them what I thought and they have agreed that i can send my latest Council tax demand plus a new letter about my state pension. I did tell them i had lived at te same address for 34 years and that they could look me up on the Electoral register. they also have my DOB etc on the other investments i have in M&G.

my annoyance was due to the letter and form they sent me, warning that if I did not complete it, they would share details of my investments with HMRC. it was all a bit police statish for my liking.

I have always liked M&G but this is the first company that I have ever had this problem with.

penym

[richfool]

I had a similar problem with Norwich Union/Aviva some years back with the maturity proceeds of an endowment policy. They were insisting that I provided certified copies of various documents (ID and address verification). I told them to - "well just put the money back into the bank account that had been paying the premiums for the last 22 years". But, no that was too simple and straight forward. Even bank statements had to be originals on headed paper, despite the bank saying I can just download them off the internet. etc etc.