The Lemon Fool

I hold shares in Vedanta Resources (on which I am still showing a loss) and today received an alert about the above special dividend. What is it's relevance to me as a Vedanta shareholder? Is this a subsidiary company and will Vedanta be passing it on to shareholders? It doesn't seem to have done anything for Vedanta's sp today.

Bouleversee wrote:I hold shares in Vedanta Resources

If you have moral qualms about holding shares in Taylor Wimpey then you should have twice as many holding shares in this lot, they have a shocking record - https://newint.org/blog/2016/08/04/glob ... y-vedanta/

Bouleversee wrote:I hold shares in Vedanta Resources (on which I am still showing a loss) and today received an alert about the above special dividend. What is it's relevance to me as a Vedanta shareholder? Is this a subsidiary company and will Vedanta be passing it on to shareholders? It doesn't seem to have done anything for Vedanta's sp today.

No personal knowledge but this might be the RNS http://www.londonstockexchange.com/exch ... 67647.html

As at 31 March 2016, Hindustan Zinc Limited was a 64.92% subsidiary (as per page 232 and others here http://vedantalimited.com/media/96456/f ... t_2016.pdf).

The RNS suggests the Indian Government still has a significant stake but I don't know anything about the dividend distribution tax and cannot, therefore, work out what the percentage might be (let alone the financial impact in sterling***).

Nor do I know what dividend from Hindustan Zinc the market anticipated.


*** Apparently a crore means = 10,000,000 rupees. 1 Indian Rupee equals about 0.012 British Pounds. Does that make each crore worth about £120,000? If so the Government's Rs. 11,259 Crore for the financial year is worth about £1,351,000,000.

Vedanta's share substantially more!

I'll leave it to others to tell me where I've gone wrong and to fill in the detail.

Edit: You could try a cross-post at HYP -Practical as some HYPsters have held or do hold.

Clitheroekid wrote:https://newint.org/blog/2016/08/04/global-protests-erupt-against-british-mining-company-vedanta/

It may be just me but I get "This site can’t provide a secure connection newint.org uses an unsupported protocol." for that link.

Clitheroekid -

I am very grateful to you for linking me to that information. I had absolutely no idea. It is all horrendous and I shall divest myself of my Vedanta shares a.s.a.p., loss notwithstanding. If I could have managed to get to the AGM I might have waited till then and said my piece, but I can't. TBH I very much regret buying most of the main mining shares when they were flavour of the month. Not my cup of tea at all, with hindsight.

PD - Thanks for that info. As you will have gathered, I did manage to access Clitheroekid's linked article, which left me feeling even more depressed than I already was. How people can make money out of others' misery I will never understand.