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But then you would be safer with the 5% -6%savings accounts going about..,
Tax free and SAFE
Martin Lewis talks about these high interest accounts every series on tv.
Yorkshire, Nationwide, TSB have them..,
Depends on the rump
If the underwriters are left with buying rights shares at the rights price and the share price is above 645p
They will be looking to sale the unwanted shares, it's pure profit and they are getting double bubble in fees and capital gains on the underwritten shares.
Thanks gungi, much appreciated.
I had to phone jarvis....there was no waiting on the phone and got it sorted quick....give them a ring
Anyone know how to take up or reject the rights issue on a LSE/Jarvis account?
On Halifax share dealing this sort of thing is easy, but I don't see any options or any obvious part of the site when I look on my LSE ISA account. I haven't received a letter either to tell me about the rights issue or how to respond to it.
Any LSE/Jarvis users know more or could point me in the righty direction on the site?
Isn’t gearing all about risk/benefit balance? Equity is expensive - debt less so. Yes NGs gearing is high resulting in debt 150% of equity , but with a mostly regulated income. Banks operate with loans at 850-900% above equity levels with a more fragile income. Which business is more fragile? What is the right level now interest rates are projected to fall ? I don’t know, but I I do know I would be happier with a lower debt to equity ratio - so I think it is right to raise equity to expand the business, painful as it is.
We all have our own views, we all take our own decision, and we all hope we have got it right.
So good luck all.
Rip
''Closed 837p''
no closed up 4.6p at 843p
Closed 837p.
Yesterdays drop in share price down 4.36% nil paid down 20% , added up .
Up 0.55% here today my broker says down 0.16% .
Today's low 2pm then little bounce before double bottom 3pm at 826.6p
Pockerchips wrote
"You also have a lot more debt out there ,a lot more, so you have more lenders to keep sweet"
In that sentence you have the whole problem. Boards have borrowed to buy sweets today and payback tomorrow - only they don't. They are then beholden to every Tom, Dick or Harry who wants to shove them around.
Nobody said they had to borrow money whilst the clowns dropped interest rates down to historic lows. Leave the Fed and BoE to stew in the mess they have made for themselves. Look after the money your shareholders have asked you to look after.
Tony, I agree with you that the primary purpose the BoD is to look after the interests of the shareholders and tat they are accountable to the shareholders. This is why they were set up centuries ago, and it is as valid today as it was then.
They have many responsibilities to ensure they look after those interests:
- to appoint and reward the Execs, because this is in the interests of the SHs
- to formulate strategy, because this is in the interests of the SHs
- to ensure ESG issues are managed appropriately, because this would be in the interests of the SHs
Etc, etc. as mentioned by you and others
Sadly this focus on linking all their energy to ensuring SHs interests are protected, has become confused and diffuse, and the BOD of Darktrace did not even mention the word SH in their first annual report. And they have shafted their SHs right royally by agreeing to sell the company way below its potential value IMO.
I actually don’t think the BoD of NG is doing such a bad job - it is complex business.
But to look after those interest
'Big yields are a false investment! Always have been, ALWAYS will be''
But tell that to the customers. At my age I prefer income over growth and there are many like me.
I'm holding out in buying for now. They'll be plenty of buying opportunities once the sp stabilises.
Back in November I remember reading ( though I do hate DB brokers comments), that SSE would outperform the sector for the next financial yr.
Maybe a dividend cut would have been a Seminole way to have gone.
I’m going to mention that again, BUT, f we compare Uk stocks o US counterparts or French / German utility companies, they do not have high dividend yields, and never have to top slice the ridiculous yields we UK stock holders get.
Is it not the high yielding stocks that are always guilty of holding back the much needed growth in these stocks.
Top slicing the yield to a reasonable 3% much like SSE, would have saved
£900m - £1bn per year roughly.
Big yields are a false investment! Always have been, ALWAYS will be
Sorry truth will always hurt everyone.
30-May-24 16:35:04 843.00 10,786,317 Buy* 836.80 837.20 91m UT
Good auction ..buying for the DIV
I'd ignore any forward looking forecast on marketscreener, since they can't be accounting for any financial implications from the disposals of Grain LNG and NG Renewables.
One priority and for the Board, one duty; look after shareholder interests.
Tony
oh how times have changed.... the 20th Century markets have disappeared .... in terms of share prices a BOD has little chance fighting against Option traders, Shorters , and all the other Derivative players etc ...who move markets ...
The BOD these days, are out there just trying to do the best all round amongst all stakeholders... the likes of Blackrock and the Investment Banks will soon tell you, via the SP if you think you can keep some unfunded dividend going ..they did to VOD ... they will tell you what to do and have power over it .... cést la vie de 2024
You also have a lot more debt out there ,a lot more, so you have more lenders to keep sweet and Credit Agencies too who can turn things upside down with a downgrade ...if they drilled down through your figures and dont like what they see...
Right now they have decided to rebase the DIV by say 15% ...could have been worse.... they could have cut it completely to pay for investment ... shareholders should sigh a relief they didnt ....
The days when shareholders had a lot of the "power" to be looked after and prioritised have passed....IMO ...it is a very changing world
ATB
This is where I got historical debt details from accounts on marketscreener.com
Plus expectations for next 3 financial yrs
https://www.marketscreener.com/quote/stock/NATIONAL-GRID-PLC-34973324/finances/
An interesting article discussing the WPD deal.
https://modoenergy.com/research/some-thoughts-on-the-national-grid-wpd-deal
The Net debt has had a few ups and downs, it looks like the WPD acquisition increased debt significantly:
Year Net Debt (Billions) Acquisitions/Disposals
2015 - 2016 £25.33
2016 - 2017 £19.27 Gas Distribution sale
2017 - 2018 £23.00
2018 - 2019 £26.53
2019 - 2020 £28.59
2020 - 2021 £29.40
2021 - 2022 £44.10 WPD Acquisition+debt
2022 - 2023 £40.50 Rhode Island/Millenium disposal
2023 - 2024 £43.60 UK Gas Disposal
https://docs.google.com/spreadsheets/d/e/2PACX-1vQEWYioCX64zqjTfgCXb6s1j5LxISz79OeSG6ZUnCvOZ2qCQqIZ6cVLewcf51nyfmfKi4cWkLbATX00/pubchart?oid=146613161&format=interactive
"Announcing sale process for Grain LNG and NG Renewables" Should reduce some of the debt burden, but NG also advise:
"Continued issuance of senior debt across the Group
Expect to use hybrid debt later in 5 year framework to maintain balance sheet strength and investment flexibility"
https://www.nationalgrid.com/document/152096/download
Pockerchips
"I would disagree that the Priority is shareholders .... shareholders just being one part of the balancing act "
This is a widely held belief, particularly popular in the types of people "like us" who "we" promote to the boards and executive positions in UK corporate governance. Our duty is to the customers, employees, the regulator, our neighbours down the street, that nice Mrs Jones who has nothing to do with our business but who always smiles when she walks by; we can't let her down can we? The shareholders? Just another stakeholder (like "our" new term?) exactly like Mrs Jones, only a little more difficult to please."
And it is exactly why, post war, UK commercial competitivity has waned; with rare exceptions.
Look after the shareholders capital and as a consequence you must keep your workforce diligent, trained and motivated and providing your customers with a service/product they come back for.
One priority and for the Board, one duty; look after shareholder interests. I would have a giant sign in the boardroom and in the CEOs office stating exactly this.
Abuse the shareholders as a cash cow and it will permeate the rest of the business, customers and employees there to be abused as well.
No effective return for the shareholders =no business.
When I started work, 50 years ago, the induction included half a day making sure we understood exactly this.
Poker chips
I don’t understand why you quoted me
I was answering a follow on question regarding underwriters and the rights issue.
" Think I read somewhere they get £140 million for under writing what should have been a very safe almost routine rights issue "
maybe... but if they had not Underwritten it , the shorters would have been in like hyaenas and caused SP instability
I think overall they have a difficult balancing act in terms of keeping all the various stakeholders happy, plus the Regulators, plus the Credit Agencies too ...no easy game to play
I would disagree that the Priority is shareholders .... shareholders just being one part of the balancing act - IMO
Meant UBS !! Sorry for typo mistake.
Goinguphigh, could get your 20% return much sooner if recent analyst forecasts happen, eg UVS, JPMorgan. I bought some yesterday at 836p.
Seems a good price indeed.
Trying to read through the forum and what the fmv would be if buying at these levels once the changes occur at the NG. new stock