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Ditto and there's still 57Bn of RI to come.
The real scandal is how many years worth of unconnected renewable energy has been lost. Various estimates, a potential 200GW multiplied by the time in HOURS of GWh squandered.
As a participant of the TUI rights issue i wish you all the best of British luck over the next few weeks and months.
The TERP price of TUI shares was around £8 per share. After the RI kicked in the share price nose dived to £4 a share and has never properly recovered (£5.93 at the moment)
I have learned my lesson with share dilutions and will get out immediately if any of my share holdings are to be affected again
When can I sell the nil paid rights?
Hi Guitarsolo,
Re:' But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.'
In my son's case he did not have all the required funds required in his Sipp as at the 05th June, but did so by the so by the 10th ,so unfortunately missed out on the full entitlement of the RI.
He did however complete his election form on time as required with some funds available and so these were taken up and alloted accordingly.
However he now also has an an excess of unused rights, so in theory according to your response aboveif this is correctt as you describe now has an automatic right to receive c £2.0 per unused right? or is this wholly dependent on the broker's decision as to whether you will receive monies for untaken rights?
El
''Under Labour the National Grid is going to benefit.''
NO - National Grid /shareholders will benefit from the investments that they will be making over the next 5 years - NOTHING to do with a government
Ftse: I too held some NG. through AJ Bell and received the same messages as you. One says:
"Please be advised that once the AJ Bell deadline passes, you will no longer be able to sell the rights. As per our procedure, rights are blocked from trading by 4.30pm on the AJ Bell deadline of 5 June 2024 to mitigate any risk of any unsettled trades automatically exercising in the market."
Your default position was to take no action. Thus the above deadline expired and you could no longer take up the rights issue. Each broker is entitled to set their own deadline for exercising rights due to their own admin etc. AJ Bell's deadline to sell the rights is the same as the deadlone to take up the rights. I'm afraid I think your position is weak (even if I understand your frustration about waiting for dividends to clear to take up the rights).
But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.
Under Labour the National Grid is going to benefit.
I correct myself - the emails received did say that Benbow BUT in the sub-text it only referred that date to the selling of rights and not to the exercising of rights. There was no specific mention of a deadline for exercising and thus i assumed that the official deadline of 10th June at 10am prevailed.
Thank you for your reply Benbow 27. I have gone through all emails received to my wife (and ordinarily I am cc'd also) and neither of us received these emails so this news concerns me greatly.
But a big cost to taxpayers setting up a nationalised company. Not needed - there is already a long queue of green energy generators waiting to plug into an expanded grid that National Grid will be rolling out
If rights lapsed then you should soon receive money from the selling on of the rights to other investors.
ZERO negative effect on National Grid
The second and third secure messages I received from A.J. Bell, i.e. the ones which contained the opportunity to exercise rights, were both titled, "National Grid plc -Urgent response required by 05/06/24 - Rights issue".
The corresponding message from I.I. also stated, "Please read this notice in full and make your election by 5th June 2024."
Apologies if this has been covered, I missed it if so? I wondered what the board thoughts are on costs to NG and subsequent effect on share price of Labour’s proposals to rewire Britain and build a clean energy grid? It likely will require National Grid to adapt to new regulations, investment strategies, and operational changes to support the UK’s energy transition?
It may be very positive but I just don't know where/how to start gauging this?
Morning, I am trying to see if my recent experience with A J Bell is unique or others are affected.
I executed the rights issue on my personal account within good time but on my wife's account I was waiting for dividends to be paid in order to have the funds. The right to execute the rights offer officially closed on Monday 10th June at 10am according to NGs timeline and I tried doing this at 0900 on the day only to find A J Bell had closed it on 5th! I reviewed the correspondence and the only mention of the 5th June deadline was if I wanted to sell my rights rather than take them up so I naturally ignored that deadline. My wife's account is out of pocket by >£2000 as a result of the difference in price of what they are trading at post rights and the cost of taking up each new share @£6.45.
Did anyone else find themselves affected as I feel there is a fairly strong legal case against A J Bell for lack of clarity in their communication?
Thanks, I'll make sure I fully understand whatever quotes I get and the work involved. Whichever heat source I decide on will require some radiator replacements, so it'll probably come down to a combination of the upfront cost and where I see the cheapest running costs, and nothing to do with being green.
My conclusions on this topic.
1.Having just recently replaced a 25 year old Worcester Bosch 28CDi boiler that required more and more attention over the last few years like loss of pressure on a regular basis , I was advised to opt instead for a Baxi Boiler which I have now done so as it has more metal rather than plastic components. Granted the Worcester Bosch in it's day was a great boiler but not now it seems. So far, my gas bill has now reduced and am more than happy with it, ie it's far more efficient.
2. Would I choose a Heat Pump? Short answer is No.
Been flooded as of late from companies trying to sign me up fo govt grants without any guarantees that they would ensure a heat pump system would provide the same heat output as a gas boiler at a cheaper cost. Further, I also learned today after watching the Skill Builder You Tube video, that should you accept the grant you cannot go back to using a gas boiler, so that for me is a big red flag!
3. If you have a house like mine built say during the war years just make sure it's well insulated and I think you will find that the advantages of say an air sourced heat pump are minimal at best. More importantly, any type of heat pump system MUST be installed by an expert and not your average Joe jobbing plumber.
It most certainly does require the expertise of someone who knows and understands the many heat engineering factors required for installing an efficient heat pump system, and from what I can discern they are as rare as Rocking Horse 5hit at the moment other than Heat Geeks company as shown in the video.
Good luck Fleccy in what ever you decide to do.
I would not have a heat pump if it was free because you need to fill the house with radiators and pipework and can expect to be cold when it gets full of leaves or snow. I looked over a house with one installed and there was a large iced area where condensation? froze because the drain underneath had frozen. The control system filled a pantry sized cupboard and the room adjacent to the heatexcahnger outside was very cold because the ambient temperatur outside , at that point was cold. Clearly that will be a bidg problem in terraced streets where neighbouring pumps will compete to extratc the tiny amounts of heat available. A disaster awaits when the cables overload and localised power cuts happen. Btw I am also staying with ice cars as they will not be vulnerable to the power supply problems.
Very good article fleccy, i feel many homes will be near impossible to have a heat pump
Following the announcement on 12 June 2024 regarding valid acceptances under the fully underwritten 7 for 24 Rights Issue announced by National Grid plc ("National Grid" or the "Company") on 23 May 2024, the Company confirms Barclays Bank PLC ("Barclays") and J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove) ("J.P. Morgan") (together, the "Banks" or the "Underwriters"), have successfully procured subscribers for all of the 97,727,572 New Ordinary Shares for which valid acceptances were not received, representing approximately 9% of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue, and for all of the 292,026 Ordinary Shares resulting from the aggregation of fractional entitlements of Ordinary Shares, at a price of 835 pence per New Ordinary Share (the "Placing Price").
The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 645 pence per New Ordinary Share and the expenses of procuring subscribers, including any applicable brokerage commissions and VAT which are not recoverable) will be paid (without interest) to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be aggregated and will accrue for the benefit of the Company
Perfect. Much appreciated.
Dividend payment date is 19 July.
Assuming next year's divi is the same as this +5.5% and minus the dilution, we should get ~47.8p per share, which at the current price of £8.82 would be a yield of 5.4%
Based on todays price of say 8.80 has anyone done the math on what the new div yield would be post rights issue? Thank you.
Divi not due till next month and give them a day to update the systems. The action only takes place from today.
The rest is a rant based on your lack of understanding