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This will return to £1100 plus in weeks but first £9 and then £10.
GGPLRY,
you are right. The issue was so discounted, the rights were going to be taken up regardless.
The placing of the remaining 250k shares has happened this morning, so I take it trading is now back to 'normal'
I've watched a fair few of Heat Geek's video's and read through some of their articles, but using myself as an example, much will depend on upfront costs on top of the £7,500 Government grant.
My house currently has a Baxi Gas System Boiler, with a standard unvented water tank requiring replacement as part of a heat pump installation, as low temperature heat sources require larger tank coil's to heat the water efficiently. Something else to consider is the pipework throughout the house, the Flow and Return feeds on my boiler are 22mm pipe feeding manifolds distributing the water to the radiators via 10mm Microbore pipes, which is where Heat Geek's cheat sheet comes in handy. My boiler probably has a differential flow and return temperature of around 20 degree's C, Heat Pumps are most efficient with a flow and return differential of 5 degrees. I can't see the pipework above my boiler, but if I'm lucky the 22mm feed's split just above it, so a 28mm feed from a heat pump could potentially feed the downstairs manifold directly, with the 22mm upstairs feed pipe connected after the downstairs manifold; So I might get away with a lower flow differential and not require hydraulic separation, which would still be dependent on the heat loss calculations for the rooms and the house as a whole; But I would likely need larger replacement radiators too.
Because Gas is 4 is times cheaper than Electricity, termed the Spark gap/ratio, a heat pump would have to be at least 4 times more efficient than a modern gas boiler and then you'll still only break even on energy costs using the standard OFGEM capped tariffs. I saw the OVO special tariff of 15p per Kwh, offered in partnership with Vaillant heat pumps and heat geek, which probably makes a heat pump system running costs slightly cheaper than Gas in that particular case, but there's still the upfront costs to take into account.
Houses in the UK are very close together, and there's currently a planning issue that heat pumps aren't allowed within a 1 Meter boundary of your next door neighbour, although that's currently under consultation.
When I do decide to replace my boiler in the next couple of years, I'll be getting various quotes and asking a lot of questions. Things to consider are upfront cost vs payback and I'll only go for a heat pump if it makes financial sense to do so.
A lot has to change before Electricity replaces Gas as a heat source and much will depend on Government policy, but I imagine Gas will still be around for the next 10 to 20 years.
As of now Halifax have neither paid my NG dividend nor have they added the new shares to my account, they are still untradable. They are slovenly in the extreme happily earning interest on my and other shareholders' money...
Is a Heat Pump Cheaper to Run Than a Gas Boiler?
https://www.youtube.com/watch?v=XCMaup9Eosw
This doesn't mean that 91 percent of existing shares holders exercised their rights. It means 91 percent either exercised their rights or sold the right to someone who exercised it.
The remaining 9 percent did nothing.
Depending on your broker some would have exercised the right with the intention to dump the shares shortly, either because it was easier for them (with their specific broker) to do it this way.
So perhaps a downward trend for a few weeks while people dump them
Excellent uptake. - confidence.
NG permitted profit with customers will boost earnings
Bargain hunting, are you sure? Surely a 91% uptake is good, not everyone will have had the funds or hit the timetable, looks like a pretty good uptake to me. Others will be bought by the banks but they will be locked in for a while so no mass sell off today
Looks like a bargain hunting auction today and then back to a stable SP again.
National Grid plc ("National Grid" or the "Company") today announces that the 7 for 24 Rights Issue of 1,085,448,980 New Ordinary Shares at 645 pence per New Ordinary Share announced on 23 May 2024 (the "Rights Issue") closed for acceptances at 11:00 am on 10 June 2024. The Company received valid acceptances in respect of 987,429,382 New Ordinary Shares, representing approximately 91% of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.
It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities as soon as possible after 8:00 a.m. on 12 June 2024.
It is expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practical after 8:00 a.m. on 12 June 2024 and that share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 24 June 2024.
See RNS
Tomorrow…12th June
Can someone remind me when the new shares are issued to our trading accounts? I had the rights subscription funds removed from my account last week so presumably it's quite soon. Thanks!
Meoryou - indeed correct - once they are fully paid up your broker will amalgamate them into one holding
Gnator
My understanding is that both the old shares and the new shares will be identical.
Dealing in the new fully paid shares begins 08:00 12 June
In our previous house we replaced an aging oil fired boiler with a 13Kw heat pump, and although it just about did the job it wasn't without issues; At the time I would have gone for gas, but it wasn't available on our road. If Gas was as expensive as Electricity, per Kwh, then it'd probably be a no brainer to go for a heat pump, but the current capped SVR for gas is 6.04 pence per kWh and 24.50 pence per kWh for Electricity; From next month the capped SVR comes down to 5.48 pence per kWh for Gas and 22.36 pence per kWh for Electricity, up until the 30th Sep 2024.Because of our previous experience we have a slightly tainted view of Heat Pumps.
There are other obstacles to having a heat pump; The newer generation of Heat Pumps use R290 Refrigerant, more commonly known as Propane, and because Propane is highly flammable there are strict regulations on siting the Heat Pump, due to various clearance requirements.
I have no Idea if our house would be suitable for a heat pump, it's got 14 radiators fed with 10mm Microbore and 3 towel radiators fed via 15mm copper pipe; In our case the central heating backbone feed is 22mm pipe feeding the entire house, since that's the size of the outlet from our boiler, so any assessment would have to take into account the heat carrying capacity of the whole system before resizing radiators.
There's a lot to consider when upgrading to a heat pump, while Gas is substantially cheaper than Electricity many may decide it isn't worth the hassle.
All that said I'm open minded and will probably get several quotes before deciding whether or not to go with a heat pump. Something else, if we did go for a heat pump I've considered if we'd even need Gas at all, since the only other appliance using Gas is a fire in the living room which we never use, saving nearly £100 a year standing charge; But should I keep the Gas connected in case the heat pump breaks down in the winter and have the Gas fire as a backup heat source 🤔. Clearly there are a lot of variables and things to consider before moving from Gas to a heat pump.
Hi as I now have original and issue shares will these be tradable in the same way? can I buy and sell new issue shares and will they pay a dividend at all? Will both sets come as one/same price or is it literally treated as two different holdings. I chase dividends apart from Cornish metal who I'm gambling on ( small amount) so happy to hold on NG just unclear best way to treat the new issue shares. learning as I go, many mistakes made but having fun winning with some losing with others. GLA
Meant to say, I’d stick with gas for now even if you have to replace the boiler, it’ll buy you 20 years to see which way things are going (personally think heat pumps are poor expensive ineffective and immature technology that may end up like 3d televisions). BATNEEC - best available technology not entailing excessive cost.
I have trawled through all the announcements and decided that the only real option was to take up the rights on my 25000 shares as i would be losing if i didn't but what offends me is that the tal value of my reltant shares plus the dividend to come in july is almost exactly the same as it was before the transaction i had to pay cah of over £30,000 to maintain this situation,which has effectively been absorbed by NG with no indications of how NG expects this to be recovered only vague allusion or should I say illusions for the uninitiated the difference is as follows;"Allusion refers to the act of making an implied or indirect reference to something. An illusion is either a mistaken idea or something that is false or not real but that seems to be true or real." I am extremely disappointed with this management act is the kindest way I can find of commentating on it.
That “grant” from the government is actually taxpayers money. I wouldn’t trust British Gas re can’t get parts, they are just incentivised to flog new ones - try elsewhere perhaps eg the boiler manufacturers. Microbore is the work of the devil.
Much to my wife's dismay, due to me looking at NG's recent comments about Heat pumps being the future, and their move away from Gas to Electricity, I decided to take another look at heat pumps. We have had a heat pump at our previous house and we weren't particularly impressed.
A good efficiency (COP) for a heat pump is around 4 in mild weather, but that can drop to around 2.5 at 0 degrees C; Heat Geek say they can get a COP over 4, but I'd guess much will depend on various factors, for example coastal temperature's will be milder than somewhere like the Pennines, or Lake District, and the current Central Heating pipework may also affect efficiency if it isn't replaced. My house uses 10mm Microbore, so unless I was willing to go through the disruption of having new pipework throughout the house, which I'm not, I'm limited on the size of radiators I can upgrade to; Basically the larger the radiators, the lower the flow temperature required and the more efficient the Heat Pump.
Currently the capped unit price of Gas is 4 times cheaper than Electricity, so basically a Heat Pump COP of less than 4 will be more expensive to run than a Gas boiler, with both on the capped standard variable rate tariffs. One of the reasons I'm considering a Heat Pump is that my current house is now 14 years old and British Gas inform me that the boiler is reaching end of life, due to lack of parts, and my wife would like to change various radiators with something a bit more cosmetic, like uprights in some of the rooms. I think all my current radiators are too small for a heat pump, apart from the heated towel radiators in the bathroom and ensuit's, and the even though the current cylinder is unvented it would also need replacing as part of a change to a Heat Pump system. I think my current central heating system is quite well suited to a heat pump upgrade, the Gas Boiler is in a cupboard in the kitchen right next to the wall and the space on the other side of the wall is probably where I would have sited the heat pump anyway, so they could rip out the boiler and hook into the existing pipework without tearing into the fabric of the house, I'm possibly the exception rather than the rule on that.
This video talking about various tariff's is interesting, but bear in mind that Heat Geek have a vested interest in promoting Heat Pumps and their most efficient installations will likely be the exception, rather than the rule, without significant changes to an existing household central heating system as part of any upgrade.
https://www.youtube.com/watch?v=c88Wv1HSlXs
There's a £7,500 Government grant for new Heat Pump installations, but it's likely a new cylinder and rads, plus installation costs, will take the price above that. I'm undecided if I'll upgrade to a heat pump in the future, much will depend on the price of Gas vs Electricity and other factors. I'd be interested to read other peoples opinions on this?
Ton
you appear to be confused.
The asset value is increasing because of the rights issue - this will go towards investment - NG are projecting asset compound annual growth rate of 10%.
The market values NG on a daily basis, with investors deciding how much they are prepared to pay for a share of the assets and profitability of NG.
NG's investment will grow EPS on a yearly basis.
I am afraid that a car is only worth what someone is prepared to pay for it.
My car is currently worth £10,000. If I have pay for this "upgrade" which costs (7÷24 x£10,000=)£3,000 it will add so much more to the value; trust me.
OK, here's the £3,000.
Market - what is the car worth now?
Exactly the same as it was 5 weeks ago, £10,000.
Cash - are you guys joking? This is a company with £55B of debt on its books. "Cash" of £7B is going to do what? Stop 55 being 62 and meaning the Execs missed their bonuses.
There is only one priority for the Execs and Board - shareholder value.
Ton
''So we shareholders have stumped up our cash and it has had zero effect on the net worth of the company''
??
the net assets will increase, reflecting the money raised just as going xd yesterday decreased net assets.
A rights issue is not going about having an impact worth of a company, it's about raising more cash.
They will have raised the £7bn. So they did want they set out to do.
Why do you think a rights issue would magically create value?