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I'm not sure there ought to be a principle that reward directors or others at no cost to the business and entirely at cost to shareholders.
Since the commencement of the share buy-back programme announced on 2 August 2021, the Company has purchased 167,549,375 ordinary shares on the London Stock Exchange in aggregate at a weighted average price of 182.8108p per ordinary share.
Aren't these in essence shares that would have had to be issued regardless of buyback given they are tied as part of senior pay packages? Wouldn't that just dilute the share price if they didn't buyback?
The reason they get away with it is because the Buyback makes the financial headlines and the new share issue does not.
There should be a law that says they can't have a buyback while at the same time issuing new shares.
Thank you freeposter
This is exactly what I mean.
What point is there in implementing a buyback program, when at the same time, you are also issuing new shares !!!
Looking good
Well, up to Thursday close the current buyback had reached in excess of 165 million shares, but yes, as ever, saying they will do one thing doesn't meant it can't be mitigated by another part of the plan.
So these 10 million new shares effectively negate the buy back ?
Quote:---- I hope that this does not mean 'new shares'
20 September 2021
Barclays PLC - Block Listing
Barclays PLC (the 'Company') announces that an application has been made to the UK Listing Authority and the London Stock Exchange for the block listing of 10,000,000 ordinary shares of 25 pence each in the capital of the Company (the 'Shares') to trade on the London Stock Exchange and to be admitted to the Official List.
The Shares will be issued and allotted under the Barclays Group Share Value Plan.
When issued, the Shares will rank equally with the existing issued Shares of the Company.
Admission is expected to be effective on 21 September 2021.
Thanks Crunchy.
They have announced though that "Barclays will be offering a share alternative in the form of a dividend reinvestment plan (DRIP) for those shareholders who wish to elect to use their dividend payments to purchase additional ordinary shares, rather than receive a cash payment"
I hope that this does not mean 'new shares'.
They stopped Scrip dividends earlier this year.
Like all companies, dividends can be used to purchase shares.
Ain't no farce here.
The problem with the buybacks, is that BARC are issuing scrip dividends at the same time !!!
It's about time this scrip dividend farce was stopped.
Last chance to get in below £2 early next week?
Don’t know about 200 now. But expect it will be on the 21st OCTOBER. :-)
As at close yesterday, just over £300 million of the £500 million intended share purchase has been achieved, with almost 1% less shares in issue than at the start of the process.
That suggests to me that the 200p barrier could be breached with relative ease.
Buy orders for 30 million, sale orders for 15.8 million equals price reduction of over 2%.
Keep buying folks and we'll pick up some very cheap stock!........
See Barclays USA benefitting from lower household risks and increased householders income, rather than no income, also larger infrastructure projects to go ahead for the time being as the economy tries to get a further kick start.
Barclays like the US Banks will benefit in lower riskier assets and less reserves being required to off set from increasing profits! IMHO.
Well Del Boy, let's put it this way! Had I kept my cash in UVLR and placed my trust in them rather than BARC, I would have been a millionaire. Instead, my chosen route has me currently hoping to reduce a current 5 figure loss. While ULVR and many others increased their share value eightfold, BARC has withered by two thirds. Might it be optimistic to expect the next decade to redress that imbalance?
Freeposter, I feel a bit like Del Boy, saying "Next year we'll be millionaires!". Of course you are right, BARC has been a constant disappointment for over 10 years. Management promising the earth and failing miserably. The end of PPI compensation was supposed to herald a turning point but Coronavirus arrived. Perhaps BARC will never be what it once was but I'm still hoping they have better times ahead.
Yes Bald_eagle, I have no reason to disagree with your sentiments, those were similar my own at a previous time.
In 2019 I was looking forward to the final dividend that was cancelled by government, but how confident can we be with the decisiveness and competence of the present government or any replacement?
Pre the financial crisis I sold shares like Unilever, who it is said are presently in difficulties, to buy BARC when their share prices were the similar, BARC cost a bit more. Not comparable now. BARC said all was well and their quarterly dividend was something like 10p and the final 20p. Just come across a valuation for BARC of 23/01/2015 with market price of 234.15 and from your figures and mine there has been a total of 25p in dividends since then.
I'd love to have your present confidence and not to have had my past experience and in all honesty, hope you are correct in your beliefs and expectations. I think it's more than 12 years since going into loss with BARC and each time I bought more, my losses increased. Twice when the share price went above 189 during the previous buy-back I sold most of my holdings and bought back as the price retracted with just one mistake, buying back too soon. So I'm still in at a set maximum number and if they continue to go up at the present rate I'll hold on. If they don't it will be decision time.
Good luck.
Freeposter, 2019 was heading towards a 'record' dividend payout - in recent history - until the pandemic landed. If we can get back up to +6.5p for the year then the SP should also head higher.
Interest rates are now forecast to rise....albeit 0.5% base rate next year is still pretty low IMO.
Governments will have to start spending huge sums of money on the green agenda over the next couple of decades. A strong banking sector will be needed to finance those projects. Hopefully BARC can stay out of court long enough to make some money...and pass a bit onto shareholders.
Hi Bald_eagle, indeed it is the amount and not the frequency that is all important, although less frequent returns can hide poor performance and a company's commitment to shareholders. Just highlighting that excepting 2018, since going biannual, all dividends thus far have totaled less.
I don't expect regaining the confidence I once had in BARC. From after the 2013 BARC rights issue, I have maintained my BARC holdings in hope of them recovering some or all of their losses, yet even after allowing for all dividend payments they have lost more money. My present hope is BARC will continue their current recovery, then jump ship in hope of finding a more investment for my future needs.
Meanwhile I send you my very best wishes and hope your plans bear fruit.
And in times of inflation and rising interest rates banks do quite nicely,