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Thanks Volcano - I realise I'm not alone, the government keeps saying no one will be left behind but I'd wager a raft of pensioners who rely on dividends for income will be.
Me too Lambcurry - I only invest for divident income. 60% of my investments are with Lloyds, HSBC, GSK, LGEN, Aviva & RDSB - The rest is in Investment Trusts. If LGEN & Aviva stop divs.....
I also depend on the dividend for income so I'm hoping Lgen still pay it as I have a large holding here.
I can understand your frustration riskingit, and i bet most of the investors are in the same position as you right now,
and i hope this horrible virus goes away sooner rather than later so we are all back to normal life. Keep safe.
Cutting dividends that I and other pensioners rely on for income is immoral. Why should pensioners be the one's who prop up the banks this time?????
To make matters worse two of my larger holdings Lloyds and HSBC have lost close to 50% combined value. My retirement SIPP portfolio wasn't massive anyway, but was big enough to pay me c. £200 a month in dividend income, now I can't even sell investments to fund income.
Some cosy comments on here from people cocooned in their back bedrooms, perhaps you need to get a better grasp of reality before expounding.
Nice to see US banks, still planning to pay divis. Their view is that many people / funds invest for divis and rely on this income. To take income away from these entities at this point, when people need cash, is a kick in the teeth for them.
My view is if the divi can be afforded it should be paid. *Also fair to note that US companies pay quarterly, so are more nimble/flexible when it comes to payment
I thought LGEN was going ex-divi today ,my mistake.
Final Ex-Dividend Date 23-Apr-2020
Over 3 weeks until they go XD, perhaps the clamour may have died down by then. Particularly nasty day on the markets and in the media. Let's hope no RNS announcements.
Does feel like pressure is building regardless of reality. Its the new martial law that is creeping in using the media to whip up consensus and companies feel compelled to follow. Its as if one person suffers, so must someone else. its a sad race to the bottom to make sure everyone suffers. If insurers can not all get drawn into this today if we have a week or more of “green shoots” this might pass. Evening standard joining in the chorus today https://www.standard.co.uk/business/savers-hurt-as-banks-halt-dividends-are-insurers-next-a4403831.html.
50 years ago I took out two 25 year endoment policies with L&G to guarantee a mortgage. I kept paying in for the full 25 years but with 6 months to go I got a letter from L&G saying that due to poor investments by L& G a MVA - Market Value Adjustment had been made to the final payout and I lost 30% of the value ! I said then that I would never invest with L&G again and i have not
Regards all and GL with L&G
Not just no return but risk of capital reduction. When's oil shares going to get hammered further.
why bother investing if theres no return, keep yer money in ur pocket.
the cut won't be 50% ..in all the numerous recent divi cuts not one has reduced it by x % - they have all been FULL cuts for the rest of this year. hence the price fall, this reflects the expected lack of a divi.
Looks as if divi suspension is priced in today and I believe a good time to buy. Maybe divi will be cut by 50% which would be the best of both worlds
I just wonder if this is priced in for the suspension of the divi. or will it sink again when they declare it.
The Board need to say something, today., ditto M&G and Aviva. The PRA clearly has them by the balls. It is fascinating that in a prospectus published on 18th March to issue a £5 billion Eurobond, the company said the impact of coronavirus as at that date (which was close to the FTSE 100 low) had been minimal, i.e. no need to pull the dividend. Looks like in the new world, any company in receipt of government support cannot pay dividends or bonuses, and nor can banks or insurance companies not in receipt of government support. We’d have been better off under Corbyn. To L&G shareholders, this actually makes little difference. The cash retained remains part of shareholder funds and boosts the solvency ration, therefore the suspended dividend can always be paid out as a special dividend in future as and when the solvency ratio allows, which it probably will. Several other companies that have pulled an already declared dividend have seen their share prices rise on the news.
Here's the guy who has effectively cancelled your dividend! Email can be found here. Mark it as "complaint"
Note the implied threat in Mr Wood's letter!
https://www.bankofengland.co.uk/prudential-regulation/letter/2020/letter-from-sam-woods-to-uk-deposit-takers-on-dividend-payments-share-buybacks-and-cash-bonuses
Sam Woods
Prudential Regulation Authority
20 Moorgate
London
EC2R 6DA
This is no an April 1st joke...just to be clear