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the 25th July dividend must be based on the consolidated position also
My reading is that 355 is the dividend , nothing related directly to the consolidation
355 x 3 is 1065
oldtimer was saying 1068.50 which was the close on 2nd June
Whast I thought would happen from reading is that the share price is expected to be the same / approximately ( in other words not a precise calculation which you would expect if 1068.50 was a critical figure )
The way I read it , is that he expects the share price to drop because of the fall in NAV and the 3 to 1 is so ther share price is roughly !! at the same level
on the current 1135.75 you are paying, dividing by 3, =378.58 for each 355 share you are going to be given back. So you are loosing 23.58p on those shares.
Waits to be corrected!
Oops I got a bit dyslexic with my numbers but that corrected figure just reinforces what I said.
I also have a .5, I must have made a mistake or read something in the Pennon blurb somewhere although I wont quibble over that tiny amount. you can check for yourself on the investor relations page. I did get the right numbers, so 7/3 for trying
Truth is check with the horses mouth for the detail not the horses arse on a forum!
If you read the RNS dated 3rd June re the acquisition of Bristol Water and return of capital you will find that the size of the dividend and the consolidation is based on the market value on 2nd June. People buying buy at the market price at the time of purchase but 3 shares today will become 2 shares on Monday.
I read that Oldfortyniner , it read to me like the 10.68 he uses , is being used as an example , so people buying in now will not be allocated new shares based on 10.68 , they would get 3 for 1
Neither Gerry nor I got the price quite right but the principle is the same. It was £10.68:
https://www.pennon-group.co.uk/sites/default/files/attachments/pdf/watershare-special-dividend-and-consolidation-overview_v2f.pdf
I guess some profit taking As my average price is around £9.50 I could in theory bank a nice profit and assume that more investors have done this today ..But happy to hold for medium long term
My concern is that they were trading a lot lower before the declaration of the special , if you assume that level , then deduct some or all of the 355 it would not be a great investment , hence my reason for steering clear just now
If this is the case surely there should have been a suspension in trading
Not buying just interested in the mechanics of what they are doing
I thought that 1086 was an example
"Why are these dropping if dividend date is end of today?"
Cos the 2 for 3 consolidation is based on 1086.5 so currently you are paying 1137 for shares that will be swapped for less come Monday morning. If it drops below 1086.5 you would gain on the deal so doubt that will happen today either.
Expect some complaints when people start to notice they have lost out trying to get in for the "divi" but find they just got less of their own money back. More important is what will the price do next week without the 2 for 3 anchor.
Why are these dropping if dividend date is end of today?
Expected Timetable
General Meeting
9.00 a.m. on 28 June 2021
Latest time and date for dealings in Existing Ordinary Shares
4.30 p.m. on 2 July 2021
Record time and date for entitlement to the Special Dividend and for the Share Consolidation
6.00 p.m. on 2 July 2021
Cut-off time for participation in the DRIP for the Special Dividend
6.00 p.m. on 2 July 2021
Ordinary Shares marked ex-Special Dividend
5 July 2021
Commencement of dealings in New Ordinary Shares on London Stock Exchange (after Share Consolidation) and effective time and date of new ISIN for New Ordinary Shares
8.00 a.m. on 5 July 2021
CREST accounts credited with New Ordinary Shares (after Share Consolidation)
as soon as practicable after 8.00 a.m. on 5 July 2021
Payment of the Special Dividend and fractional entitlement sale proceeds
16 July 2021
As detailed in the Acquisition, Special Dividend and Share Consolidation Announcement, Pennon is proposing a special dividend of c.£1.5 billion in aggregate, representing £3.55 per Existing Ordinary Share (the Special Dividend). The Board is proposing to pay the Special Dividend to shareholders on the register of members of the Company as at 6.00 p.m. on 2 July 2021.
How do you arrive at 1065
The first question will be at what price it will emerge following the consolidation. It won't be as simple as Friday close -£3.55 as that would ignore the restructure. Assuming at least some of the price rise since the announcement was being driven by speculative purchasers, is it going to settle at the 1065 benchmark used as the basis of the consolidation?
At this rate the SP will rise after ex divi as everyone is waiting to buy!
Watching this myself at the moment , think I will wait till ex div on special
I guess a few folks have sold on the recent rise. Hope to be coming back in any drop off in SP after Special XD on 5th July.
Goes XD for Final (or interim, can't recall) on 22nd.July, so will be interesting how SP moves once people sell after getting the Special £3.55p......
Well about a week to go now so expecting a slight rise for the special divi in the run up.
Bristol buy being investigated, as expected but I doubt there will be any issues with the new owner.
I dont know about a rush to return. Its still on the toppy side imv. Hopefully after the special has taken the wind out of its sales it might migrate to more realistic levels even after this weeks 3.3% drop. there is still time for this to change.
Of course it close to the ex divi date but this is now relatively smaller and the buyback is being done over time so wont/shouldn't affect the SP that much initially unless they start buying huge daily amounts that would be counter productive. I might buyback any in dribbs and drabs hoping that no news/noise allows it to drift lower over time.
I even committed some of the proceeds on a limit order that expires today. I doubt it will get filled as the wanted SP has risen 10% since. Hopefully the share gods guiding my hands to better things here or wasting the cash on something useless.
Not a divine gift then? Shame; a flawed mortal like the rest of us. I can do your other tricks all too well for myself quite unaided, thank you. Teehee!
At least PNN hasn't done an about face on us, fingers crossed for the next couple of weeks.
Hold yer horses there fortyniner! Just pure luck old boy. Sold the first half earlier in the day & the SP dropped to 1,157
Sat at computer holding my mouse & steadilly it got back to 1,162.5.....so hit the sell button. Phew.....
But, not the same story with my BT shares which i sold a few days earlier at 197.5......have carried on up to 204
Am now trying to figure out why my BHP Group have dropped over 12% in 5 weeks, for no apparent reason
Good luck everyone
You were spot on there Millie, well done! I should have jumped too when you originally said you were selling, but I'm fairly happy about what I did.
Just give me the nod when you think is the right time to buy back in will you? :-))