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What an utter mess, great company and now its announced that its setting aside monies to manage the mis-management over the last years and already the flood gates are opening and its going to be PPI all over again. Sell today, it will always be cheaper tomorrow. Lesson here is never ever admit publicly that you did anything wrong, as soon as you you that then the wolves are at your door.
Morning AimMaster2018 š
What a surprise to see you hereš
Yes I did invest in Stj. But I jumped out with only 6% gain thanks to the dead cat bounce. It was painful to watch.
Have a good1š buddy.
GoodLuckš¤
The dead cat bounce has the look of a decomposing body rising to the surface before it sinks to the bottom waterlogged to rot.
You're not alone in this techno. Very often the computers overdo the drop & there is a relative bounce once they are reined in.
Nofear ? Don't tell me u bought the same one I have. Capy cat š»
Been following this one for a while and bought a small amount earlier. Not every day you see a FTSE 100 company (for now) fall approx 35% at its lows on the day but pleasing to see it finish "only" around 18% down. With the recent takeover action on a few other large companies that's my guess for the next 12 months as despite some historic issues with the business they are the UKs largest financial adviser. I thought it was worth a small position. Good luck all and sorry to the longer term holders.
Or Schrodersā¦..they have a JV with Lloyds for mass market and the wealthier STJ clients may be attracted to the blue blooded boys and gals at SDR.
Although SDR was sniffy about the culture at MNG, and may well turn their nose up at the oiks at STJ.
1 billion market capital off and 450 million back on up until now so still big interest or lots of selling due after a 20% increase from todays low . Hopefully the money will stay in the sp
Glad I sold my entire holding in January.This company not investable atm. I feel sorry for existing shareholders. However I do believe this Company will prosper towards the end of the decade. Until then goodbye everyone
More likely to be Lloyds bank the ones to take over STJ
Opens the door to someone like Blackrock or JPM to acquire billions in funds under management
Seems to be bouncing since you posted that :)
All time high of 1742 in Jan 2022
June 2022 downtrend starts
Now significant drop on mis-selling (Expect more)
In future - stock market problems , recession etc. will lead to levels not seen since the 2008 crash (i.e. a 90% decline from the top)
The business damage is yet to emergeā¦..
Partners / distribution staff leave to other IFA networks
Clients going elsewhere
Poor servicing caused by the above.
A three year recovery plan means it will be a very different business before it is investible again.
I suspect there will be a lot more red ink in the next year and the SP has further to fallā¦.
Eventually there may be some M&A to deliver some value but this may be a low ball PE deal so that the business can be broken up out of the public gaze,
It is a sell for me
Onlyonewhufc has been quiet since his post of 26th January.
Does not want a massive sale of shares, id be buying sub 400
āThe assessment revealed that our evidence of ongoing client servicing was less completeā¦ā presumably there was no evidence because there was no ongoing client servicing, do these people think that investors are mugs? They probably do because thatās been their business model until they were caught out. Why not just be honest instead of looking like fools.
2027 is the timeline for some sort of recoveryā¦..
This is a speculative investment for the next 3 yearsā¦.best avoidedā¦.the best partners are likely to drift away to IFA networks and other wealth managersā¦.there is lots of red ink to come from SJP.
In some ways it does seem strange that the scale of these plans / provisions have not been flagged earlier.
It seems likely that an exit from the FTSE 100 is now on the cards, how much stock will be dumped in the market when the trackers shift to its replacement.
A bit ironic that SJPās own shares are such a good example of why active management can help avoid known problems in tracker funds.
Well, the stats on corporates who cut dividends are very poor indeed. Personally taken the decision to sell all shares given the results, huge uncertainty and guidance for future returns provided in the results. Capital and returns risk are now simply out of whack.
The SJP model has simply run its course. It simply charges too much vs competition and relies on ignorance of investors. The FCA know this and Iām a little astonished they have got away with it until last year or so when wheels started to come off with the relentless regulatory focus.
This along with VOD is my largest ever loser in capital terms - fortunately not a sizeable position. Win some etc. Cut losses across 3 wrappers and will deploy elsewhere. Opportunity cost and headspace will all benefit. Good luck all
Compensation to partners past and present will be much more than the Ā£1bn they have suggested so far.
If the working practices are anything like the post office scandal then that could easily double.
Not for me. Very little trust in management currently.
What a load of tosh from the company today! A series of unmitigated disasters and it's all dressed up as positive by the CEO. How about an honest assessment of what has happened and how it's going to be addressed?
Tempted to buy at 400 if it drops that low.
Worth a punt at that level.
And I think the Investors Chronical was rating the shares a "buy" earlier this year !