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We got our 2.2% first offer on the table and as usdaw don’t give us the chance to vote on our pay rise that’s that!.. where as the depots our covered by the unite union , Tesco did crow that were paid 5p above the real living wage , I did reply to my manager I will skip to the milk section and get my 4 pints of milk with that “chuckle”
So with inflation running at 4.8 we’ve had a pay cut, also we’re paid less than Morrison’s shop floor staff by about 40p now,
Gunner22, you never noted that HGV drivers like myself were only offered the same pay reward as we are tied into the same wage negotiations. People think hgv drivers are all getting fabulous money now but not at Tesco take it from me, without masses of overtime the money is not good at all:-(
Dont forget if shop staff didnt empty the trucks at the shops and put the stock out Tesco wouldnt have a business are the shop workers getting a pay rise
This is a vicious circle once one set of workers want a pay rise it becomes a knock on affect around a business
Hi Gunner22, I am totally up for everybody getting the pay reward increases that they deserve and hope for all of us that this gets sorted quickly. You guys have been keeping the business on the up over theses very difficult times so here is to a positive outcome.
Gunner I guess that's not unusual. Workers wanting more pay and TSCO trying to protect their margins. The job vacancies out there make it advantageous to the worker so no doubt a solution will be found before distribution is hit. Employees Pensions are linked to sp performance so some long term workers will have to look at the bigger picture too.
I work for Tesco in a Distribution Centre and 3 mths ago Tesco offered a £0.22p ph wage increase to the workers that was rejected by 97% of the workers in 6 DC's, Tesco came back with £0.37p offer which was again rejected, so now its went to industrial action, so that 6 depos, Tesco could be hit with supply issues in the next coming mths, just saying.....
Hi if you press the large blue tab that says more information it will come up with the financial diary if you need to fine out any more divi days
Forgot about it my self until someone reminded me a few weeks back
thanks very nice eh
Yes 3.2p payable on 26thNovember ex divi 14th October.
hi is there another dividend payment this year?
Having just read through Tesco Share News above it does seem that we are in a strong position within the sector and was wondering if we can take market share going ahead pre Christmas if we can maintain our supply chains. It was interesting to read that Morrisons lost some market share during the same period as did Sainsburys and only Lidl had a marginal increase. Things do look uncertain economically over the coming months but I would rather be with a company that has strength in the areas that matter. Lets hope this protects the sp going forward. DYOR and GLA.
MillCottage
I agree weakness in sp is more than likely supply issues. However, TSCO are probably best positioned to not be as hard hit as its competitors. However, consumers budget and if their monthly shopping bill is £600 then they will still spend that amount. I think inflationary pressure is probably the main concern as the Christmas period approaches and maybe the buyback strategy is sensible during this period.
I agree.
Having pension black hole plugged removes that liability problem and draw on profits in the future.
Slight dip this morning with Sainsbury also down by same amount. I th9nk this is due to the nervousness with supply chain issues after ONS report saying 1 in 6 had struggled to buy essentials in last few weeks.
If they go sub 270p then a good buying opportunity for a 10% gain when shares hit 300p plus in next few months.
Pension deficit now only just over 400 million companies in great shape shares cheap still Tesco has finally turned the corner and really going to deliver for shareholders now 3 quid plus soon
I still believe the move to not pay off the entire pension deficit was a strategic one, to fend off any potential bidders. Then use profits on an ongoing basis to maintain/slowly pay it off.
Ken Murphy came out and denied that the buyback was a move to defend against a takeover attempt but I still feel it's at the back of their minds with what has happened to two of their major competitors in the last twelve months.
I will take this opportunity to say that while I have stated on here before that I have worked for TSCO for many years, I work nowhere near anyone who will be making those kinds of decisions and what is said above is purely my opinion. Just for clarity's sake.
Gad
Would someone with a £100,000 mortgage who inherited a £100,000 necessarily pay off all of their mortgage. I wouldn't in that situation,if I was only paying a 1.5% mortgage interest rate.
Gad
As far as I remember some debt was paid and a contribution was made to the pension fund from the asset sale proceeds of £8 Billion - so must have been a £3 Billion contribution in the direction of those.
Quite often a buyback programme starts relatively shortly after a company announces it.
Bearing in mind though that the first tranche amount is £500 million with an October 2022 cut off time,that would suggest going on daily volumes and working backwards from Oct 2022, they could if they so wish not actually start the programme for a number of months yet.
LTI, thanks for that. I don’t get on most days so miss a lot of chat I’m afraid. Would it have been an idea to have paid off a chunk of debt instead then, just a thought ?
Gad
''Just wish they had bought back shares with the £5billion ''
06 Oct 2021 16:05
''They should have just bought shares back with the 5billion ''
You obviously didn't read the response the first time.
06 Oct 2021 16:56
You need to read up a bit- Tesco would only be able to purchase up to 20% of average volume on a daily basis. It would take years to spend £5 Billion on buybacks, which is why it was returned to shareholders in one lump sum.
The current buyback programme is 'ongoing', meaning that shares can be bought back on a continuous basis as a new tranche is announced. This would come from profits as they are earned rather than from £Billions sitting on the balance sheet..
Nope pretty sure that will not happen , especially after the buy back offer. Just wish they had bought back shares with the £5billion and we would be flying now with no consolidation needed in my view !
a1
did you only buy Tesco shares at below asset value?
Not a worthwhile investment for an investor in having a business with X amount worth of assets if the business is not making a penny in profits.
a1
Not all business is about the value of assets - many businesses may have very little in the way of assets but trade to make good profits.
Tesco buybacks would be buying into the profitability of the business.
The market currently values the assets and profitability to be worth about 275p per share.
net book value per share was £1.72 per share from the interim results. Therefore they will be buying back goodwill with the share buyback scheme. This is not right as far as I am concerned and you should only buyback shares when the market capitalisation is below the NBV of the company. They should pay it out as a special dividend instead.