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Yeah mandy travelled alright , all the way up to Strangeways cat A.... He was caught exposing himself in public (again)
Quite and boring, even if some of his posts seemed a bit aggressive Rod did put his views across in a very interesting and though out way. hope he is in good health and enjoying himself where ever he is.
Since 24th Apr each time there have been attempts to pull the SP downwards below 1.04p It seems there's heavy buying kicking in to push stock back upwards. Though with each attempt made it's bouncing upwards less and less... Are we going to see the resistance at around 104p fail? Or can the appetite for BT stock prove strong enough to power it upwards if the shorts give up and close out?
It is quiet on here these days. beginning to miss old Mandy. hope he`s enjoying his travels, chilling out and looking forward to divi and SP improvement.
Has anyone had any updates on the court case, can't find any info beyond the headlines late January 2024. Also a brief update that stated the trial was over and a decision is awaited.
I did check BT's last full set of accounts and whilst it is mentioned (under risks), they seem pretty confident of a win, and stated that they have made no provision for a possible fine.
Doing my homework, it does seem like an attempt to cash grab by a former OFCOM employee , and his financial backers.
Does anyone have a view, personally I have somewhat assumed that the drop since January may be a result of this, and that the result if it goes against BT is largely in the price (wishful thinking at best, I guess).
Also, generally speaking the loss of a retail customer, means they gain a wholesale customer. If we assume many move from BT/EE to Sky, etc. Given we provide Sky and many others with wholesale services.
As an aside, when I was working for BT, as a senior customer ops manager in Global Services (now retired), I visited the Network operations centre at Adastral Park. Whilst there the management made it clear to me that we (BT) made more money from wholesale customers than retail customers. I asked why, and he stated that we have zero customer support costs, and that the ISPs take care of that themselves. Whether this is still true is debatable.
"now you have countless independents with aggressive pricing rolling out FTTP and poaching customers."
OK, if the competitors pricing is so aggressive, why did they cry like babies to OFCOM when BT cut wholesale prices to customers like Sky.
25.95 million ☹️
The Morgan Stanley RNS, reported on the 25th April, showed in the Off Book volumes on the 22nd April. On the day 194 Million Off Book volume went through, with a further 25.95 shares traded On Exchange.
https://www.lse.co.uk/rns/BT.A/holdings-in-company-oxsnr5qe18ti6g8.html
https://docs.google.com/spreadsheets/d/e/2PACX-1vS4gJMsDAQq9sJ_zHqi_JnoVTryAdb4X64c7Clw12E2sGT3N6dTJfB60O8bc5Ns4burXvSSCVFrLvWC/pubchart?oid=457705223&format=interactive
Have a look back during the period of the ex-CEO and see how much capital he pushed through into R&D and related plant and equipment and check out some press releases related to R&D developments ..... any strategy has involved in investing for the future, not just executing the current one
In terms of competition, BT has always been aware of competition ... in fact they know the market reviews their performance as not just related to UK competitors for revenue, but against European peers in terms of P&L,KPI performance innovation etc etc ...
Many people are happy with FTTC and won't be poached away. The speed my son gets from FTTC does everything he wants. why buy a F1 car to go to the local shop. His offer from a competitor for FTTP was slightly lower than BT from the FTTC but only for a year then it doubled. ( if BT was to lower prices just below competitors OFCOM would have a field day) I wonder if OFCOM employees are banned from buying Telco's shares ? oopS! back to subject in hand, The competition will struggle to take those away from FTTC when they already have the speeds that fulfill their needs.
Fleccy
It’s BT’s strategy, handed over from PJ predecessor.
PJ’s job is to execute the strategy as well as further develop and extend strategy , for hand over to a successor.
Developing further strategy is what requires imagination , innovation and entrepreneurship. The job of a CEO. PJ hasn’t done that. He has only executed the existing strategy and there has been nothing implemented to stifle the share price decline or progress the dividend as is the policy.
Managing directors and directors execute strategy and meet KPI’s.
CEOs should innovate those strategies. Not just work on existing ones handed over, and see the share price flatline. He was a mediocre CEO.
Problem with fttp is BT have competition where it didn't have competition before. That's not great for business.
A few years ago virgin was the only real competitor, now you have countless independents with aggressive pricing rolling out FTTP and poaching customers.
Not only that the prices of these competitors is cheaper than BTs offering too.
On the landline side BT must be facing a lot of Pressures.
Yea - fully agree this was always a slow burner. So many “brokers” saying they should have installed fttp sooner! But they had to wait for the green light from Ofcom to get a “fair return on investment” to spend £15 billion.
Jansen/BT have well telegraphed their strategy going back as far as 2019/20, it isn't his fault if the market chose to ignore the updates.
From 2019 results
"“Our aim is to deliver the best converged network and be the leader in fixed ultrafast and mobile 5G networks. We are increasingly confident in the environment for investment in the UK. We have already announced the first 16 UK cities for 5G investment. Today we are announcing an increased target to pass 4m premises with ultrafast FTTP technology by 2020/21, up from 3m, and an ambition to pass 15 million premises by the mid-2020s, up from 10 million, if the conditions are right, especially the regulatory and policy enablers."
https://www.bt.com/about/investors/financial-reporting-and-news/results-events-and-financial-calendar/2018-19#tab-18-19-accordion-1
Jansen had only been in the job for a couple of months at that point, obviously they've speeded things up since than entailing spending more on Capex. I'm not happy when my dividends are reduced, but I can see where the cash is going. I didn't work for BT, so I can only go off what I've seen and heard over the last 5 years, but I've agreed with Jansen's plan to rollout Fibre and 5G as fast as possible.
Fleccy as phat said, pj was paid millions.
Halved divi
Bad strike management
All he has done is what any ceo could have done, roll our fttp.
He did nothing new, inspiring, transformational, or entrepreneurial, which is what the big bucks is paid for.
Plus Abject , back in 2020 Jansen suspended the divi for 18 months , then reinstated it at 7.7 pence per share. It had been previously 15.4 pence per share.
So not only did he half the share price during his tenure , he also halved the divi. Jansen has been a disaster for anyone investing in BT. If he failed to communicate his strategy to the markets adequately , then again the fault lies with him , he was rewarded in millions , and just look where he has left us. - desperately fighting to stay above £1.00 per share and talk of further divi cuts.
Jansen has been a disgrace , he has took the money and slithered of - good riddance to bad rubbish
They're developing and testing new tech at Adastral Park, they're rolling out FTTP and 5G faster than anyone else, and finding cost savings as the transformation progresses. I'd be interested to know what more BT can do?
He could have done more Fleccy
I think Jansen had/has the right strategy, it isn't his fault if the market can't see, or chooses to ignore, the plan.
I think you’ve got a point about OFCOM.
At the time I wrote to my MP pointing out the fact you refer to.
Interesting that he gave me reasonable response that didn’t dismiss my concerns out of hand as I thought he might ,he also suggested that my letter had prompted him to some research on the topic.
If MPs get enough input from constituents about the demonstrable lack of impartiality of OFCOM it may help a little.
Fleccy. You’re being too nice to Jansen for a momentary slip of the tongue as reason for his departure.
Hes gone because he was a waste of space who saw the SP halve in his tenure, and didn’t see a point in staying to leave on good performance because that was too far off for his liking. He was around 5 years, and had recovery been 12 months away he would have stayed, so it was on his watch, but recover isn’t 12 months off, so he went.
The weirdest OFCOM action I've seen, that makes me wonder about their attitude toward BT, is what happened with Jansen in respect of the end in tears comment.
https://www.ofcom.org.uk/news-centre/2023/openreach-independence-well-established#:~:text=The%20comments%20of%20BT's%20Chief,Ofcom%20and%20industry%20significant%20concern.
The Jansen comment was reported in Feb 2023
https://www.benton.org/headlines/bt-chief-warns-openreach-fibre-push-will-%E2%80%98end-tears%E2%80%99-rivals
https://www.ofcom.org.uk/__data/assets/pdf_file/0027/255528/letter-philip-jansen-to-melanie-dawes-060223.pdf
By the end of March, Jansen was on his way out of the door.
https://www.ispreview.co.uk/index.php/2023/03/bt-group-uk-reportedly-hunting-for-new-ceo-to-replace-jansen.html
It appears that Altnets can do as much goading as they want, but any kickback from BT and OFCOM are all over them. It wouldn't surprise me if Jansen went due to the "end in tears" comment, and the subsequent OFCOM delaying action on Equinox pricing following the comment.
OFCOM don't appear to be friendly toward BT and seem to treat them as if they're a Government department rather than a publicly traded company with shareholders.
Ha, yeah savage had to study your post to decipher it , haho. I agree about conspiracy theories but don`t you think over last decade OFCOM have scrutinised every move BT have made. And not for the better. I grow weary of OFCOM`s constant fault finding and believe that the court case ongoing is brought by an ex OFCOM employee. Is this not akin to insider knowledge?
Anyhow codswallop or not BT will continue to be at the mercy of OFCOM unless present management grow some.
have a good weekend, same to all.
Do we have any dates yet?