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Yep reckon decent bounce here
Priced in
The Board of Close Brothers Group plc ("the group") is updating the market following the announcement by the Financial Conduct Authority (the "FCA") of its review of historical motor finance commission arrangements.
There is significant uncertainty about the outcome of the FCA's review, and the timing, scope and quantum of any potential financial impact on the group cannot be reliably estimated at present. In accordance with the relevant accounting standards, the Board has concluded that it is currently not required or appropriate to recognise a provision in the group's Half-Year 2024 results in relation to this matter.
Our business continues to perform well, and we are confident in the strength of our business franchise. Our Banking division continues to deliver disciplined growth at strong margins and stable credit performance, and generated approximately £112 million of adjusted operating profit ("AOP") for the six months to 31 January 2024. Close Brothers Asset Management delivered strong annualised net inflows of 9% and Winterflood remains well placed for a recovery in investor confidence. We expect to report overall group AOP of approximately £94 million, after Group (central functions) net expenses.
The group has a strong capital, funding and liquidity position. At 31 December 2023, our Common Equity Tier 1 ("CET1") and Total capital ratios were 12.5% and 16.4% respectively, providing significant headroom over the minimum regulatory requirements1. Our leverage ratio, which is a measure of capital strength not affected by risk weightings, remained strong at 12.7%. Our conservative approach to funding is based on the principle of "borrow long, lend short" and we hold liquidity levels comfortably ahead of both internal risk appetite and regulatory requirements, with a Liquidity Coverage Ratio in excess of 1,000%2.
Buy button ready.... let's see.. drop then a relief rally ?
Nearly in line with my guesses as per prior posts. 2024 no dividend and 2025 dividend at risk
Marshall Wace slightly upped their short, this would have been a push down factor.
However, we have reach a floor so they will be looking to unwind their short position now.
"Read the tape" It can't even hold on to a 1% gain, it's going down another 30%
Do you actual hold any Paulwood with Posts x 3 ?
The drop is overdone, accumulation for me at this level.
Are you bothering to read the tape? the shares are being bundle bought, and the sells have dried up.
this is now sideways action until a big buy is placed then it would jump 15%
We will see 350 within a week, the thing can't even bounce
We are going to see another 10% drop tomorrow
Even with the FCA things, the intuitions will be looking to load up here for a long term hold.
Looking at the weighting this should end up at 500's within a couple of weeks.
Yes , I’ve just gone long as the price seems happy at 4 quid, should be a dead cat bounce here if nothing else…
No I know but it certainly puts their financial situation into focus re potentially huge fines etc , I’m an x trader in the city and believe me with the fall in the share price etc the market clearly expects the dividend to be passed, and tbh it should do in anticipation of an unexpected ‘financial situation’
Institutions are loading - easy pay day from here
Chelmochaser
Share price movements have absolutely no direct impact on a company's ability to pay dividends.
Wayne, previously saw your post on this and your effort appreciated. However in the end something officially released is needed really. Seems rubbish that a share price can dive 50% in relatively short time and not get something from them.
Another month probably before we hear from them is too long
What does seem to be the case (touch wood etc.) is that the price does seem to have settled down to a more narrow range.
.
Thanks….good plan
Chelmo I sent an inquiry to the company (see reply on 6th feb) so if everybody else does the same then we might get some more answers.
From 600 to here was a massive tree shake, and now the institutions / MM are at the price level they want 400, they are filling up and buying any freefloat.
Yeah stated response by 25/9
That’s why they need to RNS their thoughts and views on this situation
Any investigation will take about 2 years, as they will need to get complaints, have each case followed up, reviewed etc.
Looking at the period of review the contracts would be solid and clear, and given that PPI was being investigated, all contracts and practices would have been changed to avoid issues.
the whole case is utter BS.
Management really need to RNS a response think the board are totally asleep here ,sticking their heads in the sand and hoping it blows over- IT WONT
Plus ML like a dog with a bone so he will just add his tuppence worth at any opportunity …