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If that was so, share price would be back where it belongs in the 770s ++
Is there a link to that anywhere, as I can't find any evidence that he made that statement?
Seems that Lewis has backtracked on his claims and the payout provision will no longer be needed.
Is Bank of America holding 6.85 percent of the shares now? The last 3 holding RNS were a bit controversial.
A look at SQZ P/E 4 Yield 10%
Made me look at this holding to compare P/E 7 Yield 17% it states above.
…only dumb people.
Looking at the trading data…
# Trades 1,466
Vol. Sold 542,567
Sold Value £2.14m
Vol. Bought 238,889
Bought Value £925.60k
How does a majority of sellers to buyers result in a 5% gain…?
Add and trim working a treat here at the moment.
Lets hope it holds with the low volume
Super
Yep I know the feeling of Limit Prices set not going through. I'm back in now and only made a couple of shares, I'm in this for the long term, just trying to accumulate some more shares with all the uncertainty around the current issue. Like you've said before, this seems to me like it could easily almost 2 bag in the next 2 to 5 years, any divi's on top of that are going to be a bonus
Gl it could go either way after this rise. I was 50/50 on selling so I thought i try a few trades though I still like this for long term.
So I tried to sell half at 396
It did not like my sell or i got shocking timing I do not think any went through so back to plan a.
I sold at £3.84 a bit earlier today, hopefully I can buy back in and make a few shares the way this is up and down.
Looks like it peaked but saying that I thought this has happened about 5 times today
(Sharecast News) - Shares in Close Brothers Group continued to surge on Wednesday after the merchant bank's first-half results in which the company eased investors' concerns about an upcoming regulatory probe, with Berenberg providing an extra boost after lifting its target price for the stock.
The stock was up 8.5% at 376.64p by 1106 GMT, following a 2.9% jump the previous session after the company announced a raft of measures - including the suspension of dividends - to strengthen its capital position by £400m as it prepares for the conclusion of a Financial Conduct Authority investigation into motor finance, which centres around so-called discretionary commission arrangements. Through DCAs, lenders allowed motor dealers to use their discretion to land on interest rates within a certain range, leading to claims that consumers had been over-charged for car loans between 2007 and 2021.
Berenberg said that actions, which could provide around 390 basis points of capital support, "help to alleviate risks to the bank's potential large and uncertain motor finance redress costs".
The broker added: "While uncertainty remains high, with the bank's share price still down c55% ytd, growth in Close Brothers' core businesses is also reassuringly resilient."
Berenberg upped its target price from 425p to 470p, saying it now values the bank at 0.4 times tangible book value, up from 0.3 times currently.
"We maintain our 'buy' rating, but acknowledge risks may be too great to bear for many investors."
About to blow through £4 ALGOs or not
Or just algos propping this up Mary, this went up like 8% on less than 20k shares.. insane
Super spike up from 340 add
GLA
Hold4Gold
“Personally, I do not find these words reassuring. ”
Then almost certainly isn’t the investment for you.
Personally, I take a view that management team are doing prudent things in recognition of a near certain risk.
What more could you ask?
I think that’s more interesting than what’s said is what isn’t said. And what needs to be read between the lines.
I find it interesting that Lloyd’s, who probably have the biggest exposure to compensation, have chosen to provision £450m. Yet Close has stated there being no need to name a number at this point.
Management will have their best / middle / worst case numbers. So why not put them out there?
My view is that building £400m of immediately accessible capital signals the worst case capital requirement to cover compensation; remain solvent and not require a rights issue.
I also suspect that the FCA, PRA and government have no desire to force a UK bank into a rights issue over this issue. Just think through the consequences investor confidence.
It might be ok for Metrobank to be a bit doddery, but the bank that owns the investment company that issues UK government debt?
I think the worst case numbers here are overblown and the shares oversold.
The material impact on profitability is almost certainly a direct consequence of taking less profit on business to make capital more immediately accessible.
You’re right that this is going to hang over the shares for a while. But, as the knight in Monty Python would say, “tis merely a flesh wound”.
FangKat - "Think today's RNS was quite sort of re-assuring." Really, I do hope you read the small print in the RNS announcement and in Close's own words "These actions will leave us well positioned to withstand a range of scenarios and potential outcomes and are expected to adversely impact the group's operating profit in the next financial year." ARE EXPCETED TO ADVERSELY IMPACT THE GROUP'S OPERATING PROFIT IN THE NEXT FINANCIAL YEAR - Personally, I do not find these words reassuring. While there will be trading opportunities as news is announced the FCA review will be a pall over the Company for a good while yet.
Added back a tranche at 348p felt I was light
Could well do so, another chance to trade if it does. Think today's RNS was quite sort of re-assuring.
Heading back to 330p ?