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very positive AGM, dividend of excess capital next year.
Re Dividends and Buybacks
"while we have held back on the payment of dividends, I am well aware that any surplus capital in the business still belongs to you as shareholders. I would like to reassure shareholders that the Board remains committed to returning surplus capital to shareholders in due course both through future dividends and potential share buy backs as appropriate and we will continue to keep this under review."
https://www.lloydsbankinggroup.com/globalassets/documents/investors/2020/2020may21_lbg_agm_chairman_speech.pdf
I listened to the whole webcast,
it was a 'conservatively' scripted AGM, little in the way of any positive news.
The reason the share price dropped far more than the ftse as it was being relayed is because the market is very skeptical that the $1.4b pounds of 1st quarter provisioning will be anywhere near enough.
The market is forecasting that much more than $1.4billion of provisioning will be required over future periods which, coupled with reductions in revenue, will see Lloyds incur significant losses.
There is a reason why the market is pricing Lloyds shares at nearly half their NTA, because the market forecasts that part of that NTA will be chewed up in operating losses over the next few years.
I have exposure, but am not adding to my positions yet, still too risky of catching a falling knife, or that their will be a dilutionary share capital raise.
Agreed Asperger1. let’s hope they don’t use the $1B PPI reserve, I’m happy to take the change. Plenty of capital at LBG!
But aren't we lucky that the previous buy backs were so successful in propping up the share price. Can you imagine what state it would have been in without them ... Not.
" surplus capital returned to shareholders" Yes that is what they say now but will there be any surplus capital at the end of this and will they not be making provisions with it for the future hits on the loan book.
Looks to me like we are going to get little to nothing for a few years to come ,as they manipulate the priorities to suit the situation at the time.
Cpt.Hornblower - do you think the similar drops at Barc & RBS today are also a result of Lloy AGM or wider Covid concerns
Re Webcast
Shameful lack of bookcase backdrop by AHO !!!
https://agmwebcast.lbgevent.com/broadcast
At least the tart wasn’t in the picture
Lloyds CEO says bank can weather bad loans spike in coronavirus crisis
https://uk.reuters.com/article/uk-lloyds-agm/lloyds-ceo-says-bank-can-weather-bad-loans-spike-in-coronavirus-crisis-idUKKBN22X1H8
Lloyds Banking vows to repay missed dividends as it saves money amid crisis
https://www.proactiveinvestors.co.uk/companies/news/920180/lloyds-banking-vows-to-repay-missed-dividends-as-it-saves-money-amid-crisis-920180.html
"I have exposure, but am not adding to my positions yet, still too risky of catching a falling knife, or that their will be a dilutionary share capital raise."
Highly unlikely, the Bank has been trying to reduce shares in issue through buybacks. With the high number of shares, i don't see them having a rights issue.
There are a couple of things affecting Lloyds currently, Covid 19 and Brexit. The lockdown's are in the process of being lifted. probably faster than the Government intends. I was out on a walk this morning and picked up snippets of conversation as i passed people and people are talking about the lifting of lockdown and seem to be up for it. Brexit could go either way, but it's the most overhyped negative bias of anything i've seen in my life. My personal view is that now is the time to make stock picks and i don't see why Lloyds shouldn't be a lot higher a year from now.
In summary, Economies are restarting, AstraZeneca will likely have a Vaccine distributed by October, so things wont be nearly as bad as some predict. Brexit is just ridiculously negatively exaggerated and they'll likely reach some sort of a deal and if they don't WTO it is. On Brexit we'll know either way by the end of June, it's in the EU's interest to reach an agreement too.
Fleccy
I agree we will have some sort of a deal on BREXIT as the EU is in much worse condition than us. Everything should get better by Sep 2020 as much as it can under the current circumstances.
I just hope that the COVID second spell does'nt return in Oct 2020. Considering that the flu jab is partially effective due to the new strains/mutations, the new Covid vaccine's effectiveness is questionable.
VB - but did have on below camera shot? suit trouser, beech shorts or nothing at all?
"Considering that the flu jab is partially effective due to the new strains/mutations, the new Covid vaccine's effectiveness is questionable."
There has been much negative press around the Oxford Vaccine, mainly around the Viral load in nasal mucus being the same for Vaccinated and non vaccinated monkeys, therefore meaning that the vaccine doesn't prevent the spread of the virus. What i focused on was the content in articles about the vaccine preventing Pneumonia, lung and organ damage in all the vaccinated monkeys. It would appear that the vaccine reduces the effect of the virus to around that of a common cold, so a mass vaccination would eliminate the problem and allow the world to move on and economies to stay open. The US has also given AstraZeneca $1 billion to supply the vaccine, would they have done that if the vaccine is ineffective? From what i've read, the vaccine may not be a silver bullet, but it does enough and it will be available by October.
I may be old school here
But I buying as many as I can today
I am forward looking and never look backwards in life once in a decade opportunity to buy Lloyd's at today's prices IMHO
Asperger1
Lloyds Banking vows to repay missed dividends
I hope lloyds keeps to their word, so in 2021 lloyds restarts the divi payment and shareholders get the back dated divi from 2019,2020. This isn't so bad
I agree Sufcessex for me anything sub 30p you can’t go wrong really.
Yes there’s going to be a lot of volatility in the next few months but in the long run you can’t go wrong.
Banks are in a much better position than the financial crash in 2008, I guess we’re into the unknown at the moment but still a great opportunity imho and they don’t come along very often.
Suffy, you must be a major shareholder by now.
Me too . Keep topping up sub 30 . If LLOY goes we are all doomed anyway !!
Hi Littleaston
How's it going
Good to hear from you :-)
Yeah hold a good bundle here
Was gutted by the cancellation of the 2919 Dividend
But life goes on.....
Hopefully the return to work easing of lockdown of opening of shops in June will see a kick start here.
Summer time blues for now with Lloyd's so just enjoying the good weather
Not expecting much here short term
Livestock - I would like to think that those on the register at the relevant ex divi dates are ultimately paid what they were due - but accept it probably won't work that way - find out at the end of the year
Will be very interesting to see Q2 results re PPi dregs, further covid provisions, gross profit v projected divi
Asperger1
End of year predictions anyone?
45 for me