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Started: Snuppet, 14 Jun 2024 16:45
Last post: HH88, 18 Jun 2024 11:02
The price of the UK trying to be green enough to counter China & India perhaps?
I did the same as meoryou to deliver an average around 893p, which is 9p or so below divi day. I expect us to be above 900p by first week of August. The game plan is to hold for a year. Eventually it returns to 1100p area if the investment is all going to plan delivering 6-8% growth. In the meantime NG shares go in the draw as most of them will pay out a good divi in a few weeks time.
Think yourself lucky, my breakeven is £9.56
I'm 8.5% down at the moment!
Sit and wait, and see what the next dividend brings I guess.
I calculated my break even is £9.18.
I bought some more separately which dropped my break even to £8.95
( after div in both cases).
I’m sure we will get there, but no idea when.
But at least it’s back to being a boring share you can forget about
Am I missing something?
Since this rights issue, I saw my shares in NG drop 15%
I paid for the rights, so forked out another €2k
And I’m still down 6%
And the dividend is permanently lower.
There senator be so many people saying how great this is..and all I see is the loss of about €1500
Started: ftseexplorer, 13 Jun 2024 11:11
Last post: ggplyr, 16 Jun 2024 15:24
The rights expire, if you own the option to buy something by a certain date and that date is in the past you don't own much of any worth
Thanks Guitarsolo & ggplyr.
Think I wil craft a letter to Interactive for my son and see what response he gets given 'rest of the rights not taken up were then sold on on £8.35 per right'
Fact is surely you still own those rights don't you irrespective that they were sold on???.
The RNS for the rump placing said that rest of the rights not taken up were then sold on on £8.35 per right.
so you can expect to get 8.35-6.45 = £1.90 less a % or two for costs
Jiffy,
As it was a fully underwritten offer I would expect your son to receive the closing price of the unused rights that he couldn't exercise. It was fully underwritten, so someone else got those right to buy at 645p.
I didn't pay close attention to the final value of the rights as I was exercising mine in full. But I think it was around £2.
GS
Hi Guitarsolo,
Re:' But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.'
In my son's case he did not have all the required funds required in his Sipp as at the 05th June, but did so by the so by the 10th ,so unfortunately missed out on the full entitlement of the RI.
He did however complete his election form on time as required with some funds available and so these were taken up and alloted accordingly.
However he now also has an an excess of unused rights, so in theory according to your response aboveif this is correctt as you describe now has an automatic right to receive c £2.0 per unused right? or is this wholly dependent on the broker's decision as to whether you will receive monies for untaken rights?
Started: Ambition, 14 Jun 2024 09:27
Last post: meoryou, 14 Jun 2024 12:13
They are now just normal shares with all the same rights, but did not qualify for last dividend
Looks like they have been added to my normal shares
What has happened to the nil paid rights that we recently paid for. Initially showed in my investments with nil value, then paid for them and they showed how they were performing, then they went back to nil value and now have disappeared from my list....
Ditto and there's still 57Bn of RI to come.
The real scandal is how many years worth of unconnected renewable energy has been lost. Various estimates, a potential 200GW multiplied by the time in HOURS of GWh squandered.
As a participant of the TUI rights issue i wish you all the best of British luck over the next few weeks and months.
The TERP price of TUI shares was around £8 per share. After the RI kicked in the share price nose dived to £4 a share and has never properly recovered (£5.93 at the moment)
I have learned my lesson with share dilutions and will get out immediately if any of my share holdings are to be affected again
Started: Reader61, 13 Jun 2024 11:31
Last post: longtimeinvestor, 13 Jun 2024 16:05
El
''Under Labour the National Grid is going to benefit.''
NO - National Grid /shareholders will benefit from the investments that they will be making over the next 5 years - NOTHING to do with a government
Under Labour the National Grid is going to benefit.
But a big cost to taxpayers setting up a nationalised company. Not needed - there is already a long queue of green energy generators waiting to plug into an expanded grid that National Grid will be rolling out
ZERO negative effect on National Grid
Apologies if this has been covered, I missed it if so? I wondered what the board thoughts are on costs to NG and subsequent effect on share price of Labour’s proposals to rewire Britain and build a clean energy grid? It likely will require National Grid to adapt to new regulations, investment strategies, and operational changes to support the UK’s energy transition?
It may be very positive but I just don't know where/how to start gauging this?
Started: fleccy, 8 Jun 2024 20:08
Last post: fleccy, 13 Jun 2024 08:47
Thanks, I'll make sure I fully understand whatever quotes I get and the work involved. Whichever heat source I decide on will require some radiator replacements, so it'll probably come down to a combination of the upfront cost and where I see the cheapest running costs, and nothing to do with being green.
My conclusions on this topic.
1.Having just recently replaced a 25 year old Worcester Bosch 28CDi boiler that required more and more attention over the last few years like loss of pressure on a regular basis , I was advised to opt instead for a Baxi Boiler which I have now done so as it has more metal rather than plastic components. Granted the Worcester Bosch in it's day was a great boiler but not now it seems. So far, my gas bill has now reduced and am more than happy with it, ie it's far more efficient.
2. Would I choose a Heat Pump? Short answer is No.
Been flooded as of late from companies trying to sign me up fo govt grants without any guarantees that they would ensure a heat pump system would provide the same heat output as a gas boiler at a cheaper cost. Further, I also learned today after watching the Skill Builder You Tube video, that should you accept the grant you cannot go back to using a gas boiler, so that for me is a big red flag!
3. If you have a house like mine built say during the war years just make sure it's well insulated and I think you will find that the advantages of say an air sourced heat pump are minimal at best. More importantly, any type of heat pump system MUST be installed by an expert and not your average Joe jobbing plumber.
It most certainly does require the expertise of someone who knows and understands the many heat engineering factors required for installing an efficient heat pump system, and from what I can discern they are as rare as Rocking Horse 5hit at the moment other than Heat Geeks company as shown in the video.
Good luck Fleccy in what ever you decide to do.
I would not have a heat pump if it was free because you need to fill the house with radiators and pipework and can expect to be cold when it gets full of leaves or snow. I looked over a house with one installed and there was a large iced area where condensation? froze because the drain underneath had frozen. The control system filled a pantry sized cupboard and the room adjacent to the heatexcahnger outside was very cold because the ambient temperatur outside , at that point was cold. Clearly that will be a bidg problem in terraced streets where neighbouring pumps will compete to extratc the tiny amounts of heat available. A disaster awaits when the cables overload and localised power cuts happen. Btw I am also staying with ice cars as they will not be vulnerable to the power supply problems.
Very good article fleccy, i feel many homes will be near impossible to have a heat pump
I've watched a fair few of Heat Geek's video's and read through some of their articles, but using myself as an example, much will depend on upfront costs on top of the £7,500 Government grant.
My house currently has a Baxi Gas System Boiler, with a standard unvented water tank requiring replacement as part of a heat pump installation, as low temperature heat sources require larger tank coil's to heat the water efficiently. Something else to consider is the pipework throughout the house, the Flow and Return feeds on my boiler are 22mm pipe feeding manifolds distributing the water to the radiators via 10mm Microbore pipes, which is where Heat Geek's cheat sheet comes in handy. My boiler probably has a differential flow and return temperature of around 20 degree's C, Heat Pumps are most efficient with a flow and return differential of 5 degrees. I can't see the pipework above my boiler, but if I'm lucky the 22mm feed's split just above it, so a 28mm feed from a heat pump could potentially feed the downstairs manifold directly, with the 22mm upstairs feed pipe connected after the downstairs manifold; So I might get away with a lower flow differential and not require hydraulic separation, which would still be dependent on the heat loss calculations for the rooms and the house as a whole; But I would likely need larger replacement radiators too.
Because Gas is 4 is times cheaper than Electricity, termed the Spark gap/ratio, a heat pump would have to be at least 4 times more efficient than a modern gas boiler and then you'll still only break even on energy costs using the standard OFGEM capped tariffs. I saw the OVO special tariff of 15p per Kwh, offered in partnership with Vaillant heat pumps and heat geek, which probably makes a heat pump system running costs slightly cheaper than Gas in that particular case, but there's still the upfront costs to take into account.
Houses in the UK are very close together, and there's currently a planning issue that heat pumps aren't allowed within a 1 Meter boundary of your next door neighbour, although that's currently under consultation.
When I do decide to replace my boiler in the next couple of years, I'll be getting various quotes and asking a lot of questions. Things to consider are upfront cost vs payback and I'll only go for a heat pump if it makes financial sense to do so.
A lot has to change before Electricity replaces Gas as a heat source and much will depend on Government policy, but I imagine Gas will still be around for the next 10 to 20 years.
Started: meoryou, 12 Jun 2024 16:22
Last post: meoryou, 12 Jun 2024 16:22
Following the announcement on 12 June 2024 regarding valid acceptances under the fully underwritten 7 for 24 Rights Issue announced by National Grid plc ("National Grid" or the "Company") on 23 May 2024, the Company confirms Barclays Bank PLC ("Barclays") and J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove) ("J.P. Morgan") (together, the "Banks" or the "Underwriters"), have successfully procured subscribers for all of the 97,727,572 New Ordinary Shares for which valid acceptances were not received, representing approximately 9% of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue, and for all of the 292,026 Ordinary Shares resulting from the aggregation of fractional entitlements of Ordinary Shares, at a price of 835 pence per New Ordinary Share (the "Placing Price").
The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 645 pence per New Ordinary Share and the expenses of procuring subscribers, including any applicable brokerage commissions and VAT which are not recoverable) will be paid (without interest) to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be aggregated and will accrue for the benefit of the Company
Last post: brenchk, 12 Jun 2024 16:15
Perfect. Much appreciated.
Assuming next year's divi is the same as this +5.5% and minus the dilution, we should get ~47.8p per share, which at the current price of £8.82 would be a yield of 5.4%
Based on todays price of say 8.80 has anyone done the math on what the new div yield would be post rights issue? Thank you.
Started: saigonsally, 12 Jun 2024 11:11
Last post: Nick1234, 12 Jun 2024 16:10
Dividend payment date is 19 July.
Divi not due till next month and give them a day to update the systems. The action only takes place from today.
The rest is a rant based on your lack of understanding
As of now Halifax have neither paid my NG dividend nor have they added the new shares to my account, they are still untradable. They are slovenly in the extreme happily earning interest on my and other shareholders' money...
Started: Elllltelinv, 12 Jun 2024 13:01
Last post: Elllltelinv, 12 Jun 2024 13:01
This will return to £1100 plus in weeks but first £9 and then £10.
Started: ggplyr, 12 Jun 2024 08:44
Last post: tedmak, 12 Jun 2024 12:36
GGPLRY,
you are right. The issue was so discounted, the rights were going to be taken up regardless.
The placing of the remaining 250k shares has happened this morning, so I take it trading is now back to 'normal'
This doesn't mean that 91 percent of existing shares holders exercised their rights. It means 91 percent either exercised their rights or sold the right to someone who exercised it.
The remaining 9 percent did nothing.
Depending on your broker some would have exercised the right with the intention to dump the shares shortly, either because it was easier for them (with their specific broker) to do it this way.
So perhaps a downward trend for a few weeks while people dump them
Last post: billhunt, 12 Jun 2024 11:41
Dividend due on 19 July.
Started: Elllltelinv, 12 Jun 2024 08:29
Last post: Elllltelinv, 12 Jun 2024 08:29
Excellent uptake. - confidence.
NG permitted profit with customers will boost earnings
Started: meoryou, 12 Jun 2024 07:11
Last post: Steveyc, 12 Jun 2024 07:49
Bargain hunting, are you sure? Surely a 91% uptake is good, not everyone will have had the funds or hit the timetable, looks like a pretty good uptake to me. Others will be bought by the banks but they will be locked in for a while so no mass sell off today
Looks like a bargain hunting auction today and then back to a stable SP again.
National Grid plc ("National Grid" or the "Company") today announces that the 7 for 24 Rights Issue of 1,085,448,980 New Ordinary Shares at 645 pence per New Ordinary Share announced on 23 May 2024 (the "Rights Issue") closed for acceptances at 11:00 am on 10 June 2024. The Company received valid acceptances in respect of 987,429,382 New Ordinary Shares, representing approximately 91% of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.
It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc's main market for listed securities as soon as possible after 8:00 a.m. on 12 June 2024.
It is expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practical after 8:00 a.m. on 12 June 2024 and that share certificates in respect of New Ordinary Shares held in certificated form will be despatched by no later than 24 June 2024.
See RNS
Started: SmallerThanLife, 11 Jun 2024 09:43
Last post: Rosyd, 11 Jun 2024 09:49
Tomorrow…12th June
Can someone remind me when the new shares are issued to our trading accounts? I had the rights subscription funds removed from my account last week so presumably it's quite soon. Thanks!
Started: gnator, 9 Jun 2024 10:05
Last post: Wolfbag2, 9 Jun 2024 20:09
Meoryou - indeed correct - once they are fully paid up your broker will amalgamate them into one holding
Gnator
My understanding is that both the old shares and the new shares will be identical.
Dealing in the new fully paid shares begins 08:00 12 June
Hi as I now have original and issue shares will these be tradable in the same way? can I buy and sell new issue shares and will they pay a dividend at all? Will both sets come as one/same price or is it literally treated as two different holdings. I chase dividends apart from Cornish metal who I'm gambling on ( small amount) so happy to hold on NG just unclear best way to treat the new issue shares. learning as I go, many mistakes made but having fun winning with some losing with others. GLA
I have trawled through all the announcements and decided that the only real option was to take up the rights on my 25000 shares as i would be losing if i didn't but what offends me is that the tal value of my reltant shares plus the dividend to come in july is almost exactly the same as it was before the transaction i had to pay cah of over £30,000 to maintain this situation,which has effectively been absorbed by NG with no indications of how NG expects this to be recovered only vague allusion or should I say illusions for the uninitiated the difference is as follows;"Allusion refers to the act of making an implied or indirect reference to something. An illusion is either a mistaken idea or something that is false or not real but that seems to be true or real." I am extremely disappointed with this management act is the kindest way I can find of commentating on it.
Started: Momsicles, 2 Jun 2024 20:43
Last post: longtimeinvestor, 8 Jun 2024 14:30
Ton
you appear to be confused.
The asset value is increasing because of the rights issue - this will go towards investment - NG are projecting asset compound annual growth rate of 10%.
The market values NG on a daily basis, with investors deciding how much they are prepared to pay for a share of the assets and profitability of NG.
NG's investment will grow EPS on a yearly basis.
I am afraid that a car is only worth what someone is prepared to pay for it.
My car is currently worth £10,000. If I have pay for this "upgrade" which costs (7÷24 x£10,000=)£3,000 it will add so much more to the value; trust me.
OK, here's the £3,000.
Market - what is the car worth now?
Exactly the same as it was 5 weeks ago, £10,000.
Cash - are you guys joking? This is a company with £55B of debt on its books. "Cash" of £7B is going to do what? Stop 55 being 62 and meaning the Execs missed their bonuses.
There is only one priority for the Execs and Board - shareholder value.
Ton
''So we shareholders have stumped up our cash and it has had zero effect on the net worth of the company''
??
the net assets will increase, reflecting the money raised just as going xd yesterday decreased net assets.
A rights issue is not going about having an impact worth of a company, it's about raising more cash.
They will have raised the £7bn. So they did want they set out to do.
Why do you think a rights issue would magically create value?
So a few weeks in and now ex divi and the capitation is unmoved as a result of the cash raised by the rights issue. 1120 x (24÷(24+7)) = 867. So we shareholders have stumped up our cash and it has had zero effect on the net worth of the company. That, very definitely, was not the intended outcome.
Well done that BoD!
I hope they give plenty of our money to pay all the fees to those who gave them that so expensive advice.
Adding shareholder value - NOT!
Started: PlymouthMike, 7 Jun 2024 12:05
Last post: kontiki2, 7 Jun 2024 13:22
SP on 12th? 53Bn to go
No advice
But a few thoughts.
The sp was very strong going through ex div,both the couple of days before and how it handled the div coming off.
I suspect there are few more like me who bought some extra NG due to the weakness who will sell these when they make enough profit.
Also some who have now more shares than they would like to keep due to taking up the rights issue.
So 2 possible reasons for people selling.
But personally I’m still positive and hoping the sp will still rise more.
How high ?
Possibly at least another 50 p.
But that’s all guesswork, and opinion.
Good luck whatever decision you take
I have been watching the share for a while and it is now at a price I wish to buy. However, I have missed the dividend and the Rights Issue.
The dividend I accept and hence the drop in price.
My concern is the Rights issue and whether the issue of the new shares will significantly affect the price of the exisitng shares. I would hpe not or it would mean all share holders would have had to fund the Rights Issue or they would be out of pocket.
I ended up well out of pocket when TATE carried out their share consolidation.
Any comments / guidance appreciated. Thanks
Last post: saigonsally, 7 Jun 2024 09:20
Yes, Halifax have taken my funds too and I was allocated double my official allowance but not quite all that I bid for. The New Ordinary shares are quoted at 217.45 as opposed to the Ordinaries at 868. Will the new shares increase in value on 12 June to match the Ordinaries...? I hope so...!
For anyone interested my II. account now shows the rights as paid with value £6.45, and they have taken the cash.
Started: Jakey72, 7 Jun 2024 08:24
Last post: blackpuss, 7 Jun 2024 09:09
You will get the dividend....if had bought on ex div day or afterwards you would not get the next div but would get the next one after that if still holding the shares.
It went x div yesterday so buying before then you will get the upcoming dividend
Don’t know what to make of this just seen in the daily mail that yesterday it was trading without dividend is anyone else seen this and is it a mistake as l bought in a few days ago for the dividend cheers
Started: Jakey72, 5 Jun 2024 12:29
Last post: Lending, 7 Jun 2024 08:25
The Times
Advice Buy
Why Investment plan has disturbed income investors, but should support long-term returns
I agree - but if I had the cash to speculate on this share - I would have bought at the opening price - where the drop almost exactly mirrored the div payment. Then it's a gamble on the medium term movement of the price - current brokers analysis indicate an upward movement
If the drop is less than 39.12p, then shareholders are better off than those who have sold up yesterday. Right now, the SP is only down about 29p. Shareholders are getting 10 pence more than the 39.12p dividend. So, I am very happy with that. Let's hope that it will finish the day above 880 today. Good luck everyone and have a great day.
Or - buy today - effectively getting your dividend immediately - rather than waiting until July. And there is a better than good chance that the share price will rise after today's drop
Yes.
Well the drop is not too severe
Started: NorbertDentressangle, 4 Jun 2024 17:31
Last post: talkinboutWillis, 5 Jun 2024 21:22
Norb. The £2.10 amount is the nil paid rights to the £6.45 offer. You won't get these if you sold before 24th May. Try and sell them and see what happens. Probably just an administrative error that will get rectified
Longtimeinvestor. You'd think right, but I have them showing in my trading account, 116 shares. Although the value is shown as £2.25 or thereabouts which is a long way short of what the letter that arrived said.
I sold at £11.29. Like I say, surely shome mishtake
Norb
If you were not a shareholder on the 24th May then you are not entitled to rights issue shares at 645p per share.
I sold a few days before the announcement and yet still qualify. Seems odd but I'm going to get roughly £800 for not taking up the offer. Equates to £2/share more on the price I sold out at. Happy bunny here as I was exiting all my positions
Started: Tornadotony, 5 Jun 2024 07:27
Last post: kontiki2, 5 Jun 2024 17:58
Https://www.theengineer.co.uk/content/in-depth/a-boom-with-a-queue-tackling-the-uk-renewables-gridlock/
200GW wasted - add that to navel gazing
Short increased further today. NG is in different territory.
I'm nearly out.
I believe Shorttracker obtain their information from the FCA's short position daily update. On the spreadsheet it shows Sculptor's increase to 0.81% as taking place on the 3rd June 2024.
Sculptor Capital Management Europe Limited NATIONAL GRID PLC GB00BDR05C01 0.81 6/3/2024
I have no idea why they use the US date format for a UK based report
https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fwww.fca.org.uk%2Fpublication%2Fdata%2Fshort-positions-daily-update.xlsx&wdOrigin=BROWSELINK
Https://shorttracker.co.uk/company/GB00BDR05C01/
The date of increase actually taken out was 0.31% on 31 May and declared as usual 3 days later on short tracker. So we know they increased the short at say 845-885p range by 0.31% shares.
Started: Alessandro, 4 Jun 2024 15:56
Last post: fleccy, 5 Jun 2024 13:21
My experience of an ASHP weren't as bad as this guys, but this video is a good example of what I'm talking about.
https://www.youtube.com/watch?v=Zar7RTQodnw
I'm not worried, I just shared my personal experience of ASHP's, and the experience of people I know who took a chance on EV's. One positive I can see for EV's is companies electrifying their Fleets, which will create demand there, but much will depend on the running cost of new technologies both for consumers and companies. The majority of UK housing stock is currently unsuitable for ASHP's, so it wouldn't surprise me if many are still using Gas for heating 20 years, or more, from now.
I wouldn't worry about your taste in cars or central heating. There's demand for all of NG's upcoming capacity, and much, much more.
BP/Shell are backing off from the green revolution. ICE 'swill be here for a long time yet
"so it’s only an additional £30 bln."
It's still £60 Billion over 5 years, or £8 Billion a year in Capex, it's a lot of cash.
NG say "We expect our Electricity Distribution network to invest around £8 billion over the five years to 2028/29 in asset replacement, reinforcement and new connections, facilitating the infrastructure for electric vehicles, heat pumps and directly connected generation"
Reading that I think they're assuming there'll be an increase in demand, due to a move from ICE to EV, and from Gas heating to Heat pumps, but I'd question those assumptions.
Before I get accused of de-ramping, I'm not, I'm just telling you my experience with a heat pump.
My previous house was a renovation job, or as the surveyor described it "a doer up er". The house in question is a 5 bedroom detached, built around 1990 so not particularly old and well insulated with full double glazing; I had solar panels fitted on the roof and a Grant Aerona 13Kw Air source heat pump replacing the Oil fired boiler. The solar panels were great, it was around 2010 and we received the full tariff and allowances for electricity generation, it was even better until our electricity supplier found that the meter was going backward and actually giving a lower reading than the previous reading, which meant a meter change and assessment with some payback to our supplier. The heat pump was a different matter, it was good for hot water in the summer, not so good for heating the house in the winter. Most houses in the UK use 10mm microbore pipe to connect to the radiators, because heat pumps need to operate at low temperatures to be efficient, most houses will need larger radiators with 15mm pipe feeding them to heat properly, or underfloor heating. The problem with microbore is that it has quite a low heat carrying capacity and isn't suitable for low temperature systems requiring larger radiators, like heat pumps, just check out peoples experiences online. My current house also has 10mm microbore pipe feeding the rads, which isn't a problem since I have gas central heating and the water is pumped through at 70 degrees, as opposed to heat pumps that are efficient at around 40 degrees, and less so at 50 degrees. The efficiency of an air source heat pump also depends on the outside temperature, I lived in the South West in my previous home and the winter temperatures weren't nearly as harsh as the North, so that's another issue. Ground source heat pumps are considerably more expensive to install than Air source, so there's that to consider. What I'm saying is that I wont be giving up my Gas central heating anytime soon, unless I'm forced to.
I know people who have EV's, I've avoided them myself, they have range issues due to charging and tyre issues due to the weight, and the second hand valuations for Tesla's are falling through the floor. In the US, motorists are turning to hybrids, don't take my word on this, check it out yourselves, so it'll be a long time before cha