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Pulled that info off DividendMax, but could be out; not checked elsewhere
Pig
@Capitalistpig...I think the ex-dividend date for the 355p special dividend is 1st July.
This share consolidation is very reminiscent of the Tesco special dividend/consolidation earlier this year. I had Tesco in my ISA so I didn't have to worry about the 7.5% dividend tax and kept my holding. The net result was I ended up with a 50.93p special dividend, but a reduced holding. With the SP fall falling on completion, I was marginally worse off. If I didn't hold these within an ISA, I would have been considerably worse off.
My PNN holding is outside an ISA wrapper, so I sold this morning at 1116p and will look to buy back post-consolidation.
I have no idea if this was a wise move or not, so please DYOR.
Ex divi Final @ 14.97p 22/July
Paid on 2/Sept
Special XD 5/July 355p Paid on 16/July
Pig
Fabulous raise in the sp this morning, good news all around.
Not if it's in an ISA!!!
Still think they are undervalued compared to other utilities.
So the acquisition has been announced. Wonder how the SP will move. Special div and share buyback.. Wonder if it'll be worth selling and moving on, due to the additional div tax
Bought by Biffa
So they were always going to find something to spend that cash on. It makes sense to align more with emerging energy renewables. More jobs too. When you see how Scottish Power is repositioning with their green credentials, its forward thinking. Possibly they'll be spending a few quid on a rebrand too...
So thats going to eat up £81m of the Viridor sale proceeds - cash that is actually the shareholders, being spent on a bunch of dubious schemes, that we as shareholders get no decision on. Fantastic.
In profit on my holding here and some chunky buys late on today. Will watch with interest tomorrow.
Cut by 50% according to rns on 24th November 2020.
13p down to 6p - even with all that Virador value (of ours) still in the bank.
Hardly nice, have a read
in the meantime, nice div.
Aquisition talk has been going on for some time now, rumour in the corridors was Wessex, but as with Bournemouth they wouldnt just be considering joining companies. Either way its taking quite some time.
Maybe South Staffs could be an option - isnt the retail arm of Pennon linked in with them already? Severn Trent may become involved (and so gum up the timetable) if that was the case. STW are not exactly adverse to takeovers either, they bought out and merged East Worcester.
As for the spending or returning of cash, they will need a good pile kept back to sort Scilly out. Needs a completely new clean water and waste water installation, both of them are failing their statutory consents and since they took those over the usual UK regulations now apply. They may earn a bit of slack in the short term for volunteering to take them on but eventualy they will need to comply, at great expense.
3 possible candidates for Pennon to consider buying are Southern Water, Wessex Water and Bristol Water, all in SW England. The owners of these 3 entities are not desperate to sell. I think the management of Pennon are buying time until their LTIP share options are vested for them to build up a nice holdings of Pennon shares before they announce a substantial special divi to shareholders, likely to be July 2022.
Any idea who the target candidates could be for this sort of spend? Given how thin water companies are across the country..AND how the competition and markets will be primed to intervene if its a significant buy, could pennon be considering a different utility entirely?
Well they have said that they will return the surplus to share holders if they cant find another suitable (water) investment. The cash wont be taxed, tax is on profit!
You might find you get half your money back, a 1 for 2 share consolidation or the share price halves.
First time invested into this one. Rather like the cash pile they have and not that sure what to do with it... I could suggest that part of it is given back to holders rather than being taxed by the Gov. Not going to be a long term hold for me though and will be happy with 10% rise in S.P.
Regarding the trading statement, I think I covered it in yesterday's post. Can kicked down the road till June
Well they will say something tomorrow. I'm not sure what. I suppose the big question is what are they going to do with all that cash? Buy summat, give it back to me or just pay off the debt. The latter was low cost ish, so why bother. The middle bit will end up as another whinge fest. "your just giving me back my own money" and buying something has been kept very quiet, as it should be!
I suspect its quiet cos they are struggling to find an agreement. If its that good why sell unless someone is overpaying for it! We dont want that. You would have thought that something would have been lined up before selling.
Finally a buyback, I dont really like that idea either. They might be good at running a water company but how good are they at investment management. Usually poorly in my experience. Still they could come out all trash talk tomorrow, drive the SP down, then buyback.
Whilst Id be up for that I dont think it will happen, are there rules against it!
If pennon were any quieter they would be absorbing Rns rather than releasing them, pennon the black hole of transparency...
I do know they need hundreds of millions of pounds to sort out (by that i mean completely replace) the Isle of Scillys water and waste infrastructure. None of it meets current requirements at all.
Why they volunteered to take on that disaster of a money pit is beyond me, but i do know who's going to pay for it :(
https://www.ofwat.gov.uk/wp-content/uploads/2019/02/Proposal-to-vary-South-West-Water’s-area-of-appointment-to-include-the-Isles-of-Scilly.pdf
https://www.waterbriefing.org/home/company-news/item/15894-south-west-water-set-to-run-isles-of-scilly-water-and-wastewater-infrastructure
https://www.scilly.gov.uk/environment-transport/water
well that was bad timing. i make them down £3.7million already.
Almost as bad as my usual timings.
Fully agree unbelievable. They should have returned the cash, or perhaps started a buy back in their own cheaply priced water company. Shareholder value destruction. I did buy more though on the off chance they pull out of any deal they are doing
10,000,000 buy £9.55 @ close on Friday bodes well for Monday
Out of the FTSE next week? that should knock the price down!