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1 After 2
Value of shareholding £4,233.00 £3,216.10
Number of ordinary shares 1,000 760
B share redemption payment n/a £1,016.90
Value of fractional entitlement 3 n/a £0.00
Total value £4,233.00 £4,233.00
This info is from aviva who are also issuing a B shares
Based on 1000 shares the value is £4322 after consolidation would leave me with 760 shares value £3216
Redemption of 1000 B shares £1016 combine both the consolidated shares and the B shares the total will be £4233 so I would only now own 760 shares but would still own the same % of the company as I did when I owned 1000 shares pre consolidation... I can not see where this benefits myself.. am I missing something... perhaps less shares moving forward would help in earnings per share...
Bit of a novice when it comes to B shares. Will the overall share price in quilter drop once the b shares go ex dividend.. penny for your thoughts.
Tesco ended up well enough….but they paid a special dividend rather than cancel B shares so the chancellor got more than he should…if your holding is in an ISA or Pension plan it should not make much difference.
Re long term, quilter is becoming a wealth manager providing advice for regular fee income. This is currently valued higher than life assurance companies and is a consolidating market…the large banks could buy, but bulking up through bolt on M&A is more likely. Aviva had the cash but are preferring to return it to their shareholders…if NatWest does not buy Tilney, they could do worse than look at quilter.
Should be good for solid dividends and some modest growth.
Is this worth a long term hold on possibility of takeover?
Plus anyone got an idea whether after b share consolidation, we won’t be worse off like me and others who got the 50p b share consolidation wrong at Tesco?
Tilley Smith & Williamson is said to be for sale for 2.5-3bn. (AUM 57bn).
Quilter has nearly twice that AUA.
TSW may not fetch 3bn, but quilter looks to be significantly undervalued at around 2.5bn with 300m to be returned to shareholders shortly…..easily worth 4bn on comparable metrics.
One detail is that partial entitlements will be donated to charity…..if you want to make new investments you may want to ensure your holding divides by 7.
Quilter plc
Proposed return of capital to Shareholders
Further to the announcement on 3 November 2021 and the 2021 Full Year Results statement on 9 March 2022, Quilter plc ("Quilter" or the "Company") is pleased to announce today a proposed return of capital of £328 million to the holders of its ordinary shares (the "Shareholders") by way of a B share scheme (the "B Share Scheme"). A Shareholder Circular (the "Circular") in respect of the proposed return of capital is expected to be published on or around 29 March 2022, with a General Meeting of Shareholders to approve the proposed return of capital expected to be held on 12 May 2022 (the same date as the Company's Annual General Meeting).
Proposed return of capital and share consolidation
£328 million will be returned to Shareholders by way of the B Share Scheme, involving the issue of new redeemable B shares (the "B Shares") to Shareholders which the Company will subsequently redeem for cash. Based on the number of ordinary shares in issue as at the close of business on 8 March 2022, the return of capital will equate to 20 pence per ordinary share for Shareholders on our UK share register. For Shareholders on the South African share register this equates to a return of 401.33300 South African cents per ordinary share, using an exchange rate of 20.06665.
To maintain comparability between the market price for Quilter ordinary shares before and after the implementation of the B Share Scheme, it is proposed that the B Share Scheme will be accompanied by a share consolidation of Quilter's ordinary shares (the "Share Consolidation").
Publication of Shareholder Circular
Full details of the proposed return of capital, including the Share Consolidation, and a Notice of General Meeting of the Company, will be set out in the Circular which is expected to be published on or around 29 March 2022 (and made available on Quilter's website at plc.quilter.com/gm) and, where required, posted to Shareholders as soon as practicable thereafter, with the General Meeting of the Company to approve the proposed return of capital expected to take place on 12 May 2022 (the same date as the Company's Annual General Meeting).
Hi Guys,
Just looking at this for the first time, how is the return of capital going to happen?
A v disappointing reaction by the market…the numbers themselves seem quite good and much better than 2020.
Maybe they were expected further announcements on buy backs….this has declined in a sector that has been rising this year…..it looks like a bargain…we will have to wait for the FY numbers to see more….
They will become a target if they are not careful.
Why indeed?
"Quilter shares dropped 9.4%. The London-based wealth manager reported substantially improved annual net flows amid pandemic-induced market volatility. Assets under management and administration rose by 13% to GBP111.8 billion as of December 31 from GBP99.0 billion a year prior, with growth supported by improved net flows and positive market movement.".
Makes no sense.
Why the fall then??
Fourth Quarter 2021 Trading Statement
Quilter plc reports a strong final quarter of 2021 with substantially improved year-on-year net flows
LLoyds certainly has the fire power to acquire QLT, but I am not sure how that would go down with SDR and their wealth JV….it would seem to be a direct competitor.
Quilter explained GBP25 million will be handed to shareholders in the form of a dividend, from a pro rata contribution of Quilter International to the company 2021 earnings.
In addition, GBP325 million will be returned through either a special dividend or through an issue and redemption of B shares. NICE!...
I think you could be surprised at who might try an take quilter out. Lloyd's have been amassing a war chest. I am not saying this is certain, but if they did bid for quilter I for one would not be surprised..
It is a steady Eddie….don’t expect it to motor too far…..180 tops unless it attracts a buyer for one or other divisions….would go well with MNG.
The figure I seen was 350 million be returned to share holders. Do you think this will be a special Dividend in H1 2022. in addition to an increasing dividend yield forecast ... What with the ongoing buybacks and increased dividend, this could just keep on rising... IMO
Excellent capital day statement today….sets out the large capital return in H1 2020, a doubling of profits to 2025 and a revised higher dividend policy.
Buy buy buy
After a non news retreat to 140, there has been a no news recovery to 155.
Capital markets day tomorrow including a flow update for Q3.
Quilter is now a fee earner with a largely staff cost base…Asset base is critical will they have matched SJP? And SDR? For flows?
Ongoing…..see daily RNS for volumes.
With the weakness generally of financials the buy back will have a greater effect on earnings….
When does the next tranche of share buy backs start
Don’t know what possessed management to lead their presentation with an unnecessary cautionary statement…..yes it is a risk, but more for direct businesses rather than advised..
The next 100m share buy back will take out more shares than expected.
Think Qlt is ripe for a big uk player to acquire for the distribution it brings.
Pretty good….worthy of a relating of the shares towards 200.
dont think will get beyond 180s but will progress slow but sure