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Looks like most of that risk has been averted.
Pension funds may be at risk;
https://mobile.twitter.com/SamCoatesSky/status/1575073150064545797
Well that's it Inflation, mini budget collapses pound and euro just as bad. Oct 11th we can expect what from the update Im guessing on another drop . This is going to get worse before it gets better bank accounts offer better returns at the moment. Take the money an get behind the sofa for another 2 months and hope the November Kwasi budget does something . 34p incoming
Any figures or details of the terms in the revised pay offer? Trading update due on Tuesday 11 October 2022.
Feels like most investors are awaiting this to decide how Interest rate rises and consumer spend will affect RCH.
still a few hangers on in the shorts department and I suspect they'll be there for a little while longer with he market turmoil
‘More than 700 journalists to benefit’ as publisher and union agree fresh pay deal
by David Sharman Published 26 Sep 20220
A deal benefitting more than 700 journalists has been struck between a regional publisher and union bosses following strike action.
The National Union of Journalists has announced it has accepted a revised pay offer from Reach plc, which it says will lead to salaries increases of between 14 and 44pc for “many” editorial staff at the group. There goes the profits
Short now closed as well
Re rate has to come now. atb
Reach journalists accept revised pay offer
23/9/22: Journalists at Reach have narrowly voted to accept a pay offer from the company after months of dispute and a one-day strike.
Some 1,150 national and regional journalists across the UK and Ireland went on strike for 24 hours on 31 August after turning down a 3% pay offer.
Just over a week later the NUJ agreed to take a new pay proposal from the company to its members in a consultative ballot.
Results revealed on Friday showed that 55% of members who voted accepted the offer and 45% voted against.
A total of 906 valid votes were received of 1,185 ballots issued, meaning turnout of 76.5% across NUJ members at the publisher.
A Reach spokesperson said: “After much hard work and open communication on all sides, the NUJ have accepted Reach’s latest proposal which, in addition to a proposed annual increase and a host of other important commitments, will increase pay for over 700 journalists.
“We are pleased that we have been able to work together to find a way forward and will continue to keep an open dialogue on these crucial issues in the months to come.”
Interest rate up again no update on pension, has to be very low and hopefully get sold on, 11 +million subscribers waiting for a reason to spend money and nothing, can't make this up.
A year ago the SP was 392p and it could be double or treble that within 5 years. Current Management needs to wake up and exploit all the opportunities they're currently missing.
Ballot closes 23rd wrt accepting deal
Yes, bit of a pullback, but just shows how many are on the side watching and must have panic bought, however reality setting in again as we need the strike action resolving and hopefully not at a pay offer which can put shareholders at risk. It's a risky business already being a shareholder and responsible for wages, pensions and other benefits.
I lost money with my JPR holding. All those years as a listed PLC to be taken down to zero.
Bond holders took over and I note it's seemingly relisted again or some portion of it with a different name but I have no stake in it anymore.
really thought we were on the way back with the initial jump but looks like a lot of quick profiteering and who can blame them. The possible short lived lift in paper sales and digital uplift may not return extra advertising revenue only paper sales again if only we were part subscription there would have been extra cha ching here. Think this will soon drop back below the 80 mark bought a few at 82 on Monday so hopefully just a little bit of profit taking be nice to get some sort of update
What’s the good news on the strike ?
The National Union of Journalists has postponed this week’s three-day strike action at Reach Plc and the current work to rule at the company following a new offer from Reach, and the death of Queen Elizabeth II.
It would be a struggle to close them by the looks of it..
Some good news on strike, pensions deficit to surplus, uptick in paper sales, subscription options, energy prices controlled, Ukraine war over if Putin pops his cloggs, they would have to seriously consider closing, or their profit would evaporate, the squeeze would be interesting to see, buying .69 % of the company in the open market.
It struck me that in a future where there's a paywall before anyone gets to read a newspaper online then RCH will do extremely well even if they charge a modest amount. Forget dwindling newspaper sales and view RCH as a cash machine.
Well it looks as if the worse is over , I would like to see the shorts leave quickly now mind, which is my next indicator.
Sports , new PM , if they fix business energy that'll be Godsend at least we can budget for the push in the states The Sun appears to do quite well out there so big potential for Mirror and Express sites . Looking forward to moving back up end of October at pace. Hopefully release some news on the pension schemes .
GLA
I note that RCH is now yielding 10%. Usually when the yield gets up to these levels because of a big drop in the share price, management cuts it soon enough.
And yet, in the recent half-year report (released 26/07/22), Jim Mullen said "the strength of our balance sheet and cash generation underpin both a growing dividend and continued investment..."
Should we believe him? Is the divi safe?
And, by the way, isn't such a statement like a red rag to a bull to striking print workers?
No agenda just putting out the info on media publication Press Gazette good and bad read full details here
https://pressgazette.co.uk/regional-abcs-2022/
also read reaches plans to expand into USA
https://pressgazette.co.uk/reach-us-office/
"Drops again" what period is this for? What's your agenda here LSE?
first 6 month decline all been reported on the results........
While digital subscriptions to regional titles have largely failed to make up for the fall in print, many publishers have seen strong website traffic.
According to data from Ipsos iris, the sites in Reach’s portfolio recorded 1.29 billion page views in July - an increase of 7% compared to June. The advertising-supported publisher has also consistently ranked among the UK’s top online organisations for audience, regularly reaching over three-quarters of UK internet users aged over 15, although Reach earlier this year reported a fall in profits.
The biggest circulation fall was recorded by Reach’s Hull Daily Mail which fell 20%
The MEN’s circulation fell by 8% Liverpool echo down 16%
Newcastle chronicle down Hull down Leicester mercury down and all -17+ % if digital hasn't at least held ground or the pension in surplus then this could become a complete pigs ear. How are these still running the show ?