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hi MAO3 Don't understand does it mean both companies will get the original divs or will we get more
See my post below!!!
will this deal make any difference to the divs in each company and how will it work will SL get there divs aswell and they will get SL anybody no
Subject to approval at the Standard Life Annual General Meeting scheduled for 17 May 2017, Standard Life Shareholders will receive the final dividend of 13.35 pence per Standard Life Share for the six month period ended 31 December 2016 that was announced on 24 February 2017 (the "First Permitted Standard Life Dividend"). Subject to the approval of the Board of Aberdeen at the appropriate time, Aberdeen Shareholders will be entitled to receive an interim dividend of up to 7.5 pence per Aberdeen share for the six month period ended 31 March 2017, in the ordinary course and consistent with its past practice (the "First Permitted Aberdeen Dividend"). If completion of the Merger occurs before the record date for Standard Life's interim dividend for the six month period ending 30 June 2017, shareholders in the Combined Group would be entitled to receive such interim dividend. In the event that completion of the Merger occurs after the record date for Standard Life's interim dividend for the six month period ending 30 June 2017, Standard Life Shareholders would be entitled to receive such interim dividend (the "Second Permitted Standard Life Dividend"). In this event, Aberdeen would expect to declare and pay a dividend to their shareholders prior to the Scheme Record Time equivalent to the Second Permitted Standard Life Dividend multiplied by the Exchange Ratio, therefore providing Aberdeen Shareholders with the sum they would have received had completion of the Merger taken place prior to the record date for Standard Life's interim dividend (such equalising dividend being the "Second Permitted Aberdeen Dividend" and when taken together with all permitted dividends referenced above, including the First Permitted Aberdeen Dividend and the First Permitted Standard Life Dividend, the "Permitted Dividends"). The maximum dividend payable as the Second Permitted Aberdeen Dividend will be advised to shareholders in due course and no later than the Scheme Document. If either party announces, declares, makes or pays any dividend or other distribution on or after the date of this announcement and prior to completion of the Merger, other than the Permitted Dividends, or in excess of the Permitted Dividends, there will be no change to the Exchange Ratio. However, Standard Life and Aberdeen reserve the right to respectively pay an equalising dividend to their Shareholders. Dividend policy post completion Following the Merger and subject to the approval of the Board of the Combined Group, the Combined Group intends to adopt Standard Life's progressive dividend policy with the base dividend being the Standard Life full year dividend of 19.82 pence for the financial year ended 31 December 2016. The increased diversification of the Combined Group, enhanced financial profile and material earnings accretion is expected to support the generation of attractive and sustainable returns for Shareholders, includi
Well done BT
A first................
Above average daily volume already....................
Standard Life and Aberdeen Asset Management confirm merger talks Proactive Investors UK - 51 minutes ago........................ http://www.proactiveinvestors.co.uk/companies/news/174268/standard-life-and-aberdeen-asset-management-confirm-merger-talks-174268.html
unlike the UK, too many b's. StAberdeen Life
Stabberdeen Life?
is the new name from my straw pole of x4 people asked today Just need to sort out a new motto now
I think they might have to work a tad harder on those cost synergies. Looks like they are keeping both boards. I wonder if we will get deputy workers too? It will stop complaints on thousands of job losses. I hope this is a transitional arrangement, steady hand on the rudder and all that before deciding who is best. Was going to add Aberdeen to the PF for income anyway, might have save some dealing fees now!
Cheers, really good point regarding dividends, Adn pay 7% ish with 1.4x cover, Sl. pay 5.2% ish with 2x cover ( I think!) therefore dividend wise from a Sl. holders' point of view this must be good for the divi considering there must be some good cost saving opportunities. My thinking is that from an income point of view this must be positive I suppose tomorrow morning will show what the markets think. Positive I hope!
Liking this. ADN has been suffering for quite a time with fund withdrawals so the merger will be going ahead with the ADN sp at a relative low. The cost saving synergies as a result of rationalization will be substantial . ADN has a large presence in emerging markets ,so a criticism of SL. that it is too UK centered will fall away. I would think that the merger would have to be passed by the competition commission ( does that still exist ?)so it is probably not yet a done deal . Expecting some volatility / manipulation . Will be adding in the event of a fall , the div payable shortly will support. ATB
http://www.bbc.co.uk/news/uk-scotland-39170241 Standard Life and Aberdeen in £11bn merger talks Citywire.co.uk · 8 hours ago Standard Life and Aberdeen Asset Management confirm merger talks The Scotsman · 21 hours ago Market Risers: Standard Life Plc, Strat Aero PLC, UK Oil & Gas Investments PLC ************* Interviews · 2 days ago
que sera sera
One of the articles that I've read today (can't remember which, Sunday Times I think), is saying that the merger value of ADN is being based on fridays closing price. Apart from the fact that Adn has been moving up a bit this says to me that there is no real premium attached to the deal. Normally a take-over results in the buyers share price falling with the company being bought rising. I suppose if this is a merger then the normal scenario might not happen. I hold SL. but not Adn. I'm not sure if |I should be excited or worried!!! Or both Hopefully someone on this BB can put me right?
http://www.reuters.com/article/us-aberdeen-asset-standard-life-idUSKBN16B0MY 5th para mentions all share merger...so combined shares equal average combined sp...so no added value
Wish I knew. Since they buyer is SL and the seller (effectively) is ADN, I would guess that SL will have to pay a premium otherwise, what's in it for the seller? So it may lower SL's price but boost ADN's. But then again I think this merger is great for both companies. If the market agrees then both parties will benefit short term...and there is every reason to think the merged company (and thus the SP - post merger) will do well in the long term. I hold SL but not ADN. Will I sell?? I doubt it very much. The divi is too good and always rides out the dips. The divi is too consistently good to sell out for any short term incentive. I don't see much 'Synergy' in this merger; I just see two really great asset managers about to share their book and their fund managers. It's an expansion merger I see here rather than one where, for example, two like-for-like organisations close down call centres and merge back office staff to save on costs. There will be some synergy, but this is a story of one great asset manager putting their heads together with another great asset manager. I did a very, very crude fag packet calculation earlier tonight based on the ratio of each others shares in circulation and market cap. I see nothing to concern anyone - market, shareholders, management or employees. That's my take on the news but if I was so talented to predict this outcome, I'd be writing from somewhere warm and sunny. :-)
http://www.reuters.com/article/us-aberdeen-asset-standard-life-idUSKBN16B0MY What will this do to SL sp.....anyone know?....and by how much?
Aberdeen Asset Management and Standard Life confirm £11bn merger. In a statement issued on Saturday evening after an earlier report by Sky News, Aberdeen Asset Management and Standard Life confirmed their intention to pursue one of the City's most significant deals for years.
Thanks for link Troutman. I especially like the move into India , they make no mention of of the governments move to make pension offerings compulsory to all employees, as a captive market that has to beneficial to SL. Perhaps the market will wake up to the fact that the yield here is far superior to that found elsewhere , and the disparity is likely to remain for a number of years as a direct result of the governments cowardly QE policy. ATB
http://www.fool.co.uk/investing/2017/02/24/results-from-this-secret-income-stock-prove-why-it-is-a-dividend-champion/ Will be staying with SL for some years yet.....divi is just too good