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Mary, what else have you got on your card?
Hopefully the customers approve.
The customer experience under Virgin Money is awful.
I should be happy, but much preferred my free ride paying dividends, alot of wasted effort trading, never mind...atb
No point investing now can't see this going up anymore.
Good timing
Finally, something had to happen with this share, 4122 at 1.49
Happy days!!! Love it. Well done all. Patience paid off here!
Adding to VANQ with the profits.
Hope not lol need to buy some back re mng... can you postpone that one.
Mine too Mary, Hopefully M&G next!
Unbelievable my bingo card is nearly complete.
Needs to break 160 convincingly first! I doubled my holding yesterday in anticipation of this happening by end of month.
I bought back into these again yesterday .. sold out many months ago between 180-185. These used to be on of my favourites and I see 180 again atleast by end of summer.
ATB
Well that's February finished and we still haven't gained positive ground in 2024.
What is going wrong in the world of Virgin Money?
"An influential adviser hit out at a £2.6m package for its chief executive, David Duffy, saying it was “not appropriate” compared with the bank’s average employee.
Pensions and Investment Research Consultants (Pirc), which advises shareholders including UK local authority pension funds, also raised concerns over what it said was “a lack of board-level accountability for sustainability issues” at Britain’s sixth largest lender.
Pirc is urging investors to vote against two resolutions at Virgin Money’s AGM on 1 March, when the lender will ask for backing for its annual report and pay report. The pay report explains how a dedicated committee of board members decided on the final payouts for bosses, based on their performance over the last financial year.
The shareholder adviser said it was concerned over the level of Duffy’s package, which includes a £331,000 bonus, and is 37 times higher than the average Virgin Money worker, who earns £71,804 a year"
Furthermore, the ratio of CEO pay compared to that of the average employee exceeds the recommended limit of 20:1 and is therefore not considered appropriate according to Pirc.
"Median pay figures – which calculate the mid-point of the range of salaries at the bank – suggest an even larger gap. According to Virgin Money’s annual report, the chief executive’s total payout was 66 times that of the £40,254 earned by the median employee.
The Pirc report comes after Virgin Money revealed a 42% drop in annual pre-tax profits in November, as it was forced to put aside £309m to protect itself against potential defaults"
https://www.theguardian.com/business/2024/feb/14/virgin-money-faces-investor-backlash-over-ceo-david-duffys-26m-pay-deal
January hasn't been kind, it started the year at 1.64 and dropped to £1.54 by month end.
What / who needs to change, to drive this bank on
W
Not good today 😒
Of all the bank shares I hold this is the worst.
I have held since Mr Duffy came on board hoping that positive returns would follow.
I feel that we now need a change in leadership and direction as there doesn't seem to be a market positive to his approach of 'A life more virgin'.
I hold 3 Banks vmuk, Nwg, lloyds & i ain't got a clue good bad or ugly.
Anyone any thoughts?
Should we expect good news or bad,
Is the current drop in price an early indication?
Dixon1,
The buy-back in itself isn't meant to push the share price immediately higher. Over time the share price should reflect the lower number of shares in issue with an improved EPS (earning per share) number & TNAV (Tangible net asset value per share) number as well. As these increase more quickly in future results because they are shared out amongst fewer shares, the share price should mover higher & the dividend per share should rise faster on a per share basis as well.
Although the current dividend policy seems to be all over the place with this massive final dividend cut.
I know lots of shareholders don't like it but the lower the share price is during a buy-back the better it is longer term for them because it ends up with fewer shares in issue. You might say what's another 10M shares here & there, well over time it all adds up & compounds the benefits. Especially in TNAV, should a bid or offer ever come along.
-------------------------
I see the company is now just over 25% through the share buy-back.
LOTM
Anyone found any transcriptions or media interviews given by the board re the results on the 23rd
Any idea why a significant reduction in the number of shares is failing to raise the SP?
Wow they continue to buy-back the stock at a rapid rate.
After just 4 & a half days they have spent just over 5% of the money already (£7.5M+) & bought back nearly 5.2M shares, thus saving £0.1M in final dividend payments.
LOTM
Well the buy-back has got of to a terrific start
Over £4.5M of the £150M spent in under 3 days! (because only 2 days of CDI's have been undertaken so far). If it keeps on at this rate it will be done in record time even with them on course to buy-in,well in excess of 100M shares/CDI's.....
They must be keen to save on all those other 2p final dividends ......
LOTM