Member Info for 1GW_

Under aim rule 17, tly were obliged to notify the change in significant shareholders without delay, once they were aware of it. They became aware as a result of the shareholder analysis report they received. So they could have put out a separate rns or combined it with the TU. Not sure the end result would have been much different. That covers Miton and Lombard Odier. I'm not sure they needed to say anything about the other 2 as they were already missing from the annual report major shareholder listing iirc. In terms of waiting until you know "the seller" has finished how on earth are you going to know? How would you know for example that Royal London or Columbia Threadneedle weren't queued up to sell some once L&G has finished (if they are still selling)? In any case the game will change on 5th November when the results are published. The results will give the institutions material new information which I presume they will use to reassess any sell/hold (or even buy) instructions that we're in place pre-results.

It was only 1 part of L&G that went under 5%. As a group they still held 4.5m or so shares (7.6%) after the recent holdings notice didn't they?

No change from me stt1. If you are referring to my posts on the other board I am just commenting on today's news, which I think is on balance positive although very scarce on detail and therefore open to interpretation. Does your use of "both" mean you now accept that brassneck and I are different posters?

The nominee account numbers (HL, TD, Barclays, Halifax) were about 3 years out of date last time I checked, iirc. You'd get a better idea from the shareholdings quoted in the annual report, updating for any holdings notices issued since then.

But they can't do much to counter the poor financials except produce better financials can they? And that needs actual results or at least specific outlook statements that they maybe haven't yet been confident enough to give. The buyback communication issue was an own goal, I agree, but more in terms of private investor sentiment than institutional I think.

This board reads more like deramp city these days ( although I see del boy is still talking the talk). Imo the institutions have been selling in the main because the price has fallen so far below the placing price that they need a really good reason to continue holding ( for risk management considerations) - and tly haven't been able to give them that yet. But widespread institutional selling has been evident for a while. It's not new. We (holders) have to hope that tly can produce some financials that are good enough to turn sentiment and stop further institutional sales. Wendy seemed optimistic at the agm that things were coming good, with more definite progress likely to be shown in 2H. So 1H TU or 1H results may be enough, if coupled with a reasonably upbeat outlook statement. The buyback issue is curious. One thing Bob did say at the agm was that they had been advised not to do it (purely) to support the price. Ie it was ok as a means of returning "surplus" cash, or because the board thought the company was undervalued, but not to try to fight the market. I would have hoped the undervaluation argument could have been used and explained to the market which might of itself turn sentiment.

I find it surprising that we're seeing a large spread and virtually no trades reported given we have news. Or does it just mean we'll see some large trades reported late(r)?

Normal service resumed I see.

What happened to all the ramping then? Bank holiday in ramp city or did you all cut your losses and move on?

Is there some smoke then?

Good point. Closed 2Q on 170p. And closed August at 195p.

So up on the quarter, up on the month, up on the week, up since the TU. Is it a momentum play now?

Not so good on the year admittedly.

Pretty good week then wasn't it, for the longs?

Share price closed at 214p on Monday, immediately before the TU, having run up from 192p on the 12th September.

So closing on Friday above that level, at 222p, is ok in my book, even if there's been a bit of a pullback from the high. And don't forget, Tuesday's rns announced a CFO resignation with immediate effect, which isn't usually good news for the share price.

For next week, I suppose the question is whether the market will anticipate more good news in a mid-October TU or whether things will go quiet waiting for November results.

And to think, some posters said they were expecting the share price to fall back post-TU, even without a CFO resignation.

cashking - someone on the door to the meeting room recording who is in the room.

Yes you can vote by proxy ahead of the meeting but they still take a vote in the room. TLY did it this year by a show of hands I think rather than by completing proxy forms in the room, but that varies from company to company (and maybe year to year). And they still need to know that those sticking their hands up are entitled to vote.

Don't know which building or room you were in cashking, but it wasn't this year's agm room.

If you're there as a shareholder you are supposed to prove your shareholding. If you hold shares in a nominee account, that means getting a proxy from the company which owns the account for the number of shares you hold. There will be someone checking on the door your capacity (shareholder, bod or other tly company rep, agent/advisor) because they need to know who is entitled to vote (if a show of hands) and how many votes (if a proxy count).

You can always try to blag your way in as an interested observer, but they would be entitled to refuse you entry.

grahamwales - your post about the bod being a little ****ed with someone asking questions about the accounts.

Since I had to get a proxy to attend, and that proxy disclosed my shareholding in that account, the company would have seen that I had a reasonably chunky holding (for a typical pi attending an agm) in that account.

Comeonvog (I presume it was him sitting on my left) was there as well wasn't he, and for most of the time we were talking together to Wendy, Bob and Gloria, so he would have heard nearly all my questions. They were by no means negative - just seeking to understand the story behind the numbers.

And the CFO was not participating to any great extent in the conversation so there were very few technical questions on the accounts. Some questioning to both Bob and Wendy on the buyback (which I have reported on), some good discussion around how they were turning around a nearby operation that they were going on to see after the AGM and generally very upbeat vibes from Wendy, who I encouraged to put out an early post-period TU, especially if she could confirm progress on operating cashflow.

If the bod were annoyed at anything I would say it was the abysmal turnout from PIs. The bod turn up ready to talk to PIs and explain how well they feel the company is doing and only 3 PIs can be bothered to turn up. I got the impression the bod were very happy to talk to anyone who showed an interest. In fact Wendy (I think) talked about possibly organising some sort of shareholder day to allow more pi's to come and hear the story.

Didn't spot you at the agm, deltrotter?

Some dedicated ramping there deltrotter since yesterday afternoon. Margin call coming?

Not so impressive this morning boys. Try harder?

Good day's work, boys.

Still busy over here I see.