Member Info for 67Sam

Skier
I don't get it.
LLOY announced £2B total spend on buybacks in Feb when the SP was 49.68p.
It's achieved over 4.5B share repurchases since then, at an average cost of 44.173p per share. I don't think anyone anticipated this buyback would take place at a 15% discount, until the share price fell to just under 42p two weeks after the announcement, following the Russian invasion of Ukraine.
Do you think the influences on LLOY share price since Feb are intrinsic to weaknesses in LLOY as a company, or due to external global factors such as war, inflation and a supply squeeze?
Given LLOY tendency to increase the shares in issue every year due to staff rewards, this represents a contraction that compensates many times over.
That seems like a win to me.

bobf
I hope it continues to stay 42p or above. Personally I am not expecting a return to 55p until next year; and that involves an assumption that the Ukraine conflict will be resolved at some point during 2023. I think it is still very uncertain if that will be the case.
Seems likely that Lloyds bad debt provision will increase significantly due to defaults over the next 6 and 12 months, but its profits will also increase due to higher margins from lending. Hard to predict the balance between the two.
I am more pessimistic about Lloyds right now than some others here, but I feel more confident over the next five years. Let's take stock where the landlord ambition gets us in two years time. I get the idea, but it's still a bit of a wild card.

skier
"LLOY has so far lost £70,000,000"
Lloyds has removed over 4.5B shares from issue. Yes, the av. price paid was 44.173p. You seem to be pointing out the current share price is 1.5p lower than that.
I think it's been spectacularly successful and that it will show its benefit as the share price increases over the medium term. I also hope there is a repeat exercise next year because I don't anticipate a near term improvement. You can argue that it's a paper loss today, but it will have already saved 4.5B payments of the next dividend. That saving will compound year on year and return higher earnings per share.
Where is the problem in that?

Wonder why they decided to keep the loose change today?
Great to see 4.5B exceeded today.
Hopefully another 18-20M still to come next week.

https://www.investorschronicle.co.uk/ideas/2022/10/06/lloyds-big-is-beautiful/

WW
"The supermarket will offer customers aged 60 and over the chance to buy a soup, roll and unlimited tea and coffee for £1"
Stampede coming.

MaM
"either facing impending disaster or the market has got it horribly wrong."
Im hoping it's the latter.
Hardup
54,159,739 @ 42.56

Thanks Hardup.
MS might squeeze as many as 4.53B shares out, if they finish it off tomorrow at a similar price to today.

Well done hardup, i missed have missed or forgotten that one. April seems a long time ago.
In that case we can still make 4.5B comfortably.

"Percentage of £2 billion buyback completed.........97.02%
Spend to date is 97.5% if you account for £10M in Stamp Duty coming out of the £2B total available.
"Looks like we will exceed 4.5B tmw or Thursday, but only by a very very narrow margin"
Unless it rises again and the remaining purchases are over 44.5p, in which case it wont make it. That would be very surprising.

Looks like we will exceed 4.5B tmw or Thursday, but only by a very very narrow margin.

Skier
People need work.
"That's barely enough to buy a new electric family car".
I doubt the number of families who would seriously consider using a spare £45k to buy a new electric family car is very significant.
"It wont last long". Agreed. Its regular income that is essential, along with a means of living within that limit.

0.4153

Superb. Another 106,529,371 at 0.4159, well below the average price paid so far.
Two or three more days and this will be wrapped up.

First Direct are now offering 5 years @ 5.84%, for a 60% LTV.
It is not yet 12 months since they gave me a fee free rate for 5 years @ 1.29%.
It wasn't the lowest point for mortgages, just the point at which my nerve gave out.
But in hindsight it seems one of my better than usual decisions.
Have to feel for those who were a year behind me and are now looking for new deals.
Rates are starting to look savage.

£1,990,000,000 available allowing for stamp
£1,854,560,798.73 spent
£135,439,201.27 remaining

£126,166,520.00 final answer

ok I'm catching on now
We have £135,439,201.27 left, allowing for 0.5% duty?

oops £2,010,000,000

"The aggregate consideration for the buyback will include stamp duty."
Yes. Penny may well have dropped now.
The aggregate consideration will be £2,100,000,000 in respect of c.4.5B shares?