Member Info for AllAtSea

Https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=18770796&type=bsm

Sorry XD meant to be 24 April! My bad.

I need it to go down more having sold a slice at 242. The dividend will be announced 12 March, XD 24 March, so there's plenty of time for a further drop!

Barclays PLC ups stake in B&M European Retail

https://uk.investing.com/news/company-news/barclays-plc-ups-stake-in-bm-european-retail-93CH-3889125

Bought more today. Looking at my portfolio, it's like clinging to the wreckage!

POLR holds a stake in IUG of 8.33%.

https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=34774420&type=rns

Now I read that:

"Sweden's Surgical Science to buy Intelligent Ultrasound in £45.2m deal."

"Riccardo Pigliucci​​, non-executive chairman of Intelligent Ultrasound, said: "Recognising the difficulties of quickly achieving scale, combined with shareholders' strong preference for an efficient return of the majority of the proceeds from the sale of the Clinical AI Business, the Intelligent Ultrasound board believes that the sale to Surgical Science allows Intelligent Ultrasound to both efficiently return capital to shareholders, as well as providing the majority of employees and broader stakeholders with the advantage of joining a considerably larger, broad-based simulation focused business that we believe will provide the scale, resources and investment to be successful and sustainable in the global simulation market."

https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=18347325&type=bsm

In October:

Intelligent Ultrasound completes £40.5m sale of Clinical AI business.

https://www.investments.halifax.co.uk/research-centre/news-centre/article/?id=17583871&type=bsm

I dare say POLR will do well out of both sales, but it seems a shame that control of another British enterprise is leaving our shores because it sees its opportunities can be realised better in another country.

“ Unilever shares down as RBC downgrades stock to 'underperform' over growth concern”

https://uk.investing.com/news/stock-market-news/unilever-shares-down-as-rbc-downgrades-stock-to-underperform-over-growth-concern-3859616

"The agreement is likely to cast a pall of uncertainty over Christmas for many workers at the two insurers. The companies said they planned to cut 5-7% of the combined group’s employee base, equivalent to between 1,600 and 2,300 jobs of 33,100. Aviva employed 23,000 people at its last annual report, while Direct Line Group employed 10,100.

Those cuts will not be made immediately but will take place over three years. The companies argue that the ultimate number of roles reduced could be lower because Aviva has 800 vacancies and turns over 1,300 staff annually."

From the Times:

"Blanc is understood not to have made an initial pre-bid submission to the CMA, which was an option, so confident was she that there are no monopolies concerns. Aviva is likely to argue strongly that, with the added scale of Direct Line, it would have the muscle to pass on cost economies in the form of lower premiums than otherwise.

Aviva’s recent performance on cost measures is superior to Direct Line’s. Its expense ratio is 11.5 per cent, against 21.8 per cent for Direct Line, while its claims ratio is better too, with 60.5 per cent playing 69 per cent. It is also growing its motor book fast. Motor customers in the UK grew by 13 per cent in the first nine months of the year."

No more grace-and-favour candidates need apply.

While I take your point, there still exist considerable savings to be made should DLG be taken over. The shared infrastructures and expertise in IT functions for example. Also DLG offer access to a large pool of potential customers for AV. other customers.

Furthermore, vehicle and house insurance premiums offer an additional income flow for AV. that can be use to increase the size and influence of its investments. Much of the value in DLG's products comes from the investment income the premiums can generate.

As an independent operator DLG suffers from its small size and to remain autonomous, Winslow needs to grow the company. I doubt if he can do that nearly fast enough, organically, and DLG can't afford to make takeovers itself either.

The shareholders should try not to be too greedy, it's already Christmas for them. I can remember when Aviva was growing into what it is now and for many years it suffered from over-ambition and the overheads of patching together five companies into one. It's not likely they will make the same mistakes with DLG IMO.

I think DLG will be taken over by someone; either AV. or else they will make sure the winner does not get it cheap.

Alex 1621 "I think the cost savings and synergies under Aviva will be far higher than under DLG as a stand-alone entity. Winslow has already started that process but greater cost savings are achievable if part of Aviva. It looks like a well considered move."

AV. Number of Employees 26,382 ; Revenue Over £18.5 billion (2023)

DLG Number of Employees Approximately 10,000 ; Revenue £3.1 billion (2023)

Winslow has a pretty big job to catch up with AV. productivity.

Berenberg analysts need to keep up.

Oh good! Thank you ;-)

(I just increased my holding by 100%)

Aviva "began to approach its target’s shareholders on Thursday, according to people familiar with the move, after Direct Line’s board dismissed Aviva’s £3.3bn takeover proposal as “highly opportunistic” and “substantially” too low.

Aviva’s appeal to investors came after the £13bn insurance giant said on Wednesday that Direct Line, predominantly a provider of motor cover, had declined to engage in a non-binding bid approach first made on November 19.  

The shareholder outreach is designed to persuade the Direct Line board to come to the table, according to people familiar with Aviva’s plan.

A combination of Aviva and Direct Line would create an insurance giant with more than a fifth of the motor market and about 15 per cent of the home insurance segment, according to research by MKP Advisors.

Direct Line’s new boss, Adam Winslow, is a former executive at Aviva and the two insurers have large shareholders in common such as Schroders and Redwheel."

Of course, such an increase in business would also increase Aviva's strength as an investor in the global financial markets. That aspect of the deal has to be factored in. Small is not beautiful!

"The insurance tycoon who founded Direct Line believes the company has been run 'so abysmally' that it deserves to be taken over.

Sir Peter Wood, 77, set up Direct Line as the UK's first telephone-only insurer in 1985. He left the company in 1997.

Wood told The Mail on Sunday that the group had been managed 'terribly' for years, making it a sitting duck for predators. He said it should be sold to a bidder offering a 'decent' price.

Belgian rival Ageas proposed a £3.1 billion takeover last week, which Wood, who does not own any shares, said was not enough."

I believe that Aviva have to go for it. DLG, despite its poor performance is a highly recognisable brand and with better management would make it a dangerous competitor for its rivals. Aviva is well placed to provide better management.

They have money to burn? IGMC

'Trump's' pick are are deliberate trolling of his opponents. Nothing that makes it possible to make investment decisions other than to stick tight. GSK is still one of the safer refuges IMO.

It’d be highway robbery under 250p. Lots of potential under good management. Sadly the evidence suggests that the management is weak.

It’s not looking good

at AZN

hopefully not contagious.