Member Info for Bornand

The full article is available on the other B.B. I thought about cutting & pasting article, but as its a subscription article, best just to navigate their, so nobody can snipe at me. !!

I.M.S. due on the 16th Jan - should be upbeat.

Copied & pasted coutesy of scburbs over at advfn. The big trend for the new year seems to be a large reduction in credit spreads paid by borrowers such as Ireland and other European peripheries as well as corporate borrowers. Ignoring the obvious fact that PHNX is a much better yield play than 3.5% for 10 year Irish paper, it is worth remembering that credit spreads is also a key driver of PHNX MCEV. As per P31 of the attached, a 1% decrease in credit spreads is worth £146m (65p) on MCEV. http://www.thephoenixgroup.com/~/media/Files/P/Phoenix-Group-V2/Attachments/results-presentations/HY-2013-Investor-Presentation-FINAL.pdf

http://www.thesundaytimes.co.uk/sto/business/Industry/article1357259.ece

Personally I dont think your missing anything, I ve looking at PHNX from many different angles. I`ve had two recent top ups in the 660/ 665 price bracket, where I hold my shares in my SIPP income drawdown. Best wishes to all for Christmas & the New year

SpaceandPeople plc ("SpaceandPeople" or the "Company") New Contract Wins SpaceandPeople Plc (AIM: SAL) is pleased to announce contract wins in Germany and the UK. Its German subsidiary, SpaceandPeople GmbH, has been awarded a 5 year exclusive commercialisation contract with Corio GmbH ("Corio") in Germany. Corio operates 5 shopping centres in important cities such as Berlin and Duisburg which complements SpaceandPeople's current national profile of locations across Germany, both geographically and demographically. The agreement is the first time all SpaceandPeople offerings have been incorporated under one all-encompassing contract including promotional space and mobile kiosk management and fixed kiosk sales, providing a much higher blended commission rate than historical deals. Matthew Bending, Group CEO of SpaceandPeople said "It has been a good year for the German team with the signing of MEC earlier in the year and now Corio. This provides a wider portfolio for brands and means we have increased revenue diversity, which strategically is beneficial. The blended and amalgamated contract is a first for us and we hope to use it as a template in future contract negotiations." SpaceandPeople has also been awarded an exclusive 5 year agreement with The Garden Centre Group Holdings Ltd in the UK. The agreement, which extends across its 142 centre portfolio, covers brands such as Wyvale, Blooms and Country Gardens and constitutes the biggest portfolio of garden centres in the UK. Matthew Bending continues "Increasingly brands want to access the buying power of an older demographic with high disposable income and ample leisure time. The visitor profile of these centres will enable this and its significance is important in keeping experiential media in venues as a key channel for brands. This demographic profile is difficult to access using traditional media as these consumers tend to be less media savvy and are resistant to modern media messages. This contract will provide an ideal platform for brands and their key consumers to meet."

Share Society are arranging a shareholders meeting in Mid Jan - Contact details. http://www.sharesoc.org/index.l

Sale of Woking office property by the Group First Property Group plc (AIM: FPO), the property fund management group, is pleased to announce that it has unconditionally exchanged contracts for the sale of the office property it acquired in Woking on behalf of the Group earlier this year. The property was acquired at a total cost of £2.46 million and the sales price agreed is £6 million in cash, generating a gross profit for the Group of some £3.1 million, after the deduction of sale costs. Completion of the sale is due to take place on 18 December 2013. Proceeds of the sale shall be used by the Group to invest in the development of its business. Following the sale the Group's cash balance will be approximately £14.0 million, of which some £7.2 million is held within Fprop Opportunities plc (FOP). The cash balance of the Group at 30 September 2013 was £10.6 million. Commenting on the sale, Ben Habib, Chief Executive of First Property Group, said: "This has been the Group's first development project in the UK since 2003. Having secured planning permission for conversion to residential use, we are pleased to be able to realise a significant profit on our investment, which demonstrates the Group's flexibility and breadth of expertise across the spectrum of property markets."

Earlier today you could read the article without signing in. This part copied & pasted from Big Big Dave from ADVFN, to save my re typing it Jobs saved at asbestos firmMORE than 1,000 jobs at Silverdell, an asbestos clean-up specialist, are to be secured by a rescue deal. Rcapital, a turnaround fund, stepped in as the troubled company’s bank prepared to pull the plug. Silverdell was plunged into turmoil in July when trading in its shares was suspended. Listed on London’s junior AIM market, it specialises in clearing asbestos from old industrial sites. Rcapital has taken control after it bought out loans held by HSBC, Silverdell’s bank, and will begin work on a survival plan over the coming weeks. The deal could be announced to the stock exchange this week. The share-trading suspension, triggered when one of Silverdell’s subsidiaries was put into administration, is expected to remain in place after the deal with Rcapital. Shares in Silverdell last traded at 12.9p, valuing the company at £40.4m. It is understood Rcapital will look at a range of options, including a refinancing, fresh capital, and a break-up. The acountancy firm PwC advised Silverdell. Rcapital has backed 35 companies since setting up in 2004. Its most high profile investment was Little Chef, the roadside dining chain, which it sold earlier this year. My comments - Rcapital wont be looking out for our interests, they want the upside for themselves, the only mildly possible positive thoughts is that CEO Sean Nuttley has a large shareholding, if ordinary shareholders are wiped out, he will be in the same boat.

www.thesundaytimes.co.uk/sto/business/Industry/article1349937.ece.

Previous post should read " With a closing share price of 662p". Apologies for error - oh for an edit button

With a closing share price of 602p, gives a yield of 8.06%, normally one would question can the dividend be maintained - put simply yes - in fact a consensus of brokers estimates the dividend rising from 53.4p to 59.37p during 2014. No major debt repayments come into play until 2016 - amount £300 million, yet the cash balance in the last set of accounts was in excess of £1bn + the surplus in Phoenix life of £ 430m, - cost of maintained dividend amounts to £125 million. Purchased a large stake for my SIPP today.

After a brief 6 week fall in the BDI index, rates have now started to harden again. http://www.bloomberg.com/news/2013-11-28/shipping-costs-rise-most-in-11-weeks-as-ore-freight-leads-surge.html http://www.bloomberg.com/news/2013-09-23/shippers-poised-to-return-to-profit-as-cargoes-grow-10-freight.html

NumptyClub. Many thanks for the AGM report

Espirito Santo retains buy on Paragon Group of Companies, target raised from 393p to 424p - Broker upgrades are flowing thick & fast at the moment,

I think the regular webcasts is money well sent by SRT, it does provide a degree of intrigration with investors, without them I truly believe the share price would not be above 24p after todays interim results. For the Company to hit initial .broker estimates of £15 million revenue for the full year, even with the US mandate, if it proceeds through Congress is almost impossibe IMO, already we have house broker Wh Ireland & Westinghouse throttling back the figures

Lots of broker upgrades coming through, Cannacord 420 Espinto Santos 390 RBC ( market outperform ) although no target price quoted ). Accompanied by the Governments tougher stance on pay day lenders bodes well for us going forward

Whilst the merger is off the table, no doubt the share price will be under severe pressure the next few days Swiss Re was not very profitable according to research, so thankfully we are not going to pay a fancy price, there are many other targets out there.. .The PHNX cashflow continues to be very strong and the degearing on track and to pay a significant premium just to accelerate that degearing seems unnecessary IMV. The value of PHNX's shares (still very material discount to MCEV) constraints the apparent value they can provide to any sellers. Much better to pull out than overpay.