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That's a £3bn transfer of ownership, likely a positive impact on the SP. STILL absolutely certain that there will be NO takeover....

Drahis holdings are mostly NOT directly held as shares. He has arrangements with a number of IB's where "funded equity collars" are put in place, to allow him to "control" a large body of shares by holding call options against shares held by others on his behalf.BNP, Citigroup and MS are the prime facilitators of this. A simplification of the process is this :

Those players acquire shares in the market or strike options, Drahi pays them a portion of the cost, having borrowed using his claim on the equity as security. Astonishingly he then uses the rights he holds over those shares as collateral for further loans, to repay some of the "collar costs. If it sounds a bit like a pyramid scheme that's cos it is.

Drahis' problems arise when the value of equity under his control falls and the banks demand an increase in his stake to cover them for the reduced value that they hold on his behalf. It appears that lately he has been quietly reversing some of his position with his client banks, which although it eases his financial pressure, it does not necessarily mean he or the client banks have actually sold BT stock.

It's a messy inverted pyramid which had BT stock continued it's recent rise could have been unwound with profits all around. That may come to pass but the longer it takes the more uneasy his position becomes, and of course, his empire is under pressure elsewhere.

As a holder here and happy to continue for some time I'm not too worried , but will keep an eye on the news.

Results show the beginning of the major turnround for housebuilders, expectation for PSN to build 10k homes this year, interim and final divi likely to be at least 4%. We are at the start of a gentle decline in interest rates and hence housing market volume recovery. I am happy to hold here for a few years as the momentum returns, I don't do SP forecasts but I cannot see other than significant upside from here.

Large holders are still submitting daily RNS's outlining their holdings and , broadly , most are increasing, either directly or via derivatives. Therefore, the short-term worst is over and the likelihood of a (slow?) climb back from here is high. Results due 20th will have a significant impact. If I'm 20%+up I may sell for a quick profit.Otherwise I will tuck away (and add more if there's another meltdown), happy with the probability of a much higher SP level in the future

Having bought and sold here several times over the last few years, I jumped in again this morning at prices from 121 -123p

Why? Well, despite the global military and financial turmoil, I still see a long-term future for WG. The oil industry has decades to run and their skillset is relatively scarce . They still have an order book of $6bn and actions taken lately will IMV, turn that revenue into profit.

As I have said before, a bid situation means the PI has more info than in any other circs and we know who holds stock. a rough scan suggests that about ten investment houses hold over 25% of WG. Like us, they will have to decide whether to hold or sell. Their pain is less than a PI's and to exit a position is easier BUT , in this case, it seems not unreasonable that many/most will sit tight and await events.

I do not rule out further falls from here BUT sooner or later the SP will recover, global stability, a falling dollar, evidence of better bid management, and streamlining costs will all help the SP.

I am happy to hold/add.

The SP of BT has risen by almost 40%. As a holder who accumulated a decent block at prices a little over £1,and who is happy to hold for some time , I have one word of advice

CHILL.

Had a V quick scan of today's results and here are the highlights(IMV)

NO reference to recent media speculation

US now provides 60% of revenues BUT margins there are a fraction of Eg UK/Europe(less than 2% versus almost 10%in UK)

Divi raise by 15% (as a sop to frustrated holders?)

Progress in UKS integration/streamlining is proceeding( slowly)

May post again later today of anything else major pops out of further analysis

Will report in $ in future( straw in the wind?)

..a buy here. You might think I'm crazy ( and you might be right!) BUT, I have done well lately by buying into companies which have screwed up in one way or another and exiting when things change, they sort out the problems or the circumstances return them to favour. My initial research suggests that the company's woes (which are largely self-inflicted) but also a bit of bad luck, can be resolved and a positive outcome emerges.

First thought only so those of you invested or following for much longer than me tell me if I'm wrong.

Major issues

Strength of sterling

cancellation of tax allowances for tourists

Catastrophically badly timed buyback

Slow management response to changing circs.

To enlarge on these points,

Average sterling exchange rates which had fallen over the period 2000-2018, have begun to rise gently and are about 10% up on a basket of currencies over the last 6 years. Burberry figures which were flattered for some years are now negatively affected.

Burberry's markets are essentially foreigners seeking the kudos of a British (or French) brand and the cancellation of the VAT refund for tourists in 2021 was a self-inflicted wound by the UK gov. for which Burberry among others felt the pain.

Burberry spent £400 mill on a stunningly ill-timed buyback, by buying back shares at prices well above 1000p!!!

The last point about management essentially encompasses their slowness to react and MAY have been resolved by the recent appointment.

I'm far from completing my due dili, but happy to have responses , particularly negative if data supported ,before I commit here .

Stands back awaits.......

Front page lead of the S Times business section today suggesting that Phil. Jansen is working with various PE to effect a TO of RTO ,consolidate in US and potentially list there. Suggests that a 30% premium to current SP would be enough to clinch a deal(Not so sure- existing management will no doubt argue US integration is not complete and will have a significant effect on profits - I agree)

Whatever , there is likely to be a sharp uptick tomorrow and speculation may well run for some time. As ever I will watch and wait but if the Sp gets near £6 I will take my cash and deploy it elsewhere.....

..Is due next Thursday. If it's as bleak as I suspect the SP may well take another leg down. Recent news that AA are finally seeking to streamline the Co. along the lines proposed in the recent T/O bid is positive and AA is still in play . While BHP cannot make another bid approach for some months , they and others will still see AA's assets as undervalued through company ineptitude. I watch here ready to buy in again at prices around, or below, £20 in the expectation that sooner or later AA will fall to a predator at a price at, or above the BHP offer.

Anybody watching?

All pretty positive and very detailed. OCDO to be cash flow +ve in H1 26 and as I've said on several occasions it is Tech. solutions which is the long term driver here. I have been adding lately and fully expect a SP double (or more) in 1/2 years.

Jet2 hold ~20% of the UK holiday market see

https://www.statista.com/forecasts/1256773/brand-market-share-in-the-package-holiday-market-in-the-united-kingdom

I suspect that they are looking to build substantially on that market share and they have this report to support that objective

https://www.which.co.uk/reviews/travel-agents/article/travel-agents/best-and-worst-package-holiday-providers-agVuo5r7eV33

The use of cash to buy more capacity is IMV good for them and us shareholders....

At any given time Jet2 has about £2.5bn of cash in " money market " funds, which earns them (I guess, it's not entirely clear from the accounts) around £125/130mill pa. . That's about a third of their total profits . I think their money management is quite shrewd and is one of the reasons why I hold.....

Coeur, about £1.3bn of that cash is Jet2's own, roughly half of the Market cap.

See

https://www.reuters.com/markets/commodities/anglo-american-battles-underground-fire-australian-coal-mine-2024-06-30/

Anglos metallurgical coal mine in N Queensland has a fire below ground, that's most likely the cause of today's SP fall.

Lunch ....by definition every "BUY" is also a "SELL", but , in this case, the trade price was well below the price of any other trade yesterday...draw your own conclusions , I did.

The "buy" is the uncrossing trade where dealers "square up " their books at the end of every day(read more to understand). The £15mill deal is an "off-book" transaction and is a major holder reducing a position, maybe taking a profit, maybe needs the money elsewhere, while large, it may not be big enough to be reported, again, read about " LSE reporting requirements" to understand how much or how little major shareholdings are made public....

From Kantar today

"Grocery price inflation is not what it used to be, but it’s still a surprise to report that the supermarket sector saw only 1.0% sales growth in the latest 4 week period…

Within the sector, Ocado was the fastest growing grocer for the fourth month in a row this period, increasing sales by 10.7% over the 12 weeks to 9 June."

Savage they have increased their short because their holdings have increased in value and hence their risk on a SP fall is greater, SEE Blackrock, the world's biggest fund manager who act in an identical manner. There are very few with naked shorts, some will "pair trade "ie go long one company and short a competitor who they think is better placed or short trade special situations ie takeovers (which they think will fail) BUT Most shorts are not naked, the risks are too great.

For the umpteenth time....many shorts are pension funds , insurers, private equity... who are LONG the stock in question and who use a balancing short as insurance against SP falls. While they EXPECT SP rises, they KNOW that falls are possible and set up balancing shorts to earn a compensating profit if their holding loses value.....