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UU now follow the example of SSE. The rights issue, in the old days, gave preference to the existing shareholder. Both companies must have noticed that that they have loyal small shareholder followers, but nowadays mainly via nominees companies. How do they expect an extra layer of management to be able to react to a tight deadline?

Discount to asset value confirmed at 45%. What do shareholders prefer? A sharp narrowing of the discount or the share buyback continues as it is the best investment available?

The answer is below in the statement: tomorrow's will show a sharp increase.

How is the Hansa share asset value today calculated? Ocean Wilsons is no longer quoted is it?

Do read to-day’s “Clarification Statement” from ESP, and then forget it!

The really telling paragraph is;

“· "On synergies, [Empiric] said that half of Empiric's £15 million of overheads could be easily cut, possibly two-thirds, plus some financial synergies that could come from being a larger size entity" (the "Synergies Statement"); and,

· "Empiric said that the CMA will probably look at six out of the 23 cities where it is present, and eventually some asset disposals might be required" (the "CMA Statement") (together, the "Statements")

What is the right offer price? That is up to you.

My calculation would suggest about 9.4%.

That is taking the price, less the final cash dividend to get the XD price, assuming it is held in your ISA or SIPP. In practice one hopes that the yield for 2024-5 will also see an increase in dividend, so prospectively nearer 10%.

Last year it was at 16.27 on the Thursday. Note that SMIF has this afternoon declared an increase in dividend.

We are in a period of orderly transfer of shares from the UK to the USA, I assume. I find S&P index admission harder to understand than the FTSE 100, appearing to me at least rather haphazard. The question was trying to find whether anyone had views. The questions would appear to be; will FERG be admitted, if so when, have index funds prepared for this, at least in part?

Any views when the S&P update is due?

New man at the wheel? Come on IMB; time to cultivate the small investor to replace the ESG lobby. Announce the start of monthly payment of the dividend for the new company year. The additional cost of paying dividends monthly in an electronic age is very low, so don’t try that excuse.

Announcement said:
Each ADS offered represents 10 ordinary shares of Argo Blockchain