Member Info for Corryvreckan1

I’ve had a scan through the Scheme Document and can’t see note of any pre-conditions that might apply in the event of a sale. Not sure if that’s a good or bad thing :/

Regardless, it’s unlikely it would be a swift process and in the meantime - assuming operations continue as normal - DCUs will still accrue entitlement to their share of the net revenues etc., and that may well continue uninterrupted up to the point the AM might be taken away in any case.

GLA obviously the current additional ‘black hole’ that needs light shined on it in the days ahead…

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Regarding creditors the Doc states that DCUs would be unsecured, page 74 includes:

“The following are specific risk factors relating to the Deferred Consideration Units:

The payment obligations of Prax with regard to the Deferred Consideration Units are unsecured obligations and DCU Holders will rank as unsecured creditors of Prax in the event of the failure of Prax to comply with its obligations to make cash payments and issue Loan Notes pursuant to the terms of the DCU Deed Poll. The DCU Deed Poll does not contain any limitation on Prax’s ability to incur indebtedness, including secured indebtedness, which would rank senior to the Deferred Consideration Units. The performance by Prax of its obligations pursuant to the DCU Deed Poll is not guaranteed by any of Prax’s subsidiaries or any other person.”

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Any claim for the DCUs as creditors would only be for outstanding revenues due up to the point of administration/cessation of production - were it to happen - and not for the full remaining balance up to 12.5p.

But that’s all getting way ahead of the game and posted just for info in the event of etc...all above IMHO and no advice intended.

Normally see a company state when a buyback programme is completed and to what extent, either in the final daily transaction RNS or a separate one. Perhaps waiting for a Board meeting to discuss continuing with the remainder?

I make it £44.9m total spent and the authority was renewed at the AGM in May so they could still finish off the last £5.1m with a new short programme, particularly at these relatively low prices.

Not sure if they have the cash to extend it further than that at this time, next results will be the HY on 9th September so perhaps more likely to wait until then for further announcement.

In short - that's where we are at, no idea where we are going...

Same date this year

Looking perky here, Octopus still increasing and first FY results as a separate company next week.

Will be good to see an update on the acquisitions being integrated and they indicated in the 12th May update that they were looking for more.

Eh...? Did you post before coffee ;o) ?

In other news, the buyback programme ends today - not sure they will quite make it to the full £50m but not far off it.

Tyke - he is chair of remuneration but also of the whole company, see note 21 in each annual report. It was me who incorrectly said it was just remuneration but I corrected that same day and Phil confirmed it as well:

https://www.lse.co.uk/ShareChat.html?ShareTicker=IQAI&share=IQ-AI&thread=65E636AF-C150-4D5C-A007-75423CBCEA25

TB is the only Executive board member, the other 3 are non-exec per the last page of the reports. To appoint a separate independent chairman would require that to be permitted by the Articles of Association. On which note, does anyone know where to download a copy of the Articles. I think they should be available to download from the company website as per most companies, but I can't see them and trying to find them via the Jersey Companies registry sent me down a rabbit hole.

Tyke68 - "Maybe TB could follow Phil’s suggestion and have a non exec chairman." - Brett is the non-exec Chairman, per the last discussion on the old forum, but did you mean someone completely independent of the company instead?

What’s your source for that intraday thing for dividend purposes because it’s completely wrong? It does not state that anywhere in the UK regulations and exchange procedures.

Thousands of investors, myself included, buy shares to receive the dividends for income purposes and then sell on XD day to move the money somewhere else. I have always received the dividend when doing this and don’t know anyone who hasn’t.

Here’s another article that states the same: https://www.investopedia.com/ask/answers/06/exdividenddate.asp

And another: https://www.hl.co.uk/learn/glossary/dividends

Every trade is both a buy and a sell otherwise a trade won’t happen. So if selling on XD date were to disqualify you from the dividend then the buyer of those shares must receive it instead. But that contradicts what was said previously that you have to buy no later than the day before XD to qualify.

So who do you think does receive the dividend for those sold on XD day?

Https://www.lse.co.uk/rns/GNC/publication-of-circular-notice-of-general-meeting-frsc6ihdp7nw6q4.html

Isdeer - remove the words 'sold or' from your 17:39 post at that would then be right. T+2 settlement applies to both sides of the trade so if you sell on XD day or any day after you will still be on the register on the 27th and entitled to the dividend.

There is no difference between holding the shares in a regular investment account or an ISA as the rules apply to the stock exchange listing and the register, rather than at broker level.

BrokerManStan - "Not sure if B&M have got a different set up..." - see above, the rules are set by the stock exchange rather than individual companies, so it's the same T+2 for (almost) everyone. To do anything different requires written permission from the stock exchange and would need a very good reason for it.

I say 'almost' everyone as it's worth noting that the USA and Canada moved to T+1 settlement in May last year, so XD and Record date are the same date for companies on their stock exchanges, normally on a Friday. If the company has a secondary listing in London then the London exchange often require the UK to follow the same T+1 principle and it's then up to the Registrar to reconcile it from the contract notes or similar.

Mexico are also T+1, Johannesburg I think are T+3, so there can be variations if you have overseas investments.

The link I posted at 16:09 is from 2017 but it still applies now and it's one of the clearest explanations for the UK process I have seen.

Hope this all helps.

2 days, but they have issued a few up/down TR-1s over the last couple of months so looks like they are maybe trading around an overall position of c.6% +/-, possibly even just algo driven based on relative weightings within a portfolio, or similar.

Https://www.sharesmagazine.co.uk/article/the-essential-guide-to-getting-dividends

Delphi are a subsidiary of Oracle - 4.44% was their original holding at IPO but since diluted to 3.69% at 28/2/25 following placements and other share issues since then.

It can happen occasionally if there are no trades in the closing auction, but very rarely in a share like this.

There was a UT today at 175.60, it just didn't get picked up by LSE for some reason, perhaps got lost in transit because of those other weird trades they published which look like maybe a late hangover from last Friday's triple witching.

Always worth checking the stock exchange page if you're not sure or if LSE are missing data (scroll down about half way for the trade table):

https://www.londonstockexchange.com/stock/SAGA/saga-plc/company-page

Well, MH did stay with the more restrained approach to the update so 24th Sept before we see any real detail, other than the Acromas completion by end July. I think those are fairly chunky load factors though.

Perhaps an element of 'buy the rumour, sell the news' in early trading.

Could be a good contest down to the wire but looks like it might be stop/start with the rain, draw maybe more likely. Or India by a load factor of 85%!

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So Iran launch missiles at a US air base in Qatar and the price of oil dives and the markets bounce???...I might just stay in bed tomorrow.

20/6 - "I’m expecting an open around 164p, all else being equal and DT staying off social media for the weekend!"

And keeping your planes on the ground, Ducky! Did you not read my WhatsApp message in your 'security' group?

*sigh*

Anyway, a key test tomorrow will be how well Saga holds up amongst the inevitable carnage. There have already been signs of possible institutional accumulation and if that continues then it's all still to play for on Tuesday morning.

Then need to see if MH offers a more detailed update than he did last year, otherwise we could be into September with the Interims for any key numbers. [HY is 31st July but they don't normally issue an update just after that like some companies do].

No advice intended (unless your name is Donald).

Just a note on tonight’s after hours SP action for anyone who doesn’t know – today is a triple witching day (third Friday of the third month in each calendar quarter) when options, futures and index contracts expire and/or get rolled over, etc. This leads to significantly higher volumes in the closing UT and additional after hours trades at seemingly random prices; it’s across the board with many companies going through this tonight.

It’s all done after hours to help keep an orderly market so the slightly elevated UT tonight at 167.8p with higher volume is part of that, and as it’s a known market phenomenon it normally has little measurable impact on the Monday open. I’m expecting an open around 164p, all else being equal and DT staying off social media for the weekend!

That said, it’s all still looking rosy and Stage 2 is still intact with the potential to accelerate. We also have a lovely cup and handle pattern in play, albeit only over a short 2 week period, and primed for the next possible breakout. So there’s potential there for a gap up on Monday open as well.

And the Bollinger’s are ready to open again – yay :op

Just as well we don’t have a trading update next week that could spoil the party, eh?

Ironknut - what previous false dates are you meaning? See my thread below titled FTSE Index Review - I posted all the correct dates in the OP on 22nd May and that is exactly what is happening.

“volatile” – thank you, ppywgda, that’s the word I was looking for and used three paragraphs of drivel trying to describe ;o)

It’s well researched drivel though, the best kind.

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“Without deviation from the norm, progress is not possible.” Frank Zappa