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Much of the conversation here seems to have veered off into matters peripheral to JLP. Perhaps we could stick to the topic.

FWIW, conflict is generally only bad for stocks and share in companies whose assets are directly at risk . For the rest, it's frequently beneficial to earnings.

At that price you're on 10% dividend, or 6% over risk free. I can't tell you that you picked the bottom of the market but if you view this as a bond proxy, I don't know anywhere where you can get that sort of premium.

She's a tough negotiator. Maybe you shouldn't have led with how cheap the price was . Le mot juste is "value" though really the big sell has to be on future spending opportunities.

I bought just under 60p.

It joined yesterday.

It's puzzling me too. It all seemed to coincide with the opening of the US market which suggests a market sentiment problem where jobless data has triggered a scare on the state of the US economy. But it's not a strong argument because other domestic UK stocks went down too and the banks were hit harder. It almost looks like Treasury noises might be suggesting a new round of bank-bashing but without any hard news, it's one we have to but sit on for further information.

Failing that, the good news here is that there is now more upside in the share price though perhaps not enough for me to buy back in after selling earlier this week unless I can think of some smart CGT deferral tactic.

It all depends where you're planning to put the money but also how much you own. I see this as a solid company with a great narrative and good long-term prospects. But I have also marked 360p as a price where I could trim my holding (c10%) just to keep it within my own exposure limits.

I don't expect the share to repeat the current run in the next 6 months but a 10% annual increase in price is also not to be sniffed at. I'd expect the price also factors in an expectation that the dividend yield will increase year on year.

...and you can apply for additional shares too.

Or you can wait for the share price to fall below the offer price and pick them up cheaper on the market.

Https://www.investorschronicle.co.uk/content/b8075eb7-d407-597b-b895-c00612befd4b

Here's one stock that should benefit

I guess it's just a bit of profit taking going on right now. Could be a while before it finds its new level

Or they can put their money into a solid investment option, particular if they want to keep their exposure to fund managers.

For my part, I will maybe trim a little but that's just to take advantage of some buying opportunities. I think there's still plenty of upside here although I can see the temptation to take winnings after today's run. But maybe wait a few days for the broker upgrades.

This is fast moving towards "cheap" status. If it goes much lower, I may have to sell some decent holdings to add here.

I'm not sure where the impatience is coming from here but this is venture capital territory. Everyone knows this company is undervalued but that seems to me to be more of a market valuation problem rather than one we need the company to address. I can sit it out knowing that the value is there so the income will follow. Those unwilling to wait for the income shouldn't be here.

James, that's a very optimistic view IMO. I don't think it is politically tenable for Reeves to be reducing tax on oil companies any more than it is likely she will do it for banks.

If she does, it won't look good with the base.

Megla,

Thanks. So basically the main variable in all this is a +/- adjustment to capital investment with the investment allowance being an incentive to invest.

Much as I might prefer subsidies in companies I own, I can't see what the fuss is about if profits are taxed at the same rate as investment. All that has been announced so far is a removal of an investment incentive which would allow a company to make profits for free (£100 of CAPEX = £99.8 of tax relief at the new tax rate). As long as their is no change to the CAPEX allowance, it all seems fair.

Which makes me question why their is this suspicion that the CAPEX allowance might be reduced. The old system incentivised investment in projects that were unprofitable - perhaps as a surreptitious subsidy for jobs in the North Sea. But why this would lead to a tilt the other way is beyond me. It's patently obvious that a reduction in CAPEX allowances (even as little as 20%) would drastically cut investment as target returns become impossible except for the most profitable fields. And HMT know this.

I'm confident that any new announcements in this area will be quite modest

Can someone explain the difference between investment allowances and capital expenditure deductibles?

That's exactly the argument that most are making. Increased taxes is unlikely to increase income to Treasury and it was interesting to note that there was nothing in the King's Speech about tax on oil producers. But given that there was a manifesto commitment - and much as we might wish otherwise, it's safe to assume this one will be kept - we can only wait for clarification on the "loopholes".

At the moment, the market is taking a pessimistic view of what changes will be made. Given the impact of the total tax take, I'm guessing the outcome will be better than anticipated even if it is still not good.

Debt now repaid and plenty of cash to fund the business. All very much in line with what they were saying for their FY results so I don't think these shares should be as cheap as they are. Hardly surprising to see people buying them today.

It's been a nice ride but time for me to get off. That's not really a judgement on the stock, just a good time to replenish funds spent on cheap assets.

Always nice to own a stock where the price fall after a dividend offsets the tax on the dividend.