Member Info for courtier

For a few years these comments have been in the Yearly Report. They refer to legal actions against Hansard Global. I am starting to wonder if the prospect is dragging the price down. I don not think these suits will hold up, after all Hansard is an experienced broker and they don't think they will lose. "* Our estimate of the Group’s exposure, including professional costs, in relation to the issue of Chargeable Events Certificates announced in FY 2014, remains unchanged at £5.0m; * There has been no material change in the litigation against Hansard Europe. Writs totalling approximately £5.4m remain outstanding (30 June 2014: £5.2m). We continue to defend these claims strenuously."

Interesting. I am surprised that BNC did not manage the stress tests better. I am encouraged that the authorities are not insisting on non-payment of dividends. I expect Santander to pass the test next time, but we will see. Looking at the results for last year and the dividend BNC is still a good buy in my opinion, but then I thought they would be knocking £6 by now...

I think he took good advantage of the huge drop this month in the share price which makes us a very good buy. There has been chat about the new dividend policy etc and nearly all favourable. Wish I had just one of his $500 millions...

Here is the latest comment from the board about dividends, September 2014: "In view of the Board’s confidence in the long-term future of the Group, it has resolved to pay an increased final dividend of 5.0p per share (2013: 4.75p) despite the fall in profits for the year. The dividend is subject to approval at the Annual General Meeting. If approved, this will represent total dividends for the financial year of 8.4p per share which is in line with our previous commitment to investors. The final dividend will be paid on 13 November 2014." I am no expert but HSD has always maintained its top of the range dividend for the five years I have held the shares. I have taken a capital loss of 30% but have received nearly 50% in dividends. While the 20% up is not brilliant I think this is a determined company with good leadership and I am expecting the shares to pick up quite rapidly as the new plans start to give results. I intend to give them two more years.

Very clear exposition of UTG's market and plans. http://www.unite-group.co.uk/investors/CEO-video

Sorry, I meant IFAs, getting my officers mixed up with my advisers...

A first statement for the year ending June 2015. It was published November but I am still catching up with the company: http://www.hansard.com/~/media/Files/H/Hansard-Global/pdf/reports-and-presentations/2014/hsd-q1-ims-7-november-2014.pdf? The bits about chargeable events and the outstanding writs always worry me but they have been included in many recent reports so the company presumably have it in hand. They seem to be trading profitably,with new IFOs coming on board.

'The Banker' notes that Santander has obtained "strong improvements in profitability," despite the economic situation in Europe, now "is now beginning to see light at the end of the tunnel". The publication highlights the bank's core capital at the end of 2013, 10.4%, which would remain at levels well above what is required in the different scenarios of the stress tests of European Central Bank. Santander has also been chosen as Bank of the Year in Spain and Portugal. The Banker said the company was "clear winner" in Spain thanks to a combination of "clear strategy, strong fundamentals, commitment to innovation and a major organizational restructuring to streamline its activities."

I have held BNC since 2012 when I was lucky to buy in at under £4. Since then I have predicted (guessed if you like) £4.50, £5.00, £5.50 and recently (to myself only) £6.00 and £6.50. In mid 2014 BNC did burst comfortably through £6 only to drop again. I am not really a chartist, graphs cannot show futures, only past patterns. Instead I go on instinct, research on google and in the papers, company reports and watching how the bank performs in the real world. One big factor contributing to my views has been the successful break through in the UK market. Another has been the near miraculous way that capital and funds can be found by selling overseas assets. I also like the way the national banks are give considerable freedom in their areas, indeed the UK may well be floated in London soon. Well here goes: £6.50 by Christmas 2015... The analysts do not all agree with me. 34 analysts: 4 buys; 2 overweight; 18 hold; 2 underweight; 8 sell. But then I never agree with them either!

The Ibex http://www.tradingeconomics.com/spain/stock-market

A bit old but interesting... http://www.economist.com/news/britain/21601264-if-only-housing-market-general-worked-student-housing-up-and-up

So that is the reason... Do not be anxious. I have had a steady income of about 12% from HSD over the two years I have held them. I measure income by simply adding the years dividend to the years price increase on the 1st of April each year. I will post the percentage for 2014 to 2015 in April. The spread only matters if you are a trader manipulating the share to make easy money, rather than a genuine investor.

Link below... http://www.santander.com/csgs/Satellite/CFWCSancomQP01/es_ES/Corporativo/Sala-de-comunicacion/Santander-Noticias/2014/11/28/Santander-Banco-del-Ano-en-Europa-Occidental-Espana-y-Portugal-segun-The-Banker.html

Should have said that the tender offer gives my holding, in effect, a dividend of 4.5% and I have held the shares since August 2014.

Have just done the maths on the tender offer from SVG. I am really pleased because the tender offer of £4.80 puts my holding back into the black after slipping basically ever since I bought them. I have tendered all my shares but do not expect the tender to be taken up. However the maximum allowed will put me into profit. Hopefully Espirito Santo Execution, JP Morgan Cazenove and Oriel Securities are right and profits will be seen over the next year. This is important when a share pays no dividends.

Link to The Independent about Santander under Ana. http://www.independent.co.uk/news/business/comment/soaring-santander-must-treat-its-new-customers-right-to-keep-them-9839862.html?origin=internalSearch

"Santander UK attracted 900,000 new customers to its 1/2/3 World account in the first nine months for the year. It is now winning one in four UK bank customers who switch accounts. Annual profits before tax at the bank, whose boss Ana Botin left to run the parent bank in Spain in September, jumped 26 per cent to £1bn." From The Independent today.

The following corporate action is due to take place on SVI.LSE Terms: TENDER OFFER The Company has announced that a Tender Offer of up to GBP50 Million will take place in December 2014. The pricing of this Tender will be with reference to the share price and the 30 September 2014 Net Asset Value (NAV). You are not required to take any action at this time. What does this men.

During the year the Group implemented the revised Operating Model for Hansard Europe and has been successful in harnessing process efficiencies and reducing administrative headcount, as planned. The benefits of these savings have been outweighed by a number of non-recurring factors such as the provision of £5.0m in relation to the estimated potential liability and related professional costs for the breaches of Chargeable Event Certificate regulations that were reported in the latter part of the financial year; the effects of litigation settlements of £0.7m (2013: £1.6m) and by the charge of £0.7m (2013:£0.4m) taken in relation to the closure of Hansard Europe to new business. With the successful implementation of the revised Operating Model during the year, and a consequent reduction in headcount and administrative expenses, we do not anticipate a significant level of these closure costs in the future.

Since 23rd September 2012 SVG Capital have purchased just over a third of their own shares. I have owned shares in quite a few companies that have bought back in this way but never to this level of continuous purchases over so long a period. This is a company dependant on financing other companies. Am I right to be worried that it has found so many millions to finance itself when it could have been investing, giving returns for us all? I do not pretend to be expert in the market so would welcome the experience of others on this.