Member Info for Crossley

The buyback was originally due to finish on the day before AGM date. 13/05. It’s now been pushed back with no date stated, other than H1/26. If it corresponds with the original plan then 12/05/26. Here’s an extract from the latest report…

In September 2024, the Group announced a total capital distribution of £130m comprising a £55m ordinary distribution in respect of the H1 24 earnings and a £75m as a special distribution. The Group has completed £38m to date and expects to complete the remaining £92m via share buyback, to be concluded in H1 2026.

Not saying I’m right here but I thought the SP dropped into the high ‘ones’. Once the RI was announced, the SP really tanked to reflect post RI issue price. As the RI was issued at €0.92?

220 prior to the China disease and 85p post RI 2 for 3.

Using my old post, that was re-posted yesterday, for SII (shares in issue)

£2.20 X 1.992B = 4.3824/ 4.764 (SII now) = 94.45p. (Excluding treasury shares)

Make of that what you wish….

Well, the figures are there. You only have to substitute the 350 for 1000m and adjust the SP to come up with an amount of buybacks on 1B at todays price…..

Im done for the night, good evening

Ah, apologies then speedy!

You talking to me.

Plenty said they agreed at the time. Here you go, you pick some holes if you like….

Crossley

Posted in: IAG

Posts: 720

Price: 322.70

No Opinion

RE: Buy backs20 Jan 2025 21:12

Thriller, evening.

They’d need to do about 30 more buybacks of this size, to get the share count back to pre covid levels, at current S/P. The proposal was to increase capital through 2.98 billion new shares to be issued. 3 more shares for every two already owned.

10 Sept 2020 — ... issuance of 2,979,443,376 new shares in IAG (the "New Shares").

Originally 1.992 billion Shares In Issue. Shares In Issue now, 4.840b, minus, the original SII = 2.848b

Price in Spain (€) is 3.81.

350m (buyback in euros)/ 3.81 (euro s/price) =91.864 m shares.

2.848 billion shares / 91.864m shares = 31 share buybacks.

When you consider they were offered at €0.92, and they are now, four times more expensive. It would be a costly exercise.

On a positive note, it just highlights how little effect the buyback has had on the actual S/P performance?

The RI was actually 3 additional shares for 2 already owned. Been through this months ago. They’d have to do 31 buybacks, or would at the time of the equation, of €350m to repurchase all the shares they issued at the time

Afternoon Steve,

Just a gentle reminder…..

I’d suggest creating a watchlist with PSN and Bellway close together. To me at least, BWY always seems to recover first.

Afternoon Retirement Plan,

Hope you are well. May I ask, if you do exit, what would you do for income? Outside markets, there really is no option without capital erosion.

5 X Auction.

This thing must have been bouncing all over for those 25 minutes.

Nice rise

3X auction

6-7%

Enjoy RP,

Early morning auction?

90 day pause on tariffs

90 day pause on tariffs. Bang!

Up 8% in last half hour (Nasdaq)

What’s just happened at 1800 hours over there?

I looked into this some time ago, re-fuel savings. Based on the same levels of flying hours, as last year, and their hedged ratios, I’m sure I got to €720m

Just to add Steve, if you’re hell bent on HB’s, I’d suggest creating a watchlist with PSN and Bellway close together. To me at least, BWY always seems to recover first. Just a thought. Their financials are second to none in this sector too (except net cash)

Hello Steve,

On your original question, I let them go (PSN) on the Monday @ £12.08.

Standard Life, think they’re quite exposed to Asia?

For me, (and not sure if Armani agrees?) I’m looking at the big dividend payers. I can see interest rates being forced down (potentially) as the economy struggles. The large dividend payers, (LGen, PHNX & MNG) are all around 9.5-11.5% now. If rates do drop, surely they are going to look cheap. Taking MNG for example, they’ve been on the div at around 9%. So, generally that’s about an SP of £2.23 (since the last increase to the dividend).Look if the div drops to 8%. That’s £2.51. If rates do drop, and they can maintain their divs, which they all seem to think they can (did thru Covid) in fact, are (currently anyway) projecting 2-2.5% increases per annum. Surely they should become more ‘fashionable’? If they don’t, well, 11% ain’t too bad?

PHNX results were quite fantastic only a few weeks ago and hit the £5.80’s.

I’m looking at it as a defensive play…..