Member Info for CyCoXX

Congrats all!

The issue here is the following: "The new revolving credit facility is subject to one leverage ratio covenant. For prudence in light of current market conditions, this has been set at 6x in June 2023, 5x in December 2023, 4.25x in June 2024 and 3.5x thereafter, and the UKEF covenant has been aligned to these levels." - Financing and liquidity P.33 of the 2022 annual report. Things are only going to get tougher for SYNT if EBITDA remains reduced; I would not bet against the possibility of more rights issues to come. We are already on track to breach the 5x (Net debt to EBITDA) in December 2023, so net debt needs to decrease to 3.5x next June seems like a push. We can only hope they relax the covenants.

It does make me a bit uneasy hiking the dividend whilst the SP & NAV are falling.

Natwest shot itself in the foot and thought it would be wise to do it again with the newly imposed limits on cash withdraws and deposits, utterly nonsensical timing. They are just adding more fuel to the fire, IMO!

Most high street banks are the same, e.g. Santander, Lloyds, Natwest, HSBC, Standard Chartered etc; This is not exactly a great identifier of risks!

Technically it is a part of the management fee, so incentivising staff by providing them with shares does provide some benefit (potentially). The buyback benefits us as that would have gone to the directors otherwise. There are two sides to look at this.

With the SP performance, they certainly do not deserve a 387k bonus (895,426 Ordinary Shares * average price of 43.24 pence per Ordinary Share); Very shocking actions today, which only lines the director's pockets at the expense of shareholders.

I would love to see some large director buys to help stabilise the price at these steep discounts to NAV.

Where are you seeing this shorting occurring Jaskk? What are your sources?

Mrminister, I do not know where you are getting your historic data, but yahoo finance says 23p in '09.

I could not agree more, IMO looks like the most significant discount out there atm taking into account the discount to NAV plus growth. The only thing putting some investors off would be a lack of dividends but it does not suit this kind of investment.

"Jefferies analyst Mark Wilson says this implies USD40 million Ebitda for 2022, lower compared to consensus of USD61 million."

Strange I cannot seem to find the £1bn you are talking about in relation to bonuses.
All I can see in the standard-chartered-plc-full-year-2021-report.pdf is:
$72 mil in bonuses paid to the directors
$209 mil for staff social security
$307 mil for staff other pension costs
$167 mil for staff share-based payment costs
= $755 mil (Assuming as much bonus as possible)

Shareholders received
$254 mil (Q1) + $250 mil (Q3) + $750 mil (Q4) in buy-backs = $1,254 mil
and $370 mil in dividend for the year
total earnings for shareholders = £1.624bn
compared to $755m for staff

This means staff got 53.5% less than shareholders. I'm rather confused as to where you got your numbers from.

No interest from anyone for today's results?

After the hearing today, I'm wondering if these proposals for the 45% emissions reductions falls in line with increased dividend returns, and the current gross gearing of RDS. I'm rather concerned that overall debt is too high to fund this green transition, as well as increasing the dividend, without at least one of the three being affected due to current and forward-looking cash flows. Does anyone else share these concerns or anything to add on the matter?

Just install an ad blocker, that way you don't have to deal with obnoxious ads on every web page. It is a must-have!

As an investor in this share pre-2014 (£3+ per share), I can only feel sorry for the rotten deal long time shareholders are facing here. Definitely wonder why share buybacks were not proposed instead of this scheme, surely this will affect management holdings as well, seems counter-intuitive to me. Any thought on this would be appreciated! Probable cause to sell and move elsewhere sadly - Cy

The £2000~ annual dividend tax free limit outside of ISAs, aka just a regular invest account as opposed to an ISA/SIPP - tax free for dividends