Member Info for Dixie33

From LSE web site

RNS Number : 2979W

Legal & General Group Plc

12 March 2026

Legal & General Group Plc ("the Company") ("L&G") announces that it will today commence the first tranche of its planned £1.2bn share buyback programme announced on 11 March 2026 (the "Programme"), for up to a maximum consideration of £600m.

The Company has entered into a non-discretionary agreement in relation to the first tranche of the Programme with Barclays Capital Securities Limited ("Barclays") who will make trading decisions independently of, and uninfluenced by, the Company. Shares acquired by Barclays under the agreement will be purchased by Barclays as riskless principal for subsequent repurchase by the Company. All shares repurchased under the Programme will be cancelled. The purpose of the Programme is therefore to reduce the Company's share capital.

Any purchase of the Company's ordinary shares contemplated by this announcement will be carried out on the London Stock Exchange and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters, and in accordance with the Company's general authority to repurchase ordinary shares granted by its shareholders on 22 May 2025, the UK Market Abuse Regulation, the Companies Act 2006, and Chapter 9 of the Financial Conduct Authority's Listing Rules. The maximum number of shares which may be acquired under the Programme is 476,796,751 (being the number of shares remaining under the authority granted by shareholders at the Company's annual general meeting on 22 May 2025). The first tranche of the Programme is expected to cover the period from 12 March 2026 and end no later than 18 September 2026.

-ENDS-

All GM resolutions passed with roughly 86% for vs 14% against (c.528.9m for / 86.1m against); 2.18m "Sanctioned Shares" were excluded from voting and the board will not recognise votes from that sanctioned holder, with potential future shareholder action to address those shares. Sound Energy (AIM: SOU) is focused on near‑term revenue from the Tendrara micro‑LNG Phase 1, pursuing a larger Phase 2 piped‑gas project (FID pending) to supply power, exploring across 28,000 km2 in Morocco and progressing early renewable/hydrogen work, with management prioritising revenue, prudent Phase 2 investment, cost control and deleveraging — key risks are the sanctioned shareholder, FID/funding and project execution.

5 Feb 2026 — Rio Tinto confirmed it is no longer considering a merger or business combination with Glencore, having concluded no deal would meet the long‑term value and shareholder‑return criteria set out at its Dec 2025 Capital Markets Day. Under Rule 2.8 of the City Code this "no intention to bid" announcement binds Rio Tinto to restrictions, although those restrictions can be set aside if the Glencore board agrees, a third party announces a firm intention to bid, Glencore proposes a Rule 9 waiver or reverse takeover, or there is a material change of circumstances.

Is anyone still claiming this is still underpinned at 1p?

Thank you for your wise words......

Agreed blink........

BV - I'm talking about direct face to face engagement, which has not yet been forthcoming on formal SOUND channels, nor have we had the opportunity to do a direct Q&A with him. The first gas announcement will trigger a review of the critical path project deliverables for both phases + drilling (which is a cause for continued consternation given that in October 2024 we were told it would take 9 months to spud once Mana deal was signed, which took us to circa Sept this year, to be told they still haven't sorted the permitting - what have they been doing for 10 years!!!) I think his 3 year plan still needs some clearer dates, timelines and costs so that we have some key metrics to judge his performance on - Having been here since 2011 I'm lacking a little trust given previous promises and slippages and would like to see the whites of his eyes as he promises this is a new era!!!

Our new CEO has been in post now for just over 2 months and still no direct engagement with shareholders via the Sound Q&A portal (poor in my view). Given last weeks positive news on first gas, I would have thought this an opportune time to formally introduce himself, his future vision, an update on phase 1 plan completion inc first revenue, drilling update , phase 2 and financial update and of course a round up of the new projects - it's gone very quiet!!

Aviva is down 4.1% after its quarterly update was accompanied by new three-year targets, which don't seem to have impressed much.

Https://www.youtube.com/watch?v=7kJGRAnzeH4

Year low is 0.52p so almost there..

Sound Energy PLC, (AIM:SOU) the AIM listed transition energy company, is pleased to announce the appointment of Mr Majid Shafiq as Chief Executive officer to the Company. Majid Shafiq has also been appointed to the board of Sound Energy PLC.

Graham Lyon, the Company's Executive Chairman, will transition to non-executive Chairman over the course of the next six months.

Majid Shafiq is a seasoned professional with over thirty-five years of experience in the energy sector, combining extensive international industry and capital markets expertise. He began his career with Mobil North Sea Limited, spending thirteen years in a variety of petroleum engineering and commercial roles. He subsequently worked for seventeen years in London investment banking with specialist energy-focused firms, including Tristone Capital and FirstEnergy Capital, where he advised private and public small to mid-cap energy companies on mergers and acquisitions and equity capital markets transactions.

In 2018, Mr Shafiq was appointed Chief Executive Officer of AIM/TSX-listed i3 Energy plc, a position he held for six years until the company's sale at the end of 2024. During his tenure, the company grew from a pre-revenue micro-cap into a business producing 20,000 barrels of oil equivalent per day, distributed more than £45 million in dividends, and was sold for £174 million.

This combination of technical, financial, and leadership experience provides him with a comprehensive understanding of the energy sector and a demonstrated ability to execute growth strategies, raise capital, and deliver transactions that create shareholder value. Mr Shafiq holds an MEng in Petroleum Engineering and an MBA.

BP PLC's (LSE:BP.) short update earlier was not entirely clear but debt continues to be a "large concern", said analyst Ashley Kelty at Panmure Liberum, and suggests share buybacks may need to be cut back.

With net debt set to be unchanged at $26 billion, the analyst says, "this is a large concern given BP is targeting reducing this to $18 billion by 2027.

"This remains a fanciful goal given falling output, softer commodity prices and ongoing need to sell off more valuable assets – of which there are less in the portfolio after the push into low margin renewables.

"If this is to be achieved, the scale of buybacks may need to be trimmed further."

Kelty says investors "will not be much clearer on what to expect as the statement is vague and woolly", though being vague "does help BP if its going to miss expectations (again)".

Aviva has spent years trying to prove that it can grow like its European rivals while keeping the steady hand investors expect from a life insurer. RBC thinks that moment may finally have arrived.

The broker has resumed coverage of the group with an “outperform” rating and an 800p price target, arguing that the Direct Line acquisition has shifted Aviva’s balance decisively towards higher-return, “capital-light” business such as general insurance and protection. That means faster earnings growth and a more flexible capital base.

RBC reckons the combination leaves Aviva better placed to be judged alongside the big continental composites such as Allianz and Axa rather than the narrower UK life cohort.

On its numbers, the shares trade at just ten times forecast 2026 earnings against an EU average of 12, despite a stronger 17% annual growth rate in earnings per share.

Integration of Direct Line looks to be going smoothly. RBC sees scope for annual cost savings to rise from Aviva’s guided £125 million to £200 million as overlapping systems and roles are streamlined.

It also flags the potential to cross-sell Aviva products to some four million Direct Line customers now being moved on to its single digital platform.

Chief executive Amanda Blanc’s next big moment comes on 13 November, when Aviva will host an “In Focus” event to outline new group targets.

RBC expects the company to set out goals for operating earnings growth above 15%, a return on equity north of 20%, and cumulative Solvency II capital generation of more than £6.5 billion, all ahead of current consensus.

The analyst team also highlights the company’s steadily rising dividend and its plan to keep annual share buybacks flat at £350 million. A dividend yield nudging 6% adds to the appeal.

After a decade of reshaping, Aviva is now less a lumbering life office and more a diversified insurer with scale in the everyday policies most households actually buy. If RBC is right, the market may need to start valuing it that way.

PROACTIVE

Persimmon shares dip on trimmed 2026 margin outlook

Persimmon PLC's (LSE:PSN) shares fell around 3.4% after it slightly lowered its 2026 profit guidance.

The housebuilder’s first-half results were solid: completions rose 4% to 4,605, helped by a 5% improvement in sales rates, while the average selling price climbed 8% to £284,000.

Operating profit increased 13% to £172 million, with pre-tax profit up 11% to £165 million. The interim dividend was held at 20p and net cash stood at £123 million.

Peel Hunt noted that 2025 targets are unchanged, but 2026 will see only modest margin growth as older, less profitable land continues to weigh on returns.

This prompted the broker to trim its 2026 profit forecast by 3–4%, mainly on margin assumptions.

At 1,096.55, the shares trade on about 7.5 times forecast 2026 earnings, offering a 5.5% yield. The broker says 'buy' up to 1,350p.

Completions: 4,605 homes, up 4% from H1 2024 (4,445).

Sales Price: Average price at £284,047, up 8% year-on-year.

Revenue: £1.31 billion in new housing revenue, up 12%.

Profit: Underlying operating profit of £172 million, a 13% increase; profit before tax at £164.9 million, up 11%.

Margins: Underlying operating margin improved to 13.1%.

Dividends: Interim dividend remains at 20p per share.

Cash Position: £123 million in cash, down from £350 million last year.

Outlook: Targeting 11,000-11,500 completions for the full year; optimistic about growth to 12,000 units in 2026.

Interesting to see this has to be RNS'd in relation to someone "Closely associated with CEO Murray Auchincloss:" ???

Summary

BP p.l.c. issued notifications for transactions involving two individuals:

Kate Thomson, Chief Financial Officer:

Acquired ordinary shares through BP ShareMatch UK Plan.

Price: £4.232, Volume: 5 shares, Total: £21.16.

Transaction Date: 11 August 2025.

Julia Emanuele, closely associated with CEO Murray Auchincloss:

Acquired ordinary shares through BP ShareMatch UK Plan.

Price: £4.232, Volume: 88 shares, Total: £372.42.

Transaction Date: 11 August 2025.

Both transactions occurred outside a trading venue.

Also found this.....

https://www.dailymail.co.uk/news/article-13515151/BP-staff-office-romances-SACKED.html

"In line with the Group's established dividend policy to pay out 40% of underlying earnings, the Board has proposed an interim dividend of 40% of first half total underlying earnings, equal to $0.07 per share (30 June 2024: $0.42 per share), equivalent to $0.1 billion (30 June 2024: $0.5 billion)."

Down 35 cents (83%) from last years interim!!

Continued...

A TAKEOVER STRUCTURED IN TWO FINANCIAL COMPONENTS

The agreement signed between Managem and Sound Energy provided for a

$12 million, or approximately $119 million

dirhams (MDH), upon completion of the transaction. At the same time,

Managem had undertaken to take over the share of the

Sound Energy in financing of up to $24.5 million (near

MAD 244 million) for the completion of phase 2 of the

of the project. The latter aims to ensure a

strategic approach to the Maghreb-Europe Gas Pipeline (GME).

The Tendrara gas project is being deployed according to a two-stage plan.

The first phase, currently under construction, aims to

production of 100 million cubic meters (Mm3) per year of gas

liquefied natural (LNG). It is based on a treatment facility,

and on-site storage, with the aim of an inlet

LeDesk

28 July 2025

10:33

By Kenza Filali

Tendrara gas hub: closing of the financing of phase 1 of the Managem-Sound Energy deal

According to our sources, Managem, a subsidiary of Al Mada,

is expected to announce on July 28 the closing of the

Financing of Phase 1 of the Purchase

strategic management of Tendrara's gas assets with

by the British company Sound Energy. A first in the

Morocco, which is starting a movement of

"Moroccanization" of gas resources

which is also echoed by the reactivation of the

of the Chariot offshore project

The Managem group, a subsidiary of the royal holding company Al Mada, should,

According to our sources, announce this Monday, July 28 the closing of the

Financing of Phase 1 of the acquisition of the British company

Sound Energy Morocco East Limited (SEME), a subsidiary of Sound Energy

PIc, marking a new strategic step in its

energy diversification.

This takeover gives rise to a new industrial natural gas division

within the miner group (Mana Energy), according to a

bank, unprecedented in Morocco, based on a concession

hydrocarbons.

The operation involves the acquisition of 55% of the concession

Tendrara, in the Oriental region, as well as 47.5% of the

Grand Tendrara exploration permit and 47.5% of the

Anoual's exploration. Following the completion of the transaction, the structure of the

Tendrara project is stabilized as follows: 55% for

Managem, 20% for Sound Energy Meridja Ltd and 25% for the Office

National Hydrocarbons and Mines (ONHYM)

The perimeter concerned by the transaction covers an area

of about 23,000 km2 in northeastern Morocco. The Concession

The Tendrara Farm, which extends over 133.5 km, has been awarded

for a period of 25 years from 2018. It contains resources

estimated at 10.67 billion cubic metres (MMm3) of natural gas

The permits of Anoual and Grand Tendrara, which govern the

concession principle, offer exploration potential

considerable additional cost. They also benefit from recent

extensions of validity granted by ONHYM, including a period of

18-month supplementary under Anoual, signed on 30 April 2025.