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MPO818 - Extract from FINAL RESULTS, GROUP OVERVIEW - Fifth paragraph.
Having re-instated a progressive dividend with a 2022 interim payment of 1.0p per share, our first payment since 2019, we are proposing a final dividend per share of 2.0p which will take the full year dividend per share to 3.0p. In addition, in November we commenced a £250m share repurchase programme, in line with our approach to returning surplus structural capital to shareholders. With the existing programme projected to be completed by around May 2023, we intend to extend this by an additional £300m, which at the current share price would result in Centrica buying back approaching 10% of its issued shares in total since November 2022. The extension is subject to market conditions at the time the repurchase of the first £250m of shares is completed.
So once the the first £250m complete they move onto £300m
What my two pence is, this might complete sooner than you think whilst market conditions permit.
Nice to see an uplift in daily share buy backs.
Rough calcs are;
Remaining target of £433m out of £550m to be purchased by end of May.
88 business days excluding bank holidays left
Need to be buying on average £4.9m worth of shares per business day until end of May which should give us a nice gradual incline to £1.40 which is where we hit resistance.
Yep - can’t see much resistance until 1.30-1.40
Shouldn’t have much issues over the few weeks
Just had notification of the last shorter to close
Good bye exane management
Clearly didn’t read the part where centrica has given more support than it earned from customers?!
Most of the profits came from energy trading.
Great to see share buy back from 250m to 550m :)
Only three more to slay! 4.69% is current short.
https://www.fca.org.uk/publication/data/short-positions-daily-update.xlsx
Exane renewed short at 97.94 @ 0.64 down from 0.8
That’s how I read it. So the impending investment of North Sea fits in quite well.
So the levy of 25% on top of BAU will have a 80% tax relief against it on top of of current tax reliefs however the difference with this one is that it’s immediately on investment, job creation oh I don’t know, maybe a fund for struggling customers etc. The best way I see centrica using this to a benefit is below
Please don’t quote me on accurate figures - these are headlines.
3bn profit
- 40% standard
1.2bn tax
1.8bn net taxed at 25% levy
450m levy tax
80% of 450m is 360m of available immediate tax relief amongst other reliefs but just using the levy relief for example.
North Sea requires around 500m-1bn and since this is at the request of the govt it’s quite right centrica is asking them to contribute so even if they do 60/40 that’s a tax relief right off straight away.
Going forward over the next years until the scheme ends my need some financial creativity from accounts.
Tie this in with the North Sea and hey presto - huge tax reclaim and investment sent into our infrastructure which is critically needed for gas storage.
Not at all - BTW I’m not saying that every pound we pay we get 91p back. However the structure of the levy does allow 91p benefit on the pound.
The new 80% Investment Allowance will mean businesses will overall get a 91p tax saving for every £1 they invest – providing them with an additional, immediate incentive to invest. This nearly doubles the tax relief available and means the more investment a firm makes, the less tax they will pay.
Extracted from gov.uk
https://www.gov.uk/government/publications/cost-of-living-support/energy-profits-levy-factsheet-26-may-2022
Tell me about it - my work van was silly money when I needed one just about after covid.
I do like the new range and saw a beautiful all black discovery which are apparently quite well equipped internally with touch screen a more buttons than a a350 ****pit!
It was the cheapest m4 on the market from park lane just over a year old 11k miles £56k. I have a 2018 m4 with 30k miles and paid £34k 2 years ago and now worth £30k. It sadly went whilst I was justifying it! But I can see so much depreciation yet to come on the new car which is what put me off. Try to pick them up 2 - 2 1/2 years old.
What’s your choice of car?
Well maybe we will leave the share advice for now - lol.
Had to stop myself from a car upgrade the other day - it was a steal but a lot of money for a car as my partner puts it ( an expensive paper weight) as it’s a weekend car.
Haha eartha kitt!
Not sure how to approach this, but is anyone else have other share interests that they think are worth looking into?
I have holdings in
RR
ASOS - sold at £10 from £6 but looking to get back in after half year results.
Centrica - held since covid drop of 32p
Revolution beauty - awaiting for re listing
Thoughts?