Member Info for fleccy

Bidboy your logic is so flawed it's unbelievable. If anyone was going to make a play for BT, it would have happened when the share price was hovering around £1 and more than half the current price. As far as the reasons why no one has tried to bid for BT, it's easy, because the Government would play the National security/interest card and block any bid. No doubt the Government has, on the quiet, already warned off any potential suitors.

The Aviva buybacks are flying, £224,343,393.34 already spent with £125,656,606.66 left to spend.

https://docs.google.com/spreadsheets/d/e/2PACX-1vSFzlU7UMjm0pSGJJGhFwkllG3Se8g1naKstHKS3tWkxQ9166zD6JfqF-hOF5KOT9azcZ1DHYlI2BJz/pubhtml

He's the🤴of 🐂💩ers

If Trump's lips are moving he's likely telling lies. I have no idea why anyone would believe anything Trump says, his previous comments in respect of the Iranians have proved to be incorrect and directly contradicted by the Iranians. More often than not things have unfolded based on the Iranian comments rather than Trump's.

It works out around 10.8% of the Total week Volume:

https://docs.google.com/spreadsheets/d/e/2PACX-1vRPfKNzj0cEH-jkutfH5DCLE7EjAr9EKDhdwnDDGTusEQIU7oJbXQeQsxJ21lPeE1PwyUpTyZnPLmMT/pubchart?oid=942132251&format=interactive

https://docs.google.com/spreadsheets/d/e/2PACX-1vRPfKNzj0cEH-jkutfH5DCLE7EjAr9EKDhdwnDDGTusEQIU7oJbXQeQsxJ21lPeE1PwyUpTyZnPLmMT/pubchart?oid=1749597775&format=interactive

I wonder where the BT/Nscale partnership fits into this:

https://www.youtube.com/watch?v=kqhT8FRi8kg

"I'm interested to learn everything about BT's AI and sovereign cloud strategy

BT Group has positioned itself as the "digital backbone of the UK" through a comprehensive strategy that combines domestic data control (sovereignty) with high-performance AI infrastructure. Their approach focuses on enabling regulated industries—like finance, healthcare, and the public sector—to adopt AI without sensitive data ever leaving UK jurisdiction.

BT Group Newsroom

BT Group Newsroom

+3

1. The Sovereign Platform

Launched in late 2025, this is an end-to-end suite of services designed to keep UK data under domestic control.

BT Group Newsroom

BT Group Newsroom

+1

Sovereign Cloud: A private cloud platform hosted entirely in the UK, using Rackspace Technology infrastructure and managed by security-cleared UK staff.

Sovereign AI: Built in partnership with Nscale and NVIDIA, this allows businesses to run AI workloads locally on dedicated clusters of H100/B200 GPUs housed in BT’s own sites.

Sovereign Voice & Connectivity: Ensures that call routing and data transit for sensitive communications remain strictly within UK borders.

BT Group Newsroom

BT Group Newsroom

+5

2. AI Infrastructure Strategy

BT is repurposing its vast real-estate portfolio to meet the unique power and cooling demands of AI.

YouTube

YouTube

+1

Edge AI Data Centres: Nscale is deploying 14MW of capacity across three strategic BT sites. These distributed "edge" locations provide lower latency for real-time AI applications compared to massive, centralized data centres.

Network Evolution (Global Fabric): BT has launched a new "Network-as-a-Service" called Global Fabric. It is designed to handle the unpredictable spikes in data traffic typical of AI training and inference. It is also 79% more energy-efficient than older networks.

BT Group Newsroom

BT Group Newsroom

+5

3. Strategic Goals & Economic Impact

BT’s strategy is closely aligned with the UK Government's AI Opportunities Action Plan.

ERP Today

ERP Today

+1

Productivity Boost: Research from Assembly Research (commissioned by BT) suggests that this "sovereign" confidence could unlock £18 billion in productivity for the UK economy by encouraging faster AI adoption in regulated sectors.

Compliance & Risk: By using domestically controlled systems, BT claims businesses can avoid up to £1 billion in GDPR-related fines and save £632 million annually in cyber-incident losses.

BT Group Newsroom

BT Group Newsroom

+1

4. Internal AI Transformation

Beyond serving customers, BT uses AI internally to transform from a traditional "Telco" to a "Techco":

Network Optimization: Using AI to predict and prevent network outages before they happen.

Customer Service: Implementing AI-assisted customer service tools to improve response times and resolution rates"

"My understanding is that a broker (Barclays) can buy-back 25% (I think) of the days traded volumes"

LGEN aren't coming close to the 25% Safe Harbour limit, they could considerably increase the buyback percentage without any comeback.

https://docs.google.com/spreadsheets/d/e/2PACX-1vRPfKNzj0cEH-jkutfH5DCLE7EjAr9EKDhdwnDDGTusEQIU7oJbXQeQsxJ21lPeE1PwyUpTyZnPLmMT/pubchart?oid=942132251&format=interactive

"Fleccy tells everyone to stay here and 50% of the time that’s right but not always. And he didn’t and doesn’t know when that’s right. He’s a charlatan"

"Fleccy has risked the majority of his capital over a couple of decades and posted here every day while Making 5-8 CAGR . I know he has because I’ve watched"

I'm not sure if I should be worried, or proud that someone wastes their time watching me, I'm not sure I'm famous enough to have a stalker. As far as my CAGR is concerned, it isn't something I'm interested in, I do keep a spreadsheet that measures my book value against current valuation to keep a check on our paper gains; But I have no idea how much dividend reinvestment went into the book value, compared to capital injections from elsewhere, although it is something I could check if I was bothered to go through all our cash, dividend and dealing histories.

I don't advise anyone to do anything. I might say what I've done, or planning to do, but I would tell anyone to DYOR and take no notice of anything anyone says on here without looking into it themselves, including from me. In your post you worded it in such a way that it comes across as a definitive financial advice type play.

Truth is there's nothing definitive about investing, sometimes you get lucky and other times decisions go against you. We recently struck lucky with a BP investment, where we realised a £42,000 capital gain as well as any dividends while we held the stock; I'd love to say it was skill, but in reality it was pure luck since who knew the Middle East was going to erupt?

Actually I spelt it correctly further down the same post, obviously I was writing the post in haste and didn't read back through it. We all make typo's and use incorrect spellings/Grammar, at times when posting. Stop giving advice on what people should and shouldn't invest in, we all have our own investment styles and targets. If you want to risk your capital investing in overvalued US Tech, don't encourage other's to follow your lead.

Clearly there are massive investments into AI infrastructure and there are companies that invest directly into said infrastructure, and others that partner the infrastructure investors without the associated massive capital risk.

AI infrastructure investment is very reminiscent of the investment into Fibre pre Dot Com bubble bursting, there'll be winners and losers, the trick is to play the game without losing your shirt.

The partnership between Nscale and BT is low risk for BT, since BT is only supplying the "physical sites (co-locating at existing network exchanges), power, and high-speed network connectivity to link these centres into its national fibre grid"; Whereas Nscale is responsible for building and funding the 14 megawatts of AI data centre infrastructure, using NVIDIA's full-stack AI infrastructure, including the GPUs designed for AI workloads. Low risk for BT, irrespective of how the AI story plays out.

There's a lot of luck and risk taking when laying stock market bets, we've bet a lot more on LGEN than we originally planned to. When we first looked at investing in the insurance sector we was looking at Admiral, Aviva and LGEN, but we missed the Aviva ex dividend and Aviva has seen big rises since ex dividend, so we decided to take a big chance on LGEN and put everything into LGEN and Admiral. In June we're expecting around £7500 in dividends from our Admiral and LGEN investments and we're looking at topping up LGEN with the full amount dependent on LGEN's share price. If we're still seeing a paper loss on the LGEN investment in June then we'll top up, alternatively if LGEN's share price recovers and we go into the Black then we'll look elsewhere. LGEN is currently the only stock we hold showing a paper loss and going forward the more the share price drops the more dividend reinvestment we'll direct into LGEN; In the past we've done exactly the same with Lloyd's and BT. In recent years only stock we've realised a loss on was Vodafone, where the Vodafone stock in the standard share dealing account was sold to offset a large capital gain on a portion of Lloyds shares held in the same share dealing account. We've been working on reducing the amount of stock in the standard share dealing account, but the remaining BT and Lloyds shares held in that account are seeing extremely large paper gains and this tax year we've already reached the capital gain allowance from the sale of just 8,500 BT shares at 217.638p. The standard share dealing account is in my wife's name and since she's a non earner so there's no income tax due on dividends earned in that account, which we use to top up ISA's as and when they become available.

"The idea is to raise the average cost per share from each reinvestment and not lower the cost per share by investing while showing a paper gain, it worked well for me during covid"

I stated that the wrong way around, what I meant to say is the idea is to lower the average cost per share from each reinvestment and not raise the average cost per share by investing while showing a paper gain, it worked well for me during covid and particularly after covid when dividends were restarted.

It's all about the partnership with Nscale, the market's now caught on to the story. Any company associated with NVIDEA and AI, in a meaningful way, will pull in the speculators; And the more the speculation grows, the more the upward share price momentum.

BT is also part of a global coalition led by NVIDIA to build 6G on open, secure, and AI-native platforms.

☕🙃📏💪🏻🍵🔝🔝

Trek I understand where you're coming from, but the current buybacks may act as resistance against any significant drops. I wanted to invest in LGEN for the dividend, but I also wondered about the share price direction and therefore invested just under half the cash pre ex dividend and just over half post ex dividend. I'm currently seeing a paper loss on my LGEN investment, but that isn't something new to me since I've experienced the same with my historic investments in Lloyds, BT and Vodafone, all three of which currently show significant paper gains. I only invest in safe-ish dividend paying stocks, the higher the yield the better and focus all dividend reinvestment into stocks where I'm seeing paper losses, I'll do the same with my current LGEN investment and build the amount of stock and therefore subsequent dividends. My projected annual dividend income for next year is over £36,000, from a current portfolio valuation of over £806,000 with a large portion of the portfolio valuation coming from dividend reinvestment's.

There are many different ways to play the stock market; Gains from trading out and back in can pay off if the price goes in the right direction, more often than not it doesn't. Using my method if the share price drops my dividend reinvestment buys more stock and reaps more dividends down the road, and if the share price goes up into paper gain territory then I direct the dividends elsewhere. The idea is to raise the average cost per share from each reinvestment and not lower the cost per share by investing while showing a paper gain, it worked well for me during covid.

According to AI:

"Please tally up the buybacks so far and advise how many shares purchased, total cost so far, target cash amount and target date

As of late April 2026, Legal & General (LGEN) is in the early stages of its record-breaking £1.2 billion buyback program.

Current Buyback Tally (2026 Program)

Based on the latest Share Buyback Tracker updates from Legal & General Group and recent RNS announcements on the London Stock Exchange:

Shares Purchased: Approximately 35.5 million ordinary shares.

This includes 24.1 million shares bought through 2 April and subsequent tranches of 4.8 million and 6.7 million shares reported later in April.

Total Cost So Far: Approximately £87 million.

Official reporting through 2 April showed a spend of £58.9 million; factoring in subsequent mid-April purchases, the total estimated spend is roughly £87 million.

Target Cash Amount: £1.2 billion total.

The first tranche has a specific target of £600 million.

Target Date:

18 September 2026 for the completion of the first £600m tranche.

The full £1.2bn program is expected to conclude in 2027 as part of the wider £5bn capital return strategy.

Legal & General Group

Legal & General Group

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Historical Context (Completed Buybacks)

The current progress is in addition to previously completed returns:

2025 Program: Completed 2 September 2025, repurchasing 203.4 million shares at a total cost of £500 million.

2024 Program: Completed 8 November 2024, repurchasing approximately 88 million shares at a total cost of £200 million"

First tranche was 21,866, pre Ex Dividend, on the 17th April and I've added a further 26,016 today, giving a total of 47,882 shares. I decided to invest in LGEN because I believe the share buybacks will drive the price higher over time. Hopefully luck will be on my side.

No problem, here's the data:

https://docs.google.com/spreadsheets/d/e/2PACX-1vSFzlU7UMjm0pSGJJGhFwkllG3Se8g1naKstHKS3tWkxQ9166zD6JfqF-hOF5KOT9azcZ1DHYlI2BJz/pubhtml

"Barclays could easily ramp up the buyback volume and stay within the 25% safe harbour limit, since the current buyback volumes don't come close to the safe harbour limit

You are correct that Barclays Capital Securities has significant room to increase the buyback volume for Legal & General (LGEN) while remaining well within the 25% Safe Harbour limit.

Buyback Capacity vs. Current Execution

Capacity Gap: LGEN's average daily trading volume (ADTV) typically ranges between 25 million and 30 million shares.

25% Safe Harbour Limit: This allows for daily repurchases of roughly 6.3 to 7.5 million shares.

Current Execution: Recent filings show Barclays is only purchasing about 1.5 to 2 million shares per day.

Underutilisation: Barclays is currently using only about 5% to 8% of the daily market volume, leaving approximately 17% to 20% of additional capacity (nearly 5 million more shares per day) untouched within safe regulatory bounds.

Legal & General Group

Legal & General Group

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Rationale for Ramping Up Post Ex-Dividend

There is a compelling case for a volume increase starting tomorrow, 23 April 2026:

Catching Up to Target: To reach the £600 million goal by 18 September 2026, the daily spend needs to rise from its current ~£2.1 million to roughly £5.8 million.

Dividend Adjustment Opportunity: When LGEN goes ex-dividend tomorrow, the share price will technically drop by the dividend amount (15.67p). This price adjustment, combined with the ongoing geopolitical sentiment from the Iran conflict, offers a "value" window for the broker to deploy capital more efficiently.

Liquidity Spike: Ex-dividend dates often trigger higher trading volumes. A spike in total market volume further raises the absolute number of shares Barclays can buy while staying under that 25% cap"

"Because the LGEN buybacks are nowhere near meeting the £600 million target, isn't there a good case for Barclays ramping up the buyback quantity post ex dividend?

While there is a logical argument for Barclays to increase the buyback volume, structural and regulatory factors make a sudden "ramp up" to the levels seen with Aviva unlikely for Legal & General.

Analysis of the "Ramp Up" Case

Pace vs. Target:

Current Spend: You are correct that the program is behind a linear pace. As of 17 April 2026, LGEN has spent approximately £76.7 million.

Target Shortfall: To hit the £600 million target by 18 September 2026, Barclays must spend roughly £117 million per month (or ~£5.8 million per trading day).

Current Daily Spend: The average daily spend since launch is closer to £2.1 million.

Barclays' Constraints:

Non-Discretionary Mandate: LGEN uses a non-discretionary agreement, meaning Barclays makes trading decisions independently based on pre-set parameters. Unlike Aviva's broker, Barclays has historically prioritised avoiding "price discovery" interference.

Safe Harbour Preference: LGEN typically stays within the 25% Average Daily Trading Volume (ADTV) to maintain regulatory protection. For LGEN, whose average volume is ~26.5 million shares, this limits the daily buyback to roughly 6.6 million shares.

The Ex-Dividend Opportunity:

Natural Volume Spike: Ex-dividend days (tomorrow, 23 April 2026) usually see significantly higher trading volumes.

Increased Capacity: A higher total market volume increases the absolute number of shares Barclays can buy while staying under the 25% "Safe Harbour" limit"

The share price is creeping up at a slower pace than previous declines, speculative money appears to be dipping their toes back in. Since there's currently no hint of constructive dialogue BP may creep a lot higher, but should some sort of negotiated settlement appear on the horizon the price will likely drop like a stone, something to watch out for 🔭