Member Info for Gerry557

Well it looks like I have the option of transferring the rights outside the isa to buy more or having to sell something in the isa to create the space/capital.

Not an ideal situation Oh why not at the start of the ISA year? it looks like a case of given with one hand and snatched away with the other.

"When Goldman Sachs goes on the defensive, someone must be attacking with force. The Wall Street firm just published research that tries to clear up some negative “misperceptions” about corporate share repurchases. For many critics of contemporary capitalism, stock buybacks have become emblematic of a corrupt system. As far as this particular practice goes, the critics have a good case."

In full : - http://www.breakingviews.com/columns/hadas-share-buybacks-arent-worth-defending/

You know what angle I view this from

so says the policy but unchanged say the board. This is effectively a cut against inflation. The board also intend to keep at this level through the transition so for the next few years then.

So what has happend to the "maximising shareholder returns" The SP is down significantly and the divi is "cut" Is this just one bad year and a blip during the change? An incorrect strategic choice or a case of running to stand still. At least the buyback was buying some cheaper shares although I wish it was just handed back in cash.

This has been one of my darling shares with increasing divis year after year but I suppose I have to decide if its still the best place for a chunk of my cash. If the story pans out then maybe I should be adding, as its yield is still quite high whilst I wait for the magic to flow through.

There were a couple of references to the picture not looking as good as the underlying trend which is hopeful such as the value of Phoenix which has come back but not yet according to the books. I wonder how the debt buyback will go and why that has been prioritised over anything else or will it all be reissued at lower rates to cut costs.

At least we are down to one boss although I dont think there is much saving going on as it sound like the other will still be paid to play golf and smooch with customers but if it brings them on board I dont suppose we can complain too much.

SP has risen from recent lows and post the results so maybe the gloom has been lifted. Just got to get past that black cloud of the Lloyds widows assets and maybe get to sunnier times

Yep that pension comment has confused me too. Better to have a surplus than a deficit. Debt too high, What would you say it should be approximately then. It been cut from £3Bn to less than £1Bn although it edged up this year by approx £24m. I note they didnt give guidance on the level going forward but used the word "low"

Obviously this has a different meaning to that in which volcano considers. They chose to increase the divi with some more Special so it looks like they want the flexibility to respond if the world changes and things turn against them. Sp initially rose only to fall back on the day and inch further down again today.

ROCE increased a tad to 7.9% but is still poor really but at least its moving in the right direction. So whilst things are not great its getting better. So is the yield really 2.5% or 5%, that special is confusing things but that is two years in a row now, anyone think it might be three?

Something else on all your minds today perhaps? Yep Trig, SLA and MRW and still catching up.

Didn't have you as one of those who likes to get his "knee down" Not sure whats more exciting riding a Ninja or riding Vodafone shares. At least you will have your helmet if you crash the Ninja!

Daniel, anyone can be an MP you just need the votes, no training or experience needed. Would you employ any other professional on the same terms. Brain surgery no problem I can do that for you cos I can spell brain!

Yep it was the representative democratic government that off loaded that decision to a referendum. I think they thought the decision would go their way and got caught off guard when Joe public decided against them. If an old joke is classed as a knee jerk reaction your gonna get really upset by comments on these bb's but make sure you avoid the Lloyd brexit board, is definitely not for "snowflakes" As for voters, yes you get you vote based on age not knowledge or experience. Maybe the age thing helps the latter but some people don't want to know anything about politics but will still vote. What sort of test should we bring in to weed out the clueless. My way or the highway works for me.

Having seen some cowboy builders, yes I would prefer the general public. Back to Vodafone they are offering the New Zealanders redundancy well all bar a core. More savings to be made so those divi's might keep going a tad longer

Well the markets dont like uncertainty and Brexit has created some of that or at least the way its been handled has. What do the politicians know that the public doesnt as 75% of them want to stay?

"Why people vote is beyond me." I suppose its because your one vote can make a difference. I wonder who the individual was that tipped the vote towards Brexit (and have they changed their minds). How can you tell when a politician is lying .... their lips move! The old ones are the best. Still staying in is also an unknown as changes keep coming or is that different.

If we do come out, I wonder who is the Nigel Farage equivalent of the rejoin Europe party. Maybe I should offer my services. I suspect I will be ridiculed when Im spotted having breakfast with Nigel to iron out our differences and the papers spot me eating full english and not a continental breakfast.

I was going to wait until the deal was done and the markets (over) reacted before dabbling in more shares but maybe I should just ignore all the market noise and just do my own thing. Badge making factories maybe then it wont matter the outcome, in fact the longer it drags out the better more statements to pin on your chest.

People gave their lives for you to be able to vote, lets hope one day there is someone worthwhile for my X!

staring in the green on the markets and HNT flat on the off. Well that is an improvement over 5% falls everyday....... but there is still time I here you all cry

and discounted to shareholders, whatever next. Done at the end of the tax year and not the beginning? Why not wait a fortnight and have access to all those shiny new ISA's?

Will the SP drop to match the offer. It looks like its dropped a tad anyway pity I missed the original announcement as I might have sold a few myself but it looks like the drop has already started.

I suppose I could play musical isa's and find room for some more although I was expecting this to fall a tad anyway as other renewable s report a drop on average production masked slightly by higher power prices.

Might have to have a tinker with this later and see what I can do

a financial conjuring trick ? Or clever accounting. Well Vodafone couldn't take on "normal" debt, well above what they already have so some would say ingenious others foolish. I suppose proof will be in the pudding. If it works it's the former and if it doesn't the latter.

Looks like the pudding might take some time to bake. Was the SP stage managed down here to help the £4Bn buyback as it's a lot cheaper than 200 plus.

I think all the version loan notes are spent up too. Would you run your household finances that way.

Im not too sure either although I've not been following this too closely since getting out a while back I have been alway last week but left a "cheeky" limit order just in case they dropped further.

They did drop into the order but it looks like it wasnt that cheeky afterall as its dropped a tad further since. Not sure if its the debt levels or just not meeting "expectations" or a major seller getting out.

Hopefully this might start to settle into a more stable range for a while where we can see what the trend is likely to be. It also looks like there is some room for improvement in the figures so if that can bring the debt metrics back into line then things should start to look a lot better.

Anyway back in for the ride again and liked that the divi has increased. Maybe a bit more reading needed

Well I arrived safe and holed up, not naked aka Terminator like but I did need my sunnies!. It looks like I was wrong about today's SP fall, so I wont make a day trader then!.

I had two cheeky limit orders in and after a faf getting wifi found none had taken might try again tomorrow morning before Im out again.

Now give me your jacket and your motorcycle!

Hi terminator, I keep missing you as you keep getting deleted before I get chance to catch up with you. You seem a bit marmite on here. Now Ive seen the multi posts thing its going to be difficult to keep up with you and find your little nuggets of information. Typical as I'm away for the next few days so might struggle to get through all the posts. If Im wrong please correct me as Im trying to work out your thinking and the reasons behind it as I tend to learn more from those with an opposite take from mine as it gets me to think harder about my investments. I dont get upset by someone being a shorter as some do on the bb's as often it keep the price more real. Sorry if your not a shorter and Ive got you wrong. What was your thinking behind your decision as you were one of those expecting a fall as opposed to myself. Whilst I expected extra risk from the deal exicution and higher levels of debt I didnt expect this much. Markets over the pond down so expect falls here later today too. Will try and pop back and catch you later. One post rather than one hundred would be better on my phone, ta.

They are apparently issuing another $3Bn of convertible bonds tomorrow knocking 2.5% off the ADR share price.

Another drop tomorrow then

"& according to Gerry 557,some bonds returning neg % rates(I don't get that one),"

That is not according to Gerry 557, show me where I said that?

Yes there are negative interest rate bonds about but I dont think Vodafone has issued any. Some zero rate bonds along with higher rates too. Like I said more interested in the blend rate and maturity.

Yes I got caught out by that too although its now showing as if it was released at 7am. I normally get an email too and received one at 7.25am but had already started my plans so missed the second chance to get in "on time"

I did spot the email later but after the event and fortunately was able to catch up over the weekend, not ideal but better than some who dont even disclose anything unless you attend physically.

Another mixed bag and rebased divi held again but looks good for a rise for next year unless exceptional items become the norm. More job losses and sales in the offing but hopefully more jam tomorrow.

SP slipping even more and if it keep going down might add some more as the fcf is starting to look better and getting closer to what was expected. A bit disappointed the divi didnt increase with the improved fcf but I suppose once you have been bitten, your twice shy. Another £100m in Trent costs and a credit rating to achieve apparently more important.

I suppose the pulling of the Boeing engine is also affecting sentiment.

If only, well it's according to Vodafone's own disclosure not mine. Although I'm more interested in the blend rate and maturity length overall. Swapping high rates of interest to lower rates is a no brainer if you are allowed to do so. I'm sure you would do the same with the mortgage. I wonder how many are still paying 15 percent?

As for convincing you, it's not my job. DYOR n all that. Not sure which semi bond your talking about but generally the coupon is the annual rate and then the payment terms to get that annual rate.

Bullish, well Mr Market would disagree, he is saying the divi is likely to be cut. I hope not but I would be factoring that in any calculations buying down here now. Still if it's not cut then this might turn out to be a bit of a bargain like the time shell was offering over 10 percent.

As for a 2 percent return some will need much more than that with the SP falling by half. Can't remember any Roc figures for Vodafone but I suspect they are currently quite low.

That debt will also be reduced by inflation over time. Why pay off zero rate debt? Even if rates rise then some of these bonds might drop in price allowing Vodafone to buy back below market value.

I'm surprised more isn't made of the benefits of this in the reports or maybe them want to keep this under the radar.

Seem "steady" as expected. I cant get to London today for the presentation and despite the company saying :

"The Company welcomes the views of shareholders and places great importance on communication with its shareholders"

It cant seem to put online its presentation. Even a recorded copy on youtube would be simple to do. Come on get with the digital age. Oh well at least there will be some cash in the account tonight as its divi payday and its grown over 15% over the years.

and likely to be tomorrows