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Good for you at least the scenario looks better now. Not just in terms of prospectively stunning Q3 trading figures in the offing, but the Amazon & Delivery Hero stakes. Plus Just Eat are spending a fortune on developing their Delivery side & may be thinking Roo thoughts! I'm really pleased that those employees etc who got preferential allocations in the IPO are now looking like getting their heads above water at last. It was no fault of theirs that the IPO was so dreadfully handled.

Dark investors should read the following before speculating on the process & key dates:

FTExtract from FTSE UK Index Series v15.1 FTSE Russell released June 2021:
Section 8 - Periodic Review of Constituents
8.0 Periodic Review of Constituents
8.1 Review Dates
8.1.1 The FTSE UK Index Series is reviewed on a quarterly basis in March, June, September and
December. A full review of the FTSE All-Share, FTSE All-Small and FTSE 350 Yield Indices will be
conducted in June.
The index reviews will be based on data from the close of business on the Tuesday before the first
Friday of the review month.
Any constituent changes will be implemented after the close of business on the third Friday of the
review month (i.e. effective Monday), following the expiry of the ICE Futures Europe futures and
options contracts.
8.2 Responsibilities and Reporting
8.2.1 FTSE will be responsible for conducting the periodic review of constituents for the FTSE UK Index
Series. The results of the periodic review will be shown to the FTSE Russell Europe, Middle East &
Africa Regional Equity Advisory Committee at their next quarterly meeting.
8.2.2 FTSE will be responsible for publicising the outcome of the periodic review.
8.3 Index Reviews
8.3.1 The rules for inserting and deleting securities at the periodic review are designed to provide stability in
the selection of constituents of the FTSE UK Index Series while ensuring that the Indices continue to
be representative of the market by including or excluding those securities which have risen or fallen
significantly.
8.3.2 Review Process
Securities eligible for inclusion in the FTSE UK Index Series will comprise the Monitored List. At the
periodic review, all securities included in the Monitored List will be ranked by full market capitalisation
(i.e. before the application of investability weightings) from largest to smallest.
8.3.3 Eligible securities are required to pass tests for liquidity (except for FTSE Fledgling) and free float
(see rules 6.4 and 6.7).FTSE Russell An LSEG Business | FTSE UK Index Series, v15.1, June 2021 18 of 34
8.3.4 Reviewing companies for the FTSE 100 and FTSE 250:
A company will be inserted at the periodic review if it rises above the position stated below:
FTSE 100 - Risen to 90th or above
FTSE 250 - Risen to 325th or above
A company will be deleted at the periodic review if it falls below the position stated below:
FTSE 100 - Fallen to 111th or below
FTSE 250 - Fallen to 376th or below
• Companies deleted from the FTSE 100 at the periodic review will normally be included in the FTSE
250. Companies added to the FTSE 100 at the periodic review will be deleted from the FTSE 250.
• Companies deleted from the FTSE 250 at the periodic review will normally be included in the FTSE
SmallCap. Companies added to the FTSE 250 at the periodic review will be deleted from the FTSE
SmallCap.
• Changes made to the FTSE 100 and FTSE 250 at the periodic review will be made aut

Or if Roo don't want it! It depends how much they see Roo as a strategic fit.

Where are the eco-warriors and cave dwellers now? Many have realised that delivery of take-aways by bike is not only cost efficient, but massively reduces Roo's carbon footprint!

You will get differing opinions, but personally I am uncomfortable with the general levels of debt that companies embrace these days & very much favour the strategy of paying down debt.

Buy-backs benefit shareholders by supporting & increasing the share price, streamlining the capital structure of the company (less obviously beneficial to shareholders), whilst brodly speaking maintaining the overall capitalisation of the company. The issue for investors seems to be that they like more money in their pockets i.e. increases in dividends which appear to give more impact for them. And of course Shell is an "Income" rather than "Growth" stock, so dividends have to be kept at a healthy level, particularly after the 2/3rds cut in 2020.

Although up to a 2% buy-back of shares is barely perceptible on a day to day basis in a company with Shell's enormous cash-flows, buy-backs are reported in the Regulatory News. However, if a million shares are bought back on a particular day, the actual exactified share price impact lies somewhere on a scale between obscured and invisible. Buy-backs do technically switch some of the shareholder benefits from income (through increasing the dididend) to capital gain (share price performance) which is generally seen as less onerous for the shareholder.

From the company perspective buy-backs are a completely legal price support operation. Although this is difficult to quantify with any exactitude as a direct shareholder benefit. In terms of improving or tidying up the capital structure of a vast company like Shell. As an example say a company buys back two million shares today at £14.00p and this is 2% of its share capital. The company is aquisitive and likes to have as a general rule 100 million shares in circulation. A year down the line they decide to take over another company, after their own share price has climbed to say £30. They agree a takeover that involves them issuing 2 million shares @ £30, additional (but less) debt & cash. Again this can have a difficult to quantify impact on the shareholder regarding the original buy-backs. For me a buy-back today gives the company greater scope & range of choice to finance demands on its capital in the future.

Stunning results - Roo delivers again!

Less shares in circulation does give the prospect/opportunity of paying a higher dividend/share from the same amount of funds .Or, saving the company money if they don't raise the dividend, becuase they have less money to pay out overall.

A buy-back of shares might be because Shell arguably has a massive surplus of capital, and you could also say uncharitably that the Board cannot think of anything better to do with it. They might see Shell shares as too cheap, and so support the share price by using their own Capital. Essentially they are fine-tuning the Capital structure of the company with their enormous cash flows.

Buy-backs also improve one of the fundamental capital ratios that you can judge a company by, namely the Return on Capital Employed (ROCE), which is basically the amount of money that has been put into a company for the return you end up with. If Shell has say 2% less shares by the 29th December 2021 when Banque Paribas stops buying them on Shell's behalf, the earnings are higher per share, because there are simply less shares. The market then sees Shell as a more efficient user of capital. Hopefully as a consequence the Credit Rating Agencies improve Shell's rating and this should give them a cheaper rate on future loans.

Kitty: I think "poor" is just being very charitable and diplomatic on your part. The fees don't really bother me, but the spreads and administration are generally not very clever. Having said that I still bought bought some more Deliveroo into an ISA today through them. It looks increasingly like they will deliver!

The transaction in own shares on RNS yesterday 9th August states:

Royal Dutch Shell plc (the ‘Company’) announces that on 09 August 2021 it purchased the following number of 'B' Shares for cancellation.

An excellent endorsement for Deliveroo if you could actually manage to analyse what you say. They are keeping their delivery costs down, the fact that they are everywhere indicates significant penetration of the market, and their drivers are speeding around delivering hot, high quality meals from high quality restaurants, at readily acceptable and fair prices, to thousands of highly satisfied customers!!!!

Pre-IPO Amazon's stake was 15.8% in Deliveroo. Reuters released that this was dropping to 11.5% after the IPO. Plus the 5.09% stake taken by Delivery Hero because the founder has known Will Shu for a long time & thinks it will be a good investment.

It still leaves 16.5% of Deliveroo already accounted for in blocks of shares. Also, nobody seems to have any argument about the IPO being a flop & Deliveroo shares hitting rock-bottom, making the company very vulnerable to a takeover.

There are a lot of permutations here, but I doubt whether passive shareholdings will gain much credence. Deliveroo has all of the ingredients to be "in play" for me.

NSS - thanks for this and your general posts. I like to see the funny side of things & there is something very amusing about the hype surrounding Prelude in terms of its incredible expectations, design, size and cost per seagull warmed in the Southern Hemisphere!!!

Although my pathological hatred of charts is exerting its usual gravitational pull on my thinking Boyo, your chart is not really one to argue with. It also, in tandem with the ex-dividend date, helps to explain the relatively modest fall in the RDSB share price today.

The Darktrace Investor Relations Team has doubtless given you one of their pre-prepared and usually ambiguous "lines-to-take!" They have presumably not directly and comprehensively answered your question, but seem to have found you receptive, rather than suspicious, of what they put forward!

Lock-ups could be the buzz-word for the next few weeks for a variety of reasons! When is a share lock-up not a lock-up? Presumably the shares are locked up but not the beneficial owner. It must be a very interesting definition, that had to be legally included in the IPO prospectus! I am sure the FCA would be interested to know!

KKR Dark Aggregator is registered in the Cayman Isles presumably for purposes of "clarity" on its actions & agreements! KKR Capital Markets defines what it does on the KKR website as: "KKR Capital Markets (KCM) supports our firm, portfolio companies, and clients by providing tailored capital markets advice and developing and implementing...." Were there any prior agreements between & with support banks and institutions backing the IPO, which was eventually reduced significantly in price to "get it away."? Something to do with leopards and spots springs to mind!

I have almost invariably seen a significant intitial boost in share price for companies joining the FTSE 100/250 & depression of SP for those relegated, greater attraction for funds, greater stability etc so I simply do not agree with your assessment on this.

Guardian Article extract:

Founded in 2011, Delivery Hero operates in about 50 countries worldwide, with particular strength in Asia, where it owns the foodpanda brand.

It does not operate in Britain - Deliveroo’s largest market - after selling its Hungryhouse business to Just Eat in 2016.

However, after later consolidation in Germany, it does own a 7.4% stake in Just Eat Takeaway.com.

It also owns a 37% stake in Spain’s Glovo, which is considering its own listing in about three years.

So Delivery Hero certainly build stakes in rivals. It is just a question of whether the stake in Deliveroo will become an outright bid or merger proposal.

Delivery Hero has taken a 5.09% stake in Deliveroo today not 6%.

Daily Telegraph 28th July 2020 - The world's biggest takeaway delivery firm has hinted at a swoop for one of Just Eat Takeaway, Uber Eats or Deliveroo in a fresh assault on.........

Really interesting that it is Delivery Hero disclosing a 6% stake in Deliveroo! They are based in Berlin, bigger than Deliveroo by some distance, and Deliveroo opted out of the German market in 2019 due to the competition! Potentially exciting developments.