Member Info for Grayling

Can anyone explain the Blackrock poition as I am not sufficiently knowledgeable about derivatives trading to interpret what has happened. They declared that their holding had risen above 5% on July 20th but the type of instrument listed was CFD (contract for difference). They then declared it had fallen back to below 5% on the 25th Aug again CFD. My question is: Did they buy in and sell out at a loss OR did they borrow shares and short the stock between those two dates OR something completely different? Anyone on here do the spreadbetting/CFD thang and could enlighten us?

Despite doggedly tracking the FTSE100 ups and downs yesterday. RR seems to have given up all its early gains today to become one of the laggards along with RMG!

QE The thing with Halifax is a strange one. I actually phoned them up last year with the same enquiry and was told that the "C" shares given as dividend would be added to the ISA but that I would only have the option to purchase "ordinary" RR stock with these by converting them to cash and then incurring the normal dealing fee (£11.95p) plus Stamp duty to buy RR ordinary shares with the money. This seemed like a very poor deal and put me off buying. This time (via webchat) they said " The next time RR pay a dividend we will add the C shares to your account. We will then place an "important notification" on your account and this will give you the option to convert the C shares to normal shares, cash or retain them. I can confirm that there is no stamp duty or commission/fees to convert the C shares to normal shares using the first option" Needless to say I have kept a printed record of this conversation just in case it all goes pear shaped next January when the next dividend issue is scheduled.

The bad news is that it has fallen as far as this and it may get worse. The good news is that it is tracking the FTSE100 index exactly. so there is nothing specific to RR, it has just got dragged down by the market as a whole. Depends where you see the index going from here. I bought these for a 10 year hold, so not too worried at the moment and in the meantime the divis should roll in (excuse the pun). The clincher was confirmation from Halifax that all "C" shares can be converted to ordinary stock at no cost to me (I have this in writing).

Could not resist the morning fall so in at 727p.I am hoping this is for the long term, but you never know.

QE I am not in yet but sorely tempted. Crunch day is Tues (cheap dealing day on ISA). It is either going to be RR. or RDS(B). Cannot decide one way or t'other at moment.

Ah Bennett! My family had two generations of involvement with RR in Derby. My grandfather Edward (Ted) Bennett (no relation to our poster) was an RFC rigger in WW1 and after the war went on to become a toolmaker on the Nightingale Road site working on the Merlin engine line in WW2. My dad started with RR up in Samlesbury as a outside service rep working on the Canberra and EE Lightning (both Avon powered) the latter taking him to Saudi in 1966/7 with the export contract. He then was involved in development of the RR/Turbomecca Adour, which powered the Jaguar and this took him to his last assignment in Delhi when the Indian air force bought the plane in the late 70s early 80s. Sadly he passed away all too young while still in service, so the only connection now is my mothers widows pension.

The miners have well and truly done for the whole market today led by Glencore. This coupled with the continued weakness and uncertainty in China and their apparent propensity for huge self inflicted losses due to poor regulation (that explosion has cost a lot more than lives, as if that were not bad enough) leaves us all in a bit of a pickle. Good stocks will get dragged down and RR are just one of those at the moment. Good luck to all who hold and let us hope for all our sakes that the downtrend is broken in a sustained way before too long.

We seem to be on something of a downtrend even in a falling market we are falling faster than most? Anyone any clue why?

Phoenix core businesses given A rating by Fitch. The benefits to the group are: A 50bps reduction in the interest margin on the Group's bank debt to 262.5bps (effective from 28 August 2015 on £780m of bank debt currently outstanding). The prospect of lower cost of long term funding. Broader access to the capital markets in future, with a wider universe of potential investors. Greater flexibility in future debt issuance, with regards to both the type and maturity of instruments; and improved opportunities to issue hybrid debt to support the Group's regulatory capital position.

Good set of numbers with promise of better to come as the integration of FLG continues to have a positive impact on the bottom line.

Mepobre I too made a good profit on VOD having held long before the deal was announced. However, I knew exactly what the verizon disposal entailed (ie. no "windfall") so did not find it confusing at all. I kept the Vod and still hold the VZC and put the cash back into VOD. The upshot is that my holding is still looking strong and producing a good dividend plus the VZC sit there at much the same value as when given to me but also give a 4% dividend yield. My problem was that at the time I could not think of another home for the cash I would have got from selling Vod so stayed in. Bad luck to choose RSA as the home for yours, but I can understand the reason for your decision at the time.

QE. I got into RSA as a result of using the top yields table which placed them at (or near) the top of best dividend paying FTSE100 stocks. I thought they were a boring insurance company which would be a steady source of dividend income and duly reinvested all such dividends into new shares. Over 2 years or so I had built up a nice position only for it all to come crashing down around me. I was very lucky to exit with a small profit in the end. Looking at the speculation on here regarding a +600p take out by Zurich I am still happy I sold as I reinvested in other stocks which have performed well. So rather than the frustration of watching RSA go nowhere fast over the past year or so at least I have felt my money was working for me and also more diversified across different sectors. I may be no better off if the Zurich deal goes though, but I am more content. Same goes for RBS which I exited at a loss in early 2013 after buying it as a recovery play. The RBS cash went into AZN and NG. and both have done very well for me.

QE No, not tempted, but only for the structural reasons regarding the C shares divi scheme as I said before. Good luck to all holders. As for oil, I am not certain either. I am already overweight on BP, which I purchased in the dark days of Macondo as a "too big to fail" punt on recovery and also have a big holding in CNA which has also been hammered on regulatory uncertainty and its upstream operations. As for RDSB I am not quite convinced, although the market seems to like the cost cutting (jobs mainly).

Spot on QE. Halifax offer really cheap dealing one day each month (£3.95p + SD) and their automatic dividend reinvestment (only for divis paid as cash) is likewise almost cost free. Plus the yearly service charge is a meagre £12.50. I rarely miss a cheap dealing day and top up the ISA regularly. As for cash ISAs I agree things are pretty poor at present. I moved all mine into a 40 day notice account with CB in January which pays 2% on balances over £24K. I recommended it to all and sundry at work and a few mates got in before they closed it to ISA transfers in June. As for the new budget limits n other savings accounts. I cannot figure how it works? Do you have to pay the tax and then claim it back? The last thing I want to have to do is fill in a tax return to find out!

Spot on with your last comment QE. You have to do a little light trading even in a long term portfolio and certainly keep an eye out for any event which threatens the dividend and get out quick. I had been in RSA for a couple of years when the Ireland fiasco hit and got out straight away making a meagre 3.1% profit. However switching the money into FLG (now Aviva) and Phoenix has served me well with both shares doing OK and paying dividends in the meantime. Far better than leaving the cash in RSA and taking the rights issue. Even if Zurich take it out at 550p cash I am still better off.

GSK results out 12 noon today and better than expected (SP up 3.5%) as I type. Lets hope the AZN results are similarly upbeat tomorrow!

QR. Crips, drips and scrips are all of no consequence to me as my shares are held in a nominee account (Halifax Stocks and Shares ISA) so the only reinvestment option I have is to automatically reinvest cash dividends at a nominal dealing fee. RRs arcane C shares method of paying the divi makes this route for reinvestment impossible and thus overly pricey. Hence my sole reason for avoiding this share. Good luck to all who hold though.

So taking account the share consolidation (1 for 5) back in May 2014 the bid speculation has pushed the RSA SP back up to 97.6p in old money. Which, give or take the odd 1p or so, is exactly where they were when the **** hit the fan in Ireland in late 2013 That is progress for you.

Valveamp/ARSENAl17 I have nothing at all against RR and close family ties to the company. I sincerely hope they come good as the local economy in Derby would be shattered if they got into real difficulties. I also have no interest in any further collapse in the SP as I cannot envisage me buying in at any price as long as the dividend is paid in C shares. I hope for all our sakes that the bloodbath that is the FTSE100 at the moment comes to an end or we will all be down the drain (at least on paper).