Member Info for Grayling

Agreed on the dividend saved issue, but that is small beer compared to the effect that cancelling the damn things would have on private investors. SP wise we are stuck back where they were ranging 4-5 years ago, hardly what I would call progress.

As I understand it share buybacks can only directly benefit existing shareholders if those shares are cancelled thus reducing the number of shares in open circulation. NG is putting all of its buybacks into treasury which means it can use them for other purposes such as bonus and incentive handouts to higher management or by selling them it can fund acquisitions. The latter courses simply return those shares to the open market so neutral. The only way that shareholders would benefit is if they decide to sell them and give us a special divi or cancel them otherwise all of this much touted buying activity does not really change the bottom line. Or am I missing something?

�283K worth at current price shows some confidence in the company.

likely due to BP's 20% stake in Russian oil and gas giant Rosneft and the likely impact of further sanctions as the relationship between the West and Russia deteriorates further.

Apparently not. So widely expected as to be largely priced in.

City Am news report has gone down like a lead balloon with the markets! Expect announcement before May results.

Royal Mail �is still a business in growth, rather than decline�. The reason for that is its parcels business. Almost half of Royal Mail�s value comes from parcel delivery both in the UK and its European GLS business. The GLS business, which is the market leader, is particularly attractive and has different characteristics to the UK business. �There are more elements of value and more levers that management has got than people think,� �People see the headlines of strikes and that people don�t send letters anymore and ignore the underlying characteristics of the business.�Foll also points out that the GLS business has been ring-fenced so it can�t be nationalised.

I do not see the problem. Aviva clearly made a pigs ear of this affair and were either stupid or badly advised. They (the FCA) want to understand the decision making process that led Aviva to make public statements on the likely buy back as this undoubtedly impacted the broader market for listed preference shares. It is therefore possible that some holders lost out financially after acting on Aviva's initial statement of intent

Meanwhile, Aviva's share price has ticked 8 points lower to 494.20p after the FCA said it would examine the insurer's controversial proposal - now shelved - to buy back preference shares.

But up today against a falling market and on no news I can see.............?

I see that DPD has been forced to end some of its more dubious employment practices by offering sick pay and paid holidays. This followed the death of a DPD parcel delivery driver after he missed hospital appointments for diabetes control after being fined �150 by DPD for taking time off to attend the clinic. So far they are alone among the "gig economy" delivery firms in offering these perks.

Avoid. A tad harsh perhaps and one of the "it's too late to invest in this now and the price has now run its course" mob, but I do worry that every time we get up some new momentum Charles (or another director) will sell another tranche and depress the price.

You are spot on. furthermore, how long is it going to take those steel workers in the rust belt to realise that Trump's exemption for the EU, Canada, Brazil et al. makes his tariffs on steel/Alu pretty toothless, while still managing to spook the markets? Those workers are very unlikely to see an upturn in business as a result of this. In the end Tillerson will be proven right and people will realise that Trump is a f*****g Moron!

I notice that when Rolls sold his first tranche in a placing last May he undertook not to dispose of any further shares for a period of 6 months. This time the undertaking is not to sell any further shares for a period of 3 months. It is probable that these events will occur again and each time they will lower the price. Let us hope that the institutional buyers are not in this for the short term, otherwise the constant drip of selling could be a brake on further SP growth for some time to come.

Richred, Strange I checked that first and the site I looked at had an ex div date of 4th April. Double checked on the Phoenix site and you are right the date is today. Ho hum, still it has drifted back from the 820 high post RNS but perhaps it will perk up from now until the rights issue becomes clearer.

Clearly the strike price has to be below current market SP at time of announcement to make it attractive to holders. Does Mike's opinion that the RI makes this a buy prior to the announcement in order to qualify for it hold water? or are there more shadowy forces at work to force this down in advance of the setting of the price? It has certainly drifted down pretty steadily since the 820p high achieved on results and RI announcement and a big drop today on no news I can find.

As some press commentators pointed out over the weekend FEVR would have to operate for 60 odd years at its current level of profitability to justify its current valuation and overseas growth is highly likely but certainly not guaranteed. In particular, the USA can be a bit of a graveyard for UK retail in this sector. This pullback is probably justified at present but nothing major to worry about.

Whither project spring now?

I am sure a lot of auto sells will trigger at �30 so be prepared for it to falter at that level.

Not disappointing in the slightest. Just indicates it was a bit overbought in the euphoria surrounding the potential pensions agreement plus a bit of profit taking given the recent rise. Some of you seem to have very short memories as this was languishing sub 400 from mid August until mid November of last year!