Member Info for Guitarsolo

No MV, it was very clear I was saying that Tories (such as Greg Hands, David Cameron, Rishi Sunak) had been promoting "the note", as recently as a few weeks ago. It doesn't matter who first disclosed it. They, and YOU, repeatedly try to misrepresent it and then you come out with some sanctimonious bulls*it that you're somehow clever and everyone else is thick, when you are on here repeatedly spouting rac*st crap. You're an awful individual. Perhaps you're above average intelligence, but you're not a nice person at all. And I am being polite.

MV: That's why I said "Conservatives have been rolling out that note as an excuse for their governance for the last 14 years", including even within the last few weeks former Greg Hands (Conservative Party Chairman). I didn't mention who first leaked it. But Conservatives (including David Cameron, Greg Hands, Rishi Sunak etc) have been pumping it out there constantly.

So stick you're "I can't believe how thick you all are" up your a*se. You are unbeliveably obnoxious,

88: The Conservatives have been rolling out that note as an excuse for their governance for the last 14 years..... As we're in a worse position now than 2010 I imagine we should give Labour at least 14 years as well?!

But on the subject of the note, you do know it is a Treasury tradition to leave a joke note that is supposed to remain private. Another thing the Tories have broken!

Hi Krusty (and others),

Sorry, I've been a bit snowed under and not on top of the developments of the last couple of days! The tiniest ray of sunshine is that we get to participate in the open offer, but.....!

Am I reading this right, after the 1 for 10 consolidation they expect a dividend of 2.2p per quarter = 8.8p per year? That's 0.88p in old money.....Which means to comply with REIT regs they are expecting earnings to be 1pps (in old money)! 1p FFS! I must have something wrong......

In 2019 this was valued at over 100p and paying a 8.2p dividend, which would be 82p equivalent after the consolidation....and they are offering 8.8p if we put up more money?

If I've got my sums wrong here, I'll put my hands up and apologise. But if I haven't, how the **** does Inglis think he should still have a job?

Guitar

Because, Laughton, I don't think we can completely disregard Inglis' ineptitude in handling this situation! He could default. He could have agreement from sufficient bondholders to extend (on whatever terms). He could be about to complete disposals (at whatever price). He could have an agreement with his mates for a £30m placing at 10p.....RGL and RGL1 are now basically gambling, not investing. So whilst I watch on, neither RGL nor RGL1 doesn't deserve to have any more on my money invested in it.

as the days tick by the mind starts to wander and wonder what the hell is happening! as tht says, if there was a deal in place it would need to be announced, which means there is no final deal agreed. that doesn't mean there aren't partial deals or contingent deals agreed!

there is still time to launch a rights issue to existing shareholders. it has been flagged by edison already and if they put a short stop-gap on it (e.g. less than a week) to complete the corporate action it can be completed rapidly. however, when has inglis ever cared about the retail investors?

inglis is more likely (in my opinion) to do a placing to his mates - at mates' rates obviously.

rgl can also be completing on disposals. but these are unlikley to provide all of the £50m to pay back the bond.

so my guess, fwiw, is that they are completing whatever disposals they can and there is a contingent deal in the background to place however many shares they need to with their mates, probably for something **** like 10p.

i am fully expected to be shafted here.

guitarsolo

No Atisha, it is not "near enough". You incorrectly stated that Starmer represented Saville, which you now admit was wrong. Starmer was head of the CPS at the time and, as such, he had to exercise his judgment whether to put several very vulnerable people through a horrendous trial against a very powerful defendant. Try and imagine the pressure and strain of having that responsibility. How many high-profile sex abuse cases have we seen fall apart? The CPS have an extremely difficult job in those circumstances.

No Atisha, Starmer did not "represent Saville". And you denigrate others as "stupid posts".

I haven't had a chance to watch the webinar yet. But for anyone who did, is the dividend plan still as we have anticipated; maintain at current levels until earnings full cover it, using reserves in the meantime? Was there any hint how long it will take to reach a fully covered dividend (at 24.4p)?

Many thanks

Guitarsolo

Jiffy,

As it was a fully underwritten offer I would expect your son to receive the closing price of the unused rights that he couldn't exercise. It was fully underwritten, so someone else got those right to buy at 645p.

I didn't pay close attention to the final value of the rights as I was exercising mine in full. But I think it was around £2.

GS

Ftse: I too held some NG. through AJ Bell and received the same messages as you. One says:

"Please be advised that once the AJ Bell deadline passes, you will no longer be able to sell the rights. As per our procedure, rights are blocked from trading by 4.30pm on the AJ Bell deadline of 5 June 2024 to mitigate any risk of any unsettled trades automatically exercising in the market."

Your default position was to take no action. Thus the above deadline expired and you could no longer take up the rights issue. Each broker is entitled to set their own deadline for exercising rights due to their own admin etc. AJ Bell's deadline to sell the rights is the same as the deadlone to take up the rights. I'm afraid I think your position is weak (even if I understand your frustration about waiting for dividends to clear to take up the rights).

But you will receive the money for the rights (c.£2 each) that you didn't take up so all is not lost.

Chris, there is still time. It depends how it is done and there are many ways for the private investor to be shafted.

Even if there is an open offer / rights issue, I've recently had those and been given a week to raise funds. If your shares are inside an ISA you can get shafted if you either don't have funds immediately available or you can't get more funds into an ISA.

There might not even be an rights issue or an open offer. There could just be a placing by Inglis to his mates for a tasty discount for them. We get shafted as we can't even participate in the placing.

From the private investor standpoint it is worth noting that after the recent National Grid rights issue (where a very large number of us would have parted with cash to buy NG. shares at a discount) there will be many of us who have already used up what cash we had available.

To answer your question, I believe there is still plenty of time. However, it is appalling that RGL/ Inglis have taken this to the wire. It clearly demonstrates a weak position.....

Thanks 30. To say it has been rough is an understatement! But it is what it is.

You're right that the fundamentals have not really changed much since the raise, which is why it was too low (because SCE got itself into a position to raise money when it was in a very weak position). But the £20m market cap is completely disassociated from the quality of the product, the quality of the customer base, the potential scale of the market etc. If SCE grabs even a 1/3 share of it (and it should) the money to be made is huge.

The problem, as you indicate, is about delivering/ manufacturing. I've been invested for years and knew the scale up would be a huge challenge. Perhaps I underestimated it. Perhaps details like the scappage rates were not revealed when they should have been. The company has also made many self-inflicted wounds such as delay in appointing a professional operations director and terrible financial forecasting.

But there is still optimism out there. Who wouldn't want to see this succeed (apart from Brembo!)?

30: What's behind this?

A share issue at a catastrophic price for long term shareholders! We've been completely shafted by a near quadrupling of the number of shares in issue at a price so low the LTH will never recover. Less than two years ago the price was in the 50s and we were shafted by a raise at 40p (that was supposed to be enough money). Then last November we were shafted again by an emergency raise at 10p (that was supposed to be enough). Then we have just be shafted so hard the implement is now pointing out of the top of our heads with a raise at 1p!

The fact that the share price has risen strongly since the 1p raise only goes to show that it was raised at too low a price. If they had raised at 2p we would have had 475 million fewer shares in issue!

SCE is now a textbook example of how NOT to do a capital raise.....When the market knows you're desperate it will demand its pound of flesh, and boy have they.

Glad for you that you're in profit but there are plenty here who have backed SCE to get this far that have seen their investment decimated!

Guitar

So there we have it Krusty!

1.89p for the quarter (ex div on 20 June, paid on 18 July)

They've reduced the payment in accordance with the 5.12% capital return already made. I had taken the same approach in my spreadsheet for future income although I have to admit I thought they would pay 2.00p per quarter for this year before it reduced more rapidly. Are they preserving a little bit of extra cash to drag this out?! Hey ho, not to worry. At least the divi is now declared and payment is only 5 weeks away.

Guitarsolo

And there it is. Following the tried and tested formula at which RNWH is so good. Paid for out of cash and it will only take a few months to refill the coffers. At EBITDA of £3m, it's worth about 3.8p to the EPS.

Nice work RNWH!

Thanks Krusty, but the last dividend declaration was made on 22nd Feb and it went ex-div on 29th Feb. So we are more than three months on from that (+18 days). You're correct going back 12 months but I am thinking of it in relation to the last payment.

We are overdue the quarterly dividend anouncement.

On the share price front, I have a feeling we are being set up to be "happy" to sell the rump of assets (possibly within VPC) at a large discount. Tell me I am being paranoid!

Dorfan: "Labour could change the way the BoE pays interest on the £770bn of reserves it holds on behalf of commercial banks."

As you say, it would be costly for the UK's commercial banks, including LLOY. One would imagine it would lead to lower profits, a lower share price, a reduced dividend and lower savings rates/ higher borrowing costs for Joe Public as well.

But it is also a central pillar for how Reform will pay for their wish list. Looks like we will have lots more turkeys voting for Christmas on here!

https://www.reformparty.uk/funding-of-reform-uk-plans

Thanks Rivaldo,

91p for 2025-26 would be quite a lift from the 60s for the current 2023-24 period. Is the 91p a pre-tax figure? If so, it would be more like mid-70s after tax which would be more in line with a circa 10-15% uplift each year.

However, an earnings-accretive acquisition that can immediately feed say 5-8p to the EPS line would make it possible.

Very glad to see this nudging £10 and am happy to hold. No need to rebalance the portfolio just yet!

Guitarsolo