Member Info for IDoMyBest

It only shows individual short positions above 0.5%. Just like individual holdings of less than 3% are not declareable.

There could be dozens of short positions at less than that level. Someone with the benefit of a Bloomberg terminal may be able to see more of them.

Full transcripts of the 28day hearing are now on the site.

https://www.catribunal.org.uk/index.php/cases/13817721-justin-le-patourel

Judgement is reserved.

Also the underwriters are allowed, encouraged to support the price of fully paid, nil paid etc during the process.

This may be the reason for today’s move, underwriters shoring up the price. They of course will sell and buy to achieve their aims of keeping the price reasonably stable.

Regards underwriters they cannot just dump stock on the market, there will be a lock-in period of circa 3-6 months. This is what they get paid for.

You’re wrong.

Priceless, the biggest FTSE gain in the last few months and you were holding 70% in cash.

I'll keep an eye out for future investment gems. ;-)

My portfolio (all FTSE100) has grown by over 30% so far this year.

Just lucky I guess.

Wouldn't you be if your beloved company just shafted you without lube.

+20% drop in price, Div to be diluted (rebased), cash call, and spend, spend, spend on a network that has clearly been lacking investment for years.

Hence NG. own comment that they are spending (investing) more on the network than has been spent (invested) on it over the last 40 years.

Not a great time to be a holder, but perhaps it might soon be time to buy some.

Personally I'd wait for the div to go ex, and the RI to complete before filling your boots.

DYOR.

I would not rush in with that extra cash, as given they need to raise more money to cover that £60bn budget.

If debt would not do the trick this time (well they never raised debt did they), what is going to cover the next requirement for cash.

.....another rights issue, perhaps?

Hence my view, which is stay on the sidelines, this could get more interesting.

Ah, so to have an opinion you have to be a holder.

Bit of an issue that, because as a holder your opinion really doesn't cut it. Given that your opinion is based on your holding, and you would not be holding if you had a less than rosy view of NGs future.

in short you are bias.

Whilst someone who does not hold shares can either be positive, or negative, and given the choice I'd take the view of a non-holder over a holder any day.

Back to NG. They have just stuck the shareholder with a cash call during a period where many punters do not have spare cash. Hence the huge discount insisted upon by those that underwrite the deal.

Which has no doubt caused the collapse in share price.

Add to that the plans to spend circa £60bn more over the next few years. Why are you surprised that the price has tanked, and continues to do so.

In short, fleecy is on the money.

"I really do get fed up having to repeat myself - NO that is your opinion."

Not just his opinion..... the RI has clearly damaged the share, down another 2% today.

Why, they have just raised under 7 billion after costs, they propose to invest 60 billion in total over the next few years. Given the current debt load, I can see more RI's incoming.

...I have decided to 'walk on by'.

Of course they may have already reached a decision, and are getting into the details of how much to award. Either way, it was not dismissed out of hand a few days after the tribunal ended.

I'll buy back in when the case is resolved (assuming it loses).

One point though, none of the 'financial pundits' mention the case, they just mention the old tropes, competition, debt, and pension. Given the potential liabilities that seems rather odd.

"Ofcom assessed the subject of the claim over four years ago with no finding of excessive pricing or breach of competition law more generally"

Interesting take on this by BT.....like the note 'more generally'.

From OFCOM.....Source below text.

"In our February consultation, we proposed regulated price reductions and a requirement for BT to work with us to encourage their customers to consider what better deals were available. We have now received an offer from BT that matches our proposed regulation for voice-only consumers. Here we set out our consideration of BT’s offer."

Source....

https://www.ofcom.org.uk/__data/assets/pdf_file/0015/107322/standalone-landline-statement.pdf

Whilst BT stated one thing, clearly OFCOM stated quite another.

They volunteered to do what Ofcom were going to force them to do. Even the numbers were the same.

The reduction of £7, the inflation only rises for n years.

DYOR.

Hi,

Over time it has proven to be a decent and reliable dividend payer, it has also grown quite nicely over the years.

Not a lot to complain about if you plan to hold for years, and if you are up for adding a few more on any weakness.

But a quick profit, not so sure, and I'm not currently a buyer.

Close though, will perhaps wait a bit longer, till it goes ex-div, and the rights issue has finished.

IMHO, that may provide for an optimal entry spot, we'll see.

DYOR.

Well, a small point worth noting, and clearly it has already come to pass.

The rise was somewhat caused by a short squeeze (8% before the numbers, and perhaps much of the rise on the day), once they finish buying and the cause goes, then the price will of course fall, and it of course already has, high was circa 134p, currently sitting @ 127p.

One of those shorts has already increased (Canadian pension fund). I'd assume the class action lawsuit may be the reason.

Does it have further to fall, well I hope so because I'd like a second bite of the cherry.

That class action result can't be far away.

Additionally, Labour have it in for energy prices.... (windfall taxes incoming)

This will hit energy producers in the pocket, who will no doubt put a squeeze on NG.

Fleecy, whilst I agree that BT's spend on fibre is like putting a money tree into the ground, and it'll payback big time. Primarily down to increased capacity, speed and most importanly reliability. I do not agree that this is the case with NG.

Given the choice of the two.... I'd buy BT.A over NG.

Dividend here also looks set to fall, to circa 4% yield, no comparison to BT's yield.

Additionally the RI raised just under 7 billion, they plan on spending 70 billion to complete the upgrades.

It'll make BT's debt look like a car loan. ;-)

Remember after the upcoming Div, all new divs will be shared amongst all the current and new shares. Hence they mentioned rebasing the dividend.

In short, lower yield.

back of an envelope maths, circa 20-25% cut in div per share unless they substantially increase payments.

...and as mentioned they intend to rebase, not to pay out more.

OK, after 5 minutes googling Rights Issues.........

evidence wanted evidence provided.

Aston Martin.

Source

https://www.astonmartin.com/-/media/corporate/documents/capital-raise-july-2022/rights-issue-announcement.pdf?rev=67f656e926c746fa8069607320135e76&hash=5B1B718F1A08E3FA9DFBD6FFB7AF9AE2

Record Date for entitlements under the Rights Issue - close of business on 8 September 2022

Existing Shares marked ex-Rights (the Ex-Rights Date) by the London Stock Exchange - 8.00 a.m. on 12 September 2022

Next time if you are unsure ask.

The Nil Paid shares.

Those handed out to those who held yesterday before close of play.

They will be traded, later they will be fully paid shares, and joint the rest of them.....

"I disagree - at 7am they mentioned a record date of 20th May."

From the text of the 07:00 RNS......and I quote.

"Existing Shares marked "ex-rights" by the London Stock Exchange.............8.00 a.m. on 24 May 2024"

If you are going to buy and hold shares directly you need to understand such things. Like the lack of importance of 'record' dates and the importance of 'ex' dates.

If you are unclear all you need to do is ask your broker.

Later the full prospectus answered such questions in detail, example....

-----------

6 - If I buy Shares after the Record Date, will I be eligible to participate in the Rights Issue?

If you bought Shares after the Record Date but prior to 8.00 a.m. on 24 May 2024 (the time when the Existing Shares are expected to start trading ex-rights on the London Stock Exchange), you may be eligible to participate in the Rights Issue.

If you are in any doubt, please consult your stockbroker, bank or other appropriate financial adviser, or whoever arranged your share purchase, to ensure you claim your entitlement.

If you buy Shares at or after 8.00 a.m. on 24 May 2024, you will not be eligible to participate in the Rights Issue in respect of those Shares.

----------