Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Pokerships
Thanks for the direction to the RNS. So statement date TBC & should be sometime before end of March. In the meantime we wait. Given the recent track record of RNS updates I am hesitant to believe the guidance therein.If they said the weather was dry outside I’d doublecheck, such is the confidence I have with the current CEO CFO (charlatans).
Everything you have stated mirrors my own experience with this share. I too am reluctant to sell, despite the ups & down over recent years. Surely we will soon see > £2 again (fingers crossed easter 2024)? Patience is wearing out with me but I will hold until next year at least unless frustration gets the better of me. Surely this will come good at some point. Nice to know I am not the only one. Best of luck.
Hmmm…also the Paris Cac 40 stock market hit an all time high earlier today. Like you say the disparity is greater than ever. Is this a Brexit consequence or just a general air of malaise towards UK listed companies?
Some food for thought, seems like business with the Grim Reaper has been brisk of late. Apologies for the morbid analysis, those invested here will reap the rewards in the long run.
Article below published in the Investors Chronicle
Oct 18, 2023. Also of note are the excess deaths outlined by Dr John Campbell in the link here https://youtu.be/1uOxhYyfYw4?feature=shared
The Institute and Faculty of Actuaries is not a place for levity and its continuous mortality investigation (CMI) is one of the key pieces of data that life insurers use to calculate their potential future liabilities. The most recent CMI report showed that mortality in the third quarter was 0.5 per cent higher than in the 2013-2022 period, and an astonishing 5 per cent higher than over the same period in 2019.
The past three years have seen a 16-month reduction in life expectancy for a 65-year-old male, the same as 2014-2020.
That raises all sorts of questions for life insurance companies and retirees, particularly as the government will review in two years’ time whether the pension age will have to be raised to 68. That assumed that mean life expectancy would continue its extraordinary rise – when the first baby boomers were born the average life expectancy was 63, whereas it is now 79. This poses another dilemma for insurers and policymakers as the youngest baby boomer cohorts will retire by 2031: If life expectancy continues to fall, then will future generations have the least time to enjoy retirement since the start of the welfare state?
The outlook for life insurers is also complex in this scenario. Research by RBC suggests that life insurers will benefit over the coming years from reserve releases that were earmarked to cover excess client longevity. RBC calculates that this could amount to 15 per cent of the sector’s total market capitalisation over the next few years which isn’t currently included in consensus figures for Aviva (AV.); Phoenix (PHNX); M&G (MNG); Just (JUST) and Legal & General (LGEN). "Longevity reserve releases should drive enhanced capital generation and [contractual service margin] growth over at least 2023-25," said RBC analysts. Contractual service margin is the future unearned profit on insurance contracts, in the words of Aviva.
Life insurers in this scenario benefit from having to make lower payouts, but also from not having to transfer longevity risk to reinsurers to free up capital. RBC reckons that unlike reserves, which are valued annually, the bulk purchase annuity market is probably including the latest longevity data in its calculations. The bulk market is currently in a boom phase as defined benefit pension schemes return to surplus.
All of this makes the current unpopularity of the life insurance sector in the UK market, unlike in the US market, for instance, difficult to understand. Average dividend yields are well over 9 per cent, and with the sector apparently flush with excess capital over the next few yea
April 2021 headline, below. Hopefully the MCG SP will follow a similar trajectory post NA sale.GLA
“FirstGroup sells bulk of US transport business in $4bn deal
Transport operator’s shares rise 10% as it announces plans to focus on UK bus and rail”
Re introduction of the dividend was pre mature & maybe even reckless. IMO its subsequent suspension has cast a question mark on the current BOD competence. Lack of foresight or a gamble that backfired, but they would or should have known it would have been an aspect of the bond issuance.
Hopefully a decent price can be had for the NA school business. And maybe the higher fares & sales will appear in the next trading update. Hopefully.
GLA
JG69, I share your concern on the sudden change of outlook. Based on the previous trading updates I am attributing this to incompetence & ineptitude from the CEO & associates. Unbelievably I am actually hoping that it is simply the misleading communication in July and the poor management you alluded to. And not something else waiting in the wings to surprise us with in the next update.
Mike McKeon 40,000 £1.153998 16 June 2023
Simon Callander 65,000 £0.7615 21 August 2023
If there is something maybe the two vested interests above can have a word / raise a concern. Personally my buying here is done, I will try to hold for now & wait for better days ahead (like a trading update without any warnings, impairments or suchlike).
Best of luck to those buying in, more & holding.
The dividend decision earlier in the year & the now subsequent suspension is incredulous & imo someone or persons should leave the BOD asap. Going forward why would any potential investor have any confidence or trust in the current board members? The CEO & CFO jokers should be considering their positions.
@Popeye62, it is good to see a short position reducing & I hope they continue to do so. God knows the shorters have decimated my portfolio over the last few years. Seeing the shorts reducing here & with the recent director buys I wish I could buy some more. Hope to see the SP back above 500 in the very near future then onwards to 600 & who knows maybe we will see >700 again in the longer term. In the meantime enjoy the dividends. GLA LTH.
Systemica Investments increased their short position yesterday by 0.1%, total now 0.8%.
https://shorttracker.co.uk/company/GB0006215205/