Member Info for janebolacha

Yes. Milei cannot afford not to negotiate a substantial discount from the $16bn, the electorate will certainly expect that. In addition, it seems that the bond cannot simply be implemented by decree but must be approved by their Congress. This article talks of a 'long and difficult road ahead' in order to get the bond issue away.

"Lo cierto es que, en cualquiera de los casos, la aplicación de la idea que ayer anunció Javier Milei sobre una "Tasa Kicillof" para pagar el juicio por la manera en que se renacionalizó YPF en 2012, debe pasar por el Congreso y convertirse en una ley. Ninguna iniciativa tributaria puede ser implementada por decreto (incluso DNU), con lo que debe ser debatida en el Legislativo."

https://www.mdzol.com/dinero/2023/12/27/juicio-por-ypf-en-nueva-york-el-largo-dificil-camino-que-le-espera-la-tasa-kicillof-394642.html

Translation:

"The truth is that, in any case, the application of the idea that Javier Milei announced yesterday about a "Kicillof Tax" to pay the trial for the way in which YPF was renationalized in 2012, must go through Congress and become a law. No tax initiative can be implemented by decree (even DNU), so it must be debated in the Legislature."

The Peronistas are just waiting for Milei to be seen as giving away the country to foreign interests and 'vulture funds'. He has the right policies, Argentina does need shock treatment but he has to take the country with him.

Https://www.irishmirror.ie/news/irish-news/urgent-recall-thousands-vacuums-sold-31686603

Outlook

For the Winter 2023/24 season, against a 21% increase in on sale seat capacity to 4.49m, the higher margin

per passenger Package Holiday mix of departing passengers is currently up by 2.6ppts. Although bookings

have been a little slower in recent weeks with average load factors currently 1.3ppts down on Winter

2022/23 at the same point, average pricing to date remains robust. With over 40% of Winter bookings

traditionally made during the January to March period, we currently remain on track to deliver Group profit

before FX revaluation and taxation for the year ending 31 March 2024 of between £480m and £520m, in line

with our previous guidance. This remains dependent on no material extraneous events in the balance of the

financial year.

Looking ahead, current seat capacity for Summer 2024 at 17.19m seats is approximately 12% higher than

Summer 2023. Bookings and pricing at this early stage are encouraging, with average load factors 2.0ppts

ahead of Summer 2023 at the same point.

Https://www.jet2.com/news/2023/11/Jet2_plc_announces_Interim_Results_for_2023

Jet2 plc, the Leisure Travel group (“the Group” or “the Company”) announces its unaudited interim results

for the half year ended 30 September 2023.

Group financial highlights Half year ended

30 September

2023

Unaudited

Half year ended

30 September

2022

Unaudited

Half year end

change

Revenue £4,407.4m £3,567.6m 24%

Operating profit £617.0m £516.6m 19%

Profit before FX revaluation and taxation* £664.6m £505.0m 32%

Profit before taxation £660.5m £450.7m 47%

Profit for the period after taxation £496.0m £356.0m 39%

Basic earnings per share 231.0p 165.9p 39%

Interim dividend per share 4.0p 3.0p 33%

* Further information on the calculation of this measure can be found in Note 3.

• Group operating profit increased by 19% to £617.0m (2022: £516.6m) and Group profit before foreign

exchange revaluation and taxation increased by 32% to £664.6m (2022: £505.0m).

• Against Summer 2022, seat capacity increased 7% and the business achieved an average load factor of

90.7% (2022: 90.7%) with higher margin per passenger Package Holiday mix of total departing passengers

up 4.9ppts to 70.8% (2022: 65.9%).

• Flight-only net ticket yield per passenger sector at £124.09 (2022: £105.00) was 18% higher than the

comparable period; the average price of a Jet2holidays package holiday also increased 11% to £855.

• Our operations were directly impacted by the broader disruption caused by the National Air Traffic Services

(“NATS”) failure, Rhodes wildfires and flooding in Skiathos which resulted in approximately £14.0m of lost

profitability.

• Total cash balance (including money market deposits) was £3,214.6m, an increase of 14% (2022:

£2,830.7m). Our Own Cash* (excluding customer deposits) of £2,121.2m increased by 8% (2022:

£1,968.6m).

• For the Winter 2023/24 season, against a 21% increase in on sale seat capacity to 4.49m, the higher margin

per passenger Package Holiday mix of departing passengers is currently up by 2.6ppts. Although bookings

have been a little slower in recent weeks with average load factors currently 1.3ppts down on Winter

2022/23 at the same point, average pricing to date

File:///C:/Users/tangl/Downloads/Jet2_plc_Interim_Results_2023.pdf

Today's RNS reveals 20% LFL sales growth in Action. Tremendous. There is an Action shop in the small town in France where I have a house, the shop is always doing great business. It was after seeing that that I bought shares in 3i. They are now starting to build a network in Spain which ought to be fertile ground as well. I wonder when 3i will sell or float off Action, it must be worth a bomb now.

From The Telegraph:

"A call to evidence was issued last April, with the aim of clamping down on youth vaping.

A new consultation, honing in on specific proposals, will put forward the disposable vape ban.

The ban would apply in England, with other devolved administrations having to set policy for Scotland, Wales and Northern Ireland.

A law change would likely be needed, but it remains to be seen if time could be found in Parliament before the next general election, expected in autumn 2024."

apparently, Singer have just put out a research note with a TP of 200p.

The last lot of zero-cost options, from October, are mostly exercisable at 62p and 70p. One might assume that those figures were worked out as being the very lowest share prices envisageable, taking account of the likely outcome of the Samsung case, something those involved would almost certainly have been able to forecast pretty well at that time. The present sp is still pretty low.

The Times hasn't been 'right-wing' for years now. The Murdoch empire has followed Bloomberg in moving sharply left since they sensed that the younger generations (and most politicians of whatever label) are hooked on the globalist agenda.

https://masterinvestor.co.uk/equities/small-cap-round-up-three-for-23/?mc_cid=0c77bfd209&mc_eid=81413ed9af

https://qualitysmallcaps.co.uk/ceo-or-fd-interviews/sanderson-design-group-sdg-ceo-interview-17-oct-2022/

https://www.bbc.co.uk/sounds/play/m001fw4f

One potential bright spot is the pension. Broker Singer says contributions will reduce the deficit from £154m in FY’21 to just £78m in ’23 and that “a 0.5% shift in actuarial base rate assumptions would lead to the deficit swinging to a surplus at today’s date” - see page 148 of RCH annual report.

GS:

One further point of speculation on the RCH inherited pension schemes. I wonder whether the assets of these schemes include some shareholdings in RCH itself. I believe it is often the case in UK, that company pension schemes hold shares in the companies themselves. Should that be so here, then large chunks might well have been taken already out of the deficits over the last few weeks.

GS:

Just to add that there are, I understand, six separate inherited pension schemes, presumably with varying degrees of deficit. So it may well be the case that as each one reaches a zero-deficit position, that particular scheme would then be transferred over to a company like Rothesay. That is, there might well be a piecemeal, case by case resolution, rather than RCH waiting until all the six schemes reached a collective zero-balance position before acting. As we know, one scheme has already been disposed of in this way.

Hi GS.

I am not an expert on pensions in any way but I had understood from my good friend that the GEC Scheme had been in some ways in a position similar to that of the Reach scheme, that is a fairly large scheme out of proportion to the company then supposed to support it. In the case of GEC, the residual company was called telent (small "t", one of those!) after Simpson and Mayo had gutted Lord Weinstock's legacy. The trustees set out a plan to get the scheme into balance, through contributions from telent but also from some good investing, that is with invested assets being equal to actuarised liabilities, and then at that point it was taken over by Rothesay tel quel, transferred wholesale, assets and liabilities, and telent had no further liability of any kind. I would imagine that Reach are working towards this kind of solution and this morning's remarks about the pension deficit are, imo, very positive indeed. The effect on future profitability of the shedding of the pension scheme is tremendous.

I hope this is helpful.
Jane.

That's better!

Not sure how impressed investors are meant to be by a video of the CEO presenting and talking rather like Prince Harry and spouting on about ESG and mental health and talking about being at the start of our "journey".

Lone Star offered 200p. I reckon that outfits like Lone Star would aim to make at least 50% on their investments so one might say they would have seen value in SNR of at least 300p per share and have been confident of getting that value from the business. Therefore it must be up to the BoD to now do as well, given all the fine words in King's statements in the RNS just issued, and get the market to recognise that value of at least 300p. To do that they would need to more than double the SP from here. I doubt that many would see them as being up to the task.