Member Info for kittiwake

Well said. SCR coing down is, to my mind, a good sign for investors (provided it does not come down too much, which I do not think it has). The market may not like it, but it all comes down to how one perceives value in life assurers. I am happy with that capital being deployed provided that there is a sufficient buffer left over for events. Never say never, but the buffer looks very significant still. LGEN has not performed well over many years - the dividend is fine, but the share price growth has lagged compared with the average in many other sectors and markets. I think this is one to be patient with now, as changes are afoot.

Total return is all that matters, assuming in a tax free wrapper.

The Spring Statement may prove positive for UK defence companies. it has prompted a bit of an uptick in the immediate aftermath

There’s barely any money left in the kitty, so this to my mind is a total gamble. Nothing wrong with that, as long as you’re clear eyed about it. Some gambles pay off. Some don’t. It’s a bit worrying if the company has to ask someone else to find them the cash. It suggests that investors are not queuing up, despite (or maybe because of) the rather upbeat RNS. If there are such good contracts with decent returns, why can’t they be secured as a means to access cash…. Unless they are wishful thinking, Delboy style….

I’m in here with a very small amount, which I’m prepared to lose.

There is a difference between the board being approached by a person about making a potential offer and a news outlet scoop that someone is passing a slide rule over a company but has made no formal approach to the board yet, so my guess is that ITV is not required or in a position to make any announcement. Time will tell. For now, all is speculation, but it at least adds a little excitement to a share which has been a consistent under performer...I shall be sitting tight for a bit to see what happens

RNS notification that MXC now has over 75% voting rights

Sounds reasonable to me!

Fingers crossed for the third quarter trading update tomorrow.

Yes, generally public sector pensions are vastly better than private sector ones. It was generally the case that private sector pay was better, and that was the trade-off. I am not sure that is still true. However, it is just another factor to think about when choosing a career.

Whilst no doubt, as in the private sector, there are public sector jobs that are not productive or helpful for society (and, at the risk of sounding like Elon, might as well be got rid of), I for one would like more and better teachers and doctors, so my children can get a good education and I can stay productive and healthier for longer. If a gold-plated pension is part of the lure for that career, fine by me.

Pensions get tax relief on the way in, which tax relief can be used to create more investment growth in the pot. On the way out, there is income tax. That is usually at a lower tax rate, so the relief on the way in generally has a net benefit. The IHT aspect was a wrinkle from the legal analysis that a pension pot was held in trust and so not in the estate. But commercially it is obviously part of a person's asset base and there is no good reason not to bring it into IHT. I am okay with a pension pot being to keep me going in later life, and not being an IHT play. The logic then is to spend the pension first so that beneficiaries of any remaining wealth suffer IHT but not additional income tax. The IHT-free nature of pension pots maybe skewed that decision the other way before these changes, but such is life (and death).

But none of this means pensions are bad - they remain a good investment product. The tax changes may encourage more annuities, which may be good for business at Aviva. I would be surprised if the IHT changes deter people from putting money into pensions. No doubt there will be other views and each person has a different outloook.

Outflows of profitable funds; inflows of less profitable funds? General malaise in the sector. What is very difficult to tell is how much of the bad (and indeed the good) is priced in.... 2026 is not far way in terms of an investment profile. My worry is that all these high income shares degrade their share price over time. The Budget is anyone's guess, but maybe more likely to be bad news than good for share investment?

Assuming a static share price and ignoring the compound effect of inflation... If the budget tinkers with pension relief, this may go down. If interest rates go down, this may go up. Who knows. Generally, I like companies like LGEN, but I am not clear what will prompt growth rather than stagnant share price. Depends if you need the dividend income, but if you do, then compound not relevant. Is it a markedly better prospect than many other shares out there, which have a lower yield but where the share price rises on retained earnings?

IP share price is high because of the takeover chatter for IP, but if that goes ahead, DS may be jettisoned. So presumably the market thinks there is a chance IP will be taken over, hence the price rise, but DS has not risen in line, because that deal may fall if IP is taken over. If the IP deal does not materialise, then the IP share price would go down and the DS deal presumably go ahead, so the DS price assumes that position - ie the market thinks IP wont be taken over, but there is a premium on IP shares because it just might happen? If IP isn't taken over, then its price will fall, but query by how much - the current DS price gives a hint maybe.

If a deal happens without DS, then I would expect the DS price to fall. There would be no certainty Mondi would come back, although they might, at the same or I suppose a higher price. If a deal doesn't happen, then IP's price might fall a bit, and make the DS deal a bit less valuable. So could stay for the ride, sell now and walk away to calm the nerves, or sell now and buy IP! Anyone's guess!

I suppose things are so dire, chiefly because of debts, that if they simply had the results with no potential solution, the fall would have been even sharper. Too much debt, increase in interest rates (albeit only back to long term norms, so completely predictable), and the tide has gone out and left some businesses trying to hold on to their dignity…

Well, yes. But on a maximum £400 monthly deposit and only for 12 months (then reverts to standard account at 0.9%) and only if you are a Club Lloyds customer, which has a £3 monthly fee to maintain the account (waived each month that you pay in £2,000 or more) and pays erm 1.5%. As Lloyds says: "For example, if you deposit £400.00 every month for 12 months you will have a balance of £4950.00 after interest is paid." So actually £150 interest over the year, which, if you had the full £400 x 12 at the start equates to 3.125%... Good for monthly savers, but a lot of hassle for the £150 interest over the year. Can't see it moving the needle much

Commercial law firms do best when there is a vibrant economy (unless they are hedged by strong litigation/insolvency practices). Firms heavy in real estate may be particularly vulnerable if that market slows down (commercial property is in the doldrums for structural reasons). That said, it's easy to identify risks, but the tricky bit is assessing how much of that negativity is priced in already....?

The c£2bn drop in deposits may be the issue for the drag on the share price - in that sense Lloyds is losing money. The profit is based on interest rate spread, but if depositors park their money elsewhere, then either traditional banks have less money to lend or they have to up their savings rates, each of which reduces future profit. If I wasn't lazy and already tied to a traditional bank, would I use Lloyds or any of the other usual suspects for my deposit account? That's a challenge because Lloyds needs new depositors (in my day, you could bag a customer for life by giving them a book token or indeed a bag!)

Another pleasing set of results. Price up well today, but still way off the year end NAV per share per the results. I shall be holding.

Interesting discussion. I too was pleased to see that pretty much all stock was sold. I don't believe that the diamond market movements justify the precipitous fall in share price over recent months. The company's lenders appear to be supportive. Yes, the debt is substantial, but in this business you have to invest. I agree it may be a bumpy ride to recovery, but am sticking with it for now

I would have thought a greater second half weighting given the tender numbers (I think there is generally a greater second half weighting in any case?), but the basic point may be right re revenue. I wonder how much of this is already priced in though and therefore how much today's news should be impacting share price?