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This is the crux of your post, "assuming a modest market recovery". LSL have gambled on recovery. LLOY, on the other hand have given away a loss-making division, which they paid a lot to develop, with a hefty dowry. They are therein saying that they do not see recovery in the near term.
You really have ethical problems with a company that owns and manages pubs, many of which are the social hearts of the towns they serve and an important aspect of British culture and heritage. As you can probably tell, I don't have any issue with investing in places that provide work, serve up food and cheer, have hanging baskets of flowers and glorious beer gardens, where people meet!
I am supposing that you meant the Atlantic. I am pretty sure that Ryanair have been crossing the Channel (and the Irish Sea) with some frequency already. I acknowledge that budget airlines will be less comfortable, courteous and whatever. What I do not acceopt is that "you take your chances". Their sticking to the booked schedule (or in another friend's case the advertised destination) should not be a lottery. The departure time was entirely under their control and they left us stranded when they pushed off over 2 hours early.
Doesn't O'Leary just define 'g0bsh1te'? I think that RYA is very bad for passengers. I flew with them once, not through my choice but that of a friend, and they left us completely stranded in Bruges on new year's eve when they unilaterally decided to fly two hours early. No airline representation was there in the airport. Lots of annoyed passengers with plans to be elsewhere - I can only imagine that frequent (doormats) passengers had turned up 3 or 4 hours before scheduled depart. My mate was hosting a party in London and we just made it by taxi, seacat and train. We all vowed never again. Others have similar stories. No explanation, no compensation. Maybe, though, RYA is okay for shareholders. It shouldn't work but some sad cases with no self esteem will put up with it. Could I bring myself to invest in this flying circus though?
I have been in since 22p. From memory I sold at around 34p the other week there and then got back in at 33p and then a bunch more at about 28p. I'm not complaining and I must have had my reasons - Crossrail, Olympics, power stations and other public initiatives - 33p just looks improbable now when one looks at the 3 month graph!
I have unwound my short. I was starting to lose interest. When I opened at just over £8 three weeks or more ago I thought there might be a bit more rock n roll than there has been. If this is 'very very exciting' for some folks, I dread to consider what might be termed 'dull'!