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Halifax do bed & share from stocks and shares account to the isa account so you can transfer shares easily. Dodl are quite cheap also.
Openreach business briefing states fy 28 £1bn reduction in capex pg 50’s but revenue seems to be exploding.
https://www.openreach.com/content/dam/openreach/openreach-dam-files/new-dam-(not-in-use-yet)/documents/regulatory-compliance/Investor-Brief-2023-online.pdf
Net financial debt £14.6bn page 5.
Old news but looks like it’s only a matter of time before a further raft of altnets going to the wall.
https://uk.finance.yahoo.com/news/went-wrong-britain-build-fury-150000844.html
Yes - The markets always right....Even when its wrong!
This is quite old but 4 potential suitors are mentioned in this article who may desire to take over openreach. Openreach own very little but are responsible for quite a large proportion of BT profits hence the desire.
https://www.thisismoney.co.uk/money/markets/article-10248943/amp/Private-equity-firms-send-value-BT-cable-arm-40BN.html
I think Drahi would love to push for an Openreach sell off on account of his current financial position. Either that or a sell his shares to DT for some much needed folding stuff.
Yes wasn't expecting the results until May 2024 like last time - maybe the new CEO wants it out there before she starts 🤷
James Barford, head of telecoms research at Enders Analysis, said BT shareholders were now “exposed to much less risk than they once were”. He added that this was because the funding deficit was “much less volatile than it used to be, as the pension trustees have hedged most of the fund assets to match future payout obligations, and also much lower due to BT’s ongoing payments reducing the deficit”.
BT Group raises prospect of pension refund after scheme deficit halves
The deficit of BT’s giant pension scheme, one of the largest in the UK, has more than halved, boosting the chances of a future refund of payments.
BT announced on Tuesday that the funding shortfall in its retirement scheme, which has 263,000 members, had fallen to £3.7bn, down from £7.98bn three years ago.
The sharp fall in the deficit was in line with wider funding improvements for thousands of corporate defined benefit (DB) plans in the UK, which promise members a pension for life.
Higher interest rates have had the effect of lowering the estimated cost of DB pension promises, or liabilities.
Announcing the results of its formal 2023 valuation, the telecoms group said the value of the scheme’s assets and liabilities had fallen since its last formal funding check in 2020 because of higher long-term interest rate expectations and the impact of £7.6bn in benefit payments to members.
The scheme’s assets fell from £57.3bn to £37.2bn between June 2020 and June 2023, while liabilities decreased more steeply from £65.3bn to £40.9bn over the same period.
The FTSE 100 company said hedging had helped protect its funding position against the impact of changes in interest rates and inflation. BT has also paid £4.36bn of deficit contributions since its last funding valuation in 2020.
The group said the £3.7bn deficit was “on track” to be eliminated by June 2030 through annual contributions and payment from a previously agreed asset-backed funding arrangement.
As part of the 2023 valuation, BT agreed to continue annual contributions of £600mn towards the scheme’s deficit until March 2030, with a final payment of £490mn before May 2030.
BT Group has also agreed to make payments of £180mn a year under the asset-backed funding arrangement.
Simon Lowth, BT’s group chief financial officer, said: “The agreement (funding) allows us to deliver on our strategic initiatives such as investing in our networks and transforming our business.”
Ben Barringer, technology analyst at Quilter Cheviot, said the DB pension deficit had “hung over the stock for a considerable amount of time”. He added that the decision to keep the payments unchanged “removes an unknown and allows the business to move on and tackle the deficit, which can only be a good thing going forward”.
The group added that a “stabiliser mechanism” put in place in 2020 by BT to protect the group against overfunding of its retirement plan — a risk as interest rates rise — means the group might be eligible for future refunds of contributions.
“The amendments agreed to the existing stabiliser mechanism provide a greater certainty that BTPS will achieve full funding and increase the likelihood of a future refund to BT Group,” said the group in a statement.
James Barford, head of telecoms research at Enders Analysis, said BT shareholders were now “exposed to much less risk than t
Seems to be a positive spin - maybe some jam later.
https://www.ft.com/content/2956f0d7-dcc1-4293-bac8-6d5b79af4eb7
Wasn't expecting news on the pension until May 2024 like the last time. I wonder why its come out so soon?
I think there is zero chance of a Draghi bid, he’s been telling his investors that he’s going to lower debt levels. Ultimately I think it will be DT, but not till after the fibre roll out is more or less complete.
Looks like PJ called it. I find the comments interesting.
https://www.ispreview.co.uk/index.php/2023/09/cityfibre-pauses-multiple-uk-fttp-builds-linked-to-kier-group.html
Https://uk.finance.yahoo.com/news/bt-pushes-ee-brand-plan-164140147.html
Should be interesting to see the state of play on the BT pension next year.
https://www.thepensionsregulator.gov.uk/en/document-library/statements/annual-funding-statement-analysis-2023#6f942639b1a0449c91692dd8530da462
BT mentioned in Wincanton pension uptick.
https://www.dhakatribune.com/financial-markets/325828/wincanton-lon-win-up-11%25-by-getting-out-from
Have been on holiday for a bit so haven’t looked on here. I’d like to welcome David Icke to the board, fruitcake anyone?
Truespeed now, still a shame for the people losing jobs. Apologies if already posted not looked on here for a bit.
https://www.ispreview.co.uk/index.php/2023/08/job-losses-strike-uk-full-fibre-isp-truespeed-as-build-expected-to-slow.html
When did DISRESPECT become a Verb???? I mean I axe ya!!🤷