Member Info for NormaStits

…today marked announcement of the first such transaction…

Were already in and had cut holding at last count…

Weakening YoY in pretty much everything except cash management (low margin) and the interest they earn on their clients’ cash balances…especially in client income accounts on which they pay zero to their clients.

Tough environment, but HL will have to lower its fees over time as competition is intense and their core clientele will be in drawdown/runoff whilst younger generations shop elsewhere. I say this as a loyal customer of HL…

Stroke of genius…cannot say that on this board! It’s the worst deal ever, blah blah blah ;-)

All the revenue gain is NIM, which is transient.

Hats off to you - nice trade.

Wouldn’t touch this thing. Of course, might make money out of it but there would need to be all manner of clever transactions and deals to make that happen. On its fundamental operations, appears to be an absolute basket case.

…and so it begins…

I’d stay on the sidelines for a good while. Might aswell set up home there. The only valuable piece is the stake in Parmenion. The rest is of questionable quality, but massively expensive to run as a business.

Couldn’t run a bath this lot. What an absolute shower. Poised to sell so many times since the bid, but resisted. Not got enough to worry about it. Poor old Roe and her reduced payout:-)

A tiny increase in the value of the company today means you’ve missed nowt. If their published estimates prove anywhere near correct one day, there’s plenty of time to buy and still make a fortune. IF being the most important word here…

Nothing to do with the underlying commodity prices then?

F me! Stop repeating the question on here and just email it to him. FFS.

Good to have that forensic brain at work, Banbury. Over time, as consolidated accounts, TW historic filings, etc filter through, we will know as much of the full picture as can ever be revealed by published accounts. Whilst I do not jump to conclusions ex-ante, I will reserve judgment until we have the requisite information in our hands.

Aren’t they referencing the SQZ dividend? So nothing to do with Talwind? In which case, why would that have a bearing on the transaction? I mean nobody knows for sure, but the vast majority of the year’s results was 100% SQZ stand-alone and TW only featured in the sentimental narrative at the front.

Not so much “trust” Banbury, but perhaps less outright suspicious of them? I don’t know them so cannot properly judge.

Nicely played NewK. Deserve much applause for that one.

The contents of the ‘lost box’ would only appear in the financials of the enlarged entity. Unless they make an exception, interims will be our first opportunity to peer inside. Rather like a Bushtucker Trial…

Nope. Happens every year at about this time. Absolutely standard.

My hope is that HMG, regardless of which party, will have to move to a more constructive stance. Behind closed doors, they absolutely know a healthy North Sea is non-negotiable as part of the transition to renewables. What they choose to do about it is another matter and, as we know, they can be absolute loonies.

The penny will drop at some point.