Member Info for Oldfortyniner

And there are those of us who, to avoid that pitfall, sold before consolidation, hoping to buy back in afterwards. I'm hoping some of the heat in the price will dissipate, maybe when the special divi money has been spent, to give us a chance to do that at a more reasonable price. Swings and roundabouts it seems. Good luck to all whichever route you followed.

I started with Nat West's broking service which of all things required me to have my own CREST account! Never quite understood why but no matter. That was entirely paper so I can empathise with your wanting to stick to it as long as poss. However the writing has been on the wall for a while. It's quicker, cheaper done online as we do these days. I think it's called progress. Ho hum. Luddites R us! Haha!

Novice,
Glad to help; the sea of RNS announcements and forms can be a real pain when you want to go back and look something up and can't remember where it was!
Your pen name belies the reality with your strategy for holding your stocks in certificated form ! The world believes everything should be in the cloud but there's nothing wrong with paper. Where will our historical record be in 500 years time?
I like your ploy as it means you get on the shareholder register and can participate with the company properly. I'm also an HL user and as you realise I'm completely invisible. I might now see if they still do that as a free service. Thank you!

£3.55 per share is the special dividend paid to holders of shares at the close of business on Friday.

Novice,
Goodness, I would have thought that was an expensive way of doing it these days! You will need a new certificate as the value of the share is different. It is covered in the circular on the Investor Relations section of the company website: https://www.pennon-group.co.uk/sites/default/files/attachments/pdf/pennon-circular-june-2021.pdf part II section 11.

That's because probably no broker has as yet offered an opinion. Whatever we think of this company and its prospects it is but a minnow somewhere at the nether end of the main London market. Were it in one of the FTSE indexes you would probably get plenty of broker opinions.

There wasn't one.
On Friday the old shares closed at 1134.5p. Today new shares opened at 1120p. The shares are different as they have different face value.

True - missed that.

The new shares seem to be off to a solid start this morning, buoyed no doubt by purchases from the CEO and FD. Now comes the time to be patient and watch for a suitable opportunity to buy back in. Good luck to any doing the same.

It is not a coincidence that the special dividend is the value it is related to the 2 for 3 consolidation based on the 2nd June share price. The information is all there, either in RNSs or on the Pennon website.
I think Gerry's horses mouth advice is very appropriate, though I don't think he need be too severely self deprecating! :-)
We all make mistakes.

If you read the RNS dated 3rd June re the acquisition of Bristol Water and return of capital you will find that the size of the dividend and the consolidation is based on the market value on 2nd June. People buying buy at the market price at the time of purchase but 3 shares today will become 2 shares on Monday.

Neither Gerry nor I got the price quite right but the principle is the same. It was £10.68:
https://www.pennon-group.co.uk/sites/default/files/attachments/pdf/watershare-special-dividend-and-consolidation-overview_v2f.pdf

The first question will be at what price it will emerge following the consolidation. It won't be as simple as Friday close -£3.55 as that would ignore the restructure. Assuming at least some of the price rise since the announcement was being driven by speculative purchasers, is it going to settle at the 1065 benchmark used as the basis of the consolidation?

Not a divine gift then? Shame; a flawed mortal like the rest of us. I can do your other tricks all too well for myself quite unaided, thank you. Teehee!
At least PNN hasn't done an about face on us, fingers crossed for the next couple of weeks.

You were spot on there Millie, well done! I should have jumped too when you originally said you were selling, but I'm fairly happy about what I did.
Just give me the nod when you think is the right time to buy back in will you? :-))

Hahaha! I may be 'out' but I don't stop watching; I'm still committed, just trying to make the best of a situation.
I hope we aren't going to be killed in the rush to return. I agree the window of opportunity is post consolidation on 5th but prior to payment of the special dividend on 17th when PNN indicated would be the start of its buy back process. This will be an interesting time.

I've eulogised on this company already so won't repeat myself, but concur with your opinions, Croqman. I haven't indulged in any selling; I've built up my holding in three slices and am sitting on it; that's my strategy for TGR. Each to their own.
I wholeheartedly concur with your final sentence, that this board remains low key and above all mutually respectful. The egotistical paranoid frenzy which is the norm in some places is not what we need here. Let's keep it civilised! Best to all.

There's been a bit of a dip today, probably on the back of Goldman Sachs increasing their target, but only to 1084!
My stop loss got me out before the end of day tumble. Now it's time to sit on my hands, as well as the proceeds from the sale, and see what happens post consolidation! See you again then abw. Good luck all.

Gerry, I thoroughly agree. Greedily chasing a high or low is unnecessarily risky. It's better just to pick the level at which you're comfortable and live with the decision. I am still in but will make my move accordingly. Selling threes higher buys you more twos when it's lower if you can work that little piece of magic well! I've been in here a long long time so should realise those gains in any case. I'm convinced by the company so look to be reinvesting on the other side of this shenanigans.

Ah, the perennial conundrum; where's the top to sell, where's the bottom to buy? If only...!
Good luck everyone.