The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
small (0.013%) repurchase today. At that daily rate over 250 working days it would still only be 3.3% cumulative - below the maximum of 10% (if I remember correctly) authorised. (This information is probably irrelevant, but it's been a quiet day so far.... :) )
1-2% most weeks makes for a quiet forum - but that's a lot better than having to wade through the hype/de-ramping that goes on on many other stocks! Do you realise 1.5% for 40 weeks=80%? I'd be happy with that as an annual return :). Not forgetting the dividends as well....
On another stock I hold, someone posted this link. I'm sure many of the ideas expressed are going on quite frequently! http://timelesswealth.net/articles/deadly_art_of_stock_manipulation.html
Don't worry - providing you held the shares at the close of day on 6th March, you get the dividend. On the 7th the div became 'ex' - as in 'no more', 'ceased to be', etc. for buyers of the share. The 9th is the 'day of record' at the company, but LondonStockExchange uses ex-div as a way of avoiding arguments and is a warning to prospective buyers that they are too late to get the declared dividend (the 'settlement date' on the purchase will be too late).
1. London Stock Exchange use 'ex' to level out problems of the time it takes (or used to take?) to get onto the company register. Anyone who holds the stock before the ex-div date gets the dividend when paid. A person who sells just before the ex-div date may get sent the divi - but the seller has to pass this on to their buyer. So with ACHL going ex-div on 7 Mar, you needed to hold the shares at the end of 6 Mar. 2. If you sell on or after the ex-div, you still get paid the dividend. The ex-div' tag will disappear once the divi is paid
assuming the sp drops by an amount directly related to the dividend, it is the same whether you get the profit as cash in a divi or as a change in sp - i.e. £500 shares bought becomes £50 divi and £450 worth of shares, or £450 shares bought ex-div and £50 still in hand technically, if tax of 10% is paid on the divi, the calculation would be £500 bought becomes £45 divi after tax and £450 worth of shares, so you do end up with slightly less buying just for the divi - if sp performs exactly logically, which they never will :) and a gentle tease - not a single capital letter in this post !!! (good-humour only intention)
I think div - about £6mil (1200mil shares x 0.5p) - is a tiny fraction of cash-at-bank, current and net assets so unlikely to affect sp too much. Also the serious scaremongering only dropped the price 10% 40p ->36p (nice opportunity to top up!), so I don't see much reaction. I'm in for the long run, so am not going to chase minor fluctuations. May add a bit more at these kind of prices - and can hold even through a big dip..
Snap!
Asian Citrus was notified on 27 February 2012 that Hon Peregrine Moncreiffe, Miranda Mary Moncreiffe and Winterthur Pension Management Limited (the "Plan") bought 128,000, 128,000 and 268,560 ordinary shares of HK$0.01 each in the Company on 27 February 2012 at an average price of 37.95 pence (equivalent to HK$4.66), 37.95 pence (equivalent to HK$4.66) and 37.55 pence (equivalent to HK$4.61) per share respectively. Mr. Moncreiffe, a non-executive director of the Company, is a direct beneficiary of the Plan and is consequently taken as having an interest in all shares in the Plan. Miranda Mary Moncreiffe is the spouse of Mr. Moncreiffe. Following the transactions, Mr. Moncreiffe, Miranda Mary Moncreiffe and the Plan now hold 1,078,000 ordinary shares, 128,000 ordinary shares and 268,560 ordinary shares respectively representing 0.09%, 0.01% and 0.02% of the Company's issued share capital respectively. Mr. Moncreiffe's total beneficial holding is therefore now 1,474,560 ordinary shares representing 0.12% of the Company's issued share capital and 500,000 employee share options.
I suppose the re-purchase amplifies the effect of future movements - profit/loss is shared out in larger lumps . The full repurchase program authorised for the next 9 months will not exceed 121 million shares (approx 9-10%) of shares. Immediate effect? Net assets reduced by cash amount, remaining assets divided between fewer shares. Whether that's a plus or minus depends on the price paid - but I haven't time to work this out right now...
1,000,000 repurchased today in Hong Kong, price between 36.05 and 37.44 (4.43-4.60 HK$)
HK$250 mil = about 20.5 mil GBP = about 57 mil shares at 36p = 4.5% of issued shares of 1250 mil (estimated from RNS about previous repurchase of 500k shares representing 0.04 % of shares)
well, according to their half-year report, they bought back and cancelled 3.5 mil shares in the last six months of 2011 (approx HK$17.6 mil) @ 5.038 HK$ - that's about 41p each at today's rate, and intend to buy back upto HK$250 million before the next AGM from free cash flow and working capital....