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60% of the Fund Manager (Tritax), not 60% of the Fund (Tritax Big Box).
They are for H1 of Financial Year 2019 - 2020 and H1 of Financial Year 2020-2021 - in shorthand H1 20 and H1 21.
Very Happy, I don't think it is the job of government to give public money to private shareholders in the form of grants designed to mitigate the impact of forced closures when those closures didn't apply here. My own employer furloughed a lot of staff in the first lockdown, brought them back quite quickly and then repaid the furlough grant because we didn't need to take public money to pass on to shareholders, we were generating enough ourselves (OK and it's good PR and allowed latitude in dividends, acquisitions etc).
It's in the RNS 4/11/20
"On Monday 2 November 2020, Kevin Rountree, Chief Executive Officer of Games Workshop, acquired 1,376 ordinary shares of 5 pence each ("Ordinary Shares") in the Company under the Group Sharesave Scheme at a price of £13.0774 per share."
IIRC, these schemes set a price on day 1, you divert part of your salary into it each month, and at day 1000 ish (making a guess that they run for about 3 years), you have the option to convert your 'savings' into shares at the day 1 price or take it back as cash - basically a 0 premium option, and very tax efficient if the shares have risen in value as (again IIRC) you can sell them immediately with no tax implication.
" paid employee leaves are eat up the cash flow and such"
Very specifically NOT what was said. It was a non-cash hit to the P&L that will reverse out as the holiday accrual reverses during the year.
No H1 results rns but there is ( not showing here) an rns for a contract extension.
"
Capita plc (Capita) today announces it has secured an extension to its contracts with Transport for London (TfL) to continue to manage London’s Congestion Charge, Low Emission Zone (LEZ) and Ultra Low Emission Zone (ULEZ).
The deal is worth £355m, comprising an extension to Capita’s work on the existing schemes, from October 2021 to October 2026, and new work associated with the expansion of ULEZ, Direct Vision Standards (DVS), LEZ and their operations to October 2026."
Now I'm torn - I've been bouncing in and out of SCS a couple of times banking free shares along the way - I bought my last lot at 138.5 and had set a sell order at 170 but it expired at the end of June and I didn't renew it. Do I cash out with some nice free shares or hold for a bigger rise and the return of dividends? Since I started typing the price has gone from 175 to 187 - choices choices!
Short Answer - no you wouldn't.
Longer Answer - not for the reason you listed, but because you wouldn't own Ordinary Shares with the ticker SONG, you would get C class shares (likely to have a ticker SONGC - they did last time) that will convert into Ordinary Shares (SONG) once 80% of the proceeds from the offer are invested (or a cut off date is reached). The conversion will not necessarily be 1:1, it depends on the ratio of the NAV of the Ordinary Shares vs the NAV of what the C Class shares have acquired - they are kept notionally separate until the C class shares convert. Last time around, a £1 C Class Share converted to 0.9796 Ordinary Shares and it took about 4 months during which no "C Class Dividend" was paid. Theoretically C Class shares could get a dividend prior to conversion paid from the earnings of the songs acquired in the C Class portfolio, but last time they invested it so quickly that it all just rolled into the company - I suspect that would happen again.
Above is all from memory so double check things like the %age required to be invested to convert or the cutoff date in the prospectus.
Just realised I mis-posted - it wasn't 171,000 shares the PDMR's & PCA's sold, it was 1,710,000. Doesn't look any better.
One (possibly) redeeming thought - was yesterday the end of a lock-up period? That *could* explain PDMR's and Invesco selling on the same day, but I don't remember the exact lock-ups or dates from the Prospectus.
RNS Fri, 22nd May 2020 16:16
3 PDMR's and 2 of their PCA's sell 171,000 shares all on 21/5/20, during market hours.
At 4.51pm on 21/5 (after market has closed), an RNS announces Invesco is undertaking a placing of 31,000,000 shares of which they shift 30,986,911 at roughly a 10% discount to the closing share price on 21/5/20 (they sell for £4.00 versus a closing price of £4.46 - all per RNS at 7.34 am 22/5/20). SP promptly plummets about 15% to close at £3.78, but not for the PDMR's and PCA's who shifted their shares with hours to spare.
Oh, and one of the PDMR's is the CFO.
I'd be really interested to hear thoughts on how this isn't market abuse.
Dead Cat Bounce
He would, but as part of an equity raise.
I have (well my ISA/ Broker has)
Look at his/ her (Skier) postings elsewhere:
in EZJ: "This is the world's most infectious disease. It is 30 times deadlier than common flu. Planes must be sterilised with hospital-grade virus-killer. The army is on the streets with guns and full hazmat suits. Tourism is collapsing in Italy, France and elsewhere in the EU. Passengers are delaying and cancelling flights in droves. The Chinese airline industry has already collapsed."
in LLOY "China is out of the woods. The worst is over there. People are returning to work."
Good point on the readings, I managed to miss the section on conversion rates in the SONG c shares prospectus, so had expected 1:1. Went back and re-read it and it was black and white. Guess that's why this isn't the day job :)
My recollection of the wording was that the merger would happen in Q1, and something like "in the event" that it was after the Redde divi then the divi would be payable, it certainly read as an exception that it would be payable rather than the expectation. I would have seen it as a bonus (to a crappy deal) rather than what I planned. But then communication hasn't been wonderful at any point here IMHO
Not sure why it's not what you expected. My memory of the prospectus was that it was pretty clearly planned to be completed by the redde divi date and the divi was only paid IF there was a delay.
IIRC, the prospectus assumed that the merger would be done prior to the next Redde divi, but if it happened after the next Redde divi is due (early March declaration), then it would be paid. I *don't* remember if this would affect the # of NTG shares that each REDD **************d for or not - it will be somewhere in the prospectus. I *think* that the NTG divi was factored into the exchange rates of the shares.
At last night's closing prices, the Redd sp of 107.2 divided by 0.3669 (number of ntg shares in exchange) comes to about 292. The nth price was about 297, so still a slight premium to the Redd price (long term value is another matter). Technically there's maybe scope to arbitrage the 2, short ntg and buy Redd with the proceeds if the transaction costs weren't too high and you could find the volume.
Ex-Div 23/1/20, Paid 2/3/20, £0.45.