Member Info for StrollerB

Buy backs of shares of sufficient scale to have a noticeable impact on the share price is not going to happen in my opinion .
On 28/02/2018 the TVR stood at 72 billion and share price around 67p. Since then there have been about 3.5b shares bought back at a cost of circa £2b . At 30/07/2021 the TVR stood at 71 billion and share price about 46p. In short the buy backs need to cover the shares issued via various share schemes - circa 750m in a normal year - and the share price is swamped by other factors. Quite why shareholders seem obsessed with buy backs beats me. Use the spare capital to offset the share issues and with the balance either use it to grow the bottom line or give it to the share holders.

As I have stated before my biggest concern is the longer the BOD sit on an ever growing cash pile the more tempting it will be for the Treasury to raid the pot. Politically seen as a free hit. Popular with the masses as fat cats getting their comeuppance .

Ibug , in many cases the link between planning request and S106 is at best tenuous. I believe in legal terms it's called extortion.

My biggest concern is that the BOD by hanging on to large surplus's of cash are leaving the company wide open to HM Treasury seeing it as a pot to be tapped into to help fill the huge deficit built up during the pandemic. Once the worst has passed then banks will be fair game and the gloves will be off .

I'll go for 2,25 special divi (2020 final held over ) +0.75 interim

Market down , LLOY up . News filtering through about PRA div policy ???

Arrived this morning in II

I have submitted the following question for consideration at Thursdays conference:
"xxxxxxxxxx2: private investor.
Holdings with II. Currently 66k shares

Until March 2019 you were committed to paying out 2.25p for the 2019 final dividend and planned for 0.67p per quarter for the first 3 quarters of 2020.
When the PRA stop interfering will either the committed or planned payments be made to shareholders in cash ? The CET1 ratio suggests you have the funds to do this.
Regards
XXXXXXXXXXXX "

One can but live in hope

I agree with Rosewall.
Buybacks at the levels previously undertaken have no influence on the share price.
I can think of only 2 reasons why LLOY would buy back it's shares.
1) to keep the overall volume in check. I.e. to counter the 500/750m p.a. shares they issue to meet it's employee obligations
2) The board have nothing better to do with surplus capital

I have no problem with 1) although the process mystifies me.
If 2) is true I would rather have the surplus as a divi as I'm damn sure I can find something productive to do with it.

Like you I am in a holding pattern.
Tomorrow could be interesting given the very large late trade declaration

Hi Furry ,
Grumps isn't the only old stager hanging around. He was the well dressed one.

RickE: £32.8b if my maths is correct

Bertram: the last 2 buybacks have had no influence on the share price . They were to small and swamped by other events.
However LLOY issue about 750m new shares a year so with no buyback the share register would just grow so i expect a buyback of a minimum of 750m to be announced. Whatever divi is announced appears to me to be a political decision. After all HMG will not like big nasty banks making hefty profits and doling out money to fat cat shareholders whilst the rest of the nation suffers the effects of government policy. Bad press old boy. As a result I expect maximum buyback and minimum divi. Sadly Joe public doesn't seem to realise no/reduced divi impacts their pension plans.

The River Severn now floods Worcester about twice per year. It didn't use to. I believe the river is now 12 feet shallower than pre dredging ban and getting shallower every year. That's an awful lot of water. Coincidence ? I don't think so.

Hi Grumps. They will be experts at presenting a stylised version of reality.

Do operating costs include transportation ?

Putting to one side the concept of HMG supporting manufacturing in Britain ( god forbid that should ever cross the minds of Whitehall ). Should HMG be giving personal information to a company in foreign country owned by parties from yet other countries. Under whose laws would data breaches and misuse of data e.g. creation of false passports be dealt with.

I've just logged on with no problem

The other place is back up and running.

Start of buy back programme 2018
08/03 TVR 72.1 billion SP 67.6
24/08 TVR 71.1 billion SP 61.0 Shares purchased 1.6 billion approx cost £1 billion

Second tranche 2019
01/03 TVR 71.3 billion SP 63.3p
06/09 TVR 70.1 billion SP 49.8p shares purchased 1.9 billion approx cost £1.1 billion
31/12 TVR 70.1 billion
2020
31/12 TVR 70.8 billion SP 36.8p

I would posit in practice buy backs have had little or no influence on the SP as it is swamped by external factors.

From a purely personal perspective my view is: If a company isn't able to make profitable use of its accumulated capital I would rather they gave it to me than buy back shares. I will find something profitable to do with it.