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Kes,

that was yesterday.

If you buy these shares today you will not get the 2.43p dividend

I just don't get it.

The BB is for £350m, starting 6th March and to be completed by 6th August, that's roughly 100 trading days.

They should be buying back at a rate of £3.5m per day to complete it, which would be roughly 573,000 shares.

They are currently buying 20,000 per day, spending roughly £125,000.

I know that markets could still go lower, but don't understand why they aren't following simple pound cost averaging by committing to £3.5m per day.

Thanks Harley,

that explains it.

Apologies if I've missed something obvious. From the RNSs:

Shares in issue as at 30/01/2026 = 59,008,437,233

Shares in issue as at 27/02/2026 = 59,029,409,081

Given that roughly 200,000,000 shares were bought back and cancelled in February, why are there now 21,000,000 more shares in issue at the end of the month than at the beginning?

"Lloyds is tipped to dish out over £17bn to shareholders in the year to come"

This can not be correct.

I thought I'd won the lottery when I logged into my ISA this morning. For some reason Halifax had the LND share price as 360p instead of 3.60p.

I then checked on here expecting to see an RNS and 500 plus comments in the chat...

...only to be very disappointed.

I can still dream though

Megan,

today is not the day a dividend has been declared, that was on the 24th July.

Today is the ex-dividend date, and if you sell your shares today you will still get the dividend.

I'm a little bit surprised at the divi. I read Proactive Investors forecast last week and they said 9.1p. I thought they'd got that wildly wrong, but not so.

Or, the interest rate would be fixed, whereas the divind rate can be halved if necessary, then would only be costing 4% and not 8%. Furthermore, this lower dividend would represent a saving across all shares in issue, not just the newly issued ones.

Just because we have been told the dividend rate is fixed at the moment doesn't mean it is.

Thank you bbrinkw

Does anyone know whether purchase of DLG will have an effect on next declared dividend?

Aviva previously signalled an intent to grow the cash dividend pot by low to mid single digit percentage year on year, but will the addition of approximately 375 million shares mean they are forced to cut dividend per share, even if the actual dividend pot is increased by, say 5%?

Cheers

Fisher,

no they are not.

There is still approx £500m to splash. Probably another 900,000,000 shares or so will be bought back.

STP,

"We need to hit them where it hurts and redistribute the wealth. "

Why do we need to do this?

If they have worked hard and saved, why should they not enjoy this in older age?. Why should it be taken off them and given to others?

If Rusty envisages this level of demand for the share, and thus one would anticipate a tick-up in share price, surely this is even more reason to hand over as much cash as possible before that event and buy back as many shares as is possible, instead of the silly games they are playing.

The current handling of the buy back is a joke. Authority to buy back expires on 10 May so there are only 13 or 14 more days to buy back shares. At the current rate they will likely only buy back a further 50,000 shares or so out of the 3,800,000 they have authority to.

Pathetic.

If DEC are serious about this strategy they should be buying upwards of 100,000 per day.

I don't think it's fair either, but it is the way Halifax do it, and some other banks from what I've read previously on here.

It does actually state that they do on their website:

"UK listed shares paying US sourced dividends

In most cases when you complete a W-8BEN form you will only pay the 15% Withholding Tax rate instead of 30% on US listed shares paying US sourced dividends. For UK listed shares paying US sourced dividends a 30% Withholding Tax rate is applied even if you have a W-8BEN form in place."

Not sure why they have this stance when other brokers seem to be able to reduce the tax applicable in an ISA.

Andy,

I believe £9.35 is the minimum "Tender Price", so the average minimum market price in the qualifying period is £8.90.

Could still drop below that though, so as you say, may not go ahead anyway.

"The purchase price to be paid by the Company in the Tender Offer will be 105% of the average market value per Share for the five business days immediately preceding 27 March 2024, being the expected date on which the Shares are to be purchased (the "Tender Price") and will be announced by the Company via a Regulatory Information Service on the date preceding the closing date, expected to be 26 March 2024"

Andy,

In my example £10.00 was the "tender price", the qualifying share price would have been £9.52 (ie £9.52 + 5% = £10.00).

I believe the number of shares "sold" will be the number that is attained by dividing your dividend entitlement (£680) by the tender price, not the qualifying share price.

If I was given £10.50 per share then I would receive a total of £714, not £680. This is not correct as it clearly states you receive the same as your dividend entitlement whatever you choose to do. Otherwise a 100% take up would cost $44.1m and not $42m.

I agree that if the qualifying share price is £10.00 then the tender price will be £10.50, but in that case DEC would still only use my waived entitlement of £680 to buy some of my shares, so £680 / £10.50 = 64.76. In this instance they would cancel 64 shares, not 68.

I think we broadly agree on everything else.

Jun_man

Hallelujah

At last the message might get through. The key bit being:

"You’ll receive approximately the same amount of cash as you would have received via the dividend, but your holding will be reduced by a number of shares."

In fact, it is precisely because you get the same amount back whether or not you tender that has had me doubting my own understanding. It seems ludicrous that you’ll receive approximately the same amount of cash as you would have received via the dividend, but your holding will be reduced by a number of shares.

My understanding from day 1 has been that if I have 1000 shares and do nothing I will receive £680 dividend (using £0.68 as a rough dividend per share). I will also have 1000 shares.

If I take up the tender offer in full I will receive £680 (actually probably slightly less due to rounding down as explained in the circular). I will now has 932 shares (based on tender price of £10.00).

So it is my choice as to whether I have 1000 shares plus £680, or 932 shares plus £680.

I am yet to see a valid explanation as to why I would want to go for option 2.

This appears to me to be a defacto dividend cut by stealth. The company wants to pay the dividend and also wants to complete the share buyback that was authorised, yet evidently only has the money to do one or the other. They are therefore proposing to use the money that is allocated to paying the Q3 dividend to enable them to complete the existing buyback. It is possibly semantics, but it appears that they are asking shareholders to chose between a dividend payment or a buyback, not both as we actually appeared to have before this whole thing started.

When this was first announced a poster on here suggested that we were all being urged to take one for the team, and that anyone not taking it up was being selfish. I kind of get that now. It may actually be possible to have your cake and eat it after all. If two identical shareholders decide to do nothing and fully tender respectively, the one who tenders will receive their cash entitlement but give up some shares, yet the one who does not tender will still receive their cash entitlement but also keep all their shares.

This whole thing makes no sense at all unless I have completely misunderstood it, which I don't believe I have.

Gavster,

the only part of your last post that makes sense is:

"Total amount of spend = $42m. Dividends and Tender.

Total Cost of Dividends if nobody elects to tender would be $42m (it's just under but we're rounding up)".

The rest is simply incorrect.