Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I have to agree, I have had many trusts with a discount that refuses to narrow. I think confidence has been eroded in the management as well as the unquoted businesses being valued less by the market than SMT. Hopefully the discount can narrow a bit if interest rates stabilise or reduce and money returns riskier assets.
Treasury shares do not have voting rights or qualify for dividends . The good news is with 8% of the floating shares removed from circulation the dividend when announced next will be divided into a smaller amount of shares boosting the payment. The bad news is that the BOD being tightwads with the last dividend might just reduce it by 8% to compensate.
They must have some plan of what to with all these treasury shares and for all the relentless buybacks the share price has still performed very poorly in the last three months, so I am yet to be convinced by the merits of buybacks.
The shares that have been bought are ex dividend so carry no right to a dividend anyway regardless of who buys it. The shares have been ex div since 23rd of Feb and still doesn't pay until 11th July.
So many shares are struggling right now and I can't see it changing anytime soon.
You can get very near 5% interest on one year fixed cash deals and no risk to your capital. Shell is yielding about 4% and imo a large downside risk from here. If it hits £25 on a spike it soon has a nosebleed and back down it goes.
The oil and gas price is trending down and OPEC+ or Saudi's cannot prop up the price of oil to the extent a recession will smash demand.
I'm starting to think tobacco shares have had it. Traditional combustible products are in managed decline, and now governments around the world are becoming anti next generation products, so where does that leave the company?
I got caught out badly in the great decline of imperial Tobacco 2016-2019 which wiped out years of profits. Re entered with bats at just under £27 a few years ago and averaged up along the way- fatal!
I might bail out with a thumping loss , not fully decided yet.
I'm hoping it's soon! Last count was $950M in the bank = £766M / 90.5M = £8.46 cash per share. In theory it should not go lower than cash value, which is ridiculous to be even talking about to be honest. There has been no news from them since the AGM and everything was doing OK. I wish I knew what was going on.
I don’t really see how a dual listing boosts the valuation. I have seen many shares with dual listings and the market with the highest volume dictates thss price of the other. Having two listings will only increase costs, better to leave London altogether and just list in the states, afterall all of the business is done in US$.
Looks like grumbles of past AGM's regarding director remuneration have not been solved. Over 20% votes against some of the resolutions regarding pay again. They have wheeled out the line about engaging with engaging with shareholders before but it obviously not working.
Shares are not performing well now either for all the crowing about buybacks, market value today now a pound below the average purchase price for $175M worth!
The 2021 interim and final both had a special dividend and the total pay out was 756.42p per share!
This was always going to be cut on lower metal ore prices so I cannot understand why anyone would be surprised or upset at this. The current dividend on last years full 2022 was 406.98p and that yields 8.08% on todays SP, still pretty decent.