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Ah sage advice....thanks for that. I'm altering my tactics and goals for specific shares and that is very timely advice. I started investing with £1000 blocks but have been consolidating gains into £2500 blocks and those make it more cost effective to top slice. My initial tactic was to hold for longer for an increase of +25% but I'm now looking to trade more frequently and top slice specific shares.... See you at the top! PS - Are you currently in HOIL, or not?
important RNS seem to be released at ~07:00H on Monday, Thursday or Friday. I guess we should not expect anything now until Thursday or Friday. Everyone can stand easy???....
A lickle tickle up after 11:30AM, on an otherwise down day.....perhaps someone knows about an RNS being typed up? Let's hope so....otherwise it's just me being delusional.
annual results on 24th March.
A duster will generate a 10-15% drop over 2-5 days.....whereas a good result will??? Most likely just support the current price towards results at month end.....not much of a reward for the risk! Wobbly is probably right to sell and pull profits. I'm curious (as well as patient & greedy...) I'll hold and see what happens..... I missed XEL rise and HOIL seems to already be on the move.....so I'll keep my watching brief.
Cash in hand is worth a bird in the bushes.... I'll hang tough and see what happens this weekend. Either they don't want to release the news, or they are checking the data as it's so great. If the SP goes up, it goes up. If it comes down, it comes down....but it's only a loss if the wife realises it!!! Ouch... Have a good weekend.
Monday will be Day-50 since spudding the above appraisal well, right? Last Wed (2nd Mar) was day 45 after which we may expect news.... Fingers crossed, the odds are better than EuroMillions.
Don't know about an RNS, they seem to be professional with the timing and content of their releases. No rushed jobs.... I still have my Limit-Sell in place at 335p. My perfect plan to cash in BSY & SMDR and dump it all in XEL on Thursday AM fell short! I missed the recent +10% in XEL....never mind as BSY is getting more exciting and SMDR will still come good. I'll wait, and if SMDR falls, there's always next month. GL.. Patient & Greedy....
Any future reduction in the business risk profile of M&B Finance would lead to a commensurate increase in the stresses we apply in our ratings. The business risk profile could be reviewed, for example, if M&B is unable to maintain its current profitability or if its profitability drops significantly below those of its peers. Overall, the underlying asset portfolio backing the notes has performed well since the transaction closed, showing a resilience in cash flow generation mainly due to the operational strategy and the focus on developing market segments where M&B could provide a valuable offer and be competitive. The recent performance is in line with our base case expectations. The transaction's ability to meet debt service payments under a range of stress scenarios remains, in our view, unchanged. The classes of A notes within the transaction remain on CreditWatch negative following the update to our counterparty criteria (see "Ratings On 1,976 EMEA Structured Finance Tranches Placed On CreditWatch Negative After Counterparty Criteria Update," published on Jan. 18, 2011, and "Counterparty And Supporting Obligations Methodology And Assumptions," published Dec. 6, 2010. Copyright (c) 2011, Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.
The following is a press release from Standard & Poor's: OVERVIEW -- M&B Finance used proceeds from the sale of existing pubs in its portfolio to acquire new pubs. -- Given the number of pubs involved and change to portfolio EBITDA, we view this as a material change to its portfolio. -- We have reviewed the asset substitution and subsequently affirmed the ratings on the class AB to D1 notes. -- The ratings on the class A1N to A4 notes are also unaffected but remain on CreditWatch negative for counterparty reasons. -- M&B Finance is a U.K. corporate securitization backed by large portfolio of managed pubs. LONDON (Standard & Poor's) Feb. 17, 2011--Standard & Poor's Ratings Services today affirmed its credit ratings on the outstanding class AB to D1 notes of U.K. pub securitization Mitchells & Butlers Finance PLC (M&B Finance) following a review of an asset substitution within the securitized estate. Our review indicated that the ratings on M&B Finance's class A1N to A4 notes are also unaffected by the substitution plan, but they remain on CreditWatch negative for counterparty reasons (see list below). This action follows the parent company Mitchells & Butlers PLC's (M&B PLC) substitution of properties within the transaction. M&B Finance disposed of 327 pubs in November 2010, representing 13% of the outstanding estate on an EBITDA basis. There has also been subsequent churn to the portfolio. The borrower, Mitchells & Butlers Retail Ltd. (M&B), initially held the proceeds in cash, but it invested about GBP462 million in a further 182 managed pub assets. The disposals were part of M&B's strategic plan to focus more on food-led pubs and follows M&B PLC's disposal of its lodges and bowling assets earlier in 2010. The net result on EBITDA of the acquisitions and disposals is a fall of GBP16 million. However, we consider the acquiring assets to be of a stronger quality, and we expect the EBITDA from these assets to continue to improve over time. Conversely, the EBITDA from assets that M&B Finance disposed in November 2010 was declining, leading us to believe the overall impact of the acquisitions and disposals to be neutral to the rating. Additionally, in our view, the M&B Finance's satisfactory business risk profile remains unchanged following a review of the overall pub sector. We expect the managed pub sector to continue to suffer from further declines in beer sales and a combination of government spending cuts and tax increases. However, the sector has shown an ability to adapt to changing demands from consumers, increasing its food-led and non-beer offering. This is in contrast to the tenanted pub sector, which has been in a worse condition to deal with these negative effects in a timely manner, in our view.
IMHO, it was the credit rating regrading that impacted MAB based on their substantial debt and the 'promise' of rising interest rates. The re-grade included comparisons of MAB to Punch, except that Punch came out as being in a bad position and MAB came out (reading between the lines) as being in a favourable position, good profit potentials, a clear strategy for growth and good prospects. I think that the sell-off will be short lived and MAB will rise from this point and head off back to 360...and then slowly onwards to 400-440p over 6-12mths. The summer and the promise of the upcoming Olympics will boost the price....lots of foreigners with funny money eating out all over the UK.
RBS says BUY BSY!! March 4 (Reuters) - British Sky Broadcasting Group PLC: * RBS raises British Sky Broadcasting Group PLC price target to 900P from 840P; rating buy
Surprisingly informative..... http://www.guardian.co.uk/media/2011/mar/03/hunt-bskyb-merger-murdoch
Looks like a curious bidding war may break out for BSY! BSKYB SHAREHOLDERS CALL BANKS FOR HELP Major institutional investors in BSkyB are considering appointing their own investment bankers to help them secure a higher offer for the satellite TV group, which is the subject of a proposed takeover by News Corporation.
Murdoch has shown how much he wants to acquire the asset, and how speedily he wants to do so,' said Tim Daniels, media sector strategist at Olivetree Securities. 'It seems he doesn't have much leverage to avoid paying shareholders top-dollar. Large shareholders should be joining forces to set a consistent and coherent asking price.' As BSkyB consistently posts strong results, analysts have said the price for the satellite pay-TV group would only increase. News Corp made its initial offer of 700 pence ($1,139) per share for the pay-TV group last summer. Sky's independent directors said they wanted over 800 pence and analysts said on Thursday that the asking price should now be over 900 pence. In return for clearance, News Corp will spin off the loss-making but influential Sky News channel and guarantee its future by giving it a 10-year carriage deal on the Sky TV platform and a seven-year agreement to use the Sky name. Its board will have a majority of independent directors and the shares in the new company will be distributed amongst the existing shareholders of BSkyB in line with their holdings, with News Corp therefore retaining a 39.1 percent stake. BSkyB has provided few details about Sky News but analysts and the media speculate that it loses around 20 million pounds a year and that the carriage deal from BSkyB would need to at least cover that loss to make it an attractive prospect. Analysts say a new Sky News company would be worth around 6 to 15 pence per share to the deal. 'Sky News Plc will ... have an additional affiliate fee from BSkyB/News,' Citi analysts said. 'Our view is that this could be 20-30 million pounds, giving a net income of 0-10 million. It is likely that this would be 100 percent paid out as a dividend.'
Apologies...Bonz1957....No idea where Bany1957 came from!
Thanks for the pointers. Much appreciated as this is my first T/O since starting investing. I feel the same way about the 900p being reduced by the Sky News share value. I feel that ~880p will be the final offer + Sky News shares. I read (in the Independent?) that SkyNews would be an expected share price of 6-10p and would get £10-30M subsidy / year for a set period from NewsCorp that would then be paid out 100% as dividends. Not sure I want to hang around that long with a loss maker.... Check the article, as I read it quickly.
The newspaper pundits were quoting an offer price between 800-850p (pre-spin off). BSY were suggesting 900p.... Any views. My Limit sell is getting close, ....penny, by penny.....
It was XEL that broke out first....next it will be MAB and then SMDR (hopefully...).
Absolutely no idea. I've been trying to get input for the last week. We are at 820p now and I have a limit sell at 825p (as I want to switch cash across to XEL....although I just missed the 1st XEL rise today). Other boards are talking about 900p and I saw one wild guy at 1100p. The split of SkyNews turns me off as I want a clean break rather than dog shares in a loss making stand-alone news channel. I think I'll sell at 825p and move on.