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BRIT Tellworth British Recovery & Growth Trust plc

280.25
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tellworth British Recovery & Growth Trust plc LSE:BRIT London Ordinary Share Ordinary Shares
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 280.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Tellworth British Recove... Share Discussion Threads

Showing 176 to 193 of 350 messages
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older
DateSubjectAuthorDiscuss
27/5/2014
07:22
In this morning at 238. Bought in preference to CGL and AML. Mainly on the back of the IC write-up.
lord gnome
24/5/2014
08:07
Investors Chronicle is saying this week that this is a buy with a dividend expectation of 15% . If this were the case I would certainly buy some.
hectorp
24/5/2014
08:03
Yes there is such a person, good luck to her!
hectorp
24/5/2014
00:12
Post deleted
w0z
23/5/2014
23:25
Post deleted
w0z
23/5/2014
12:19
From the IPO prospectus...

Dividend policy
The Board believes that the Group's RoNTA in 2012 and 2013 coupled with the capital buffer demonstrate the ability of the business to support a sustainable regular dividend for shareholders. The Board expects that any additional capital not required for profitable growth opportunities will likely be returned to shareholders, as has been the case in most recent years. THE GROUP DOES NOT HAVE A PROGRESSIVE DIVIDEND POLICY.

Dividends (to the extent paid) are linked to past performance and future prospects, expected cash flows and working capital needs, as well as the availability of distributable reserves. The Board currently expects to declare a base interim dividend of £25 million for 2014, representing one-third of the expected annual dividend and paid in the third quarter of this year. The Group
would expect to pay the remainder of the annual dividend in early 2015. The Group expects the regular dividend to be supplemented by special dividends when excess capital cannot be attractively deployed in order to maintain surplus capital within the target range of 120-140% of management entity capital requirements.

speedsgh
14/5/2014
06:57
Could any one tell me when is the ex-div day and amount. Can't seem to find it anywhere. Thanks in advance.
rabain
09/4/2014
17:56
"No new Ordinary Shares will be issued by the Company
under the Offer."

Yes, NAV is 175-180p.

Operating profit was £47m in 2011, £110m in 2012 and £122m last year with a dividend of £75m pencilled in. 2011 was a poor year for insurance companies.

They made a 25% return on net tangible assets last year. So, even if this reduces by 50% in a poorer year (and that isn't expected) it's a buy for me on an earnings and yield basis given its a quality player.

I agree that better opportunities to buy at £2 or so might emerge, but then again they might not, so I thought I would buy a few. Expect to hold for a long time.

topvest
09/4/2014
16:27
topvest - have I misread? (Probably have, but I thought the 100m shares sold were new ones.)
If so, the money has gone to the PE owners?

So NAV is £711m at latest, ie. 175p/sh. I can't buy on that basis.

jonwig
09/4/2014
15:32
They didn't raise any new cash. They are at a premium and deservedly so. I've bought a few today to open a position. They yield 8% on what should be a sustainable dividend.
topvest
09/4/2014
11:48
NAV pre-IPO was £711m (all tangible). Add £240m raised and you get about £950m, or 235p/sh.

Does it deserve a premium?
Well other Lloyd's syndicates seem to command one, but their share prices are weak, and the outlook isn't rosy.

Might be around fair value now, but I'd want to see some better outlook than this:

jonwig
07/4/2014
20:08
Yes, off to a poor start. IPO market is booming, but they are not all going to premiums. This is a really high quality Lloyds insurer so I'm watching closely and will be buying. Can't help think this is going a tad lower in the short term so watching and waiting at the moment. I agree that it's not an ideal time to buy non-life insurance companies, but would like to get a piece of this at a reasonable price. The quality of their business merits a premium to net asset value.
topvest
03/4/2014
10:37
oniabsta - your dividend calculation is the same as mine, yes.

ANALYST008 - the insurance investigation you refer to is of life companies. Not applicable to BRIT, which is a Lloyd's syndicate manager.

Catastrophe events in 2013 were very low, so premiums for 2014 softened. On top of that, a lot of new money has flooded into CAT bonds, again depressing rates.
I'm not sure this is a good time to invest in general insurance ...

Prospectus p72:
The Group targets a combined ratio in
the low 90% range in a year with normal
natural catastrophe experience and an
attritional loss ratio in the low 50%
range in current market conditions.

The group CR was 85.2 in 2013, 99.6 in 2011. It's unlikely the 2013 figure will be repeated soon.

jonwig
02/4/2014
18:29
Does anyone else make the prospective divi 18.75p?. About 7.9% yield can that be right?

ie £75m/400m shs = 18.75p (1/3 or £25m payout in Q3. 2/3 or £50m payout early 2015 according to prospectus section C7 dividend policy)

oniabsta
30/3/2014
15:13
Prospectus -
spob
28/3/2014
19:36
Ok - The dip is in relation to the market news that other insurance companies are going to be investigated.
interesting at what these shares can do long term.
And remember only 25% released, which is a smart move by the Private Equity company.
I will follow this one closely.

analyst008
28/3/2014
07:17
ITF -


Prospectus -

spob
29/9/2011
21:03
Is it Noobyruu?
samthestaffy
Chat Pages: 14  13  12  11  10  9  8  7  6  5  4  3  Older

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