Share Name Share Symbol Market Type Share ISIN Share Description
Hhg LSE:HHG London Ordinary Share GB0033881458 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 19.74p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 0.00

Hhg Share Discussion Threads

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From TimesOnLine,,748-1495086,00.html February 22, 2005 Tempus HHG should offer value to small fry and big fish alike By Robert Cole HHG, the insurer, following hard on the heels of mmO2, the mobile phone firm, is removing small shareholders from its share register. At yesterday's special shareholder meeting held to approve the £1.07 billion disposal of closed life insurance funds, the company won permission to buy out anyone with fewer than 1,041 shares. Shareholders can elect to hold on, but if they do nothing HHG will assume that they do not mind being given the heave-ho. Despite the notable administrative cost savings that are achieved by removing small shareholders from the scene, the practice is regrettable. Boards should spend their time managing the business, not the shareholder list. That said, HHG has won a generous-looking price from the Hugh Osmond-led vehicle that is buying the closed life funds. The £1.07 billion purchase price represents about 82 per cent of embedded value and that is at least 10 percentage points - or £100 million - more than seemed likely six months ago. It is an especially handsome-looking deal since HHG will retain the investment management contract and get shot of a substantial £1.5 billion pension funding obligation. Bereft of the closed fund business, Henderson can concentrate on adding to its £69 billion portfolio of mandates. It is particularly keen on chasing work in growing investment segments including hedge funds, private equity and property. It can also focus more attention on reducing internal costs. Reformulated as a more-or-less pure investment manager, Henderson may also find itself subject to takeover interest. The closed fund distractions put off bidders and if markets continue to improve fund management firms will look more appetising. After HHG has received £1.07 billion for the closed fund assets and after it it has returned a promised £875 million to shareholders, the company will have a market capitalisation in the region of £800 million to £900 million. That is about 1.2 per cent of the investment assets it will manage. Amvescap is valued at 1.5 per cent of assets and Schroders is worth 2.2 per cent of the funds under its wing. HHG, which is being renamed Henderson Global Investors, is a stock with higher than average risk attached. But shares should be held - by small and big investors alike.
will do, dpf. Makes me kinda sick when we can be screwed like this.
whipround see here Clive Cowdery is the founder
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LONDON (AFX) - HHG PLC said it has received an approach from Resolution Life Group which may lead to an offer for the whole company, or just its subsidiary Life Services. The financial services group, which has seen is shares rise in the last few weeks due to bid speculation, said terms of any offer are uncertain.
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Who are resolution life? What are the chances of a bidding war?
red...c the rns release
now above 70p on 12 shares million turnover
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touched 67.75 as the bid rumours circulate - surprised there is not more interest in this company on these boards, for regardless of the bid situation, there is value in this stock as I argued higher up in this thread.
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Now at 64p having hit 64.75p earlier
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Hit 63p briefly on unsubstantiated rumours of Old Mutual bid - whilst I think HHG is a` bid target I'm not sure it will be OM who bids
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Any small holders from the AMP split, don't forget to tick the box to prevent your shares being cashed in.
Gains continue as potential for bid opportunity becomes more widely acknowledged - still value at current price of 61.75p
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If you are or have been a life or pension policyholder in either Pearl, National Provident Life, NPI or London Life chances are you are a shareholder in HHG plc. You will have received an information pack from HHG regarding the sale of its Life Services to another company. Yes, that's right, they are selling your policies and assets for £1.025 billion to a group called Life Company Investor Group Limited which only has a track record going back a few years. As a pension policy holder myself (London Life) I obviously don't want to compromise the safety or security of my pension by selling out my HHG interest for a measely few hundred quid. I rang the shareholder information line for help and they were useless, ' we have no information re how this sale might affect policyholders, only how it affects shareholders'. In the absence of more information I would ask other policyholders to do the same as me, return the voting paper and vote against all the proposals mentioning 'LACK OF INFORMATION FOR POLICY HOLDERS'.
last month these were tipprd quite strongly by m.fool tip sheet. have risen sharply since . I'm surprised the thread is so quiet.
No i don't think it is time to sell, as a (almost) pure asset management play they are cheap compared to their peers - expect further medium term gains as ever dyor
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Ive recently bought into hhg , just in time . i wonder if this rise is as far as they will go in the forseeable future. time to take profit?
Still adding to these, buying £1 worth of assets at 75p
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I have continued to buy HHG - the recent rally in insurers and financial services companies seem to have passed by HHG. Also the rise in global markets adds nicely to their NAV. As ever dyor
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BIG INCREASE IN PROFITS: Today's interims look very good. 25 August 2004 *Operating profit before tax and other items of #51 million (compared to a loss of #34 million for the six months to 30 June 2003). *Profit on ordinary activities before tax of #46 million compared to a loss of #902 million for the corresponding period in 2003. The adjustments for writedowns, amortisation and impairment of goodwill and acquired present value of in-force business, short-term investment return fluctuation and profit on business disposal/termination led to a negative charge of #5 million during the period compared to negative #835 million for the first half 2003. *Henderson operating profit of #25 million (1H2003: #13 million) *Henderson assets under management of #68.4 billion (31/12/2003: #70.6 billion) *Life Services operating profit of #32 million (1H2003 loss of #40 million) *Life Services traditional embedded value #1.31 billion (31/12/2003: #1.15 billion) Comment from Chief Executive, Roger Yates "In the first half of 2004, we made good progress against our business objectives, including solid improvements in operating profit and efficiency. Henderson operating profit was up 92% against the same period last year, and 32% on the second half, on the back of improved market conditions. In addition, Henderson's half year cost to income ratio was below the target set for the full year - driven by higher margin business and increased transaction and performance fees. Life Services continued to make efficiency gains and its service company is in profit well ahead of schedule. The embedded value for Life Services rose to #1.3 billion due to additional capital and improved investment returns. We took action to strengthen mortality reserves and continued to maintain prudent provisions for Life Services liabilities and risks. During the period, we realised the investment in Virgin Money and bought out the remaining holding in Henderson from the Pearl shareholder fund. We now have a simpler corporate structure and a stronger balance sheet and the business is better placed to meet upcoming regulatory changes. HHG has a clear strategy and is on track to deliver both its short- and long-term objectives. Assuming flat investment markets, we expect to maintain margins for Henderson and achieve further efficiency improvements in Life Services in 2004."
Interesting calcs, redsquare. The news items I posted above (155 et al, 21/7) came from a brief search that I did whilst looking into HHG as a prospective short. I concluded the risk of it rising rather than falling was too great for me ;o)
Good message red square. I also have been buying HHG since january{ London Life policy holder for 35 years, got my free Ample shares & then 1000 odd HHG]. I am suprised at the lack of postings on this board & others, it may be that this share is more interesting to institutions rather than individuals. The only mention I have heard of is the one in Barrons mag in the USA. Imust admit to being a lurker on the majority of boards that relate to the shares that I hold. Thanks for your well reasoned valuation. I had a gut feeling that they were worth nearer £1 than the 40p that I first boght at. My holding is in the 6 figure range,so it is important to me that information is available.When people say DYOR I find it amusing because I don't know how to start with this company.
I have been buying HHG for sometime - here's my reasoning: HHG comprises principally the closed life assurance and pension books of Pearl, National Provident Life, NPI Limited and London Life which are effectively closed to new business, plus Henderson Investments and Towry Law. Assets under management are £27 billion across annuities, pensions, savings, investment products, industrial branch business and protection policies. There are approximately 5 million life and pension policies in force with a Traditional Embedded Value of £1145 million, Market-Consistent Embedded Value is £1271 million. Hendersons have approximately £70 billion under management, including the assets of HHG. Current market Cap is £1.33 bn. A number of interesting points to make : The value of closed books of business is moving steadily upwards as balance sheet worries reduce, and the path to operation efficiencies become marginally clearer. Recently Swiss Re purchased LAHC's closed book for US$ 604 million, and shortly RSA will announce the sale of its' closed book to Resolution Life Group for US$ 1.37bn. By deducting the MCEV from the current market cap we can place a value on Hendersons (very roughly at least) - this gives us a figure of around £60 million. But bear in mind that insurers are still trading at a discount to their MCEV - a 10% discount would give a value of £200 million to Hendersons Compare that to for example, Aberdeen Asset Management with £20bn under management and a market cap of £136m and Amvescap as a larger example with £200 bn under management but a market cap of £2.6 bn Fund management groups are currently fairly cheap by historical standards (bear market worries pre-dominantly), but using Amvescap as a benchmark, one could argue that Hendersons should have a market cap in the order of £ 700 million to £ 1 billion. If the full value of the embedded value plus Hendersons was reflected in the share price, it would put a value of between 73 and 85p per share.
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