Share Name Share Symbol Market Type Share ISIN Share Description
National Grid LSE:NG. London Ordinary Share GB00BDR05C01 ORD 12 204/473P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1,005.00p 1,006.50p 1,007.00p - - - 0 06:30:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 15,035.0 2,184.0 207.1 4.9 34,583.68

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30/11/201612:03NG--with charts.2
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National Grid (NG.) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2017-06-26 16:10:181,002.78150,5791,509,977.60NT
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National Grid Daily Update: National Grid is listed in the Gas Water & Utilities sector of the London Stock Exchange with ticker NG.. The last closing price for National Grid was 1,005p.
National Grid has a 4 week average price of 992.70p and a 12 week average price of 985.10p.
The 1 year high share price is 1,148p while the 1 year low share price is currently 888.90p.
There are currently 3,441,162,408 shares in issue and the average daily traded volume is 6,694,494 shares. The market capitalisation of National Grid is £34,583,682,200.40.
utyinv: Mike I hope so, but with the increasing uncertainty about the election the price may fall further. Have you not noticed the lack of clarity John MacDonnell and Corbyn have on the subject of how they are going to Nationalise NG? The only saving grace is that 50% of the Company is not regulated by the UK regulator or Government i.e. US. I heard John MacDonnell on Andrew Marr one Sunday Morning, weeks ago saying he will issue bonds to buy shares in National Grid and the profits that NG would generate would go to reduce energy bills. He then went onto say that instead of profits going to shareholders the people should benefit from it. Meaning he is robbing the existing shareholders to give to those that haven't risked any investment. I say robbing because the bonds will be classed as junk bonds with no face value like GBP. The likely outcome if they did get into power and then re-nationalised the NG; institutions will off-load to bank any value left. This will create a fall in share price spiralling to lows not seen for years as more and more Institutions cut their losses. Then when it's so low and NG looses its credit ratings to raise cash for CapEx or Opex the Government will step in offering to buy it back at a very low price but not with GBP's but with dodgy new Government Bonds. What is annoying is the fact that Teresa May had a fantastic lead and instead of talking to the people through the media she instead chose to preach, spending time chasing the vote of the already converted. However, at times I can hardly blame her because the BBC on political debates have been so blatantly biased, allowing yobs to heckle and not allow the Conservatives to speak or they (Conservatives) are constantly interrupted by either the Host or other Politicians. It is far from a level playing field! Must admit though, Labour, have played a blinder, going on TV and saying that the BBC and media were not giving Labour an equal voice in putting forward policies; MacDonnell even told Andrew Marr quote: Andrew, all we ask is that the media and the BBC stop being biased against the Labour Party". This then had allowed the BBC to continue unashamedly to practice Left Wing Broadcasting but with more vigour. That is why the share price IMO is falling. Nothing to do with fundamentals but as the polls sway in favour of Labour and the SNP forming a coalition or government, the confidence in a Utility falls away. The conservative Election campaign has been the worst I have ever witnessed and I remember some (though very young at the time) going back to Edward Heath days. Let's only hope the Conservatives can win!
utyinv: Ignoring tax implication it depends when you buy back and what the share price is. If you buy back after the shares go ex-divi (final) and the price obtained is much lower than the final dividend (which you would lose buying ex-divi) then yes slightly better off. A simple calculation would be to consider this hypothetical example: Let's say you have 100 shares and using the consolidation of 11 new shares for 12 old shares. But still maintaining the Special Divi of 84.375p. Now lets say, for this example the share price rises to £50 / share before consolidation and Special divi. If you sold the 100 shares you would raise £5,000 capital. If you didn't sell and waited for the divi and consolidation your value would be: 100 shares X 84.375p = £84.37p plus 91 new shares (at the same price of £50 / share)= £84.37p + (91 x £50) = £84.37p + £4550 = £4,634 So something to consider. Those that have the shares in ISA's have more and better options. As mentioned in my last post not sure about the 30 day rule, which is related to selling and buying back identical shares. As the new shares are not identical, those that want to try the option of selling and buying back to alievaite the tax liability on non-Isa'd dividends, may have some obstacles in the way in persuading HMRC that they are operating within the rules of the 30 day rule. All the above is pure speculation as we all know the markets don't always follow logic and maths. The only saving grace is hoping the strategy brings increased earnings per share in the future and a subsequent increase in the share price.
utyinv: Bounty, Correct, the cals were intended to be neutral when the share price divi and consolidation was set but as the current share price has since recovered we may be slightly worse off. However if using the Special Dividend to buy back the shares which become payable the day after the final divi goes ex-divi, we may get a favourable price because as we expect the share price to fall after the stock goes ex-divi (final), the amount of fall is usually more than just the dividend. That is usually the case in normal circumstances anyway.
utyinv: As the share price rises the attractiveness of the Special Dividend and the corresponding share consolidation is less appealing. However, it depends on whether the strategy adopted by the NG ‘Board’ works in the long run where I would hope we would start to see some growth in the share price. Because let’s be honest for a progressive Company the share price has been rather disappointing where having languished in the £10 are for years it should be showing signs of upward momentum, hence analysts suggesting it should have reached £13 / share as far back as 2015. Anyway, whether you decide that the Special Dividend and share consolidation is for you or not is a person decision based on how confident you believe the move will bring future benefits to shareholders. In earlier posts, someone quoted a share holding of 20,000 so let’s use that as an example. Now If, a big If, the share price remains the same after the share consolidation (with the special Divi being cancelled out by the consolidation), the Private Investor will in the short term be worse off ignoring the tax liability that may result. Example, 20,000 shares at current price of £10.43 gives a value of £208,600 ignoring dealing selling costs and spread costs. 20,000 shares Special Divi of 84.375p = £16,875 Share consolidation: (20,000 /12) x 11 = 18,333 new shares. New total value if new shares have the same price as old shares:- 18,333 shares at £10.43 = £191,213 + £16,875 = £208,088. But if you wanted to buy the new shares back using your special dividend; if the price remains £10.43 post consolidation then with dealing tax on buying back you will effectively lose an additional £84 in dealing tax (£16,875 X 0.5%). In addition to normal dealings costs and spread costs. As for capital gains tax; as mentioned earlier in my post to Pierre, it begs the question about the 30 day rule whether buying the new shares is regarded as the same as the old shares. The new shares are not the same as the old shares and there is a clause excluding share consolidations, new share issues etc. It is all in the interpretation and to be certain you would have to consult a specialist who may end up charging you. Let’s hope the strategy works for shareholders in the long run, hopefully seeing future growth in share price. IMO!
utyinv: dogdays, you are right you never get something for nothing! So with the part sale of the Gas Distn business the Company (you) receive money for that sale. However, a share price is based on market value for the Company and if NG were just to hand the Special Dividend back to you without any consolidation and/or share buyback the share price will be worth that amount (the value of that part of the Company sold) less. Now you ask why sell it? As expressed in previous posts, the Gas Distribution is profitable but not that dynamic. Its costly, very labour intensive, pension costs are high (look and the number of beneficiaries of the scheme, the liabilities are gigantic) and political interference is putting a tremendous amount of pressure on OFGEM to squeeze profits from NG so that they (Ofgem and Government) can be seen to be the Customers friend! NG has a historic reputation of making money which benefits Customers, Employees and of course Shareholders. By focusing on areas where the playing field is more friendly to business, where profit is not such a dirty word but essential to promoting growth and a healthy business, is a shrewd move. As an example, NG bought the UK and EU part of Crown Castle (they provide amongst other services the masts that transmit BBC ) for £1Billion. NG improved it, using existing infrastructure they had and technological know-how and then sold it on for £4billion a couple of years later. Sometimes they get it wrong as in the case of not selling out completely in Energis before it (Energis) collapsed. You may recall Energis was founded by NG and the company was floated where the share price went from £2.20 to £42 / share before it afterwards collapsed with NG still holding stock in the Company. You ask who would buy the Gas Distn business? The business is profitable but shows little sign of growth. It is stable, boring, heavily regulated but steady, just what pension funds need to manage their liabilities. Pension Funds go into consortiums to jointly own income businesses. They have to invest their cash to mitigate the liabilities of the scheme (pensioners, dependants, future pensioners etc) with minimum risk. They are not in the business of risking pension contributions. There is a saying you need to speculate to accumulate, NG is using its intellectual know-how, monetary power and knowledge of a business they know well to grow, but growth does not come without risk.IMO!
utyinv: Mike24, As an added point, and this is only an opinion as I couldn't possibly give advice..... :) I expect the share price to rise after an initial fall, though this may take some time to get back to pre sale share price. However, the share price drop may be mitigated by the share buy back and a possible share consolidation. If the price recovers then you just keep your original option price. However, we have been here before where the share price dropped due to a rights issue when NG was raising £3billion to invest on infrastructure build because OFGEM said NG shareholders should take a hit! In which case, sharesave holders closed their option took the cash, bought shares in the open market at a new lower price than the original option price and then took out the next sharesave with a lower option price. The same happened to bank employees when the bank crisis was at its peak. Shares from £9+ was reduced to approx £1. Many bank staff cashed in their sharesave, took the money saved and waited for the next sharesave issue which was at a much new lower price. I believe the next sharesave option price will be issued in Dec / Jan for 1st April 2018?????
utyinv: Mike24, Sharesaves are based on 80% of the share price over a three day period at a specific evaluation time. Be careful, sharesaves are just that, savings to buy shares at an option price in the future. You do not hold any rights till your options are excercised. The company isn't any smaller till the 61% of the Gas Distn business is completed! If you go back to when NG was Privatised in 1990, the Company was owned by the 12 Electricty Area Boards (now DNO's). The share price of NG was calculated as a reflection on asset value and the value of the parent company area boards. So when a sharesave was issued it was based on that basis. Then in 1995 when NG was floated on the open stock market it was floated at a price of £2.20 yet the calculated price for existing share options was much higher, so when it was floated the option price was altered to reflect that new price. The upshot being for employees that stuck with the sharesave was that they got six times the shares they originally were to get woth the new option price being reduced to 37.5p. However, in those early days when the first sharesaves were issued when the Company was vested in March 1990, the max you could save towards a sharesave was £150/month! It was changed to £250/month less than a year later and remained at that level till three years ago when it was raised to £500/ month!
mj19: At the time of writing, shares in the UK’s largest listed utility, National Grid (LSE: NG), were changing hands at around 954p, that’s 16% below last summer’s peak of 1,130p. Traders would consider that a very substantial retracement given the electricity and gas distribution firm’s reputation for stability and low volatility. Inflation-proof A cursory glance at the group’s share price chart makes it an obvious pick for traders looking to buy the dips in an uptrend. But of course we’re not traders looking to make a quick buck from short-term price movements, we’re here to build long-term wealth based on sound fundamentals and common sense. So the question remains, could this be our last chance to buy National Grid for under £10 per share? First and foremost we must look at why the utility giant has remained a favourite among investors looking for stability in their buy-and-hold portfolios. The utility giant has no competition whatsoever, no one else can provide its services here in the UK, resulting in a virtual monopoly, making it ultra-low-risk. Secondly, the company’s dividend policy continues to attract long-term income seekers with its aim to grow the dividend at least in line with the rate of RPI inflation each year for the foreseeable future. In other words, a steady reliable growing income – what’s not to like so far? Growth Third and perhaps more surprisingly, National Grid does have attractions for growth investors. Over the last four reporting periods, the firm’s revenues have increased by £1.3bn, with pre-tax profits up £473m, and underlying earnings per share rising by 27%. The result is a 56% increase in the share price since 2012. Not bad for a boring utility with little opportunity for growth. Nevertheless, the main attraction is still the progressive inflation-proof dividend and low-risk profile, but that in itself attracts buy-and-hold investors in it for the long haul, which of course leads to further share price appreciation. Analysts expect the full-year dividend payout to be hiked by 1.07p per share to 44.41p for the current period to the end of March, with further increments to 47.32p by FY2019, giving a chunky prospective yield of 5% at current share price levels. Windfall But that’s not all folks! Last month National Grid announced that it was to sell a 61% stake in its gas distribution business to a consortium of investors led by Macquarie, the world’s largest infrastructure manager, for £3.6bn in cash by the end of March. The company will also receive £1.8bn in additional debt financing as part of the deal. Of the total £5.4bn proceeds from the sale, National Grid will return around £4bn to shareholders by way of a special dividend, perhaps as early as the second quarter of this year, together with a share buy-back programme. If all goes well, shareholders could be in line for a sizeable windfall.
utyinv: PO, May not have a share consolidation ( the type of consolidation where shareholders have their holding reduced to account for the smaller Company). Without a share consolidation share prices should fall. However, with the £1billion being used to buy back shares should reduce the fall post special divi. Example: After Special divi, depending on where the price is in the Spring/summer, my guess may be £9.50 and if a special divi of 81p is paid I expect the share will fall 81p plus X. The price nearly always falls initially more than the dividend - post dividend. So using the example with 3.7 billion shares in circ at the example price of £9.50 less 81p + X (lets say X =10p) share price could settle at £8.59. If then NG use £1 billion to buy at £8.59 that should reduce the shares in circ by 116.5 million or 3.1%. Gas Distn contributed approx £845million from the £4.1 billion return (last full yr results). After the sale NG will still hold 39% so of the £845million the part Gas Distn element sold would have contributed £515million or 12%. So the buy back should bring back the share price 3.1% plus 10p ( the X used in my example which always comes back) to £9.04 from a starting price of £9.50. It's interesting to note that the reason for selling the gas Distn was to focus on greater growth areas ie United States. From the last full results total gas Distn made £845million whilst the US business made £1.2 billion. So in time the share price should grow back to a strong position whilst still having the benefit of the special dividend. My take is IMO only and the above example is just one scenario that might materialise.
utyinv: PO, I think you miss my point. Pre referendum National Grid value X. Post referendum National Grid worth X no change intrinsically, but the share price in GBP post referendum has gone up to reflect the drop in the value of the GBP worldwide, ie, 20%. Sure if you sold Grid at £11.30p and bought something from the UK you would benefit but if you bought something outside the UK you would be no better off than before the referendum. 30%+ of NG income comes from the US with a US$ income that is exchanged back into UK Sterling (in simple terms). I spoke to Bonfield (CFO) in July when the share price jumped almost overnight to £11.30 and commented that the share price jumping to £11.30 was only a result of the drop in the GBP and euforia shouldn't let us run away with ourselves and he agreed. NG has yet to be valued correctly and a pre referendum share price, based on money spent on increasing our assets by £5billion / yr should have raised the share price to £13/share. National Grid is one of a very few Companies that are expanding and spending real money improving and building asset base and the share price has not IMO kept pace with build. I dont have to explain the significance of an increasing asset base to you as I know you are aware how National Grid gets its income. I also expect a boost in share price especially when the City realise and 'clocks' what's on the horizon with the gas distn sale. My forecast, IMO! Distn business worth £11 billion sale of 51% gives a return of £5.6 billion, take pro rata debt off and a possible share buy back ( an option floated at the AGM to try and keep the share value up post sale) would leave £2.9 billion to be returned to shareholders. With 3.7 billion shares in circ this may realise a special divi of 78p.
National Grid share price data is direct from the London Stock Exchange
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