|Royal London Uk Equity Trust
||EPS - Basic
||Market Cap (m)
Royal London Uk Equity Trust Share Discussion Threads
Showing 226 to 244 of 250 messages
|I received cash toaday, 14.51p per RLU share. Is this correct?|
|Astonishing, 95.3 an amazing result for ords. I take back what I said about the conflict of interest between RLAM and RLU. I am pretty sure ordinary shareholers would have accepted liquidation where annuity guys got up to 110p, so RLAM have been very generous on the liquidation.|
|They have a lot of cash and are quite defensive. the nav is 25p already|
Quite a turn up for the book on this one with liquidation now proposed.
Pleased to see that the annuity holders are happy to accept 95.3p.On current NAV I would expect to see 22/23p in September but of course the market might look completely different in three months time.
|Sorry I meant good value under the old basis when Annuity shareholders where going for a cost of 8p per ord share.|
|Anuity shareholders in total control - they can force this thing to run to 2021 if they want + keep claiming the annual dividend, which, on a smaller portfolio post zdp repayment, will leave nothing annually for the ords....then the annual fees will eat all the remaining capital of the ords to 2021.
so if the ordinary shareholders want anything in 2008, they have to go on bended knee to the annuity shareholders with an offer.
Looking at the relative prices of the shares, the implication is that the payoff offer will have to be about 110p. Anything more than that, the ords are expensive at the moment, anything less, they are cheap (at present midmarket price)
Of course, the 95.8p figure mentioned in the RNSs up until recently was just a mirage. There is no way the ord shareholders can force the annuity guys to receive this to go away in 2008.
surprise surprise the annuity shares are all held by another member of the Royal London group.
So I don't quite agree with "excellent value"....it all depends on whether a decent deal is struck.|
|Why has the company changed it stance on paying off the annuity shareholders? even though excellent value,how much will be left for the ordinairy holders|
Don't look at history, look to the future.RLU is heavily geared and tends to move with the index.As the index has been moving up recently the gearing means the RLU NAV has been increasing more rapidly.
You now have to look which way the index might go.If down the NAV may retrace downwards.There is always a few pence discount in RLU to allow for the antics of the Annuity holders eg RLAM.
|Looking at history this is due for either a sharp rise or fall. Hope it's the former.|
|Bantam are you sure of yourself? This press release notes a pretax profit of 431m and assets under management of 30.8bn. RLU (the split capital investment trust the subject of this thread) has total assets of around 125 million. I know you are not being a berk on purpose....I think AFX the newswire have tagged the story with the RLU ticker for some reason.|
|Still not showing this mornings transactions? I bought over 30,000+ in 2 trades and they are not to be seen!|
|There are only 30,000,000 annuity shares in issue roughly = to two ordinaries in NAV terms perhaps they should be enfranchised. To everyones benefit.|
|Bloody advfn. Several trades of mine not showing on the board. Wonder how many more there are?|
|These are a bargain on results imo.
Snapped up a few before the boom.|
|Don't worry about humility....worry about me being overconfident and completely wrong. Thats what makes a market.|
|This is eartwhile2's post from the JDT thread - a lesson in humility
"If it doesnt wind up then we will have Annuities and Ords left, no debt and no zcbs, and £74m less assets (about £50m or so left). Before any revenue accrues to the Ords the fees will need to be paid, then the 8.5p div to the Annuities. This is about £2.8m before any revenue accrues. Put the whole portfolio on, say, a 4% yield that gives you £2m annual revenue, so the annuity shareholders will have an 0.8m shortfall each year to make up in 2021 (pushing the capital entitlement of the Ords back)
From my calculations this leaves virtually nothing for the Ords, perhaps a 0.1p pa dividend for after 10 years of portfolio dividend growth. After fees etc + the anuity make whole the capital entitlement of the Ords in 2021 would be so far out of the money it will have almost nil value - you'd be better owning the residual delta directly rather than the optionality in RLU.
Essentially, ALL of the portfolio value in 2008 will accrues over time to the annuity guys as a result of their preferential claim over income, if the trust stays in existence. thats (1) why the annuity shareholder would love it to remain in existence and (2) why they will extract such a high price for an exit in 2008 and (3) why Hallwood have probably now sold as he is a smart chap.
It is so far from a screaming buy (as in Praipus other thread) as to be laughable."|
|Exactly who will let you short them? If you can execute a trade, let me know with whom. ta|
|Sorry didnt do the repeat thing on purpose...computer issues|