Berkeley Share Discussion Threads

[raffles the gentleman thug] 01/3/2017 16:49

Well I got more to buy, the company think they are materially undervalued, the dividend programme requires upward adjustment and you gotta be a fool to be short over budget day

[this_is_me] 01/3/2017 16:46

After today's jump it will b3e interesting to see the price action tomorrow.

[raffles the gentleman thug] 01/3/2017 09:03

Shares trade ex tomorrow ...

[jrphoenixw2] 01/3/2017 07:45

And another:
'Date of transaction: 28 February 2017
Number of Shares purchased: 59,053
Highest price paid per Share: 2925p
Lowest price paid per Share: 2907p
Volume weighted average price paid per Share: 2917.6487p'

[raffles the gentleman thug] 28/2/2017 07:30

Yesterday's buybacks an encouraging 18% of daily volume paying up to a "materially undervalued" price of 2924p

[raffles the gentleman thug] 27/2/2017 17:39

yep phoenix you are so right - personally if I were short I would be most worried about the budget - particularly as BKG and many other builders tend to be large supporters of the conservative party

[jrphoenixw2] 27/2/2017 16:48

Paying 6.85% div + the stock-borrow fee% - interest% earned on cash [or alt investment] + the risk of a stamp duty re-jig in the next budget.
Yes, it's surprising that the big shorts are still holding out. One wonders what cataclysm they're holding out for...

[raffles the gentleman thug] 27/2/2017 15:48

Extract from last results release -

"This recognises that, at certain price points, the Board is of the opinion that the Company is materially undervalued and share buy-backs will be in the best interests of all shareholders."

So view of this management team is that these shares are materially undervalued at these levels ... clearly those still short the company have yet to work that out and are preparing themselves to pay another chunky dividend

[raffles the gentleman thug] 27/2/2017 11:30

encouraging to see their conviction that the company is materially undervalued at this level. I am buying more as effectively paying 2793p ex the dividend and expecting enhancement of the dividend programme

[jrphoenixw2] 27/2/2017 08:00

They were buying back shares on Friday. 34,864 at average px 2889.9256 = cost £1,007,500. Meanwhile share price rose 25p or +0.87%. With 138,458,579 shares in issue they spent a million and saw 34.6* that back in the share price.

[garycook] 27/2/2017 07:39

Great results for PSN,it should be good for housing stocks today.

[jrphoenixw2] 26/2/2017 09:34

Here's a dot on the radar to keep an eye on. Re: the budget due on 8-March.

'As I mentioned last week, the best way to raise revenue is to cut the rate of taxation: and it is pitiful that the Conservative Party, which used to understand that point, has so abjectly forgotten it. Another example emerged last week, with a report suggesting that the massive rises in stamp duty imposed by George Osborne during his lamentable period as chancellor mean the Treasury takes £500 million less each year, because the top end of the property market has seized up. If Philip Hammond does not rectify that in next month’s Budget he will need his head examined – not just because a stamp duty cut would bring in much more money, but because the tax falls with disproportionate severity on the south-east, and Tory constituencies.'

[Source: Telegraph, today's column by Simon Heffer]

[raffles the gentleman thug] 24/2/2017 11:36

Thanks bluemango ... still of opinion that there is good upside to dividend distribution programme. They announce an incremental £1bn of pretax earnings but haven't yet changed dividend guidance. On a 50% payout that extra £500m is worth 70p a share per annum giving a 9% annualised yield over next four and a half years... BKG the gift that keeps giving ...

[rcturner2] 24/2/2017 11:05

Thanks for the answers.

[1gw] 24/2/2017 10:29

"This recognises that, at certain price points, the Board is of the opinion that the Company is materially undervalued and share buy-backs will be in the best interests of all shareholders."
(From 2nd Dec interims)

In this context it is great to see they were buying yesterday at 28.90.

[jrphoenixw2] 24/2/2017 10:29

I can see your point, but I think the question was a simpler one, what's the cash div, rather than the errr... theoretical capital+cash return.

[r ball] 24/2/2017 10:00

The dividend is a easy calculation to make. You could argue that including share price accreation the return is more than 100p. I would say it's closer to 102p reflecting the discount between shares in treasury and current share price.

[jrphoenixw2] 24/2/2017 09:57

It's not as simple as that, it'll be (100p - the cost of any buy-backs), and the scale of buy-backs is not forecastable.

Meanwhile looking at the price this morning, looks like they've been buying back this morning...

[rcturner2] 24/2/2017 09:30

Does this calculation imply that the next dividend will also be 85p?

[bluemango] 24/2/2017 09:28

Good call on the int dividend amount, Raffles.(Your post 2626)

[raffles the gentleman thug] 24/2/2017 07:07

BKG back with the buybacks paying up to 2890 which is encouraging to see ahead of the numbers

[garycook] 24/2/2017 01:31

Thanks eithin,and Phoenix.I knew an update was due.

[jrphoenixw2] 23/2/2017 15:59

Indeed, 'and lo it came to pass':
----------------------------------
The Directors of the Company are pleased to announce that an interim dividend of 85.24p per share will be paid on 24 March 2017 to shareholders on the Company's register of members at close of business on 3 March 2017. The ex-dividend date is 2 March 2017.

The dividend has been calculated on the following basis under the Company's Shareholder Return Programme and as announced on 2 December 2016 in the interim results announcement for the six months ended 31 October 2016.
Aggregate value of shareholder GBP138,845,478
return
------------------------------------ ----------------
Shareholder return satisfied (GBP21,124,128)
through share buy-backs
------------------------------------ ----------------
Shareholder return to be satisfied GBP117,721,350
as dividends
------------------------------------ ----------------
Number of shares eligible for
dividend* 138,098,111
------------------------------------ ----------------
Dividend per share 85.24 pence

[eithin] 23/2/2017 15:33

85.24p pd 24th. March ex 2nd. March