Bt Share Discussion Threads

[nige co] 12/7/2022 21:27

Security review into French interest in BT delayed

The result of a national security review into the French billionaire Patrick Drahi’s stake-building in BT has been delayed as the government requests more information about the deal. It had been expected last week.

Drahi, 58, the French owner of the auctioneer Sotheby’s, owns 18 per cent of BT through Altice UK, a Luxembourg-based vehicle. He revealed a 12.1 per cent position in BT last June and a further increase in December, acquiring voting rights over an additional £1 billion of shares. Any decision could lead to the stake being unwound or conditions put on his ownership.

Kwasi Kwarteng, the business secretary, called in the deal for further scrutiny on May 25 under the National Security and Investment Act which aims “to combat the risk to our shared security from hostile investment”.

The new laws, which came into force in January, trigger a compulsory referral process for deals in certain sectors, such as data infrastructure.

Initial reviews are 30 working days, with the potential to extend it for an extra 45 where necessary. However, this timeframe can be paused if the government needs to request further information, as has happened in this case.

A government spokesman would not confirm the details of any revised time frame, but said “the government routinely monitors acquisitions across the economy in case of national security concerns. The business secretary has powers under the National Security & Investment Act to intervene in acquisitions where necessary”.

Drahi said in May that he did not intend to make an offer for BT and that he had “engaged constructively with the board and management of BT in recent months”. The secretive businessman is said to be worth £5.3 billion, having made his fortune in the telecoms sector.

BT would not comment on the news.

There are 14 deals being examined by the government. They include the acquisition of Newport Wafer Fab, Britain’s biggest microchip factory, by Nexperia, a subsidiary of Wingtech Technology, the Chinese smartphone manufacturer. This investigation was extended by a further 45 days last week.

Experts say the delays in the reviews are not surprising, given these deals are the first to be scrutinised under the new legislation.

[diku] 12/7/2022 08:46

That chart looks good...is the laggard Telcos taking the slack from Miners weakness...but volume very low could be false sense of security...

[netcurtains] 12/7/2022 08:43

strange to be up a bit on a bad morning

[butmac] 06/7/2022 18:40

yes missed that thanks sid

[eaaxs06] 06/7/2022 17:19

But the Guardian are just counting any Monday-Friday days.

Thursday 2nd and Friday 3rd June were both Bank Holidays, so aren't 'working' days.

Good luck everyone, Sid.

[butmac] 06/7/2022 16:25

Sid this was in the Guardian 26th May 22

"The business department has 30 working days to carry out an assessment of national security risks, which can be extended by another 45 days if deemed necessary."

Working from the 26th May RNS. 30 working days it appears to be tomorrow July 7th.

However agree with you about the state of government at the moment and betting they will be applying 45 day extension.

This rise is not Ftse 100 related so something going on in the background.

[eaaxs06] 06/7/2022 10:57

Good morning everyone, been very quiet on here lately, I guess you’re all enjoying the summer and having better thing to do that following dear old BT.

All interesting stuff with the share price recently, another great start today hitting a high of 196.2p, the best level since February and closing in on a few key levels if this progress continues.

It’s interesting that the UK Gov is considered the increase by Altice UK of its shareholding in BT Group from 12.1% to 18% and (from memory) had 30 working days to make a decision or another 45 if they were still undecided.

By my basic calculations that makes Monday 11th the 30th day, so I’d expect to hear news over the weekend, or on Monday. With the turmoil in the Conservative party at present I can’t believe that anyone would risk making a decision, so expect them to sit on the fence and enforce the 45 day extension. We’ll see very soon.

Good luck everyone, Sid.

[smurfy2001] 06/7/2022 10:52

Not surprised with increased rates must be doing their pension scheme well.

[holly1000] 06/7/2022 10:01

Yet the share price goes up hahaha

[tradejunkie2] 02/7/2022 23:09

Bet you're going to be walking the street with yer placard.

[boytoy] 02/7/2022 16:43

Looks like real troubled times ahead for BT group and with industrial action looming it doesn’t look good…..

[misca2] 02/7/2022 09:25

TOP NEWS: Amazon and BBC break BT Sport Champions League stranglehold

Fri, 1st Jul 2022 12:41
Alliance News

(Alliance News) - BT Group PLC on Friday said it has secured the rights to the majority of the UEFA Champions League games for a further three seasons, at GBP305 million a year, but saw its vice-like grip on club tournament come to an end.

The UK telecommunications and broadcasting company said that BT Sport will show the new format of the three European competitions from 2024, with 12 more teams and the introduction of an additional "knockout-play off" round.

BT has held exclusive rights to broadcast the Champions League in the UK since 2015 when it took over from ITV PLC and Sky.

Last season, BT said that the UEFA Champions League, UEFA Europa League and UEFA Europa Conference League

were a "huge success" on BT Sport. Notably, it said that there was a 37% increase in UEFA Champions League viewer hours, the final between Liverpool and Real Madrid was available for all to watch in the UK and a "record breaking" 12.6 million people tuned in across all platforms.

BT added that the rights will cost around GBP305 million per annum and it expects to pay a deposit of GBP61 million in July of this year.

Following the move of BT Sport into the joint venture between BT and Warner Bros. Discovery, which is expected to be complete by the end of 2022, the JV will pay the rights costs minus the deposit. The deal will see BT Sport combine with Eurosport UK.

However, the planned JV is still subject to customary closing conditions, including UK Competition & Markets Authority approval.

BT said that its financial outlook for financial year 2023 remains unchanged. Following completion of the JV, it expects revenue to reduce by GBP500 million and GBP600 million, from financial year 2022 levels. However, the former state monopoly does not expect a substantial hit to its financial year 2023 earnings before income, tax

, depreciation and amortisation outlook.

Chief Executive of BT's Consumer Division Marc Allera said: "BT Sport continues to be the home of the UEFA Club Competitions until 2027 and we are extremely proud to have the privilege of twelve years of broadcasting one of the most exciting competitions in the world. It is fantastic news for our viewers that from 2024 we will be able to show more games than ever before live and exclusive on BT Sport."

Meanwhile, Amazon.com Inc said Friday it has secured live rights to broadcast the Tuesday night top-pick matches of the UEFA Champions League

for three seasons from 2024.

The deal between UEFA and Amazon was not disclosed but is understood to be worth around GBP500 million a year for the three seasons between 2024 and 2027.

Managing Director of Prime Video Sport Europe Alex Green said: "Since 2018, we've seen millions of Prime members in the UK enjoy live sport on Prime Video, and it's that passion and energy that has led us to this exciting next step. We can't wait to bring fans the headline fixture of European football's most prestigious competition every Tuesday and we'll have more details to share about our broadcast in the future."

In addition, the BBC will show highlights of the Champions League on Wednesday nights from 2024, the first time the state-owned broadcaster has had access to European football's elite club competition.

BT Sport will, however, retain highlights for Tuesday night and also the Europa League

and Europa Conference League, including highlights and in-match clips.

Shares in BT were down 0.7% to 185.00 pence each in London on Friday midday. Meanwhile, shares in Amazon were down 0.2% to USD106.05 in pre-market trade in New York on Friday.

By Sophie Rose; [e-mail]

[babyal] 01/7/2022 09:29

Jansen just checking his 32% pay rise has gone through before responding.

[butmac] 01/7/2022 09:26

Thanks Catch very informative

[catch007] 30/6/2022 23:48

The current pay dispute will be resolved in due course. There does seem to be excellent progression in reducing the pension deficit:


BT has cut its defined benefit pensions deficit by £4bn in the year to March 31 2022, a fall partly attributed to a higher discount rate due to increased yields.

According to the UK telecoms provider’s latest financial results, the scheme’s gross pensions deficit under the IAS 19 accounting assumptions fell to £1.1bn at the end of March 2022, from £5.1bn in the previous year.

BT, which previously had one of the biggest pensions deficits in the world, said this was also down to positive asset returns, an increase in deficit contributions, and a change in demographic assumptions including a slight reduction in members over the year to March 31 2022.

In the year to June 30 2021, the number of active BT Pension Scheme members fell from 31 to 23, while the number of deferred members fell from 73,868 to 66,953.

Ben Barringer, equity research analyst at Quilter Cheviot, said the vast reduction in the accounting pensions deficit is a “remarkable turnaround, and if BT can find a way to get it into surplus, it would remove a millstone that has been hanging round the neck of BT for some time”.

However, the BT scheme’s actuarial pensions deficit is expected to be higher than the accounting IAS 19 deficit, with the next triennial valuation due to take place in 2023.

[ribblewader] 30/6/2022 16:52

BT Group response to the CWU ballot results on industrial action

[...]

[catch007] 29/6/2022 20:31

Several companies are seeing improvement in outstanding pension deficits of late - any news on improvement in the BT deficit?

[dipso] 29/6/2022 11:14

Wendsworth....Any news on Business Secretary referral?

The government has 30 WORKING days......deadline 7th July

[fhmktg] 29/6/2022 11:14

Folks recognise that fttp will prove a growing cash generator

[danb45] 29/6/2022 10:33

obviously happy but why has BT's share price been steady in this bear market ?

[wendsworth] 24/6/2022 14:54

Any news on Business Secretary referral ? There has to be an announcement or request for extension come 24th ?

[tigheye46] 24/6/2022 13:39

Sid, I did 46 years and still hold 5 figure number of shares, I could have sold in 2015 when I left BT but held as did not want to pay CG tax and also waiting for the upturn. I am concerned at the number of players in market now but have all in ISA's hoping for your positivity to prevail

[tigheye46] 24/6/2022 13:39

Sid, I did 46 years and still hold 5 figure number of shares, I could have sold in 2015 when I left BT but held as did not want to pay CG tax and also waiting for the upturn. I am concerned at the number of players in market now but have all in ISA's hoping for your positivity to prevail