Close Brothers Share Discussion Threads

[davius] 08/4/2024 14:52

Recovery seems to be continuing, despite the temptation to take profits I'm hanging on for now. I wonder if this guy is rueing his decision?


Columbia Threadneedle’s David Moss used a short-lived recovery in shares of Close Brothers (CBG) to sell out of the beleaguered private bank.
...
Moss used a ‘small recovery’ in the share price to sell his position over the month.
‘...we felt the stock had become uninvestable, with the cancellation of the dividend removing one of the key reasons for ownership,’ he said.

[damanko] 05/4/2024 21:14

Basket case...

[tsmith2] 04/4/2024 10:35

more BoA shenanigans

[dplewis1] 04/4/2024 09:39

Might have to buy Martin Lewis a pint if I ever bump into him again

[tsmith2] 02/4/2024 10:07

nice little shake. small director buy reported

[karv1] 02/4/2024 07:46

I did not see any big sells on Thursday unless it was the 1m buy. He probably trying to push the price down otherwise it looks very bad for him. He could be down from his sell position by a fair amount.
The more it now goes up the worst it will look for him ,after taking the huge drop from January.

[cirlbunting1] 01/4/2024 22:24

@riverman77 - the cancellation of divis was sufficient for him and many other fund managers to liquidate their positions. It’s essential to consider that CBG has only suspended dividends twice in the past ~30 years (during COVID and now). He likely lacks the same level of insight as CBG, so if CBG suspends their dividend, it's more than likely it is due to a careful consideration and logical reasoning from CBG's part. In addition, despite me owning this stock, I have also made a claim, as too have a few members of my family. More than likely we wont get anything - but worth a shot to see how legit these claims are.

[mustau] 01/4/2024 20:54

For peeps like me this was an opp. Took my first take last week and after further research will take more this week.
150 to 250 million likely for CBG.

[riverman77] 01/4/2024 20:17

Sounds like the fund manager has spent about 5 minutes looking at this and concluded it's too much work to find out what's really going and a lot easier just to sell out. This way he won't get any difficult questions about the holding from clients or his risk department. Why anyone would be willing to pay fees to this type of fund manager is beyond me, but I'm sure there will be plenty of others (who have done a bit more work on CBG) who will be more than happy to take his shares.

[karv1] 01/4/2024 10:54

I have only looked at 1 page of info, back in January CBG was not in his top 10 holdings so was under 3% of his 117m and this is before it drop 70% so his investment was max around. 1 million . It could be far less , very small fish. His selling is someone else's opportunity.

[popit] 01/4/2024 10:03

CT’s Moss sells out of ‘uninvestable’ Close Brothers

Columbia Threadneedle’s David Moss used a short-lived recovery in shares of Close Brothers (CBG) to sell out of the beleaguered private bank.
The stock was the largest detractor in Moss’s £117m CT High Income (CHI) investment trust in February after it announced the cancellation of its interim dividend in order to start building reserves to meet potential liabilities from the Financial Conduct Authority’s review of motor finance practices.
Moss used a ‘small recovery’ in the share price to sell his position over the month.
‘The FCA review will not report until September and, as we are unable to accurately assess the potential redress payable from the review, we felt the stock had become uninvestable, with the cancellation of the dividend removing one of the key reasons for ownership,’ he said.

hxxps://citywire.com/investment-trust-insider/news/expert-view-close-brothers-dfs-softcat-jd-foxtons/a2439360

[suetballs] 01/4/2024 07:23

A "consumer compensation expert" talking up his own book.
Even the FCA is talking it down.
I'll keep reinvesting all my isa dividends into cbg as imo the company is currently undervalued especially as they have decided not to pay dividends for the time being.
Time will tell who is right.
Suet - also we might even be taken over.

[timmy11] 01/4/2024 06:57

seems,they are determined to fleece lloy and cbg, this country is a cesspit

[timmy11] 01/4/2024 06:54

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News & RNSFinance NewsUK car finance firms face 'headache' of potential compensation claims
UK car finance firms face 'headache' of potential compensation claims
Mon, 01st Apr 2024 06:32Alliance News

(Alliance News) - Millions of claims could be lodged by UK drivers who may have overpaid on their car finance, as the emerging issue has the potential to be "on par" with the PPI scandal, a consumer compensation expert has said.

The UK's financial regulator is currently reviewing whether people could be owed compensation for being charged too much for car loans.

It is looking into hidden and unfair commission arrangements on loans taken out between 2007 and 2021.

Simon Evans, the boss of trade group the Consumer Redress Association, which represents claims management companies, said that people are likely to have bought more than one car during that period.

This could more than double the number of claims that come through.

It comes after consumer expert Martin Lewis revealed earlier this month that 1.1 million people had submitted complaints through a free tool on the MoneySavingExpert.com website, which he founded.

He described the number of complaints as "staggering" and suggested that car finance mis-selling could be the "second biggest reclaim payout in UK history" after the PPI scandal.

That saw UK banks pay out billions of pounds in compensation to customers who were mis-sold personal protection insurance from the mid-1990s.

Evans suggested that the scale of those affected has the potential to be "on par" with PPI.

"If you think about the number of people who have bought cars in the last decade-and-a-half, there is a swathe of people who will have bought it in that way," he said, referring to the discretionary commission arrangements.

"What we are seeing through our member firms who are engaging with consumers at the moment is that actually each person has an average of about 2.3 claims.

"So they have had two or three cars in that period and all of those qualify for a claim."

This is likely to cause a "large headache" for car finance companies, Evans said.

But he added a "note of caution on the good work Martin Lewis is doing", suggesting that while many people will have downloaded the template complaint letter, it may not mean that they will all have taken the next step of sending it to their lender.

Meanwhile, the chief executive of the Financial Conduct Authority, Nikhil Rathi, recently downplayed comparisons with the long-running PPI redress.

He said he did not anticipate the car finance issue "playing out as PPI did", partly because the watchdog has intervened earlier.

Lloyds Banking Group PLC, which owns Black Horse, the UK's largest car finance lender, said last month it was setting aside a provision of GBP450 million to cover potential costs related to the FCA's review.

That includes the potential compensation for consumers as well as administration costs in dealing with complaints.

And Close Brothers Group PLC, which has a motor finance arm, revealed plans to bolster its finances by GBP400 million as it prepares for the impact of the investigation.

The watchdog is expected to set out its next steps from the review by the end of September.

[faz] 30/3/2024 09:19

I see the detail in the Notes but analysts are certainly outside their expertise in assessing FCA penalties. 6 of the 9 analyses include no FCA cost provision at all. I reckon its a gamble til September, but there appears to be gathering consensus that CBG is undervalued at the current price.

[karv1] 29/3/2024 09:22

If I have read it correctly. These views are on worst case 650m pay out over 3 years which equals to total of 30m lost over 3 years, excluding any possible tax as im unsure. On this amount. .....

Against best case pre provision profit of 1 billion+ over 3 years.
AOP of 700m over 3 years.
Dividends worst outcome to best outcome total payout over 3 years 0p to 88p to 221p
Unless the analyst census have really got it wrong ,we got a chance to make 0 to 100% to maybe 200% over next 3 years depending on the FCA outcome and on the general FTSE . We have a extremely high chance to make 200%+ between now and 2030 with dividends on current profit forecasts.

[karv1] 29/3/2024 08:41

I just noticed they have updated there analyst consesus from November to March 12th to include views on possible fca payments.
www.closebrothers.com/investor-relations/investor-information/analyst-coverage

[suetballs] 29/3/2024 08:18

FCA plans to set out next steps in 3rd qtr 2024!
suet

[bpc10] 29/3/2024 07:49

When are the FCA expected to release their report on car finance?

[karv1] 28/3/2024 18:14

My next question would be are they buying for them selfs or someone else, Either way they are not panic selling even with there unconventional movement which can only be seen in a good way as over time it is ticking upwards.

[karv1] 28/3/2024 18:03

So they own 9.8% voting rights/share ownership is this the same thing? Newbie question how do they buy different classes of shares?
Is one class not reported on normal LSE and is this why we see no one reporting a drop in ownership from other parties when BOA is increasing?

[tsmith2] 28/3/2024 16:36

BoA at it again!

[cirlbunting1] 28/3/2024 15:08

Unless they reinstate the divi... cant see it.

[karv1] 28/3/2024 14:31

It's going to be a long 6 months.

[stoopid] 28/3/2024 14:22

And the Road back to 700+ is getting closer...