Close Brothers Share Discussion Threads

[jubberjim] 19/9/2024 13:00

Any word on the CEO

That and now this ????

[cirlbunting1] 19/9/2024 12:49

V bad msg. Theyve had ample time to est. a ball park figure. The fact that theyvd said nothing is concerning. Just puts doubt out there. Was v tempted to sell at 5.50..

[suetballs] 19/9/2024 12:18

Not surprised at today's fall.
Are we just waiting to get dumped on by the FCA rather than strongly and fairly fighting our corner.
Sitting on the fence imo is a poor decision.
Suet

[stoopid] 19/9/2024 09:10

6% swing today from 550/560 to now, someone's making money......

[suetballs] 19/9/2024 06:54

No provision - so I was wrong. But we are building a significant warchest.
Will it be enough?
Slightly disappointed with the disposal of cbam.
Suet

[hamhamham1] 19/9/2024 06:42

It's trading nearly 70% below recent highs of a couple of years ago, seems like good value with these results and provisioning so far.

[cirlbunting1] 19/9/2024 06:37

Good results... but again deflecting from the fca review i feel... as opposed to saying "weve investigated this on our side and the impact isnt huge" like barclays did... Also, cbam sale - im still not sure if this was a great idea esp given the "net inflows". Luckily, macro conditions can only improve from here on out given ydays rate cut, so lets see.

[pugugly] 19/9/2024 06:36

Yet another sales of UK plc's family silver to the Yanks -
OK good for the balance sheet but diabolical, yet again. for UK plc.
Used to due CBAM for a client and they were very good.

[jonnybig] 19/9/2024 06:29

Very good results. NAV of 1.8 billion, the market cap of 800 million is a huge discount even with a possible big compensation pay out.

spud

[hamhamham1] 19/9/2024 06:28

And...

Close Brothers agrees sale of Close Brothers Asset Management to Oaktree

Close Brothers Group plc ("the group" or "Close Brothers") has agreed to sell its wealth management business, Close Brothers Asset Management ("CBAM"), to funds managed by Oaktree Capital Management, L.P. ("Oaktree") for an equity value of up to £200 million (the "Transaction").


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The equity value of up to £200 million, including £28 million of contingent deferred consideration in the form of preference shares, represents a multiple of 27 times CBAM's statutory operating profit after tax for the 2024

[hamhamham1] 19/9/2024 06:27

Nice results ;)

[suetballs] 18/9/2024 11:23

This will be the first - nothing provided at the interim results stage.
Suet

[j2m] 18/9/2024 11:09

Does anyone know if they have already made any provisions for FCA enquiry or will this be the first? Many thanks.

[suetballs] 18/9/2024 10:52

I don't think they will declare a dividend.
I am hoping they can put some flesh on the possible/probable liabilities and make a prudent provision. Hopefully covered by dividend suspensions and cost savings.
Then perhaps to some extent we can move on.
Suet

[thebutler] 18/9/2024 10:04

Results tomorrow.

With the FCA postponing the results of their investigation, I wonder if by the same token CBG will "delay" the dividend suspension and declare one with the results, even if just a reduced amount. Just a thought.

[orlando42] 16/9/2024 09:18

Maybe it’s not him but someone in his family. Whoever it is, wishing them well

[suetballs] 16/9/2024 06:32

Leave of absence - hope Sainsbury is going to be ok.
Results still set for Thursday.
Suet

[stoopid] 13/9/2024 13:05

Won't be long now, Thursday for full year results. UBS is expecting an initial @£50m write down of a possible total of up to £280m for the motor finance probe. FCA due to report on that and issue fines/compensation rules in Mar/May 2025.Should be good news for winterflood/CBAM and good margins on loans.No mention of Novitas and hopefully no further provisions there either.https://www.proactiveinvestors.co.uk/companies/news/1056207/close-bros-rally-to-be-tested-in-full-year-update-1056207.html

[j2m] 09/9/2024 10:51

Banks, oil and water companies. Easy hits for government to take windfall tax with very few people making a stink about it. Basically they can do what they want for the next five years (possibly 10) as we now have no meaningful opposition.

[suetballs] 09/9/2024 09:40

Windfall tax on banks - I think there will be something in the budget.
But no account will be taken of the pain that bank investors have "shouldered" for many years.
Who'd be an investor and relying on a defined benefit pension scheme to fund retirement.
Suet

[suetballs] 09/9/2024 09:35

Provision in the accounts for motor commission:
I think it has gone further than just putting a note in the accounts. This problem is imo material for cbg
Lloyds have already included a sizeable provision and I am not sure if others have. I appreciate that Barclays are fighting it.
These are not interim accounts and will be audited. True and fair becomes an issue.
A specific provision will reduce the corporation tax bill.
Just my thoughts - but not long to wait.
Suet

[stoopid] 06/9/2024 18:55

Suet, as far as I am aware, no, they don't. The investigation hasn't finished and no liabilities or punishments have been announced. Therefore, there is no reason to take a hit in the results.CBG can show an initial "provision" if they want to and it will also mean that they will have a very large cash surplus. Novitas could be the only fly in the ointment so to speak if there are further writedowns to show, but, as it was wound down last year, there should be no further liabilities there.So personally, I'm expecting good margins on lending, winterflood/wealth management to do well with increased business, and a large cash surplus to cover the FCA investigation results in December...