International Consolidat... Share Discussion Threads

[loganair] 10/9/2020 09:02

British Airways today announced it had cut 8236 jobs.

IAG warned the recovery in customer numbers had flatlined as quarantine measures were put in place.

Chief executive Willie Walsh said June's end to lockdowns had seen a bounceback in bookings to around 30% of pre-Covid levels, but that had levelled off since July, with short haul bookings in particular being impacted by quarantine rules putting people off taking trips.

The recovery had mostly been in domestic and short haul, but long haul booking activity had never recovered as travel restrictions to destinations including North and South America restrict demand.

The BA job cuts plan has seen deals done with pilots, engineers and Heathrow customer service staff.

Ill-tempered talks with the Unite union over cabin crew have reached an agreement in principle but the terms of the cuts are still to go to the ballot.

Further job cut negotiations are now ongoing with Heathrow ground handlers and cargo staff, UK contact centre workers and Gatwick-based cabin crew.

Staff at Iberia and Vueling are still on the Spanish government's furlough scheme.

[lufty] 10/9/2020 09:01

No you are getting three new shares for every two that you own providing you take up the rights issue which gives you the third at 1.68 (0.84 X 2)

[lufty] 10/9/2020 08:59

I make it around 1.90 at the moment (2.01 x 2 shares plus 0.84 x 2 for the new rights divided by three as there will be three new shares) gives 1.90 so there has been a 10p increase today which is because the news has been taken positively and wider market gains

[m1k3y1] 10/9/2020 08:59

LUFTY......I agree about the wording .
Just trying to work out how much is needed per share .
In effect you are only getting 1 new share for two that you own but it is costing you 1.68 for the single new share.

i.e. 20 existing shares = 10 new shares at 1.68 a total of 16.80

[loganair] 10/9/2020 08:59

British Airways’ parent company IAG has announced it is cutting flights due to coronavirus travel restrictions and quarantine requirements.

Between October and December the group expects to operate 60% less capacity than during the same period last year, compared with a previously planned reduction of 46%.

[lufty] 10/9/2020 08:53

It is very poorly worded in my opinion and the prospectus should have been much more comprehensively worded but in effect you buy two rights at total of 1.68 giving you one new share plus the two existing shares that you have brought rights on giving a total of three new shares so the maths do work.

[albert3591] 10/9/2020 08:49

Sub 200 soon.

[m1k3y1] 10/9/2020 08:48

a discount to the share price of 35.9% as of 4th Sept would be circa 140 if I am correct ?

[lufty] 10/9/2020 08:44

Do not forget that the Nett Asset Value of IAG increases by the 2.75 billion as it is cash going into the business so although there is a dilution of shares the nett effect is the same. The market is saying that the money burn and future recovery is already priced into the share price hence no movement in share price today. Also bear on mind the large investors would already know what the rights issue price was going to be and they would have already altered their positions to take this into account. Personally I am still surprised this has not dropped to the 1.50 to 1.60 mark as cash burn is higher than expected and future bookings are very weak but what do I know as the market is perfect.

[m1k3y1] 10/9/2020 08:42

LUFTY...it actually says " For each existing share of IAG, its holder is entitled to one subscription right and 2 subscription rights are required to subscribe for 3 New Shares ".

I would be grateful if someone can provide clarification .

[lufty] 10/9/2020 08:38

I believe it is actually 1.68 as you need two of each rights issue share to give you a new share

[nortic 007] 10/9/2020 08:29

The preferential subscription period is expected to last fifteen calendar days from the day after publication of the Capital Increase in the BORME (Official Gazette of the Business Register), during which the subscription rights can be traded.-- The New Shares will confer to their holders the same voting and economic rights as the ordinary shares of the Company currently in circulation.-- Subscription rights that are not exercised shall automatically lapse at the end of the subscription period and, therefore, shareholders who take no action will not receive compensation for any unused or expired subscription rights and will be diluted.

[susiebe] 10/9/2020 08:28

You would say that.I've added.

[jhunkin] 10/9/2020 08:26

What's the deadline for owning shares to be able to get the new shares?

[montyhedge] 10/9/2020 08:25

Throwing good money after bad in my view.

[zen12] 10/9/2020 08:19

Funding secured and big investors in...positive news

[m1k3y1] 10/9/2020 08:08

so, if I am correct, the rights price is about 0.84p per share , which is not as bad as some people first indicated ?

[bubloo] 10/9/2020 08:05

how come price holding up you were all expecting the price to fall

[agereset] 10/9/2020 07:56

Please help. Do you know of any listed company that is focused on age reversal, life extension subject?

IAG and the industry is a lost cause IMHO.

[albert3591] 10/9/2020 07:49

Nyboy...how you feeling about this rns,not good is it.

[soho2] 10/9/2020 07:41

Yes more or less...

[alphabravo321] 10/9/2020 07:40

So a circa 30% drop at the open?

[fjgooner] 10/9/2020 00:11

Heavens to Murgatroyd, this has been my favourite post of the year so far - many thanks m1k3y1. It really made me laugh.

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m1k3y1 8 Sep '20 - 18:43 - 19380 of 19387
0 1 0
Have to say, I wasn't that impressed with the AGM.

They exited stage left faster than Snagglepuss. !!!