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Met Ltd Nm | LSE:2006 | London | Ordinary Share | ZAE000050456 | METROPOLITAN HLDGS LD NM |
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Date | Time | Title | Posts |
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11/7/2006 | 07:27 | 2006 Forecast: Intelligent Commentary please | 51 |
09/5/2006 | 21:34 | 2006...predictions | 10 |
24/3/2006 | 13:35 | The Budget 2006 | 58 |
02/1/2006 | 11:54 | portfolio 2006 | 2 |
01/1/2006 | 13:51 | HAPPY NEW YEAR 2006 | 4 |
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Posted at 19/5/2006 20:22 by energyi (From Peter Eliades, as interviewed by Ike Iossiv)Four Year cycle is rolling over, and a decline to Dow-8,000 by late 2006 or early 2007 is possible. Whenever discount rate reaches 6% for the first time, the market is in big trouble- it tends to be a Death Knell for the stock market. Each time ¡V of the seven times it happened- there has been a BIG DECLINE, with the average decline of 30% over one year or so: sometimes quickly, like 1929 (only first part of the decline was in the average), sometimes slowly over a year or so McClellan Summation index went negative this week (below 1,000), and that is typically where the big declines come (within weeks or months), because this shows that momentum has been flagging for some months. Unprecedented long term sentiment indicators, suggest that the rally off the next 4 year cyclical low will be very modest. |
Posted at 15/5/2006 06:07 by energyi EGG-ON-FACE FORECAST??=========== Judge Jury - Mon, 27 Mar 06 : Housing pessimists are wrong but have their uses By GAVIN CAMERON, JOHN MUELLBAUER and ANTHONY MURPHY 27 March 2006 Financial Times Bubble? What bubble? The last Economic Outlook from the Organisation for Economic Co-operation and Development argues that UK house prices are overvalued by 30 per cent, or even more. It also warns of the danger of a protracted period of house price falls, with dire implications for consumer spending. The OECD is not alone. But these pessimists are wrong. If there were a bubble, there would exist a systematic, albeit temporary, deviation of prices from fundamentals. Our research shows, instead, that fundamentals adequately explain the current level of house prices. Like many others, the OECD appears to base its conclusions on two pieces of unreliable evidence. One is the ratio of house prices to rents. The second is an equation estimated by the International Monetary Fund in which housing supply, the population's changing age structure, shifts in UK credit conditions and nominal interest rates play no role. It is hardly surprising that this equation turns out to be useless. In our research, however, we do take these and other factors into account. We also model prices at the regional level. The great advantage of the latter is that it generates more precise estimates and more robust conclusions. Our econometric model satisfactorily explains price fluctuations from 1972 to 2003. It captures the effects of income, the size and age composition of the population, the housing stock and interest rates. It also builds in the effect of recent house price growth, including transmission from leading regions to others. We distinguish between short-run and long-run effects of house-building and population growth. We allow for the effects of stock markets and for differences between regions. We also examine the effect of today's easier credit conditions. These not only have a direct effect on real prices, but also change the relative importance of real and nominal interest rates: the former become more important and the latter less so. If we estimate our model for data up to 1996 and forecast the subsequent period, we generate predictions that are in line with the rapid price rises that happened. Our conclusion is that we can readily explain the evolution of prices in this recent period by lower interest rates, higher real incomes per household, higher population growth (partly from immigration) and low rates of house-building. If we compare what actually happened with what our model says would have occurred, we can state for example that house prices would have been 25 per cent lower in 2003 if real incomes per household had stagnated between 1998 and 2003. For 1988-99, however, now almost ancient history, we do find some symptoms of a policy-induced bubble. We also examined house price developments for 2004-10 on a range of assumptions about possible developments in income, population, house-building, inflation and interest rates. We find that only quite dismal scenarios - more dismal than any now contemplated by mainstream forecasters - would produce falls in nominal house prices and, even then, these would be small. London and the south are the regions where such scenarios would have the largest effects. If we assume just a mild slowdown in the economy for a couple of years, which is more pessimistic than today's consensus, house prices still rise in nominal terms. The figures for 2006 would be about a 3 per cent rise for London and 5 per cent overall. If we assume a gloomy scenario, in which inflation rises, interest rates increase by 1.5 percentage points, real per capita income does not grow and the stock market stagnates before resuming growth in 2008, house prices in London and the south decline by about 1 per cent in 2006 and 2007. Needless to say, still gloomier, though less probable, scenarios can produce national house price declines. The risks may be low, but they are not zero. Since cash from property investment trusts will be injected into the market in 2006 and the stock market has also been so strong, the deterioration in housing affordability is likely to à-continue. The believers in the bubble were wrong. They are still wrong. But, paradoxically, their alarmism may have helped to prevent the bubble they fear from developing. It has not, or at least not yet. Gavin Cameron is at Lady Margaret Hall, Oxford. John Muellbauer and Anthony Murphy are at Nuffield College, Oxford. Full article at www.housingoutlook.c @: |
Posted at 22/3/2006 13:33 by m.t.glass 61 minute speech length.So, which share prices will now move on the budget proposals?? |
Posted at 22/3/2006 13:17 by alf godson Has he finished ?UK BUDGET Full text of Brown's speech LONDON (AFX) - Most of all a budget for Britain's future to secure fairness for each child by investing in every child. A modern Britain which leads on enterprise and prosperity, because we lead in opportunity and fairness. For fifty years Britain's economy was prone to high and volatile levels of inflation. And our first challenge was and is not just achieving low inflation today, but entrenching a culture of stability that allows Britain to invest for the long term. Today I can report that we have met our inflation target this year and every year since 1997; and looking five years ahead and even ten years ahead under current policies inflation is still expected to be in line with our target. In just a decade long-term inflationary expectations have virtually halved to 2 per cent. And today long-term interest rates are the lowest they have been for forty years - at just 4 per cent. Indeed even when facing, in succession, the Asian crisis, the it bubble, an American recession, Euro area stagnation, and most recently the challenge of the oil shock and house price inflation - challenges which in previous decades led to British recessions - our economic framework for stability has proved robust and prudent. On Black Wednesday - September 1992 -interest rates reached 15 per cent. Since 1997 interest rates have averaged 5 per cent. And mortgage rates which averaged 111/2 per cent between 1979 and 1997, have since then averaged just half that --- at 6 per cent. As I have said before Mr Deputy Speaker: No return to boom and bust. And in new measures entrenching stability today, we will continue to have the strength to take the right long term decisions. First since 1997 my approach has been that day to day management of monetary policy be independent and the same principled approach be applied in other areas: to competition policy, industrial policy, small business policy and the management of debt, where today I am today publishing a new remit. Last year our stability enabled us for the first time in a generation to issue bonds with maturities of up to fifty years. I can announce that in the next issue, long dated gilts will increase from just under half to up to two thirds, reflecting the benefits we now gain from long term stability. Today I am also publishing the detailed proposals, modelled on Bank of England independence, for official statistics to be the responsibility of an independent board, and for enhanced accountability to parliament. And I am publishing a new memorandum of understanding agreed between the treasury, bank of England and financial services authority, so that Britain has in place the most up to date early warning and response system to deal with risks to economic stability. Mr Deputy Speaker, we will continue to be vigilant internationally over global imbalances and oil prices. And we will take no risks with inflation at home. The public sector pay settlements will show settlements averaging just 21/4 per cent - combining fairness in pay, with more for nurses, with vigilance and discipline in the fight against inflation. It is Britain's new economic stability, and also our commitment to free trade, to scientific progress, and our willingness to invest that make our country now better placed than ever to be one of the global economy's success stories. A year ago some said that the doubling of oil prices would push inflation far beyond our target and that a recession was required to slow the increase in house prices. Instead I can confirm to the house, as stated in the pre budget report, that growth will be 2 to 21/2 per cent, followed in 2007 and 2008 by growth of between 23/4 to 31/4 per cent. Domestic demand is expected to grow by 2 to 21/4 per cent this year, strengthening to 23/4 to 31/4 per cent in 2007 and 2008. And as industrial production grows, exports are projected to rise by between 5 to 51/2 per cent this year and 43/4 to 51/4 per cent in 2007 and 2008. Mr Deputy Speaker, since 1997 economic growth in the euro area has averaged just 2 per cent, in France just over 2 per cent, Germany 1.4 per cent, Italy 1.4 per cent; Japan just over 1 per cent; but in Britain growth has averaged 2.8 per cent a year since 1997 - Britain with the USA and Canada the fastest growing economies of the G7. This is the tenth successive year we have grown faster than the Euro area. In fact we have not only achieved growth in every quarter of every year since 1997, but averaging 2.8 per cent, our growth rate now is significantly higher than the 2.1 per cent average of the period 1979 to 1997. Before we came to office, Britain was seventh of seven in the G7 for national income per head. Figures published today show that since 1997 as a result of stability and sustained growth Britain has risen from 7th out of 7 to sixth, then fifth, then fourth, then third, now second in the G7 - second only to America in national income per head. The test of our monetary policy is that we are achieving sustained stability and growth, not just for a year or two but for the long term. And the test of our fiscal policy is that we match a commitment to balance the current budget over the economic cycle with an ability to make the necessary long-term investments. Figures for the current budget from now to 2010-11 are minus 11, minus 7 and then surpluses of 1, 7, 10, and 12 billion pounds in successive years. So we meet our first fiscal rule - the golden rule - in this economic cycle with a margin of £16 billion. This £16 billion surplus contrasts with a deficit in the last economic cycle from 1986 - 1997 of £157 billion -- and we are well placed to meet our golden rule in the next cycle too. The purpose of our second fiscal rule - the sustainable investment rule --- to keep debt at a prudent and sustainable level of national income --- is to end the situation where under past governments of both parties, Britain was plagued not just by stop go in our economy, but by stop go in capital investment. So meeting our second rule allows us to combine stability with the necessary sustained investment in transport infrastructure, health, education and science. As a result of our success so far, total net public investment which was just £5 billion a year in 1997 is this year five times as high - £26 billion. Schools capital investment which was just £600 million in 1997, will in the coming year be £6 billion. Even after inflation we have invested a total of £32 billion in modernising our schools in just nine years compared to just £14 billion in the eighteen years before - twice as much in half the time. And to meet the infrastructure needs of business we have been able to double investment in skills, transport, and science. Yet even with such levels of investment vital to our economy, we are still comfortably meeting our second fiscal rule. Net debt is now 47 per cent of national income in France, 47 per cent in America, in Germany 62 per cent, in Japan 83 per cent and in Italy over 100 per cent -- but this year in Britain 36.4 per cent. I can report that in future years debt will be 37.5, 38.1, 38.3, 38.4, and 38.4 per cent of national income. So we meet our second rule over the cycle and in every year and we do so by a margin of £26 billion. Net borrowing - which was £90 billion just over a decade ago - will be £37 billions this year, £36 next year, then 30, falling to 25, 24 and 23 billions in 2010-11 as we borrow to invest, borrowing in that year 1.5 per cent of national income compared to 8 per cent just over a decade ago. In line with what I said in the pre budget report, net borrowing adjusted for the economic cycle, will fall from 2.4 per cent of national income to, in future years, 1.9 and then in successive years 1.6, 1.6, 1.6 and 1.5 per cent. For this budget I have received representations to increase investment in skills, transport, infrastructure and science. I have also received representations that we should adopt a third fiscal rule, that over the economic cycle and regardless of the needs of the economy, infrastructure and services - public spending and investment must, as a matter of principle, always rise slower than growth. Having analysed this proposal against our published plans I have found it would require in the coming year public spending £17 billion lower and £16 billion lower the year after, closing off the possibility of additional investment. I have rejected these representations. We are consistent that facing the economic challenges ahead we still need as a country to invest more. So meeting the two fiscal rules and in line with our published plans, public investment to meet our infrastructure needs will rise from £26 billion this year to £29 billion, then 31, 32, 34 and 36 billions in the years ahead. And gross investment will rise from £48 billion this year to £63 billion in 2010-11. Sustained long term investment in our education in infrastructure and in our future: possible because of our stability. So we can meet our fiscal rules, support the needs of business and make necessary long term investments: first in science, innovation and enterprise; second in infrastructure and transport; third in security and defence; and fourth in skills and education. First, science, innovation and enterprise. With the right long term decisions Britain can lead in some of the fastest growing and highest value added sectors - city and business services, education and health, creative and science based industries - once small, now one third of our economy and exports, soon a much higher share of jobs and wealth. And in each one of these growth areas I propose that we do more to support the dynamism and enterprise of business - and I start with the importance of Britain leading in scientific invention and discovery. The secretaries for health and trade are today announcing that to strengthen medical science and excellence in basic research, Britain will in future have a single budget for the medical research council and NHS research. And it will be worth at least £1 billion a year. America has its path-breaking national institutes of health. And we will now build agreement on the right design and institutional arrangements for the British model. To make best use of the additional £1.5 billion a year we invest in scientific discovery, we are today setting out plans for radically simplified allocation of the research funding that goes direct to universities. [END TEXT] newsdesk@afxnews.com jc COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited |
Posted at 01/3/2006 12:57 by energyi Three Peaks Domed House Top is FormingContinue to Sell into Strength ... By Jeffrey A. Hirsch As the Dow dances with 11000 again it is becoming apparent to us that a major top is forming. Economists, market analysts and investors remain quite impressed with the data that has been released so for this year. This has contributed to the excessive bullish sentiment and complacency we are experiencing¡X levels associated with tops. Our 2006 Annual Forecast projects a first quarter 2006 high around Dow 11500. That is only 4% higher than today¡¦s new recovery high close of 11058.97. Despite all the cheerleading on the Street market internals have not been overly impressive and the major averages have struggled to make new highs. The Dow has inched up but NASDAQ and the S&P 500 remain below their highs. This brings us to the matter of the chart at the bottom of the page. The current Three Peaks and Domed House pattern we have been tracking is illustrated along with the end of the previous pattern. (Refer to the January 2006 and April 2005 issues for deep background on Three Peaks and Domed House Patterns.) From here we anticipate another Point 23 top soon. Then a retreat to a Point 28 near Point 14 on October 27, 2005 at Dow 10229.95¡Xa correction of 7.5% from today¡¦s close. However, we believe this will only be the first stop on the way down to a major bear market bottom later this year. 4th Year of Bull Quite a bit has been made of the length of the current bull market, and rightfully so. Few have lasted this long. Of the 34 bull markets since 1900 only six have gone past three years. Today¡¦s Dow high moves this bull into sixth place. From the October 9th three-year anniversary date the Dow is up 8%. This is nearing the average returns expected from the fourth year of bull markets. Bottom line is that 79% of these bull markets do not last this long, which adds to our belief that this bull¡¦s days are numbered. |
Posted at 23/1/2006 18:18 by energyi Marc Faber========== Investment Themes for 2006 Marc Faber What strikes me most about the current investment environment is that everybody is bullish about something. Stock market investors around the world are positive for equity markets, traders involved in commodities are bullish about the prospects of resource prices, while bond investors are convinced that deflation is around the corner and that interest rates will resume their decline. In most countries, real estate investors are betting that property prices will continue to rise, while collectors are willing to pay at auctions record prices for paintings, jade, antiques, stamps, wines and other collectibles. Everybody seems to be convinced that the asset inflation we have experienced over the last few years will continue courtesy of Mr. Bernanke. Now, I do not doubt that if the Dow Jones Industrial Average and US home prices declined by 10% each in future, and as a result hurt US consumption, Mr. Bernanke, would print money like there was no tomorrow. After all we should expect that even a central banker will recognize that the US economic expansion 2001 ¡V 2006 depended on asset inflation fueled by debt growth. So, unless the Fed is prepared to accept a recession, this asset inflation will have to be reignited at all cost! However, whether in the next money-printing binge all assets will rise, is highly debatable. For one, I doubt that US dollar holders and long-term bond holders would feel comfortable holding fixed interest securities in a country where money printing was the order of the day. Therefore, on the slightest hint of even easier monetary policies than we already had, the first asset class to decline would be the US dollar. Last week, a renewed trend toward a lower dollar seems to have begun and my first recommendation for 2006 would be to short the US dollars. But short US dollars against what??? Based on current account surpluses and deficits, I suppose that, in 2006, the currencies of Asian countries, which have large current account surpluses, could increase in value against the US dollar and the Euro. In particular, I like, now, the Japanese Yen and the Singapore dollar. Needless to say that investors should remain short the US dollar against precious metals (since Mr. Bernanke has been appointed Fed Chairman gold has risen against the dollar from 470 to 550). Moreover, I doubt that in a weak US dollar environment, US long-term interest will decline further. So, while the first reaction to weaker economic growth in 2006 could be some strengthening of bond prices (declining interest rates), in a second instance bond prices are likely to tumble along with the US dollar. Therefore, I would use any strength in bond prices as a selling opportunity (see figure 2). . . . The last investment theme, I would like to discuss, are Taiwanese shares. Why? In 2003, I began to recommend the purchase of the Nikkei Index when it was around 8000 and after it had declined from 39,000 in late 1989. Since then it has doubled in value. The reason I liked Japanese shares at the time was that investors¡¦ sentiment about the outlook for the share market was ¡§extremely¡¨ negative and that cash positions among institutions and individuals were very high. But most importantly, the dividend yield on the Nikkei Index was higher than the yield on Japanese government bonds. From figure 6, we can see that a) Taiwanese shares have grossly underperformed Asian shares since 1998; and b) that the dividend yield on stocks is now about twice as high as the yield on Taiwanese government bonds. Lastly, the Taiwan Stock Exchange Index, which hovers around 6,500 is down from over 12,000 in 1990! Just, as a side, if the Dow Jones Industrial Average were to decline to half its 1990 level it would trade at just 1,200!! A word of caution: All asset markets (except for the US dollar and US bonds) have been very strong in the first ten days of January and I expect a correction to unfold in the second half of January, which will last at the very least into February. What concerns me most is that we are in the midst of a real investment rage, which in my opinion cannot offer to the contrarian investor particularly attractive entry points in asset markets. May be a good time to short assets! |
Posted at 16/1/2006 11:06 by energyi THEY WILL REAP WHAT THEY SOW... ?Halifax... + 3.0% Nationwide + 0 - 3% RICS...... + 4.0% Rightmove. + 4.0% Hometrack. + 1.0% Property price rise gathers pace in December By Gabriel Rozenberg, Economics Reporter OPTIMISM that the housing market is reviving and could be set for a rosy start to the new year was boosted yesterday as Halifax figures showed that property prices had risen at their fastest annual pace for seven months during December. Average house prices nationwide jumped by a hefty 1 per cent last month, on the heels of a similar gain in November, according to the survey from the nation's biggest lender. After a spate of other indications that property market conditions are gathering strength, the buoyant back-to-back price gains will fuel hopes that the worst of the property downturn may have passed. The two robust months left prices in December up 5.1 per cent on a year earlier, although this annual increase was still the weakest reported by Halifax for a full calendar year since 1995, underlining the rollercoaster ride endured by estate agents and homeowners during 2005. Despite the recent run of signals that the property market is enjoying a rise in buyer interest and activity, and that prices have stabilised, lenders?existing forecasts for property prices this year remained subdued for now. Halifax is forecasting that prices will climb by only a modest 3 per cent over 2006, not much more than inflation. Other lenders have a similar view. Halifax figures showed that northern parts of Britain are recording bigger house-price rises than southern areas for a third consecutive year, narrowing the North-South divide in the property market. Prices in Scotland rose by 14.8 per cent during the year to December. Londoners also did well, enjoying a 6.7 per cent house-price rise last year, which took the average price to ?57,120, above the ?50,000 mark for the first time. |
Posted at 14/1/2006 18:16 by energyi Real Estate Prices Decline in 2006 In 2006, we are already seeing signs of a slowdown in the housing market. In recent weeks, home loan applications have fallen to a 3 _ year low. I believe that most everyone who could take advantage of the low interest rates and exotic mortgages have already done so. The continual rise in interest rates will undoubtedly price new home buyers out of the market. Even with an interest only loan or an adjustable rate mortgage, higher interest rates will most clearly mean higher mortgage payments. Given the fact that your average American consumer has negative savings and that the average income is not rising sharply, I see a sharp decline in the demand for new home sales in 2006. Coupled with a decline in the demand for new home sales, will be an increase of available homes on the market. This increase in supply will likely come from the following sources: 1. New Homes Still Being Built Even in the midst of declining home loan applications, there are still new homes being built. Because of the multi year rise in real estate prices, home builders have scrambled to build homes and profit from this irrational real estate demand. As a result, there are still a number of developments in the works and new homes that will soon come on the market. 2. The Speculative Home Buyer According to the National Associations of Realtors, 36 % of the home sales in 2004 were second home purchases. Although I haven't been able to find out the number for 2005, I can assume that the percentage is even higher. As real estate prices start declining, I believe you will see the speculative home buyers sell their houses and take profits (or cut their losses). Because most of these second home buyers view these homes as an investment, they are more quickly to act in the midst of declining real estate prices. 3. The Over-extended Buyer As it stands, the average American has negative savings. In addition, because they have adjustable rate mortgages, they will be forced to pay more on their mortgage as interest rates continue to head higher. Most of these home buyers do not have the necessary savings income growth potential to keep up with rise of their mortgage. As a result, the likely scenario is that these homeowners will be forced to default on their mortgages and walk away from their homes. In the midst of growing inflationary concerns, I believe that the Fed will continue to raise interest rates in 2006. The degree to which they raise interest rates will determine how fast this real estate market will begin to unravel. The Real Estate Burst Effect on the Economy Without question, the real estate bubble has fueled this US economy in the last several years. I am amazed at the amount of times I have heard about a friend or neighbor who decided to refinance their home, get an adjustable rate mortgage, and take cash out for some type of trivial expenditure. Why not? They would argue. I just made a 200k profit this year. This same irrational exuberance reminds me of the "paper millionaires" in the Dotcom era who pointed to their stock portfolio as a means to justify their spending. Although this spending served to fuel the economy, it also served to further fuel this bubble and send your typical consumer further and further into debt. In the future, those that can afford to pay the additional amount on their higher mortgage will have to "tighten their belt" and not spend as much money in the economy. Consequently, they will hold on to their car a couple of years longer, not frequent their local restaurant as often, and cut back on their overall spending. In turn, this will flow into the economy and we will most likely see a much needed recession as individuals refocus on savings and the re-accumulation of wealth. The Implications of an Upcoming Recession Generally speaking, a recession is a prolonged period of time where the economy is contracting. During a recession, you will most likely see consumers spending less money and saving more, a subsequent decline in the stock market, a rise in unemployment, and a decline in real estate prices. ...MORE: |
Posted at 02/1/2006 10:55 by james111 This thread is where I am putting my ideas for 2006, I will be investing in around 10 stocks putting in an circa £10k in each, I will not sell durring 2006, on Dec 31st 2006. I will compare the percentage gain/loss against my trading portfolio.Some stocks are already bought ie durring last few days of 2005 others will be purchased in the first 2 weeks of january. All comments are appreciated, maybe you could tell me your ideas for winners. Lets hope we all have a great and profitable year. Regards James |
Posted at 02/12/2005 10:19 by frank spencer "I owe a moral obligation to institutional shareholders who have backed me to rebuild the company," said Timis. "I will bury my own ashes if I fail to resolve the problems (with Regal's licences) in Ukraine. And then I will take the company's shares to £10." Frank Timis 04/Mar/06The last year has been on the turbulent side for Regal shareholders, who have seen the share price and the fortunes of the company go from a little acorn into an oak tree and then back down to a twig again, from £1 to £5.15 to 23p to the current level of 40p. Regal have the following assets: 1)$33mln cash. 2)The freehold of a building in Mayfair. 3)22mln boe minimum in Greece, currently farmed out to the Government there. 4)The rights to explore 5% of the land mass of Romania, which has anything from zero upto 650 mln boe. 5)a 100% interest in an Egyptian field, where drilling begins this year. 6)Finally, a production licence in a huge Ukranian field, which has recently been withdrawn in a second level court in Kiev. The asset value of this company is extroardinarily difficult to work out, as so much of it is potential, and so little of it is proven reserves, except Ukraine, which has at least 170mln of proven and probable boe, and probably at least double that. Without anything in the Ukraine, Regal is worth anything from 20p-£1.50 imo, depending on what value you give to licences in Romania and Egypt and what value you give to 22mln boe+ currently controlled by unions in Greece, plus the fixed assets of property and the slowly diminishing cash pile. It is the Ukraine which is key to the value of Regal. With it, the company is worth £3+, and without it, and no compensation, current value is about right imo. The Ukraine legal wrangle may take weeks or years to sort out. See post 1 for details. 53 DATE......SHAREHOLDE 28.02.06..Man Financial......10,40 13.03.06..Cantors... 20.02.06..Merrill Lynch......12,087,03 21.01.06..Frank Timis........23,377, 07.12.05..Capital... 17.06.05..Charlemagn 12.05.05..Bank of NY,Lux......3,994,41 02.03.06..Hendersons 22.04.05..Artemis... 19.05.04..Schroders. Total............... Other previous major shareholders, like Credit Agricole, Morgan Stanley, Fidelity, Commerzbank, Goldman Sachs, UBS, Deutsche Bank and Lansdowne Partners may hold no shares or upto 2.99%. The bottom line, in my opinion, is that the Ukraine is now a free option at current levels. |
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