National Grid Share Discussion Threads

[1carus] 05/6/2024 11:59

LLB Are you considering an auto-buy tomorrow if the shares hit a certain level, say below 860 , just in case there is a blip down that low?

[1carus] 05/6/2024 11:39

I think this will get back to £10+ in short time after the rights issue is resolved. A little more clarity on the price tomorrow but I expect this will be the last time that we sub 9.00 for some time if ever. As mentioned here many times, this is not an energy provider so I don't think Labour will be going after it in terms of windmill taxes (ha ha)and there is very little in the coffers to nationalise anything, rail,water let alone NG. Looking at both income and growth here over the next 5 years.

[laurence llewelyn binliner] 05/6/2024 10:15

XD tomorrow and it is playing out just fine, see how the share price looks then for value top ups.. :o)

[viscount1] 04/6/2024 17:55

"You get money"

And that money can then be exchanged for goods and services.

[pierre oreilly] 04/6/2024 17:28

Well done to 7kiwi on the global warming board for getting some guardian lies removed from publication. One thing intermittent renewables are not is cheap, in contrast to what even our ceo says.



Actually, dispatchable renewables (hydro, pumped storage etc) are god's gift, intermittent renewables (wind, solar etc) are what are going to significantly lower everyone's standard of living.

[gilesy911] 04/6/2024 17:05

Thank you Phillis

[phillis] 04/6/2024 17:02

911
You get money

[skinny] 04/6/2024 16:50

As I can't use a limit order and I'm out all of tomorrow, I sold @223 - probably could have got more - but its done.

[gilesy911] 04/6/2024 16:33

If I sell my NGPN shares...what happens? Thanks in advance ?

[viscount1] 04/6/2024 16:29

I was able sell my ISA's NGPN by using the ii app rather than their website, which is a pretty stupid customer experience.

[philanderer] 04/6/2024 15:37

National Grid upgraded on improved finances and political outlook


National Grid PLC (LSE:NG.) has been upgraded by brokers as they continue to see positive upsides from the upcoming election, the improved balance sheet and an “attractive valuation”.

Analysts at Citi upgraded its rating of National Grid to ‘buy’ and lifted the utility firm’s price target from 920p to 985p – representing more than a 9% premium to its current market value.

Citi justified the upgrade by pointing to the “attractive221; development of the political and regulatory outlook, while also citing the improved balance sheet helped by its upcoming rights issue.

National Grid is attempting to raise slightly under £7 billion through one of the largest rights issues in recent years.

Analysts believe National Grid’s 7-24 rights issue will help remove much of the uncertainty that has surrounded its finances.

Citi added that the company is “at an attractive valuation for underlying assets” and is currently meeting all its financial and regulatory targets.

Yet, analysts see further scope for the shares to improve, emphasising how they're currently trading at a 10% discount to the company’s long-term regulated asset base.

“With this combination of factors, as well as the potential macro tailwind from rate cuts later in the year and into 2025 from BoE, we see risk-reward tilted to the upside,” Citi said.

Meanwhile, analysts at Jefferies issued a slightly more cautious view but agreed that the new balance sheet headroom will prove beneficial when growing capital expenditure.

Jefferies lowered its earnings per share forecast by 14% for the 2025 financial year following the rights issue dilution.

Nevertheless, it argued the “stock appears cheap” but believes it could have better visibility regarding regulatory updates in the next six to twelve months.


proactiveinvestors.co.uk

[1carus] 04/6/2024 14:17

Well price is looking fairy flat now, should be able to pick these up in the 860's after XD . Pity I did not catch the bottom of the dip but it was somewhat of a falling knife at the time. Good luck to all no matter what your strategy is on this. I think this should now go on to catch up with the fairly linear growth rate that was seen between 2007 and 2015/6... if it catches back to that line over the next 5 years the rights issue will be seen as a bargain and this price as a real buying opportunity.
Double in 5 years plus healthy dividend perhaps.

[laurence llewelyn binliner] 04/6/2024 13:52

Disappointed to find that with SI I was unable to buy any extra rights to take up (inside ISA), only sell them, some platforms are allowing buying, I will have to make do with my 7:24 at 645 pence... :o)

[pierre oreilly] 04/6/2024 13:47

V, I tried selling the rights yesterday, but idealing told me trading in the rights in an ISA wasn't available. Has anyone here traded the rights inside an ISA? Anyone managed with idealing?

[skinny] 04/6/2024 12:08

As this is probably a fare chunk of money to most of us - it pays to get it right.

[phillis] 04/6/2024 11:55

Pierre seems to know everything about XD but nothing about lapsed rights

[skinny] 04/6/2024 11:43

Again FWIW - that's not a problem with HL - the only thing you can't do is put in a limit order.

[viscount1] 04/6/2024 11:37

For those intending to sell NGPN soon: I suggest checking with your broker that you can actually do it so you have time to work through any issues. For some reason ii have decided to stop me selling them in an ISA.

[skinny] 04/6/2024 11:34

FWIW - As these were my biggest holding by value (not investment), I'm taking @67% of my rights and will sell the rest in the market at sometime today or tomorrow.

[viscount1] 04/6/2024 11:33

(duplicate)

[anhar] 04/6/2024 11:30

Well if you insist on the official statement on this, here's the relevant extract from the 171 page prospectus, page 50, para 4b of Part II:

If you do not want to take up your Nil Paid Rights, you do not need to do anything. If you do not return your Provisional Allotment Letter or make an online application subscribing for the New Shares to which you are entitled by the required time (which is 11.00 a.m. on 10 June 2024, if you are a Qualifying Certificated Shareholder; and 5.00 p.m. on 7 June 2024, if you are a Qualifying Corporate Sponsored Nominee Participant), the Company has made arrangements under which the Underwriters will try to find investors to purchase New Shares in respect of all entitlements that have not been taken up. If the Underwriters find investors who agree to pay a premium above the Issue Price and the related expenses of procuring those investors (including any applicable brokerage and commissions and amounts in respect of irrecoverable VAT), you will be paid for your share of the amount of that premium, so long as the amount in question is at least £5.00 (except Qualifying Corporate Sponsored Nominee Participants, who will be paid regardless of the value), in pounds sterling by BACS payment to the mandated bank account registered with Equiniti Limited or Equiniti Financial Services Limited for the payment of dividends.

But there was never any doubt about this, it's how lapsed rights are normally dealt with.

You did say that: In other rights i've had, if the rights weren't taken then the underwriters simply got them at the cheap price and the rights holder got nothing.

I've not seen that after many rights issues over the decades so as I said, afaik, receiving nothing would occur only where the xr shares fall sufficiently so that the gearing effect reduces the npr to nil value or close to it. That has happened.

[pierre oreilly] 04/6/2024 11:10

Well that's what hl says about it, and is clear, thanks (although not clear about what charges someone will take). Have you found the definitive version from ng. on what happens to them?

anhar - i didn't say lapsed rights holders will get nothing. Again, thanks for your view, but i'd like to see the definitive view.

[anhar] 04/6/2024 11:03

Pierre: These are known as lapsed rights. The npr are compulsorily sold when the issue closes and the proceeds distributed to those who received rights and took no action. You cannot know in advance how much will be received but it's not true to say you will definitely get nothing. That would occur only where the rights have become worthless because their market value has declined to zero by virtue of a sufficiently large geared fall in the main xr shares.

[skinny] 04/6/2024 11:01

HL wording :-

"If you don’t want to buy more shares in National Grid, you don’t need to do anything. Your rights to buy new shares may have a value. If so, they’ll be sold for you shortly after 11 June 2024. Any proceeds after costs will be added to your HL account."

[skinny] 04/6/2024 10:59

I'll be glad when the 6th has been and gone! 🙄