Pace Plc Share Discussion Threads

[freddie01] 23/7/2016 09:27

Jaisalmer, Rajasthan | India (by Chamo Rojas)







Plague Fort in Saint Petersburg, Russia









Glacier National Park by Dan Sommers



The Relax Fox by Michel Bellemare

[laugher] 22/7/2016 21:02

Good to be part of a wider group in that case. Pace share price would probably have been hammered on the back of those. Good to hear networks was still making progress. I always thought we'd need to give it until at least next week's results to see any tangible progress from the merger/acquisition. So looking forward to Wednesday, albeit with the usual dose of Pace apprehension! Good luck to all holders.

[1gw] 22/7/2016 19:23

Pace 2015 horror story.

Prompted by a story in Insider Media, I have tracked down the Pace plc 2015 accounts (actually the period from 1st Jan 2015 to 3rd Jan 2016). There were clues from comments Arris have made on the revenue miss, but the full accounts appear at first reading to be a real shocker:

Revenue: $2.25 bn vs guidance of $2.55bn
Adjusted EBITA: $155m vs guidance of $255m

The guidance is that given in the update of 18th September 2015.

Lots more detail including segment and geographic splits but it's all pretty painful, with the exception of Pace Networks (Aurora) which had a good year. I also notice that their biggest customer (Comcast presumably?) grew to 30% of revenues in the period (biggest customer was 24% in 2014).

See 5th July on the companies house site below to access the pdf of the accounts:

[1gw] 22/7/2016 15:19

Thanks beaubleep. It's good to be able to compare notes and see what happens on an actual sale as I get the impression it's all a bit confused within Selftrade itself.

Was there an additional 0.5% currency charge "below the line" on the contract note? Selftrade say "up to 0.5% will be added by the market-maker and included in the sterling price quoted...A further 0.5% will be added as a currency charge and will be detailed on the contract note."

[beaubleep] 22/7/2016 08:26

Just received this reply from Selftrade with regard their costs

Please be advised that the calculation is as follows:

The costs are 0.5% FX levied by the executing broker, to include all local costs, plus our standard fees.

$24.24 was the executed price – and the currency was 1.2955 at the time of trading (per Bloomberg) and we can use that as a benchmark.

Arris is UK reg. stock (UK ISIN) but is US traded in USD and as such has a 1.5% stamp charge, and the above mentioned 0.5% FX translation.

$24.24 x 98% = 23.7552 * 1.2955 = 18.3367 (booked at 18.335, the nearest ½ penny)

Hope this is helpful, I must admit I don't know whether its a good or bad deal all I know is I made a 6% profit over roughly 6 months and whilst not earth shattering I'm happy enough to take.

[terminated] 21/7/2016 10:58

Coffee 300% mark-up, I think you missed a zero off the end.

[freddie01] 21/7/2016 09:54

Lionfish & sun…



Liseberg - Photo by Oliver Mallich



Seal © by pjkrebs



The core of the human eye.



The delicate interior of a violin.



The inner core of a guitar.



The core of an apricot tree looks like it has a man.







Thornbugs (Membracidae) vary in size and colour. However, they are usually about 1.27 cm high. They are best known for their enlarged and ornate pronotum which often resembles thorns as a camouflage. They grow into bizarre shapes and sizes. This species was unknown until 1950



Living Walls is a street art project initiated by artist Nikita Nomerz , from the western Russian city of Nizhniy Novgorod. According to Twisted Sifter…, the graffiti and street artist seeks decaying buildings and paints them into living characters: “I started in school with classic hip hop graffiti but became more interested in street art



Cone in the cloud by David Steer at Otago Peninsula, Dunedin, New Zealand

[bashor] 20/7/2016 22:05

Mr Bleep you are a star

[1gw] 20/7/2016 21:52

I suppose it depends on your perspective. If you are mainly buy-and-hold and hoping to double your money over a few years, then an extra 2% unnecessary tax and 2-3% forex costs may not be so bad. But if you are used to "topping up" on dips and unloading after a 10% or 20% recovery (if the recovery materialises) then the extra costs represent a big chunk of the profits. I can't help comparing the costs of transacting Arris with the costs of transacting Pace, which were little more than the 0.5% stamp duty on purchase if you were buying in any quantity.

[beaubleep] 20/7/2016 20:05

I may be missing something here as quite a lot is being said about the amount we are being charged to sell shares.
In my opinion 2% doesn't seem much and whilst I'd prefer it wasn't there really don't think it's excessive when it is compared with other rates we are charged daily for.
Eg Buy some euro from the post office 1.16 to the £, sell them back and they want 1.31 euro for a £. Surely thats excessive 13%
Next house you buy, 5% stamp duty
The next coffee you buy 300% mark up
The next bottle of wine you have in a restaurant,minimum 300% markup
Well known over the counter drugs such as Nurofen as oppose to supermarket brand 300 to 3000% markup
Bottled water to wash it down with 4,000% markup.

Etc etc.

Surely 2% isn't that bad, they are obviously performing some service but may be as I said I'm missing something here.

[terminated] 20/7/2016 15:28

Looking like it is breaking out of the $25 bogey line, should hit $26 well before results, then away up to $28 if no bad news. I Will sell a few at $26 I think (from my rip-off Selftrade account unfortunately).

[1gw] 20/7/2016 13:41

Beaubleep - td direct don't charge the tax (because presumably they don't settle in Crest). So td direct add 1.5% forex on both the buy and the sell, a total of 3% "extraordinary" charges. This compares favourably with the 1% forex buy & sell plus 2% tax on sale (4% total) which I think selftrade charge.

[beaubleep] 20/7/2016 13:18

1gw
'but it shouldn't be necessary to pay anyone such a high fee'

I think that's a whole new issue. Most people will charge what the market will support.

I charge my clients just under the normal market rate, do I think they should have to pay such a high fee, no. However when I've actually lost work due to being too far under the market rate then I'll reluctantly go with the system.

If you do find anyone who gives the same service for less please let me know. I'm currently questioning Selftrade about their charges but I don't expect it will change until someone decides to make less profit.

[1gw] 20/7/2016 10:07

Beaubleep - I agree, but it shouldn't be necessary to pay anyone such a high fee. These shares were set up to allow stamp duty-free trading. It is the inflexibility of some of the uk brokers' systems that "forces" them to settle in Crest and move them into DTC upon sale which then gives rise to the 2% "tax".
So better the interactive investors/selftrade/HL high fees than the Barclays outright ban on holding Arris in the isa. But better still the td direct system which appears to trade within DTC and so avoid the "tax" charge, although still hitting clients with forex charges.
Has anyone found an isa or sipp provider which has neither the "tax" nor the 1%+ forex charges?

[beaubleep] 20/7/2016 08:05

1gwWhilst a bit steep surely a 10% gain with a 2.8% fee is better than a 7% gain with 0.5% feeI'd happily pay a 90% fee if I could get a 10% profit each week or even each month

[mbhesms] 19/7/2016 16:56

Headline: Arris DOCSIS 3.1 Modem Cleared For Takeoff



This is the retail version of the MSO focused Touchstone CM8200.

From an older article (10/12/2015)

"D3.1 modems are expected to cost between 30% to 50% more than D3.0 modems in the early going"

[freddie01] 19/7/2016 09:59

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Morschach, Switzerland







Moss-Covered Skull
Brugge General Cemetery, Belgium



Quaint house in Rothenburg ob der Tauber :: Bavaria, Germany.



a soba (buckwheat) restaurant ,Sudacho

[1gw] 18/7/2016 16:47

Sold a few more just now. Motivation was (1) to realise a bit of profit now the portfolio overall is doing OK for this year and (2) to get rid of the holding in Interactive Investor so I am free to move this account elsewhere (after what I felt was an awful performance around the conversion of Pace shares to Arris).

Interactive Investor did charge the "stamp duty" and add a forex markup, so that I received £18.23 instead of the approx. £18.76 which would have been the market price ($24.95-ish) converted at the spot xrate (£1=$1.3298). So seems to have been about 2.8% total costs between stamp duty, xrate markup and spread. Horrible.

[freddie01] 18/7/2016 08:56

The Akron Rubber Bowl



Abandoned coffee shop, Sebastopol, CA



goldfield jail



Bremen







Teapot Baobab takes the form of bottle and also looks like teapot, which is why its name has teapot in it. This tree and the trees similar like this are located in Ifaty, Madagascar.

The famed Teapot Baobab is around 1200 years old and has the capacity of storing more than 31,000 US gallons (117.000 litres) of water. It can show the endurance for severe drought conditions.



by pm-3



soap bubbles magnified







moonlight beach (1-033-img 0389-7s) by icetea1234567 on Flickr.



L P Driftwood V by ~FallenFox17

[1gw] 18/7/2016 08:36

27th July a busy day for the sector: Arris, Technicolor and Comcast all due to report.

[beaubleep] 18/7/2016 06:13

Just woke up to the news that Arm are getting bought out for £17 a share, great news unless you sold last week for £11.80 (£500 profit) after showing a loss for over a year.
They do say no one ever went bankrupt taking a profit but you can feel pretty sick doing so sometimes.
Just missed out on a little over £11,000.
Bummer.

[freddie01] 17/7/2016 07:00

Souq, Marrakesh | Morocco (by Federica Gentile)

[freddie01] 17/7/2016 06:55

dolphin swimming along the Na Pali coast along the northern coast of Kauai..



Mamanuca Islands…



stepping stones…



Edinburgh | Soctland (by Luca Moglia)



Landing in San Diego | California (by mojo2u)



Oma Forest, Bizkaia | Spain (by Nacho Coca)



FRANCE, Paris : A picture taken on June 9, 2016 from the Montparnasse tower shows the opening concert of the Paris fan zone on the Champs de Mars by the Eiffel Tower, in Paris, one day before the start of the Euro 2016 football championship. / AFP PHOTO / GEOFFROY VAN DER HASSELT



CHINA, HONG KONG : Teammates paddles during a dragon boat race held to celebrate the Tuen Ng festival in Hong Kong on June 9, 2016. / AFP PHOTO / ANTHONY WALLACE



The amazing Temple of Heaven in Beijing