Phoenix Share Discussion Threads

[eeza] 06/11/2014 09:56

Nonsense.

Try these links for an explanation.

[royconchie] 06/11/2014 09:48

Exactly, the div comes with no tax credit so when you include it on your tax return it gets taxed as previously untaxed income because your tax credit is 0%.
There is nothing on the credit side to balance it out.

[scburbs] 06/11/2014 09:48

Agreed Jonwig, same as UK company, so 0% basic rate or ISA, 25% higher rate payer and 30.56% top rate taxpayers. Those rates are net of the tax credit, I.E. What you actual pay on the PHNX cash dividend received.

[jonwig] 06/11/2014 09:33

royconchie - I don't follow you ...

With foreign dividends, you pay first the withholding tax of the company's country, and the remainder is treated as a UK dividend with notional 10% tax credit. The foreign withholding tax can usually be reclaimed separately.

Since the wt of the Cayman Islands is 0%, PHNX dividends are treated exactly as UK dividends - ie. a basic rate taxpayer has no further tax liability.

Investors Chronicle on the Budget, 12 March 2008:

UK shareholders who own shares in foreign companies are to receive the same initial tax credit on overseas dividends that applies to onshore companies. Basic-rate taxpayers will not have to pay any tax and higher-rate taxpayers will only be subject to an effective tax rate of 25 per cent.

[royconchie] 06/11/2014 09:20

RCT, There are quite a few better dividend options but depending on your tax situation and whether held in ISA. PHNX divs come gross from the with no Tax Credit and no allowance under any Double Taxation Agreement. If you write to the PHNX investor relations dept. they will confirm that their divs would be subject to UK taxation.

[skinny] 04/11/2014 12:24

A gap to fill here to 780p.

[envirovision] 04/11/2014 12:11

Yes I would like to know of a similar yielding share please ?

FWIW the recent price action looks like a major retest of last years highs is in order and I with the patience of a saint not be surprised to witness a breakout.

[rcturner2] 04/11/2014 11:55

Phil, I'm quite surprised, where are you putting your money instead?

Yield at this level is still 7%, so only need 3% capital growth to get a 10% annual return, which seems very achievable. The refinancing that has occurred and is ongoing is lowering costs and freeing capital for further expansion.

[philo124] 04/11/2014 08:28

Sold fwiw. GLA to those that hang on for £8/£9.

[envirovision] 24/10/2014 09:50

Needs to breach £8 first lol

[envirovision] 24/10/2014 09:49

9 quid even better

[speedsgh] 24/10/2014 09:27

All in good time :o)

[skinny] 24/10/2014 07:10

JP Morgan Cazenove Overweight 734.50 734.50 915.00 915.00 Reiterates

[philo124] 23/10/2014 20:14

Needs to breach 750p first.

[envirovision] 23/10/2014 20:07

8 quid, nice !

[skinny] 23/10/2014 16:33

Canaccord Genuity Buy 735.50 800.00 800.00 Reiterates

[rcturner2] 23/10/2014 08:11

Thanks jonwig much appreciated.

[jonwig] 23/10/2014 07:31

Yes, they have a knack of managing expectations very well. I was actually expecting a bit of M&A, but doubtless they will spring a surprise on us soon enough!

What chance they'll issue a replacement RNS later today (for the Q3 IMS)?

RCT - got your message re the PRES thread, thanks, which I'll look at later.

[skinny] 23/10/2014 07:04

Phoenix Group Holdings announces that it expects 2014 cash generation to be towards the top end of its target range of £500 - £550 million


Highlights

· £438 million of cash generation1 in the 9 months to 30 September 2014 (HY14: £332 million), excluding the proceeds of the divestment of Ignis Asset Management ("Ignis"). Full year cash generation expected to be towards the top end of the target range of £500 - £550 million (excluding Ignis divestment proceeds).

· In addition, £390 million has been received from the divestment of Ignis completed on 1 July 2014, resulting in total cash receipts in the 9 months to 30 September 2014 of £828 million (HY14 pro forma2: £722 million).

· Total Holding Company cash3 of £957 million at 30 September 2014 (HY14 pro forma2: £990 million).

· Estimated IGD4 surplus and headroom both remained stable at £1.1 billion and £0.4 billion respectively at 30 September 2014 (HY14 pro forma2: £1.1 billion and £0.4 billion).

· Estimated PLHL ICA4 surplus and headroom both remained stable at £0.7 billion and £0.6 billion respectively at 30 September 2014 (HY14 pro forma2: £0.7 billion and £0.6 billion).

· Estimated Phoenix Life free surplus, which represents excess capital over the life companies' minimum requirements and the capital policies, was £297 million at 30 September 2014 (HY14: £379 million).

[jonwig] 22/10/2014 15:04

No, I don't think so -

David Barnes joined the RBS Group (then Williams & Glyn’s Bank) in 1973 and remained there in various roles until his early retirement in February 2009. His roles included Relationship Banker in the then newly established Corporate Division, Managing Director of the Financial Institutions Relationship Management team and member and subsequently Chairman of RBS’s Credit Committee. From 2005 he was responsible for all lending to financial institutions and for capital management for RBS’s Financial Institutions Group.
Mr Barnes was appointed to the Board of Directors of the Company on 2 September 2009. He is a member of the Board Audit and Board Remuneration Committees.

He held 2,747 shares according to the last AR - less than me! Had his stake been significantly higher, I might have worried!

[joan of arc] 22/10/2014 14:46

Seen the latest RNS. "No loss of office payments have been or will be paid to Mr Barnes". That seems an odd comment to make. Has something been going on?

[speedsgh] 21/10/2014 15:15

Q3 IMS due on Thurs -

[aleman] 18/10/2014 11:29

A good explanation of OPPORTUNITY COST and the reason why trading on margin can work badly against you. I often forget about such things. Opportunity cost is interesting because it shows how a share price is not solely set by its own fundamentals but can be affected by shares that are completely unconnected economically. There are probably another hald dozen reasons for what seems like illogical selling. Another I can think of might be index selling. You often get a lot of index selling in times of crisis to get a short position in the market quickly. Institutions selling the shorts might then hedge their risk/arbitrage a profit by selling the underlying stocks in the index, particularly those that have not fallen as much as the rest.

Cheers, Gary.