Phoenix Share Discussion Threads

[lauders] 07/10/2017 01:29

Woodhawk - I am also having dividend payment issues and my dividend STILL hasn't been credited to my account. However, my shares are held in a portfolio linked to my QROPS savings (pension) and is managed by a "brand" name that I will not mention. I have sent a message to those responsible and made an official complaint about their "service". If I could change them I would in an instant! Not so easy :-(

[joan of arc] 06/10/2017 14:34

IG are always 3 or 4 days behind. They should tighten that up.

[arf dysg] 06/10/2017 13:58

My phoenix dividend, due on the 2nd of October, arrived on time on the 2nd of October.

Three ETFs by iShares have always been late.

Ticker ; announced payment due date ; payment actually received date

DJMC 30th_Jun 3rd_Jul (Eurozone companies)
MIDD 30th_Jun 3rd_Jul (FTSE 250)
ISP6 31st_Jul 1st_Aug (USA Standard & Poor index: 600 smaller companies)
DJMC 29th_Sep 2nd_Oct
MIDD 29th_Sep 2nd_Oct

All other dividends have been received on time. Payment has been late for only the iShares ETFs. I have a selftrade ISA and a selftrade dealing account.

[schofip] 06/10/2017 13:42

If IG was my broker and behaved like that I would be using the past tense to refer to them.

[spittingbarrel] 06/10/2017 09:16

Idealing paid on time.

[rcturner2] 06/10/2017 08:18

TD Direct paid me on the 2nd October.

[garycook] 06/10/2017 04:23

Paid by HL has always on payment day.

[schofip] 05/10/2017 22:01

I was paid by both Selftrade and Youinvest on the correct day although Selftrade added them after the close.

[woodhawk] 05/10/2017 19:53

I'm not sure, grahamburn, but that is entirely possible - I did buy some of them about a week before the ex date. I wasn't aware that such a distinction existed
IG Index didn't mention this to me. But many thanks very much for the informed info - much appreciated! You live and learn!!

[grahamburn] 05/10/2017 19:47

Did you buy the shares just a few days before the ex-date, Woodhawk? The response sounds like the dividend had to be "claimed from the market" (ie the broker handling the transaction) rather than coming straight from the company's registrars.

Quite a normal/common procedure, if the answer to my question is "Yes".

[woodhawk] 05/10/2017 19:42

IG Index told me that they cannot pay as they don't have the funds from their broker and they have no idea when it will be resolved. Appalling attitude - I am awaiting further information.

Here's a quote from an IG Index email to me today: "our broker have not received the funds for this dividend from the market as yet. We aim to credit within 3 working days of the dividend pay date. however in this instance we must await to receive the full balance from our broker" and "I do not have a time frame for when this is resolved, we are in constant contact with our counter party in order to get this matter resolved as soon as possible."

It seems like there is some issue with the third party which IG Index are not revealing?????

I was paid by the Halifax on the correct payment date.

[latics2] 05/10/2017 19:27

Not spoken to IG but like yourself I have not been paid yet.My divi from SGC was paid on time however.

[woodhawk] 05/10/2017 18:45

NON PAYTMENT OF DIVIDENDS

I have not received my dividends in respect of my Pheonix holding from IG Index. They have just advised me that they cannot pay my dividends as their broker has not paid them. They say they cannot give me a time-frame for when they might be paid!!

This sounds preposterous to me - has anyone else had the same problem?

[johnroger] 01/10/2017 18:29

Pay day tomorrow

[essentialinvestor] 08/9/2017 13:53

The FCA now appears run in a way that would make diehard socialists blush!.
As a Lloyd's shareholder I may be a tad biased in that view ).

[hyden] 08/9/2017 12:41

Sorry speeds, I disagree. PHNX probably has the financial flexibility to manage, say a £500m acquisition without recourse to other sources of funding. The problem is that as the shareprice declines then this makes acquisitions more expensive through the dilutive effect (discount to MCEV) which in turn means PHNX are priced out of the market by competitors. I think that until the shareprice recovers then any acquisitions will be small, at best.

[speedsgh] 08/9/2017 12:22

Huden - "without further acquisitions...". I think PHNX have made it fairly obvious that further acquisitions are pretty much nailed on. Main question is how large & when? Aimho

[hyden] 08/9/2017 12:13

Perhaps 'prosper'is a better word jonwig, and I agree they simply could deliver MCEV. This is why I remain invested at the present time but the longer term challenge, without further acquisitions, is how to manage the high and relatively fixed costs of WP funds in run off. As the book declines and cash flows reduce then the dividend might not be sustainable as the fixed costs will eat into it. Admittedly this is many years away, but still within my investment horizon and so it remains a worry for me.

[woodhawk] 08/9/2017 12:05

I'm beginning to think that PHNX has just got indiscriminately caught up in some sector-wide sell-off for no real reason. Big bounce coming?

[jonwig] 08/9/2017 11:47

Hyden - well, "survive" is a bit strong! PHNX could simply go into run-off and deliver the MCEV (which they don't seem to use any more) over a period. It wouldn't be much fun for investors, and they'd probably need to de-gear gradually.

[hyden] 08/9/2017 11:28

But don't forget PHNX have secured an indemnity from DB for the FCA investigation so I don't think it's that. I think it may perhaps be down to the fact that PHNX needs to acquire in order to survive.

[edmundshaw] 08/9/2017 08:37

Presumably the drop is due to the investigation by the FCA into annuities etc in a few companies including Abbey Life (from before the time Phoenix took the book on). Even though there is no new information about it, the FCA did mention the investigation was ongoing...

But this issue was fully covered in the interim results under the heading REGULATORY AND LEGISLATIVE CHANGES. No special reason why people should be getting worried about the issue right now, other than they have been reminded of it.

[rcturner2] 08/9/2017 07:48

Phoenix is not involved in disaster insurance, so will have no effect on the business here.

[woodhawk] 08/9/2017 07:29

Don't really see a specific problem here - the sector as a whole is being hammered - probably a good buying opportunity - so I'm increasing my holding. Divi around 7% at this price, good interims and broker upgrades.

[lauders] 08/9/2017 02:19

I assume the weakness here is not just because we went ex-dividend (started before the ex-div date) but because of the concerns to the insurance sector as a whole in light of all the claims that are likely to come from weather conditions around the world?