Raven Prop P Discussion Threads

[catsick] 11/12/2019 07:21

Company buying back at 115 , thats a nice 10%+ yield on the cash they spend

[my retirement fund] 06/12/2019 09:18

The shares could be placed on another stock market, after all who would want to be listed in the UK these days with the way things are

[holts] 04/12/2019 22:15

Can not say I am comfortable with the proposed purchase of such a chunk of the ords to be held in treasury which obviously will require financing .

[igbertsponk] 03/12/2019 17:33

Suspect Invesco with their big Pref and Convertible holdings hold all the aces.
The company throws off the needed amount of cash every 12 months so not drastic.

[nitnia] 03/12/2019 17:14

Surely this proposed reduction in the capital base of the company is not in the interests of the pref holders as it will reduce our capital cover.

[igbertsponk] 03/12/2019 13:30

The RNS is here

[igbertsponk] 03/12/2019 13:28

Woodford fallout continues. Invesco jumping on the bandwagon.



Adds hugely to the Ords NAV per share, but the cash will have to be found. Ords tempting at this discount.

[kenny] 02/12/2019 12:50

Hi Dave, the link you gave is only relevant to scrip dividends paid by UK companies.

The following extract is from Appendix 3 to the company’s scrip dividend circular for the December 2019 scrip dividend:

“The issue of new Preference shares by a company for no payment would ordinarily be treated as income for UK tax purposes.
In the case of a non-UK resident company issuing a scrip dividend alternative this is not the case and no liability to income tax or corporation tax arises for UK resident shareholders.
The issue of new Preference Shares by the Company to Preference Shareholders for no payment will not be treated as giving rise to income in the hands of the recipients of the new Preference Shares. No liability to income tax or corporation tax will therefore arise for any UK resident Preference Shareholders who elect to receive new Preference Shares.”

The full scrip dividend circular is available from the company’s website.

See also HMRC Foreign Notes 2018/19, page FN7 which, as regards income, states:
“Do not include: … • stock dividends or bonus shares from a stock dividend issue made by a foreign company”


Hopes this helps to explain the tax treatment.

[davebowler] 02/12/2019 11:40

Scrip dividends tax -

[kenny] 29/11/2019 01:17

....and Trump wishes to sanction companies working on a new gas pipeline between Russia and Germany, including German and UK companies working on this commercial, not State, project.

The official line is that the US fears that Europe will become too reliant on Russian gas but according to reports I read: the real reason is that it means US gas becomes uncompetitive to sell into Europe.

On top of Trump's comments about NATO, is it any wonder that European countries are questioning whether an alliance with the US still exists?

[igbertsponk] 20/11/2019 10:39

Prefs much more pension assets as Convertibles only have a 10 year life. Prefs go on and on and on spinning off income. The Convertibles end in 2026, not too far off now.

[hindsight] 20/11/2019 09:38

Why are the prefs safer than the convertibles ? The convertibles rank in front in default

[igbertsponk] 20/11/2019 09:17

Prefs have done very well for many years. A slightly safer home for my pensions than the convertibles.

[hindsight] 19/11/2019 10:02

Or Invesco reducing

[catsick] 19/11/2019 09:38

The ravc buyers from woodfords puke seem to be taking profits on the cheap ones sold at a big discount, can get 10% ytm now at current prices plus free option on converting, seem better value now than the prefs ?

[igbertsponk] 14/11/2019 09:18

Only tuppence down so far on the thruppenny ex div.

[11_percent] 14/11/2019 09:14

Indeed….its just a pity that it takes so long to get into the bank....

[cwa1] 14/11/2019 08:13

Well, another 3p dividend "bagged" this morning, to be paid 31/12.

[igbertsponk] 07/11/2019 09:29

And I've put the 2020 divi timetable in the header.

[cfro] 07/11/2019 09:16

Also included in the announcement is a full dividend schedule for next year.

[cwa1] 07/11/2019 08:40

For the record:-

Preference Share Dividend (RAVP)

The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RAVP (the "Preference Shares") will be made, in accordance with their terms, on 31 December 2019 in respect of the period from 30 September 2019 to (but excluding) 31 December 2019. The record date for the payment of the preference dividend for the Preference Shares is 15 November 2019 with an ex-dividend date of 14 November 2019.

The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share.

[igbertsponk] 07/11/2019 07:14

Ex div 14th confirmed