Raven Russia P Discussion Threads

[hindsight] 15/3/2018 20:06

I have always wondered why doing damage with the point of a pen is rated so much lower than with a gun. Think its safe to say Aviva have inflicted as much pain in total as the Russians, perhaps the bonus seekers there can be deported too with out a pension

[montyhedge] 15/3/2018 19:48

A lot of investors thinking like him at the moment.

[muffster] 15/3/2018 15:38

Ah im adding more regularly

[my retirement fund] 15/3/2018 15:34

Buying ? I've bought them. Not plans to sell them any time soon.

[badtime] 15/3/2018 15:05

MontyShould she have just sent a thank you note instead?

[muffster] 15/3/2018 12:48

Hi MRF you still buying the lloyds 9. 25%LLPC?

[my retirement fund] 15/3/2018 11:27

I was wondering if whilst Mrs May was robustly defending the rights of those ex soviet spies/turn coats whether she would also be extending the same courtesy to those ex Isis executioners whom the net is closing on now?

[my retirement fund] 15/3/2018 11:23

Us, what sort of us would that be then ? Does that apply to us all of us or only those if us who were in the Russian military then became a spy for other countries depending whom was the highest bidder?

[hpcg] 15/3/2018 11:05

Yep, lets just allow ourselves to be gassed.

[igbertsponk] 15/3/2018 09:27

The massive buy in RUS Ords by Hambro could signal what is happening here - a holding of that size is likely to have come from either Invesco or Woodford. As they're both massive holders of RUSP, possible that they could also have put blocks of those up for sale. Hence the slide in RUSP.

[montyhedge] 15/3/2018 05:04

Aviva as spooked all pref stock.Plus the latest Russian antics.May wants to be careful, they can turn off the energy tap to Europe.

[bench2] 14/3/2018 16:50

Agree with Horndean , it is all about a markdown in all UK prefs with big coupons selling well above par value 150p + etc . RUS is being well supported because the results for the year announced on 12 March and the outlook were better than expected .The founder of the company Anton Bilton has a huge holding of the 12% Pref , serious skin in the game , and he is not about to make himself a lot poorer by doing anything stupid like repaying at par .

[santar] 14/3/2018 15:24

In for a few more - seemed rude not to.
(Also showing as a sell on ADVFN)

Thanks again Kenny for sharing your research.

[kenny] 14/3/2018 15:16

I have been doing some further in depth research to confirm the company’s lack of ability to redeem the RUSP class at par. I am not at all concerned if RUSP is unpopular as a Russian company because that will change over time.

However, I would be very concerned if these preference shares were other than irredeemable, including any potential ruse the company could use to attempt a “capital reconstruction”; or “substitution” - which are concerns for the Aviva and Lloyds preference classes, respectively.

As I have previously posted, the company cannot redeem this class because Clause 2.7 in its Articles states:

“2.7.11 Save as expressly provided in this Article 2.7, the Company and the holders of the Preference Shares shall have no right to redeem the Preference Shares.”

Further, the Articles contain no reference to “capital reconstruction”; or “substitution”.

I thought I would check The Companies (Guernsey) Law, 2008 which can be downloaded via a google search. Reassuringly, it contains protections which are not contained in the Companies Act 2006, which applies to UK companies such as Aviva and Lloyds.

Of greatest interest and unlike UK company law, is that an “abrogation221; (a repeal or abolition of a class) is deemed to be a variation of class rights (see Clauses 342 to 348). For example, Section 342(5) states:
“In this section and (except where the context otherwise requires) in any provision in a company's articles for the variation of the rights of a class of shareholders, references to the variation of those rights include references to their abrogation.”

The Guernsey Companies Act also states that a variation in rights shall require a 75% vote of the effected class of shares.

In the unlikely event of 75% approving, there is also a right of appeal to the court and that can be made by 15% or more of the holders.

In summary, Guernsey law provides much more protection than UK company law to preference shareholders - even ignoring the cast iron wording used in the company’s Articles.

[skyship] 14/3/2018 13:48

Igbert - could you pls reduce the 8s as you are distorting the thread; perhaps just make it 8.9%!

[hindsight] 14/3/2018 13:48

Long time since been this volume on offer on both sides at such a tight spread. Brought a few and shows as sell simply because the offer is below mid price

[holts] 14/3/2018 13:45

You missed an 8

[11_percent] 14/3/2018 13:09

Cheers.....amm busy checking...

[igbertsponk] 14/3/2018 13:08

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888888888888888888888888888888888888888888888%

[11_percent] 14/3/2018 13:06

What is the yield now.

[11_percent] 14/3/2018 13:05

I smell a scamm here.

[11_percent] 14/3/2018 13:03

My buy showing as sell.

[kenny] 14/3/2018 13:01

Big build up to the prime ministers statement and, as I predicted, there is not much we in tiny UK can do. Unbelievable how many so called "investors", personal and fund managers, have sold based upon emotions rather than a cool assessment of the situation.

[catsick] 14/3/2018 12:55

I think its mossad took this guy out to keep up the pressure of the anti putin war mongers demanding war with Iran, maybe the synagogue had some aviva prefs and the ceo is the next hit too ...