Reach Share Discussion Threads

[masergt] 25/6/2024 15:35

This from 2023 AR published 05/03/2024


Jim Mullen: "After a number of years, the 2019 and 2022 Pension Triennial valuations are concluded. There is an agreed pathway to fully funding the schemes and from 2028 pension commitments are expected to reduce by c.£40m [The estimated committed pension payments are based on the current funding schedule and are subject to future valuations and movements in the underlying assets and liabilities.]

"Over the last four years we had not been able to come to an agreement with the MGN Pension Trustees on the 2019 triennial valuation. I cannot overstate the importance of having successfully concluded both the 2019 and 2022 triennial pension reviews for the MGN pension scheme. Agreement with our other schemes is also expected to be
completed by the 31 March 2024 due date. This provides much needed clarity on the scale of our funding obligations, which are scheduled to materially step down in early 2028. These developments will both benefit the wider business and enable better planning for our future. Thank you to all the teams who have been involved in bringing these matters to a close."

[masergt] 25/6/2024 15:25

Then this update from Pensions Age 10/10/2023:

Reach agrees updated deficit recovery contributions for MGN scheme By Jack Gray 10/10/23

"Publication company Reach plc has agreed an updated deficit recovery contribution rate and schedule for the MGN Pension Scheme, following the conclusion of its 2022 triennial valuation.

The valuation showed that the scheme had a deficit of £219m at the end of December 2022.

This deficit is expected to be removed through a schedule of contributions, including annual payments of £46m a year from January 2023 to January 2028.

The previous schedule of contributions for the MGN scheme included payments of £40.9m a year from 2023 to 2027.

Reach noted that discussions were ongoing with its other pension schemes in relation to the 2022 triennial valuations.

The firm expects those valuations to be concluded by the 31 March 2024 due date.

In total, the group had six defined benefit pension schemes: the MGN Pension Scheme, the Trinity Retirement Benefit Scheme, the Midland Independent Newspapers Pension Scheme (MIN Scheme), the Express Newspapers 1988 Pension Fund (EN88 Scheme), the Express Newspapers Senior Management Pension Fund (ENSM Scheme) and the West Ferry Printers Pension Scheme (WF Scheme).

The trustees of the ENSM Scheme purchased a bulk annuity at no cost to the group in 2022.

Reach paid £9.6m to the WF Scheme in 2021, which, together with the payment of £5m made in 2020, enabled the trustees to purchase a £120m bulk annuity, meaning that the scheme now has all pension liabilities covered and no further funding is expected.

In total, group contributions in respect of the remaining four DB pension schemes in the first half of 2023 were £23.3m, up from £23m in H1 2022.

However, contributions in 2023 are expected to hit £55.8m under the current schedule of contributions for the four schemes, with a further £32.5m of group contributions due to be paid in the second half of the year."

Note: "The firm expects those valuations to be concluded by the 31 March 2024 due date." There was no mention of this in the trading update RNS'd on 02/05/2024.

[john09] 24/6/2024 21:52

That’s an awesome swing

[swynemap] 24/6/2024 19:54

Taken from 2023 Annual Report "The funding valuation of the Trinity Scheme at 31 December 2019 was agreed on 21 December 2022. This showed a deficit of £57.2m. The Group paid contributions of £5.2m to this scheme in 2023 and agreed an unchanged schedule of contributions of payments of £5.2m pa from 2024 to 2027."

[john09] 24/6/2024 19:21

What was the gap last time they updated ?

[gfrae] 24/6/2024 19:17

Lewisquartz1 , Thanks a useful piece of information for a change ! As you say very promising.

[lewisquartz1] 24/6/2024 18:55

just had my trinity retirement (one of the pension schemes) annual statement .

according to which amount needed to fund the benefits £356.8 million
current assets £351. million

deficit now only £5.8 million so looking pretty good at the moment . How the others are doing Im not so up on .

but lets hope if they are anywhere as near as being fully funded then happy days.
From april 1st to 31 dec 2027 £4.531 million per year or until the scheme is fully funded.

[john09] 20/6/2024 15:20

On this upswing i have us 100 - 110 but agree 125 ish probably next swing in around 4 weeks

[devonlad] 20/6/2024 15:06

I am not sure 100 will be a big hurdle, 120p more resistance around that area imho.

[john09] 20/6/2024 14:24

You just need a bit of charting knowledge and to read sentiment


Socionomics19 Jun '24 - 16:08 - 7899 of 7902

Right lads, that's me done for now. I'll be back in time for the August ex-div.

Good luck.



john0919 Jun '24 - 19:29 - 7900 of 7902 Edit

It’s about to swing up again . Charts superb

[devonlad] 20/6/2024 14:20

Breaking out, peachy!

[john09] 19/6/2024 19:29

It’s about to swing up again . Charts superb

[socionomics] 19/6/2024 16:08

Right lads, that's me done for now. I'll be back in time for the August ex-div.

Good luck.

[devonlad] 19/6/2024 09:22

a bit of decent buying volume today and hopefully RCH makes a decent move imho

[100egs] 18/6/2024 20:25

Funny 🤣

[our haven] 18/6/2024 18:00

Agree, very nice day. I think that your down ticker is on holiday, happy days.

[john09] 18/6/2024 13:35

Looking good

[john09] 15/6/2024 12:27

PE is 3.8 lol

[john09] 15/6/2024 12:23

I see the evening standard is morning from a daily to weekly print publication amidst the shift to digital . A free paper of course so not underpinned by a cover price

Their website nicer to read than ours mind!

[john09] 13/6/2024 15:07

Up 50% in 3 months 💪

[john09] 12/6/2024 15:04

Although in]ve a watchlist of 6o stocks home and abroad . 55 are blue today