Reach Share Discussion Threads

[johnv] 01/7/2024 10:52

You just have been reading his Twitter texts.

[johnv] 01/7/2024 10:51

Reach or Future never got mentioned in this months Scsw. A mail shot eh,what a load of rubbish.

[john09] 28/6/2024 19:01

Sounds good thanks

Good volume again today., this week generally has shown good volume

[cityconindex] 28/6/2024 15:36

Im not a subscriber so it was just a pitch about the 2 companies which the info is already out there in the virtual world. If people subscribe all will be revealed, tomorrow.

[john09] 28/6/2024 15:28

A mail shot ?! I dont get a mail shot from them ! Can you cut and paste it here or private message me please !

[cityconindex] 28/6/2024 15:22

John 09 mailshot in my email, apparently the other co mentioned is FUTURE so lets see what they have to say.

[john09] 28/6/2024 13:54

Where did you get that information?

[devonlad] 27/6/2024 09:17

Great volume again, small dip didn't last, added a few more as I can see £1 going shortly. nai, dyor.

[john09] 26/6/2024 18:40

Big volume today . People waking up to the numbers and the impending interest rate cuts

[masergt] 26/6/2024 16:45

Nice finish.

[john09] 26/6/2024 12:59

Baby reindeer is still here stalking us all with her red ticks lol

[john09] 26/6/2024 11:59

Trust me 110 - 125p in July

150 - 200p in Q4

[devonlad] 26/6/2024 11:58

It's a lot of SETS trades, I don't really see it on the charts but you are right, always a psychological barrier with pi's. The chart is getting steeper though now, decent news and this could really go some from here imho. Cash is king as they say and it could double here and be on a relatively low pe, especially with decent pension news which has been really holding the business back fro years.

[john09] 26/6/2024 11:40

Usual uninitiated selling close to the psychological level of £1

I wouldnt

The £1 ceiling will become a new floor once we punch thru and you’ll never get back in at 99p and less youll be buying again at 115p

[john09] 26/6/2024 10:17

I remember when this one used to move 20 - 50p a day in 5p increments .

[john09] 26/6/2024 10:16

These pension funds will be full of meta, nvidia, alphabet, apple etc Theyll be flying

[john09] 26/6/2024 10:08

I hope the pension good news has finally come our way . The last good pension news seemed to completely pass reach by and when the update came our contributions had gone up!!!!

If they are invested in US big tech which most pension funds will be then they should be flying

[aishah] 26/6/2024 09:55

It’s not often that you hear the terms “good news” and “pensions” in the same sentence together, but today I bring you some good news on pensions. Britain’s corporate pension funds have just recorded their biggest surplus ever, according to actuarial consultancy Mercer.

As of last month, if you look at them in aggregate (the state of individual funds will vary), the FTSE 350 defined benefit (DB) pension funds have £79 billion more than they need in order to pay the pensions of their remaining members. That’s the biggest surplus on record, says Mercer.

[simmsc] 26/6/2024 09:49

Half year results at the end of July. Pressure on Reach to deliver strong results.

[aishah] 26/6/2024 09:40

Read across from FUTR where Jefferies has issued a double upgrade to Buy from Underperform.

[devonlad] 26/6/2024 09:20

Looks like it could go pop today imho!

[john09] 25/6/2024 23:27

I also plot us in range 150p - 200p in Q4 this year looking at early 2022 moves . It’s been a long road back

PE is 4.1. Yield is 8% . I wonder if we are getting a full write up this weekend with pension update
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20 Jun '24 - 15:20 - 7906 of 7916 Edit

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

[swynemap] 25/6/2024 18:11

I’m no expert on pensions and there is a lot of jargon but the below is how I think of the figures when quoted.

IAS – This figure is probably best thought as the cash equivalent transfer value e.g. what each pensioner would be paid to swap their defined benefit (DB) pension for a lump sum. The deficit shown by this is kind of irrelevant as quoted as people very rarely swap DB pensions for lump sums. This deficit reduced in the last few years due to the present value of money increasing e.g. the rise in real yield rates. For example in 2021 the uninsured liabilities were £2395m then in 2022 it fell to £1571.5m even though yearly payments will have increased by inflation (I think they cap this at 5% but I’m not sure).

Funding Payments – These are the payments made each year as agreed with the trustees of the scheme, the calculations for these are not made public so it is often guesswork from the outside on how they are going to change.

Uninsured Pension Payments – This is what is needed to be paid out each year either from pension assets or additional funding payments from the company. In 2023 this was £75m and will rise to £101m in 2033 reducing thereafter, if you took the increase from 2023 to 2033 and the subsequent fall to £0m linearly over the next 40 years then a total of £2988m would have to be paid out at present value from the current assets of £1455.1m.

Buyout – This figure is never provided but would be the most interesting figure as it would give a real cost to close out the pension schemes. For example Reach paid £9.6m plus the usual £5m yearly payment to close out the WF scheme which had liabilities of £120m, the last IAS I can find is for 2017 which had the deficit as £6.5m so the cost of the buyout was more than twice the specified IAS deficit even with multiple years of funding payment.

[masergt] 25/6/2024 15:43

Detail from Darren Fisher the AR:

Decrease in accounting pension deficit.

The IAS 19 pension deficit (net of deferred tax) in respect of the Group’s defined benefit pension schemes decreased by £36.8m from £113.9m to £77.1m at the year end. The decrease in the deficit is due to the net aggregate of many factors, mostly notable changes in market conditions leading to an increase in discount rate, returns on the schemes’ assets, Group contributions and the easing of inflation. We concluded the 2019 triennial valuation, along with the 2022 valuation, for the MGN pension scheme, and have subsequently reached agreement with our other schemes
which are expected to be completed by the 31 March 2024 due date. The Group now benefits from an agreed position on future pension funding commitments.
During 2022, similar to the West Ferry scheme, the Trustees of the Express Newspapers Senior Managers Pension Fund purchased a bulk annuity (at no cost to the Group) and the scheme now has all pension liabilities covered by annuity policies. Group contributions in respect of the remaining four defined benefit schemes in 2023 were £60.0m (2022: £55.1m). Contributions in 2024 are expected to be £60.9m under the current schedule of contributions for the four schemes.

Deferred consideration.

Deferred consideration is attributable to the acquisition of Express & Star. The third and final payment of £7.0m was made on 28 February 2023. There is no remaining liability in relation to deferred consideration."

So there you have it. Four different sets of pension deficit and repayment figures in less than a year from the very people who should know the real numbers. How on earth can they expect us to know what's going on? Perhaps that's the plan. Can anyone make sense of it and post the answer please?