Record Dividends - REC

Record Dividends - REC

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Record Plc REC London Ordinary Share GB00B28ZPS36 ORD 0.025P
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
0.00 0.0% 36.80 0.00 0.00 0.00 36.80 08:00:05
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Record REC Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

konradpuss: Well, results on Friday. Did they call the dollar right? I guess they have not lost any money under management as they usually put out an RNS if such happens. Here is a guess, it will be a ' steady as it goes' set of numbers. Last time around (2008) it was a disaster for them and the share price, because of their then business model. I think they might well be in quite a good place right now with a good balance sheet and NO borrowings. Good old Neil.
dlm2602: And that excludes the special dividend that is paid at the year end! Factor that in and the yield is closer to 10%. A rock solid company but it needs tangible growth to get the share price motoring and it is in a very competitive industry.
masurenguy: I used to be invested here but exited 6 years ago. Revisiting as a potential yield investment for my equity ISA. Will monitor for awhile before deciding whether to re-invest. Graham Neary's view: This is a specialist fund manager providing currency services. I own shares in it because of my positive impression of management (conservative and well-aligned), excellent cash generation characteristics, and my belief, at the time I invested at least, that it served an important financial niche. Unfortunately, it hasn't achieved much in terms of growth in the last few years - but then, this has been reflected in the valuation. Its share price has also been a victim of the recent general market correction, and then when you add in the effect of today's trading update, it's dropping deeper into what I hope will eventually prove to be "cheap" territory. When it comes to valuation, we should bear in mind that the company had equity (as or March 2018) of £26.5m, almost entirely tangible and liquid, including cash and money market instruments worth £22.5m. The Stocko valuation chart shows what I'm talking about: forecast dividend yield of 7% and EV/EBITDA ratio of 6.4x (prior to today's sell-off, so it's cheaper now). Today's update is not too encouraging, sadly. Assets under Management Equivalent (AUME) are up by 1.1% when expressed in GBP, but this was driven by market movements, not by client inflows. There was a small client outflow during the period. Additionally, 7 clients (out of 66) are leaving, taking $2.5 billion of AUME with them (out of $61.8 billion). They use the Passive Hedging product, which is the cheapest one, so the total loss in terms of fees will probably not be huge. But it's hardly good news. "Fee rates for most products were broadly unchanged". Again, this doesn't sound great. The overall trend in fees appears to be negative. No performance fees were earned during the period. My view - Unfortunately, Record's Passive Hedging product doesn't seem to stand out in the crowd (and charges low fees), while the Dynamic Hedging product, with higher fees, is a very small percentage of overall AUME and is in a negative long-term trend. That said, due to my sluggish investment style, I have no immediate plans to sell my position. On the bright side, I think it has the potential to recover some positive momentum in a period of extreme FX volatility, when institutions might be desperate for currency advice and might be willing to try the Dynamic Hedging product again, and I see the balance sheet and management as factors which reduce the risk of staying invested.
dlm2602: I think the tender is an excellent idea. The only criticism is that it should have been done earlier. If you tender the exact amount allocated to you (c 10%) you will end up with 10% less shares but the same percentage of the company as you held before. The shares purchased by the company will be cancelled. If profits remain the same as last year the impact of cancelling these shares by the company means that the EPS will increase by 10%. Cash held generally has little effect on the valuation. So I believe that this scheme will likely lead to a rise in the share price all things being equal. If you can sell your (10%) shares in the market at a higher price than the tender offer then that is a better choice. Neil has offered to sell additional shares at the tender price if there are a lack of shares offered for tender. Given the poor liquidity in the shares, the tender is a rare opportunity to sell a large number without hitting the share price. I suspect the MM's will keep the price in check so that there is not much difference between the price XD and the tender offer. As an aside, REC looks at long last to have turned the corner. Its business should do well in these volatile markets and if it pays out all its Earnings in dividends we will be getting a dividend around 7% and still the prospect for further share repurchases.
greasynut: Well, I was anticipating a special dividend. I would guess that is not tax efficient for the big holders, so they have opted for a tender offer instead. Other tender offers I have seen have been at a premium to the current share price to 'reward' shareholders & encourage then to tender. In that case the leavers benefit at the expanse of the remainers, but if every body gets the same offer, that's ok. We might get a better idea of their motivations when we see what the big holders are doing (Presumably they will reveal their intentions in the full documentation). 2 possibilities I can think of: 1. They want to reduce their participation & sell shares for cash. They couldn't manage this in the market. 2. They want to increase their participation as others sell shares for cash. Vote of confidence in the business. I've been holding shares here for years. I would have been glad to get a special dividend, but I'm not tendering at these levels. As the share price is now above the tender price it would be pointless anyway. So I guess the big holders will be tendering otherwise the whole thing is pointless. Looks like the only benefit here for small holders will be a slightly higher EPS going forward. woo-hoo.
topvest: Trading update was fine. As has been for a few years, progress on new mandates is lumpy and there is always the risk of the odd loss as announced today and in the quarter. They do still have record AUM. Currency for return and dynamic hedging are the higher margin areas. If these took off then revenue growth would be very strong. With inflation taking off, one gets the feeling that forex markets could get more interesting. I'm happy to hold. Its a quality business. As to the share price - 25p was a bargain. 50p and the price had probably got ahead of itself. Looks about right now.
walbrock82: Record PLC announces a record $58.2bn but mentioned there was a mandated termination of $1.2bn. Something to know about Record PLC; - 1. Management take home pay is equivalent 12% of total sales; 2. They also hold 50% of the company’s stock. 3. Cash balance accounts for 50% of total assets, that comes to £21m. 4. Business hasn’t grown due to financial regulation. 5. The share price was below 10 pence, now is 42 pence. 6.Despite managing more currency hedges for clients, revenue is only £20m. Compared that in 2011, it generates £28m in revenue, but manages $30bn. It is possible that lower interest rate and bond rates are causing this. The stock looks overvalued, as current valuation is close to six-year highs. Price to cash flow is at 18 times. And Earnings Yield of 5.8% means fundamentals have not caught up with market valuation.
hammers976: Robey2 you've summed up my thoughts exactly. I personally want this share price to tank in the short term!
robsy2: hmmh a bad day , off the bottom though .... hxxp:// R2
topvest: Good results and increased dividend is a bullish sign. The share price has finally broken out above 35p which has to be a chart break-out. All we need is some nice currency for return contract wins and this would go ballistic. Maybe one day!
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