Virgin Money Share Discussion Threads

[trewsa] 15/4/2015 15:15

It's because I bought 200 yesterday;always happens.

[trewsa] 15/4/2015 15:15

It's because I bought 200 yesterday;always happens.

[xenawarriorprincess] 15/4/2015 12:39

Shares Market Report today -

"Virgin Money (VM.) falls 5.5% to 398.5p on two of its backers looking to reduce their stakes in the bank. Wilbur Ross and Stanhope Investments want to sell around 45 million shares – 10.2% of the bank – at around 400p a share."

[xenawarriorprincess] 12/4/2015 12:54

FWIW, broker forecasts, via Barclays

Trends & Recommendations




Current

1 week ago

1 month ago

3 months ago

6 months ago

1 year ago


Revenue (£m)
31-12-2015 505 508 510 520 n/a n/a
31-12-2016 598 603 599 622 n/a n/a

Earnings
31-12-2015 22.22p 22.19p 22.19p 22.99p n/a n/a
31-12-2016 34.29p 34.47p 33.49p 34.09p n/a n/a

Dividend
31-12-2015 2.80p 3.00p 3.07p 3.11p n/a n/a
31-12-2016 5.54p 5.74p 5.97p 6.94p n/a n/a

Recommendations
Strong Buy 7 7 5 4 0 0
Buy 0 0 0 0 0 0
Neutral 0 1 1 1 0 0
Sell 0 0 0 0 0 0
Strong Sell 1 1 1 0 0 0
No. of Brokers 8 9 7 5 0 0

Average Rec 8.75 8.33 7.86 9.00 n/a n/a

[xenawarriorprincess] 12/4/2015 12:42

Yes, 1st May.

Not sure about dividends, but we should get a Q1 statement on the same day.

Whoever wins the election I can see some cheapish asset sales taking place, so possible opportunities there for VM.

Maybe better to grow the business at this stage than paying out to shareholders?

All looking good so far!

[wildchild] 07/4/2015 22:03

Agm is I think on the 1st May. Any idea if and when dividends would be paid ?

[xenawarriorprincess] 22/3/2015 06:45

David Smith - Sunday Times, today

"I imagine the conversation between Osborne’s team and the OBR. Treasury: “What do we need to get debt falling in 2015-16?” OBR: “Quite a lot because that is not what our forecasts are showing.” Treasury: “What if we sold some assets?” OBR: “That could do it.”

So debt is coming down fractionally, from 80.4% of GDP this year (2014-15) to 80.2% in 2015-16, if the new forecasts are right. To achieve it, Osborne has raided the piggy bank: £13bn of Northern Rock and Bradford & Bingley assets acquired in the crisis will be sold off, as will £9bn of Lloyds Bank shares. Nothing wrong with that — their place is in the private sector — but if the timing of the sales is simply to meet a debt target there is a real danger taxpayers will not get value for money."

[xenawarriorprincess] 21/3/2015 13:36

No mention of Virgin Money but it looks like UK banking assets make easy targets for takeover -

The Times today -

"Katherine Griffiths Banking Editor

Published at 12:01AM, March 21 2015



Spain’s fifth biggest bank is to use its planned acquisition of TSB as a step to buy smaller banks in Britain.

Josep Oliu Creus, chairman of Sabadell, said that the Catalan lender would take it “step by step”.

Sabadell announced yesterday the formal terms of its bid for TSB, offering 340p a share in cash, valuing the British bank that was partially floated by Lloyds last June at £1.7 billion.

The acquisition is expected to complete by the summer. Paul Pester, TSB’s chief executive, who will continue in the role as well as joining Sabadell’s management executive committee, said that the bank’s focus on growth would not change.

“We will continue to look at assets, whether from the UK government sell down or from other opportunities”, he added.

Mr Pester has held discussions with the private equity owner of Aldermore, the niche business lender and last year narrowly missed out on buying a £2.7 billion portfolio of mortgages from UK Asset Resolution.

Backed by Sabadell, TSB could return to talks with Aldermore or Shawbrook, its rival specialist lender, and could also take part in the auction of £13 billion of Northern Rock assets being sold by UKAR.

Other purchase options include Yorkshire and Clydesdale banks, which are being prepared for flotation this year by their owner, National Australia Bank, and Williams & Glyn, which is being spun out of Royal Bank of Scotland, with plans to list next year. Any of these deals would probably mean that Sabadell has to raise extra capital from its shareholders, 52 per cent of whom are retail investors.

The bank, which has completed eight acquisitions in the past eight years, announced plans for a €1.6 billion (£1.16 billion) rights issue to finance its purchase of TSB while keeping its capital ratio stable at 11.6 per cent.

Lloyds, which owns 50 per cent of TSB, said that it would sell 9.9 per cent of TSB to Sabadell and gave it the right to buy a further 20 per cent after the takeover wins regulatory approval. It has also formally committed to sell its 50 per cent holding over time to Sabadell for £850 million.

TSB, which has a 19.7 per cent capital ratio, will stick to its plans of bringing that down to about 16 per cent, using the excess capital to fund growth, Mr Pester said.

The bank has been searching for acquisitions because it needs to bulk up its loan book quickly to balance its deposit base and heavy costs associated with its 631-branch network and 8,700 employees.

Speculation that TSB might sack staff and close branches was wrong, Mr Pester said. TSB plans to “grow into our shoes”, which will be easier with Sabadell’s backing, he added.

As well as looking at acquisitions, Sabadell said that it would use its small business banking expertise to help TSB break into that market.

The focus on growing business banking, plus plans to roll up other banks, echoes the strategy of Santander, its larger Spanish rival, which bought Abbey National, Alliance & Leicester and the savings book of Bradford & Bingley.

Santander’s experience had been instructive, Mr Oliu said, both for its “positive experience and challenges”.

[xenawarriorprincess] 12/3/2015 09:11

Nice rise in sympathy with news of possible bid for TSB.

[liquidkid] 29/1/2015 15:17

Could be on the cusp of a q4 trading update - Like to see some big numbers in there.

[manics] 17/11/2014 17:45

So, unconditional tomorrow. Branson the UK's golden boy. PI's could be ready to pile in under 300p?

[liquidkid] 17/11/2014 09:18

No Comparison to RMG IPO

Because it has robbed from the public too many times already, surely they were not going to do it for a third time? - Even if Goldman, the golden fleecers are front running.

A history of robbing.

First. northern Rock itself - wasn't the CEO a crack head or something leading up to the fnancial crisis?

Next. Financial crisis - any excuse to queue up in a bank.
- result shareprice to zero. Investors got a robbed

Next government sells to Virgin for 1 billion - you won't get a look in to the construct of the deal but the average Joe's have surely had the wool pulled over their eyes on this one.

Next up the IPO. Switch on TV, check the mutton market stable, hind legs in gum boots, away she goes.

Wonder how long it will be before branson decides to take it private again. And mug us muppets...again.

[liquidkid] 17/11/2014 09:16

Yes the 'bad ass-ets' I understand were from the US. The UK mortgage book is prime pork as I ass-erted.

[substp] 16/11/2014 09:43

Edit: "and in 2012, Virgin Money bought £465m of old Northern Rock mortgages."

[llahrd] 15/11/2014 13:05

Surely the ‘bad assets’ were switched to Northern Rock Asset Management and are not part of Virgin Money. So I think your assertion that £20 billion of sub prime mortgages held by Virgin Money may be incorrect.

[liquidkid] 14/11/2014 11:05

No Interest in IPO to retail anymore?
posted this on the SHA thread. dust bowl there.
Here's an idea,
The investment formerly known as Northern Rock is making a comeback with an IPO at £1.3bn or about 300p
Still got £20 bn of prime-sub-prime mortgages and grew this at 17% compared-to-the-meerkat of 1% growth
There's also £1bn of juicy credit card balances on the books.
Baring a market crash (excuse the pun) I reckon it could turn into a right Royal Mail type scramble for the shares.

....

unconditional dealing commences at 8am on 18 November.

[spob] 13/11/2014 07:18

Investor relations -





1 Year






Conditional dealing begins 13 Nov 14

Floated at 283p

NOS 441.6m

Market cap £1.25B

Free float 25%



13 November 2014


Virgin Money Holdings (UK) plc


Announcement of Offer Price

Virgin Money Holdings (UK) plc ("Virgin Money") today announces the successful pricing of its initial public offering (the "Offer") at 283 pence per Ordinary Share (the "Offer Price").

· Based on the Offer Price, Virgin Money's market capitalisation will be approximately £1.25 billion at the commencement of conditional dealings.

· The Offer is expected to raise total gross proceeds of approximately £312 million (assuming no exercise of the over-allotment option) and approximately £344 million (assuming exercise of the over-allotment option in full). Virgin Money will receive approximately £150 million of gross proceeds from the Offer.

· The selling shareholders comprise Virgin Financial Investments Limited, funds managed by WL Ross & Co, Stanhope Investments and certain directors, members of senior management, the employee benefit trust and other shareholders. In the Offer a total of approximately 57 million Ordinary Shares will be sold by the selling shareholders (assuming no exercise of the over-allotment option), receiving total gross proceeds of approximately £162 million.

· At Admission, the Company will have 441,600,856 Ordinary Shares in issue with a free float of 25% (assuming no exercise of the over-allotment option).

· Following the Offer, it is expected that Virgin Financial Investments Limited (Richard Branson) will hold approximately 34% of Virgin Money's Ordinary Shares and funds managed by WL Ross & Co (Wilbur Ross, US Billionaire) will hold approximately 33% of Virgin Money's Ordinary Shares (assuming exercise in full of the over-allotment option). Both holdings are subject to a six month lock-up agreement (from the date of pricing), the terms of which are described in the Prospectus.

· Conditional dealings in Virgin Money Ordinary Shares will commence on the London Stock Exchange at 8.00am today under the ticker "VM." (ISIN: GB00BQ8P0644).

· Admission to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Ordinary Shares are expected to take place at 8.00am on 18 November 2014.

· As stabilising manager on behalf of the syndicate, BofA Merrill Lynch has been granted an over-allotment option exercisable no later than thirty days from today, over up to approximately 11 million Ordinary Shares, representing 10% of the total number of Ordinary Shares comprised in the Offer.



Jayne-Anne Gadhia, Chief Executive Officer of Virgin Money, said:

"I am delighted to welcome all our new shareholders to Virgin Money. Our capability to deliver growth at meaningful scale, the quality of our balance sheet and the fact that we are unburdened by legacy issues makes us stand apart from other banks, and these strengths give us the potential to deliver on-going returns to our shareholders through both capital growth and progressive dividend payments.

"The completion of our IPO will see us make a final payment to the Government of £50 million as consideration for our acquisition of Northern Rock plc, taking the total paid to over £1 billion.

"As we begin life as a public company, we are committed to maintaining the straightforward, transparent approach to business that we believe helps differentiate us. We are passionate about improving competition in UK retail banking and believe that today's IPO is another step forward for us as we seek to deliver on that objective.

"I would also like to thank all of my colleagues at Virgin Money for their hard work in bringing us to this point. There are many colleagues, like me, who have spent 20 years working with the Virgin brand. As we previously announced, each employee will be awarded £1,000 worth of shares in the business upon flotation meaning that all colleagues have a stake in our future success."


Further information

· Subject to certain customary exceptions, a lock-up period will be in place following Admission for the Company (365 days), the selling shareholders (180 days) and the directors and senior management (365 days) prohibiting further sale of Ordinary Shares without the consent of the Joint Global Co-ordinators.

· In relation to the Offer and Admission, BofA Merrill Lynch and Goldman Sachs International are acting as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners, Barclays and Citi are acting as Joint Bookrunners and Keefe, Bruyette & Woods is acting as Joint Lead Manager.



ITF -


Prospectus -

[eriktherock] 22/11/2011 17:10

Virgin Minnows looking to be caught with a new vocalist. Auditions Wednesday nights if interested. Guildford based of course.

[eriktherock] 18/11/2011 17:41

A Virgin Minnow is not a Perch, of course, and cannot be lured like one.

[eriktherock] 18/11/2011 17:36

The one female Minnow in the shoal has decided to flow downstream, so the four remaining male Minnows are looking to lure another.

[eriktherock] 11/11/2011 16:42

Tonight's the night

[eriktherock] 08/11/2011 17:56

US FIGHTING
VIRGIN MINNOWS
FIVE CHAMBERS FULL
THE STAR INN
8PM
DOOR
£2
ON
THE
DOORS
OPEN
(BACK ROOM)
FRIDAY 11TH NOVEMBER

[eriktherock] 07/11/2011 19:28

I thought I had something to say about Virgin Minnows.......but I've forgotten what it was....

[eriktherock] 06/11/2011 18:53

ok I'm not the promoter.....but don't expect any of the above. See you Friday, Be there or beware :-)