ScrumpyJack

Boards Post

ScrumpyJack replied to the Lloyds Banking Group plc board. 15:22

Re: upward trend

'But surely 61.5p cannot be right after taking the effects of inflation, or it was just a interest free loan'.

Inflation has nothing to do with it. 61.5p was the net cash cost to HMG. Obviously there is a time cost to money and no dividends [more]

Boards Post

ScrumpyJack replied to the Lloyds Banking Group plc board. 13:30

Re: upward trend

HMG may have paid over 70p for the shares, but subsequently screwed Lloyds for many billions in fees, eg premiums for the asset protection scheme on which no claims were ever made. So the 61.5p is the effective net cost to HMG of their shares.

Boards Post

ScrumpyJack replied to the Persimmon plc board. 13:23

Re: Return of capital

Payment is due on June 28th

Boards Post

ScrumpyJack replied to the Aviva plc board. 10:32

Re: No comment?

Aviva has such a dreadful track record that today's Q1 IMS came as a great relief that the 'recovery' programme seems to be on track so far, but it is very early days.
[more]

Boards Post

ScrumpyJack replied to the Barclays plc board. 10:25

Re: Interim Management Statement

How will the market value this bank? It seems a lot of expenses are being incurred putting Mr Jenkins' stamp on things.

Compared with the cost of not reforming their culture, the costs of the 'transform' programme are trivial. Look [more]

Boards Post

ScrumpyJack replied to the GlaxoSmithKline plc board. 18:08

Re: Pharma on a high ...

never ending non core cost of doing business with GSK is the legal risk

Absolutely, legal costs are a normal cost of doing business for pharma cos so it is absurd of GSK and AZN to try to pretend that it is a 'non core' or [more]

Boards Post

ScrumpyJack replied to the Tesco plc board. 18:17

Re: Results

underlying fundamentals are still strong " then why not raise the divi?

Well the F&E and other write offs are cash out of the window which has to be paid for out of shareholders funds. Most of this cash went out of the window [more]

Boards Post

ScrumpyJack replied to the Persimmon plc board. 18:10

Re: Interims, AGM results + early dividend!

Quite a large vote against the remuneration report. Not surprising as the 'incentive' scheme gives £300 million or 10% of the company to management. Quite appalling that the city didn't stop this.

Boards Post

ScrumpyJack replied to the Exchange Traded Funds (ETFs) board. 14:59

Re: ISDP iShares Developed Markets Property Yiel

on the day that North Korea declares (verbal, at least) war on Sth Korea

A state of war already existed between North and South Korea, and this has been the case fo the past 60 years or so. They were simply in a state of cease [more]

Boards Post

ScrumpyJack replied to the BP plc board. 10:39

Re: BP to Buy-Back USD 8bn Shares

Yes we should all calm down on this issue!

One option which to some extent gives the best of both worlds is to give shareholders the choice as to whether they receive the cash as a return of capital or as a dividend. Whitbread did this [more]

Boards Post

ScrumpyJack replied to the BP plc board. 17:06

Re: BP to Buy-Back USD 8bn Shares

In this case I support the buyback. Usually companies do this when their share price is at historically high levels, ie they get the timing completely wrong. Bp is currently depressed by the macondo saga so it is probably a good time to do it. Also [more]

Boards Post

ScrumpyJack replied to the Equitable Life Support board. 11:00

Re: Good news for WPAs finally?

Shocking the way everything in the budget is leaked in advance these days. Used to be a sacking offence for the chancellor. Let's hope this leak is true!

Boards Post

ScrumpyJack replied to the BP plc board. 13:39

Re: BP urges judge to stop payments

We all know Obama bears a grudge against the [sic] for what what they did to his Kenyan father.

"We all"? Speak for yourself. This stuff has no place on an investing forum/website. Utter nonsense.

'We all' is [more]

Boards Post

ScrumpyJack replied to the Tesco plc board. 11:55

Re: Dividend cut?

Given that the dividend is more than twice covered according to broker forecasts for this year and next and that at least two brokers (Credit Suisse and Shore Capital) think Tesco will start a share buyback programme because their balance sheet is so [more]

Boards Post

ScrumpyJack replied to the Exchange Traded Funds (ETFs) board. 20:13

Re: My ETF returns

No I appreciate that, however most investments trusts charge some of their management expenses to capital and some to income and I wondered whether Ishares did that or charged it all to income. From a tax viewpoint it would be much better to charge [more]

Boards Post

ScrumpyJack replied to the Exchange Traded Funds (ETFs) board. 14:22

Re: My ETF returns

Anyone happen to know whether ishares deducts fees from income or charges some against capital?

Boards Post

ScrumpyJack replied to the Lloyds Banking Group plc board. 13:20

Re: LLOY Goals for Executive Compensation

I think the 61p is a result of subtracting the fee for the insurance scheme. But I'm not absolutely sure.

Yes the asset protection scheme was a really good racket for HMG. They charged Lloyd's and RBS billions in premiums and, as far [more]

Boards Post

ScrumpyJack replied to the Exchange Traded Funds (ETFs) board. 18:14

Re: ETF Securities steel-industry ETF delisted

The annual management charge, (AMC), the total expense ratio (TER) and the total cost of ownership (TCO) are pushed down by ferocious competition between product providers who use ever more sophisticated technology to reduce costs. [more]

Boards Post

ScrumpyJack replied to the Persimmon plc board. 19:49

Re: Return of capital

If you are a basic rate taxpayer, and the whole of the special dividend is within the basic rate band, (or in an ISA) you might as well take it as dividend.

If your are a higher rate taxpayer, you are probably better off taking it as a [more]

Boards Post

ScrumpyJack replied to the Aviva plc board. 17:04

Re: Aviva Announces Sale of Russian Business

Best out of Russia in my view. A risky place to do business.

Yes, almost as risky as the US, as BP have found!