silent but deadly
18 Mar 2015
Re: When do we get the money Will the dividend still be paid ?
TX2
18 Mar 2015
Re: When do we get the money The formal offer docs only went out on Monday;the offer has to go unconditional first,ie get 90% acceptance,to go through.They have 73% pre offer so largely a formality.From memory shareholders have until 14th April to accept.The full info/timing will be in the offer docs which are available on Brit site but payment is about 14 days from bid being declared uncondititional,assuming you have accepted.About end April when we also get divi.
Proverbs 26 vs 5
18 Mar 2015
When do we get the money Does any one know when we get the cash?
Inatthetop
17 Feb 2015
Re: The future Next year's CG now becomes a problem for me, what with CGL and now BRIT selling out. Pray Amlin, Beazley ad Hiscox don't follow suit otherwise I'll be paying off the National debt.
Greyinvestor
17 Feb 2015
The future It's OK really, the non life insurers have been exceptionally good to me. But I now face a huge challenge.a) how on earth do I replace the income that has traditionally been generated by the non life insurers ?b) how do I deal with the issue of a very overvalued global stock market ?For me, this is deadly serious, given that I have lived off divis for the last ten years. I'm seriously wondering if I need to look outside the stockmarket. However, last time I was patient and the market went on a screamer within six months of me moving into cash.
kryptes
17 Feb 2015
Re: Disgraceful acceptance Nice when someone admits they were letting off steam. Frankly I'm a little disappointed at the price but BRIT is not without its risks. And of course you and I bought into a company which we knew was controlled by two PE firms, so we took that risk and it was priced accordingly. In fact I drew attention to this fact in my first post here:[link]
Greyinvestor
17 Feb 2015
Re: Disgraceful acceptance You are quite right of course, I'm just having a rant. But it never feels right when a management team plus a private equity shareholder can just decide on a course of action. The rest of us can do nothing.This may be a premium to the float price, but it isn't a premium to the market price. The directors could have done better, in my opinion. I think they've just jumped at a cash offer.I would make one more observation. The insurance market is one of the few remaining areas where the UK can rightly claim to have a really strong position globally. I believe very strongly that Britain needs such businesses to remain in UK ownership and to remit dividends largely to the UK. The fans of globalisation may disagree, but how else is the UK going to pay it's bills for net imports?
kryptes
17 Feb 2015
Re: Disgraceful acceptance This is an odd post - directors disqualified for doing what? The don't accept and offer - only the shareholders can do that, they simply make a recommendation and shareholders can then choose to accept or not as they think fit.It's a 17% premium to where the shares were this time last month, so not spectacular but not an insult either. You do count the value of the dividend as the share price would otherwise decline by roughly this amount if it was paid as a div.I bought in August last year so taking account of the interim dividend and the 305p offer value I have an IRR of 43% so I'm okay with that for sure. It's hardly the company's responsibility to think of similar investment opportunities into which we can roll over our gains!
In the dark yet again
17 Feb 2015
Re: Takeover Rusty,Whether you think the price is fair or not you do have to count the 25p dividend. You say you'd get it anyway (and indeed you migh) but on the day it goes ex dividend the SP will(would?) drop by 25p all other things being equal.250 before hints of rumours stated. 305 with the div. Alternatively you could look at it as 225 (250 minus the 25p when it goes xd) to 280; that's a 25% uplift in a month. Not to be sniffed at.And now it's in play who's to say someone else won't want to come join the party?But remember the old BRIT got taken private, tons stripped out then recently refloated. The private equity guys were/are only ever in it for a quick buck so no one should be surprised that they bail out as soon as they can see a decent turn. It was always likely to happen.Regards,ITDYA.
TX2
17 Feb 2015
Re: Takeover I was also a shareholder in BRIT when it was taken over previously!So this is second time round.Like other holders I am not particularly enthusiastic as frankly it is difficult to find good income shares to reinvest the proceeds in.However it would be expected post dividend that the shareprice would have fallen by the divi amount as BRIT would have paid out 25p cash so it is a premium albeit not as generous as expected perhaps.
Greyinvestor
17 Feb 2015
Re: Peak price? You are absolutely right about prices, they have run too far, based upon a year with few claims. The French reinsurers are much cheaper. I'm looking elsewhere, but in my view the whole market is dangerously overvalued. It is also at a double 'triple top'. A very risky place to be......
paddington_bear
17 Feb 2015
Peak price? I had expected to see more people over here after Catlin sold out. Unlike Lancashire + Novae, little free float so the danger of private equity double dipping with initial tranche and then swiftly offloading the rest at a premium was obviously present. None the less, a quick profit for investors is better than none.If I may sound note of caution, prices and P/Es hve run up since Catlin and January business renewals were very weak again. Essentially the markets are awaiting the next inevitable batch of major losses before girding loins and allowing the REMAINING companies to begin to raise rates towards longterm averages. It may be wise not to buy this sector again for a while given present share prices, until these events occur. It depends on your investment criteria and desire for risk.I am sure this remark will be ignored by many!PB.
Greyinvestor
17 Feb 2015
Disgraceful acceptance I'm just appalled at this. BRIT is now my largest holding and the board has the cheek to sell out at todays market price. I thought that they were supposed to represent the interests of all shareholders, not just the private equity investors. There is no premium at all in the deal.I'm steaming! CGL sold out much too cheaply and now this lot are beneath contempt..........the directors should be disqualified.
Rusty Jock
17 Feb 2015
Takeover The rumoured takeover is announced today at 280 p ( plus the next dividend of 25p ) , suggesting at total of 305p . But its really just 280p in my book as we would receive the dividend in due course if there was no takeover . Not much of a premium over the recent share price of 250 - 260p , before the speculation nudged the SP over 270p .This is not such a good deal in my opinion , and I'd rather be holding on to Brit with its rich dividend income stream . Having recently lost Catlin from my Income Portfolio , and now Brit it seems , it is becoming more difficult finding solid shares with high dividends .
Vosene
16 Feb 2015
Telegraph / FT - Brit in play [link]
