The buzz
28 Jan 2015
Spread Results were OKish. The £ has fallen quite a bit since October, so the profit should be higher now. The spread was 350-370p yesterday. The real spread was 350p to sell and 365p to buy 1k shares. Now we have another RNS - 90k more shares bought for cancelation - and bought at 375p a share! Current quote o sell is now 35p and 370p to buy. Sounds like there is not all that much stock about. I suspect that there will be more share buy backs over the course of the year.Thought for the day. At the start of August 2006 there were 17.1m shares. Now there are 10.8m shares. That is roughly 0.7m shares bought back each year. Basically the EPS is much higher than the dividend and much of the profit accumulates into cash that ends up buying back shares. It's really a one way bet - if the shares price falls then the company buys back shares. Now over 84% is not in public hands - ie about 1.7m shares. So these will be all be gone in about a couple of years' time at the current purchase rate. Unless there is another tender offer to buy back shares - and that would be at a good price.The B
The buzz
21 Jan 2015
New Tender Offer Coming Up? Last year on 27.1.2014 the half year results came out with a 400p a share tender offer.The trading for the company should have been good over the last year with the US economy doing much better, plus the lower value of the £ boosting the profits by about (from memory) £85k for each 1c fall in the value of the £. last time about 9% of he shares were bought back - over recent years they have made some serious inroads into the number of shares - it cannot be long before there will be a rapidly diminishing number of shares left.The B
