PJ Foster
27 Jan 2017
Re: Mail- Midas OK - so both jonwig1 and TX2 are quoting from p56 of the prospectus. Let's see what it says in full:"Increase in the Group’s dividend:The Company paid a full year dividend in respect of 2015 of £120 million, equating to 53.4 pence per share. In respect of 2016, the Company paid an interim dividend in line with the 2015 dividend of £66 million (or 26.7 pence per share), of which £6 million related to the additional dividend payable in respect of the shares issued in connection with the AXA Transaction. As a result of the AXA Transaction, the Board is expecting to increase the final dividend in respect of 2016 to £69 million (equating to an increase of 5 per cent. to the dividend per share). Given the additional shares to be issued in connection with the Rights Issue, the final dividend in respect of 2016 is expected to increase by a further £25 million to £94 million, resulting in a full year dividend in respect of 2016 of £160 million. The incremental cashflow generation from the Acquisition supports (subject to regulatory approval) a proposed increase in dividends in respect of 2017 to £197 million."OK - that's clear. I'm going withTX2's view. The next dividend will be close to 94mil / 392.85mil.Thus, about 23.92 pence per share.Cheers,
jonwig1
27 Jan 2017
Re: Mail- Midas Regarding the dividend levels, I'm quoting from the prospectus[p 56]:"The incremental cashflow generation from the Acquisition supports (subject to regulatory approval) a proposed increase in dividends in respect of 2017 to £197 million."This is 50.14p/sh on the current 392.85m shares in issue.Also, they say "the Board is expecting to increase the final dividend in respect of 2016 to £69 million" which would be 17.6p, giving a total for 2016 of 44.3p.This seems unambiguous to me.
PJ Foster
27 Jan 2017
Re: Mail- Midas TX2,I much prefer your reading of the document!23.85p would be acceptable.Cheers,
strapuk
26 Jan 2017
Re: Mail- Midas Well if the "final" is only 17.6p then it's a significant reduction from last year's of 26.7p. You sure you didn't mean 27.6p "final"? That would give a total of 54.3p for the year, up from 53.4p.
Medway Man
26 Jan 2017
Re: Mail- Midas I guess.........we shall ultimately see what is declared by the company ........and then people will decide whether to keep shares, sell or whatever.As my current holding (in ISA) is 5000 shares, if I end up with a reasonable gain on share price or if the yield drops to below 6% (analyst showing 6.8% for year end 12/2016 then 6.9% for 12/2017 & 12/2018) I will sell up.
TX2
26 Jan 2017
Re: Mail- Midas You need to remember that the new shares were issued at a discount to existing shares(508p each).So for 2017 it is expectted we will get as you indicate £197m total dividend divided by 394m shares which seems to equate to 25p interim & final divi.However we are still to receive final 2016 divi.Looking at page 56 of the RI document it seems they are paying £69m in final divi plus another £25m because of extra shares.Total £94m which seems to be about 23.85p.Thats how I read it anyway!!!!!!!
Medway Man
26 Jan 2017
Re: Mail- Midas Found this extract taken from Morningstar on 28th September 2016: - Phoenix said it will use the increased cashflow to boost its dividend paid in 2017 by GBP197.0 million, an increase of 5% in dividend per share. Phoenix said this would be on top of a 5% dividend increase made possible by its acquisition of the AXA Wealth business earlier this year and lead to a 10% hike in its dividend from 2015, a level which it believes is sustainable going forward.So like you, I am not sure where £69million is from??????
PJ Foster
26 Jan 2017
Re: Mail- Midas Hi Jonwig,I'd be interested to know where you got the £69m figure from.I'd be really disappointed if the final dividend turns out to be just 17.6pPre rights issue, I had 1278 shares.My final dividend last year was therefore 1278 x 0.267 = £341.22My shares are in an ISA. I did not have enough cash to take up the rights issue without selling something, so I sold 345 of the rights for £855.09 and bought the remaining 400 rights for £2032.Net effect, I increased my investment in Phoenix by £1176.91So, right now I have 1678 shares.If the final dividend is 17.6p then I'll get 1678 x 0.176 = £295.32That seems wrong to me - how can it be that I've increased my investment in Phoenix - yet the dividend I'll receive will have decreased. The acquisition was supposed to support an increase in the return to shareholders.I sincerely hope that the final dividend is greater than 17.6 - in fact I'll be disappointed with anything less than 22p and I hope for more.Comments anyone?Cheers,
jonwig1
09 Jan 2017
Re: Mail- Midas TX2 - that's correct. And a final of 17.6p for 2016, based on a payout of £69m in total.If analysts are still fixated on the numbers in the Midas article, they haven't been reading the prospectus. (Or PHNX are confused ...)
TX2
09 Jan 2017
Re: Mail- Midas I make the total divi closer to 50p per share for 2017 made up of 25p interim & final based on the RI document.The document indicated £197m would be paid out in divis in 2017.We have around 394m shares in issue an increase of around 58% following RI.
EssentialInvestor
08 Jan 2017
Re: Mail- Midas n/m
nk1999
08 Jan 2017
Mail- Midas ".......................Full-year results for 2016 will be released in March and analysts forecast a dividend of 54.7p, rising to 56p for the current year and equating to a dividend yield of more than 7 per cent.Bannister is actively looking for new deals and there is every chance that they will come his way. Many insurers and banks with life and pension divisions are keen to sell off their closed-life subsidiaries and focus on their core business instead. The overall UK closed-life market is valued at about £250billion and, as the leading player in the sector, Phoenix is well placed to buy any unwanted businesses.The company is disciplined in its approach to acquisitions, however, only buying firms that strengthen its financial position and enhance its ability to pay dividends.Midas verdict: Phoenix Group offers investors the prospect of healthy dividends over the long term and the shares should rise in price too. At 748½p, they are a buy. "Read more: [link] Follow us: @MailOnline on Twitter | DailyMail on Facebook
Gooffy
30 Nov 2016
Constant fall I thought the Abbey Life deal was good but it keeps falling not sure was also recommended by Investors Chronicle and tipped by brokers.Recent directors resignation anyone know why or where to find out.Any views
Val U Search
09 Nov 2016
Rights Issue Success So a successful rights issue with no overhang of shares reluctantly purchased by third parties.So I jumped in to buy a few more at 710Looking forward to a recovery back towards the equivalent pre rights price I guess ultimately the outcome will depend on how effectively the company uses the cash raised in the rights issue relative to the effectiveness of its previous/ongoing use of its funds available pre rights.
sound money
07 Nov 2016
Re: Rights Kraal, Market makers have widened the spread on the nil paid rights.M
