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(LGEN) General chat

Discussion in 'General Share Chat' started by Starburst, Oct 22, 2015.

  1. Starburst

    Starburst A Legendary Member

    Hi everyone.

    I have a large holding (by my standards) in L & G

    This RNS was posted a day or so ago, does anybody know what it means.

    Thanks in advance.

    Pre-Stabilisation Notice
    Mon 19 Oct 2015 09:48
    RNS Number : 6572C
    Barclays Bank PLC
    19 October 2015

    pre-stabilisation announcement
    19TH Oct 2015

    Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

    Legal & General Group Plc

    Stabilisation Notice

    Barclays debt syndicate desk; telephone: +44 20 7773 9098 hereby gives notice that the Stabilising Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Regulation (EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

    The securities:


    Legal & General Group Plc

    Guarantor (if any):

    Aggregate nominal amount:



    Subordinated £ 30NC10

    Offer price:



    Stabilisation Manager(s):





    Stabilisation period expected to start on:

    19TH Oct 2015

    Stabilisation period expected to end no later than:

    19th Nov 2015

    Existence, maximum size and conditions of use of over-allotment facility.

    The Stabilising Manager(s) may over-allot the securities to the extent permitted in accordance with applicable law.

    In connection with the offer of the above securities, the Stabilising Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager(s) will take any stabilisation action and any stabilisation action, if begun, may be ended at any time. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Prospectus Directive (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Directive), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Directive (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

    This information is provided by RNS
    The company news service from the London Stock Exchange

  2. Mongoose82

    Mongoose82 A Legendary Member

    Update from Panmure on Research Tree:

    "L&G has reported a solid set of interim figures, with IFRS operating profit at £822m (+10%) (pre a £45m Kingswood office closure cost) some 1% above consensus and in line with our £826m forecast. The beat was partly driven by a strong performance in the Retirement business (+44%) offsetting a disappointing performance in its Insurance business (-26%). The interim dividend has increased to 4.0p per share (+16%) compared to consensus at 3.68p per share driven by strong cash generation. Going forward the interim will be based on 30% of the previous full year dividend. Following earlier guidance post Brexit, Operational cash generation at £655m was in line with expectations with net cash at £727m (+16%) fractionally above. The Solvency II coverage ratio at 158% was again slightly above expectations given the 156% guidance in late June. Trading on a 2016F dividend yield of 6.6% and on a low IFRS 2016F PE multiple of 10.3x we view the shares as undervalued."
    Starburst likes this.

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