Andrew Grant's comments as Chair come as no surprise.....not because of the subject but because of his attitude. I had "the pleasure" of speaking to him a couple of months ago and the only 3 words I could use after the conversation to describe him were "brusque, rude and ignorant"......he was constantly interrupting.....and that is what comes across in this statement. ......brusque and complaining.
No wonder shares down 15% initially.
Yes, we know there is going to be an impact.....we have already felt it ourselves as investors trying to deal and the same must be the case for JIM......However, everyone has known these changes were coming and to still expect things to run smoothly when an investor wants to buy an investment trust, a possible link to the KIId doesn't work, and then they have to phone in to confirm they have read the KIID is just ludicrous.. I stopped doing that with them about Jan 10th, so don't know if it's still the process. The other brokers I deal with had a link to the KIID and a box to tick to say it had been read or saved.....far easier.
The updating of software should have been started way before now and parts implemented, as per other brokers.
X-O is now the first platform we take cash (divis) from for retire,eat income rather than re-investing as we are still doing with the other platforms.
I wondered if they were about to announce a new 'service' such as dealing in Unit Trusts which would boost their business considerably - certainly it means I cannot hold a chunk of my portfolio with them.
I am a buyer because combined with their ascending share price, i am in the process of moving my sizeable ISA to them from the disaster which is Barclays, whose new system appears to be designed for the occasional share buyer. If others are doing this it will boost their business. Jarvis have been my main stockbroker for several years and several friends have switched to them as well
Yeah, considered that a long time ago when I bought in at a stupidly low price and sold out as it got up to around 500p if memory serves some time ago (3yrs???). Then unloaded and bought back in much cheaper....300s
The reason I don't think that is the case now is that the yield is half what it was then despite recent divi hikes and it has been on too many commentators lips for too long -certainly Simon Thompson was tipping it sub 400p....(perhaps 350p?)
Just can't shake the feeling that a "material development" is happening as the last news was the divi at the beginning of Aug when the price shot up c50p over the next 2 weeks and then fell c 70p by the end of the month to c470p. We are now up not far short of a third in 8 weeks with the majority of that in the last 3 weeks.
Call me a cynic, but with companies at the lower cap end of the spectrum especially I do sometimes wonder....
Can't help but think something strategic or new partner for a pension platform etc. but surely if this was the case the volumes would be higher....as would be the case if div was about to be hiked yet again. Agree that Grant may be happier with 0.25% base rate hike but still can't really see justification for move from 470p to 620p .
My opinion is that the price is rising to reflect the interest rate rise that seems probable on Thursday
Mr Grant has regularly drawn attention to the increase in profitability that would follow an increase in interest rates
An increase to 0.5% would effectively be a 100% rise!
It certainly looks fully valued after todays rise
Well, having been with X-O for some while and having had a few "issues" with X-O of late, I decided to speak to them. When eventually I got through to someone regarding "service" it was Mr Grant. The conversation was very short due to being interrupted by Mr Grant so now looking at alternatives for the 4 accounts we currently have with them. No matter who was "right" or "wrong" a certain amount of empathy when establishing facts is a pre-requisite. Interrupting is simply bad manners!
This may just be one family with 4 accounts but if todays exchanges are typical then I suspect more people will re-think.
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