The N shares rank equally in all respects to the A shares other than for the fact that they cannot vote at AGMs etc.In other words they get the same dividend,capital distributions should the company decide to return capital to shareholders the same amount has to be returned to both classes and in the event of the liquidation of the company both classes of share rank equally.
The company cannot decide to cancel either category of shares at a price of its own choice and enforce its will.Like all companies it can with permission from shareholders and within market rules buy back shares in the market and then cancel them but shareholders do not have to sell.
The advantage of the N non voting shares is that they are cheaper and enjoy a pro rata higher dividend.The disadvantage is in the event of a takeover the non voters might attract a lower bid;but anyone wishing to buy the company would need to buy the non voters otherwise they would not fully own the company and to be candid a takeover is very unlikely as I doubt the family would sell.
When I bought the non voting shares some years ago I paid about 33.3% less per share than for the voters but this discount has now closed so their attractions yield wise has lessened.Basically you pays your money and takes your choice!
I'm holding A's and for some reason I recall having had an issue with HSDL trying to purchase Ns which I'd originally plumped for. However, I've just checked and they are now quoting YNGN so maybe I just timed it wrong.
Anyway I ended up with A's and they've occupied the Y slot in my ISA ever since May16. Not exactly the most exciting share to own but steady - up 10% in just over 18 months. With hindsight I should have gone for the other Y option (YouGov) which has outperformed YNGA ever since but some you win, some you win a bit less. Could be worse.
Thanks guys. Does anyone know from where I can get more details? - precious little on the Young's website and the latest annual report doesn't even mention them.
From a historical perspective the dividends seem to match and the long-term performance (5 years+) seem in line albeit with fluctuations here and there. Looking a the TVRs it's saying 29.7m As and 19.16m NV, all the movement being in the As so I'm assuming(?) any share options the execs are taking are in the As - understandable.
Downside to the NVs seem to be limited to no voting rights and less liquidity both in terms of lower volume and wider spread. Given I'm a small private investor my votes wouldn't count for much even if I could use them effectively (not always so easy when the shares are in a nominee). Upside being they cost less for the same dividends. As for what happens in the event of a Rights Issue (God forbid) or some other 'major' corporate event I can find nothing.
Given I'm a 'buy and hold' guy rather than active trader I minded to lift the NVs.
This maybe a stupid question but I can't find any details anywhere.
Years ago Youngs had 2 classes of shares, the As and some non-voting ones. The NVs were priced lower but obviously have no votes attached albeit same dividends etc. It enabled the family to keep control while still being able to tap the market for equity.
I can't find anything that says it's changed but nor can I find any info on the NVs. Does anyone know where we stand at the moment? If there are still two classes out there can anyone point me in the direction of any pros/cons arguments regarding relative benefits/negatives - I can have a decent guess but guessing is not something I do when considering an investment.
ITDYA, very much in the dark on this one.
We continue to make above inflation increases in business & find additional opportunities for the future.Only the fact that our share price probably reflects the company's success prevents me from putting a buy opinion!
The other thing I thought about this is that a tax liability of £232900 (17000 * £13.7) is quite a tax bill to have!!
It is nice to see something on the BB.
I am always surprised by how under the radar this share is because it has fantastic growth figures over the last 6 years with very low volatility.
Not sure I've ever seen fairly routine sales such as today's explained in such detail as to the reason why. It's nice to know why they sold but not sure any other director sales of my other holdings have sought to reassure the market to such an extent.
The 1,475p net asset value per share quoted in the article is incorrect!The writer has forgotten to take account of the approx 19m non voting shares which rank equally with these for divi & share of assets!It is about 940p per share when non vote shares are taken into account.
Important message from the Financial Conduct Authority:
Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse.
This could lead to an unlimited fine and up to seven years in prison.
If you have any information, concerns or queries about market abuse, click here.
The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.
You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.
Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.
The discussion boards on this site are intended to be an information sharing forum and is not intended to address your particular requirements.
Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.
Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.