NWBD dipped just below 80p today, and I bought a chunk at 79.5p. The terms and conditions provide for the dividend being passed at the directors' discretion, but provided there are sufficient reserves it will be paid in new NWDB shares instead, at a ratio of 4/3 - fine by me.
RBS might tender for NWBD, or might not. I don't mind taking a quick profit, or holding for the long run. RBS might continue paying the dividend in cash, or decide to pay in new NWBD shares. The economic result is much the same.
NWBD now forms just over 5% of my portfolio. By comparison LLPF is 8.1%.
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