Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. Company operates in over 60 countries and employs over 78,000 people.

            Red = 25 day moving average.           Green = 200 day moving average.

RNS 02.06.09 - Barclays notes the announcement by International Petroleum Investment Company (IPIC) of its intention to dispose of 1,304,835,721 Barclays shares for which its entire holding of Mandatorily Convertible Notes (MCNs) are exchangeable. IPIC continues to hold warrants exercisable into a further 758,437,618 Barclays shares at a price of 197.775 pence per share.

John Varley, Group Chief Executive, Barclays, said:
'In the period since IPIC and the government of Abu Dhabi took a position in Barclays in 2008 through their purchase of MCNs and RCIs we have been able to broaden our strategic and commercial relationship, and we look forward to developing this further going forward.'

H.E. Khadem Al Qubaisi, Managing Director, IPIC, said:
'IPIC has a high regard for Barclays, and great confidence in its management team and ongoing strategy. The Emirate of Abu Dhabi intends to maintain a close commercial and strategic relationship with Barclays in the future. The decision to dispose of some of its interests in Barclays reflects the focus of IPIC's long-term investment strategy on hydrocarbon-related opportunities.'

Never wrong to take a profit..as they say -):

if i could work out the implication of all the above, other than there will be a load of shares to be absorbed, i would hazard a guess at the price to which sp might fall (and short) and/or present a buying opportunity at that juncture

Might argue that those shareholders who claimed they missed out when Barc went to the Middle East rather than Mr Brown now have the chance to boost their holdings. Strange how the price has risen quite sharply last couple of weeks before this announcement. There again, don't think IPIC saw this as a short term issue when they went in...As long term holder I will continue to be bemused by all the goings on, but suspect it will come right in the end.

Toaday's drop seem to be a kneejerk reaction to the RNS concerning IPIC & of course the market is now awash with BARC shares, but I can't find any reference to disclosable short positions & am tempted to buy a few for a bounce.

Have bought already, 3 plus here we come.... again!!

Think you might be being a bit premature, will take weeks to absorb and price will plummet further IMO, I'll jump in if they get near the 2.25 mark (or treble Lloyds price)

Looks like you are correct, nordc. Currently down 5% to 257p, but still worth watching for a bounce.

Everyone seems to be doing very nicely out of this deal!
"FT - The unexpected share sale allowed Sheikh Mansour to book an estimated 1.46bn profit on his 2bn investment in convertible notes in Barclays, made last November as part of the bank's 7.3bn capital increase.

At the time, the fundraising angered existing shareholders because they had not been offered the opportunity to participate in the share issue on the same generous terms.

IPIC is also selling its 1.25bn investment in Barclays capital notes, which pay a 14 per cent dividend, in a process that is expected to be completed today.

The fund said it would hang on to warrants that give it the right to buy 758m Barclays shares at a price of 198p.

Credit Suisse, which conducted the share sale, is expected to earn 80m in fees - about 2 per cent of the value of the stock sold."

This will see 2.00 before it sees 3.00, none of the banks are worth a punt at the minute, falling knives

quite possibly or even probably ..... i certainly would not even consider buying until 225 which ought to provide support, being 50 dma

Oh well, can't get it right all the time. Will wait watch and buy again, nothing lost imo.

Holding midday at 260p very nicely, also lloyds holding around 67p

Still looking good, up this morning 264p my buy looking better. :))

285 back in profit. :))

New Target Price for Barclays. The market doesn't seem to agree


Societe Generale:
---------------------------------------------------Target Price -----Old Target Price
Barclays--------------------------Buy (Hold)-----------440P--------------(260P)

Evolution ups Barclays TP to 485p from 423p, stays on buy
Business Financial Newswire

3rd quarter results due in a week or so, will BARC (dare to) declare a dividend?

Already committed to small payment in December, so lots of egg on face if they don't. Results should be very good, although no doubt sensitive to political issues at present. Their public face not helped imo by recent deal with Protium (ex Barclays Capital employees) to buy shedload of "toxic" assets at todays distressed prices - with loan from Barclays. Seemed to me that upside lies mostly with Protium, to the detriment of shareholders, but wdik.

partridge apart from off-loading toxic assets they have also shed a number of very expensive (bonus driven) people, so it looks like a good deal to us.

Barclays buys Standard Life bank for 226m