£2 looking suspect - 2009 low was 192.90.

Uncrossed below £2. (198.50).

skin do you think it has reached bottom? If so may be worth a punt even if the dividend is reduced.

I closed my short yesterday on the bounce off of £2 and will re-enter on a significant break either way - I'm guessing it will be to the short side.

skin nice to know your view, everything depends on the final dividend which last year was 15p so if that is maintained or increased by 7% which is the boards stated intention then the downside looks limited at the current sp of around 200p.

Yes as posted on here (or the chart thread) they still maintain that the dividend will be covered, which gives a yield of 11.09% - a somewhat bizarre decision when considering their other problems.

Do you expect them to change their dividend policy based on the share price? now that would be bizarre...

sp bouncing back looking for 240p short term.

FirstGroup is in trouble - but it might be worth a punt

The market has fallen out with transport company FirstGroup (FGP).

A profit warning at the end of last month has shattered the confidence of many investors. With lots of debt, a weak UK bus division and the prospect of losing some or all of its rail franchises, the market seems to have made its mind up: FirstGroup’s juicy dividend is not sustainable. A big cut is on the cards.

Hmmm - I wasn't expecting a rise here - maybe due to oil prices?

preliminary results due 23rd May.

Final Results.

Overall trading for the Group in 2011/12 in line with our expectations; net
cash inflow of £119.2m

* First Student - now well set on path to recovery; plan delivering in line
with targets, stabilised operating margin in H2

* First Transit - continued good returns from low capital requirements and
established credentials

* Greyhound - business is now transformed, strong growth with operating
profit more than doubled over last 2 years

* UK Rail - solid performance; entering transition period for UK rail, only
operator shortlisted for all four of the current competitions

* UK Bus - steady performance during year; expect margins in 2012/13 to be
significantly affected by deteriorating economic conditions particularly in
the North of England and Scotland and reduced funding to the industry;
executing comprehensive plan to reposition the portfolio and restore
performance

* Dividend increase of 7.0% in line with current policy

Ex-divi wed 11th July '12 (16.05p)

Ex dividend tomorrow and down on an up day - doesn't bode well! Yield (at today's price) is 11.52%

I was convinced these would rise ahead of the divi, had a spurt to the 230p area just recently but all downhill since then, bit like HFD.
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The Stagecoach RNS won't have helped and it could be a bit of a blood bath tomorrow.

another fine mess!!

Extended auction - doesn't bode well.

Was having a serious look at this for the divi. Sooooooo glad I didn't dabble!

HARRYCAT, I had been doing the same, although I came unstuck with HFD I think it's still a strategy to consider. If you bought FGP yesterday at or near their closing price then you would be 1p or 2p to the good (atm) divi is 16.05p sp is down 14p ish. After a share goes ex divi and the sp drops, the PE reduces to a point where the share may be seen to be attractive again and buyers return, thus pushing the sp to the level they were prior to going ex div. Well that's the theory anyway.
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