Saga is a well-recognised, classic British brand, providing products and services tailored for people aged 50 and over. The Company has been built on the highest standards of customer care, value for money and talking directly to its customers. The Saga brand embodies those core values today and is one of the most trusted brands among people aged over 50 in the UK.

By focusing on the needs of its customers, Saga has gained a unique insight and an in-depth understanding of the over 50s which has enabled it to expand its business and tailor its products specifically for its customers. Initially established as an out-of-season holiday provider in 1950, Saga has successfully broadened its product and service offering to range from cruises and holidays, home and motor insurance, savings and share dealing through to the UK’s best-selling Saga Magazine. Saga also provides domiciliary and primary healthcare services through Allied Healthcare, which is part of the Group.

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SAGA's Fundamentals (SAGA)

Announcement of Offer Price

Announcement of Offer Price

Offer Price set at 185 pence

Following the announcement by Saga plc (the "Company" and, together with its subsidiaries, "Saga" or the "Group") on 8 May 2014 of the publication of the Prospectus in connection with an initial public offering of its ordinary shares (the "IPO" or the "Offer"), the Company today announces the successful completion of the Offer.

Offer highlights
· The offer price has been set at 185 pence per Share (the "Offer Price")
· Based on the Offer Price, the total market capitalisation of Saga at the commencement of conditional dealings will be £2.1 billion
· The Offer comprises 297.3 million Shares, representing 27% of Saga's issued share capital on Admission, excluding the Over-allotment Option
· Total gross proceeds raised by the Company in the Offer will be approximately £550 million
· Acromas Bid Co Limited (the "Shareholder") has granted the Over-allotment Option in respect of 44.6 million Shares. If the Over-allotment Option were exercised in full the total gross proceeds raised by the Shareholder in the Offer would be approximately £82 million
· Following Admission (and assuming no exercise of the Over-allotment Option):
‒ the Shareholder will hold 72% of the Shares; and
‒ the Directors and Senior Managers will be interested in 1% of the Shares. Certain of the Directors and Senior Managers are also shareholders of Acromas Bid Co and are owed subordinated shareholder debt by an Acromas Bid Co subsidiary as set out in more detail in the Prospectus
· 50% of the Offer has been allocated to retail investors, including a substantial majority allocated to Saga's customers, under the Retail Offer and 50% of the Offer has been allocated to institutions under the Institutional Offer



Allocations in the Customer Offer
· Eligible Customers are receiving preference in allocation at all levels with an allocation of between 540 Shares and 5,000 Shares and applications at the minimum application amount of £1,000 have been met in full
· Over two thirds of Eligible Customers have been allocated at least 50% of their application amount

Allocations to non-customers
· Applications of up to £10,000 in the Non-Customer Offer and applicants in the Intermediaries Offer have been allocated 400 Shares each. Further details of allocations in the Retail Offer are set out in Appendix I
· Applications under the Employee Offer have been met in full

Further information
· Conditional dealings in the Shares will commence on the London Stock Exchange at 8:00am today (23 May 2014) under the ticker SAGA. Investors should note that only investors who applied for, and are allocated, Shares in the Institutional Offer or in the Direct Retail Offer (Customer Offer and Non- Customer Offer) who applied online and requested their shares to be held in the Saga Shareholder Account or with Saga Share Direct or the Intermediaries Offer will be able to deal in Shares on a conditional basis
· Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings in the Shares on the London Stock Exchange, are expected to take place at 8:00am on 29 May 2014. At Admission, the Company will have 1,110.7 million Shares in issue
· The Pricing Statement relating to the Offer will be submitted to the UKLA and will be available free of charge at the Company's registered office at Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. In addition, the Pricing Statement will (subject to certain restrictions) be published on the Company's website at www.saga.co.uk/shares

Saga has 'killed' market for more IPOs, say top investor
Telegraph
By Ashley Armstrong | Telegraph – 2 hours 42 minutes ago
Disappointing market debut comes amid concerns over health of London listings

Saga's dismal London listing has “probably killed” the market for further flotations, one of the City’s star fund managers has told The Telegraph.

Shares in the over-50s lifestyle group have closed flat after a lacklustre debut which saw the group back-pedalling on its initial price range to float at the very bottom of the range.

The company priced its shares at 185p, which gave the business a valuation of £2.1bn. The float price represents a drastic scaling back of expectations and is almost 25pc below the top of the original 185p-245p price range.

Saga also scrapped plans for a secondary £315m offering after parent company Acromas’ private equity owners did not want to sell at cut-price.

Despite the lower listing price the shares failed to achieve a first day pop and closed flat after rising to a high of 259p before dropping below the listing price to 184.5p.

Bankers regard a successful float as one in which the shares rise 5pc-10pc on the first day of trading.

After scrapping its secondary offer Saga scaled back share allocations after strong retail demand left the offer three times oversubscribed.

A spokesman said the company had deliberately scaled back the offer for institutions to give customers preference and “to drive the after market” and the flat trading demonstrated the quality of long-term institutions.

Saga has listed with a 27pc freefloat, half of which is held by retail investors.

However, Andy Brough who manages Schroders’ £1.6bn mid-cap fund,said the scaling back of price and allocation could “Saga has probably killed the market for the upcoming new issuances .”

“Saga had made a lot of its retail shareholders, inviting them to take part, and then the private equity owners decided they weren’t going to sell. If the customers don’t make money on the shares it will be interesting to see how long they remain customers”.

Saga had highlighted the importance of its brand in the risk factors section of it IPO prospectus and had detailed that a poor performance in the IPO aftermarket could affect the company’s success.

The company’s flotation had already irked some institutions after the company described itself as a consumer business in an attempt to achieve a higher valuation than insurance peers. Around 70pc of the Saga’s earnings come from its motor and home insurance offering.

Mr Brough said:”Investors told them to price it sensibly and they ignored us. It was dressed up when it should have been priced as an insurance company”

City institutions are nursing losses after supporting the flotations of tech groups AO and Just Eat which have now fallen below their listing price.

“These bankers have inflicted pain and embarrassment on us investors and now we are doing the same to them. So they have two options, either scrap your IPO, like Fat Face,or give us a real 20pc discount,” Mr Brough said.

Two thirds of customers who applied for new shares in Saga received just 50pc of shares they requested, the company said.

Those who applied for the minimum amount of £1,000, got their full allocation of 540 shares. Those applying for more were scaled back, with those wanting £5,000 worth receiving 1,000 shares, valued at £1,850. Customers seeking £40,000 worth got 1,300 shares, valued at £2,405.

Those small investors who were not customers and applied for shares worth up to £10,000 received just 400 shares each. Employees received all the shares they asked for.

Great sector, company shite! Problem no. 1 sell!

Hedge fund shorts Saga shares as losses mount for thousands of small investors

UBS note today:
"Unique exposure to a growing demographic Saga is one of the UK’s most well-known and trusted consumer brands, focusing exclusively on the over-50s market. The UK population is ageing, financial wealth is increasing, the role of the state shrinking and new lifestyle patterns are emerging. Saga offers unique exposure to these themes through a customer database of 10.4m names that reaches 46% of the over-50s population. Saga’s penetration of wealthier (ABC1) households is as high as 61%. Database quality, brand strength, effective cross selling and tailored service constitute some powerful competitive advantages.
A strong consumer brand, but it is insurance that faces the most scrutiny Classified within the FTSE as “Specialised Consumer Services,” nearly 90% of EBITDA derives from financial services – either underwritten in-house or in a broker capacity. The important car insurance division faces challenges and will find it difficult to maintain margins over the medium term. This reflects the normalisation of reserve development and better use of data by peers. Limited disclosure does not reassure. Will the brand age well? Saga adds around 5% of new names to its database each year. Each cohort of new names exhibits different productivity levels, either in terms of first-year sales or higher margin product sold over time. While there is evidence of Saga historically improving productivity, it is unclear how the brand will age in a digital world. Saga’s strength has been in building its database off the back of holidays and a magazine, supplemented with exceptional customer service. While this hold will be difficult to break, there may well be other ways for competitors to access this demographic in today’s world. Valuation: £1.77 price target based on two-stage DCF.
We value Saga at £1.77 per share. We include no explicit value for new product potential, but illustratively show in our upside scenario further potential upside of 20%, based on certain assumptions around wealth management. Our Neutral rating reflects our cautious view of near-term newsflow. Saga trades on 13.5x pre-exceptional forward EPS, with FCF generation of 6% and a dividend yield of 2% in the first year."

Interim results for the six months ended 31 July 2014

Strong set of results, on track to meet market expectations for the full year



Saga plc ("Saga" or "the Group"), the UK's leading provider of products and services primarily tailored for the over 50s, announces its interim results for the six months ended 31 July 2014.



Financial highlights

· Group Trading EBITDA increased by 9.7% to £130.4m (2013: £118.9m).

· Group Operating profit increased by 15.2% to £110.0m (2013: £95.5m2).

· Group profit before tax on a like-for-like basis up 14.9% to £106.5m (2013: £92.7m2).

· Profit before tax, after IPO expenses and one-off cost of new debt, of £32.8m (2013: £92.1m).

· Basic and diluted earnings per share of 2.42p and 2.40p respectively, with Pro forma Operating earnings per share up by 19.6% to 7.37p (2013: 6.16p).

· Strong cash generation leading to a reduction in the net debt ratio from 3.1 at initial public offering ("IPO") to 2.5 as at the end of the period.

· Available operating cash flow of £143.7m achieved, 110.2% of Trading EBITDA.



Operational Highlights

· 10.6m contactable people on the Saga database (2013: 10.4m) with 2.7m active customers during the period (2013: 2.7m) with an average holding of 2.7 Saga products as at 31 July 2014 (2013: 2.7).

· Group admitted to the premium segment of the London Stock Exchange on 29 May 2014 ("Admission"), before entering the FTSE 250 on 22 Sept 2014. Over 200,000 retail investors became shareholders.

· Innovation team set up to assess opportunities and implement 'fast pilots' for new products and services.

· Continued progress across the Group's divisions:

o Financial Services:

§ Pure combined ratio and Operating profit improved in Motor Insurance despite continuation of challenging market conditions

§ Launch of a new landlord insurance product

o Travel

§ Acquisition of a majority shareholding in Destinology Limited ("Destinology")

§ Partnerships signed to extend the Saga brand into Third Party Cruising.

[1] Earnings before interest, tax, depreciation and amortisation, excluding exceptional expenses and fair value gains and losses on derivative financial instruments.
2 Presented on a like-for-like basis with 2014.
3 Profit after tax attributable to ordinary shareholders excluding exceptional expenses, one-off costs associated with the new debt and other items, and after adjustments made to facilitate a like-for-like comparison.



o Healthcare

§ Continued improvements and costs savings seen from restructuring initiatives

· Progress made on a number of new opportunities

o Retirement Villages: A sales and marketing agreement has been concluded with Rangeford Holdings, a developer of retirement villages, to market Wadswick Green, their new village in Corsham, Wiltshire.

o Private Pay Care: Dedicated management team appointed to drive the private pay opportunity. Pilot project is being established to test some differentiated domiciliary care propositions. It is expected that the pilot will be up and running early in 2015.

o Wealth Management: Comprehensive review of the marketplace completed and conversations at an advanced stage to enter the market through a partnership.



Commenting on the results, Lance Batchelor, Chief Executive Officer said:

"I am very pleased to be able to announce that Saga has made a positive start to its life as a listed company, delivering a strong set of interim results that put us on track to meet market expectations for the full year.



Saga is a unique business that occupies a position as a trusted brand and provider of products tailored to the 22.8m over 50s in the UK. That demographic is predicted to grow by more than 28% in the next 20 years and - as their wants and needs change - we will continue to work hard to capitalise on our insight and structural advantages to ensure the Saga offer is increasingly beneficial to our customers and delivers returns for our shareholders ."

END

Questor/Telegraph:Sell

wow saga in the money!!!!!!!!

StockMarketWire.com
Saga, the UK's leading provider of products and services primarily tailored for the over 50s, will be announcing its preliminary results for the year ended 31 January on 30 April 2015.

Cap Spreads won't let me short this. Anyone know if IG do or is it just Caps?

Placing of shares in Saga plc
RNS
RNS Number : 9345F
BofA Merrill Lynch
26 February 2015

Not for publication, distribution or release directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or Republic of South Africa or in any other jurisdiction in which offers or sales would be prohibited by applicable law.

This announcement is not an offer to sell or a solicitation to buy securities in any jurisdiction, including the United States, Australia, Canada, Japan or Republic of South Africa. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

Placing of shares in Saga plc ("Saga", or the "Company")

In response to an inbound enquiry from an institutional investor, Acromas Bid Co Limited ("Acromas"), has agreed to sell 45.0 million ordinary shares of Saga (the "Placing Shares") representing approximately 4 per cent. of the Company's existing issued ordinary share capital for a price of 185 pence per share.

Following completion, the free float of Saga will increase and Acromas will own approximately 68 per cent. of the Company's existing issued ordinary share capital.

BofA Merrill Lynch is acting as sole placing agent.

Acromas has agreed that it will not, for a period of 60 days from the 1 March 2015, offer, sell or otherwise transfer any shares from its remaining substantial shareholding in Saga without the consent of BofA Merrill Lynch (subject to customary exceptions and any sale or transfer to one or more investors on the basis of individually negotiated sale and purchase agreements with such investor(s)).

The over-50s group Saga is preparing for life after private equity ownership after Acromas sold off the remainder of its shares. Saga initially struggled on the stock market following its debut in May 2014, but the price has stabilised in recent months and was boosted by a dividend increase alongside encouraging annual results this week. Acromas placed the last of its 31.5% stake with institutional investors in a sale on Thursday night. - The Daily Telegraph

Final Results

· Consistent delivery of profit growth
o Underlying profit before tax, excluding derivative gains and the Ogden discount rate impact increased by 5.6%
· Sustained cash generation, leading to further deleveraging
o Now within medium-term target range of between 1.5 and 2.0 times
· 18.1% growth in proposed full year dividend, equating to a payout ratio of 62%4 (FY 2016: 57%5)

Divisional Highlights

Retail broking
· Strong performance in competitive environment with significant improvement in motor
· Motor panel performing as expected
· Broking profit per customer grew 5.7% to £46.0 (FY 2016: £43.5)


Insurance underwriting
· Continued strong performance in motor underwriting
· Profit before tax (excluding Ogden impact) of £77.1m (FY 2016: £84.1m) with lower reserve releases
· Impact of change in Ogden discount rate from 2.5% to -0.75% of £4m
· Positive capital release from underwriter

Travel
· Profit growth across travel business, despite scheduled maintenance of Saga Sapphire
· Robust trading performance and visibility for FY 2018 departures, with current reservations 8% ahead of prior year
· New cruise ship on track for delivery in June 2019

Customer work
· Enhanced customer understanding assisting retention and acquisition
· Driving proposition development across all divisions
· Identification of c.500k High-affinity Customers ("HACs")
· Launch of the Saga membership scheme, 'Saga Possibilities' later this year


Commenting on the results, Lance Batchelor, Group Chief Executive Officer, said:

"For the third successive year since IPO, we have delivered a strong set of financial results. Underlying profit before tax1 is up 5.6%, consistent with our ongoing objective of delivering consistent, sustainable profit growth. Debt is down sharply, and I am very pleased that the dividend has again materially increased.

Our performance has continued to prove the strength of the Saga business model, which builds multi-decade relationships with our target demographic through a range of excellent products and services. This breadth allows us to deliver consistently for our shareholders, despite the ebbs, flows and challenges in the insurance and travel markets.

We have progressed our intensive work to better understand which Saga customers are our most valuable, and how we can best reward and retain them, as well as nurture the next generation. We know more about Saga's core customers than ever before, which is leading to more efficient acquisition, retention and up-sell of our products. It means we can better help our customers to enjoy their retirement to the full.

The new financial year will be a busy and exciting one. In the second half, we will launch our membership scheme, "Saga Possibilities", allowing us to deepen our relationship with our customers and find a variety of ways to thank them for their loyalty. In future, I will normally refer to "Saga Members" rather than customers, a significant shift after 65 years of Saga history.

Also in 2017, we will finalise the design details of our first purpose built ship, Saga's "Spirit of Discovery". We will start selling cabins later this year for her first season, summer 2019.

Our confidence in continuing to deliver a consistent financial performance in 2017 is strong. We have started the financial year well, and I look ahead with a great deal of optimism for the business."


END

StockMarketWire.com
Saga said it expected its full-year profit to be hit by more challenging trading in insurance broking conditions and the collapse of Monarch Airlines.

The company, which offers services to the over 50s, said pre-tax profit is expected to grow by "between 1% and 2%" this year and fall by around 5% next year.

For the full year, the "written profit" of the company's retail broking business was expected to be ahead year-on-year, with a strong performance in motor partially offset by weakness in home and travel insurance.

However, earned profit for retail broking was expected to be marginally lower.

The company also expected to incur a one-off £4m restructuring charge and said it would invest £10m in customer acquisition efforts.

"We expect the current year dividend to be in line with our expectations, and we remain fully committed to our stated dividend policy," Saga said.

my hold to hangon to 2019 ships ect long term holder, no hint of p/w now hold
to get money back, saga gave wrong statement last results upbeat. BB

Can this Woodford Income share bounce back?

StockMarketWire.com
Saga traded in line with expectations in the four months to 31 May 2018. The company said its targeted investment in customer growth is driving both Saga branded policy count and cruise bookings.

Saga branded retail insurance policies increased by approximately 1% year on year, supported by 30% and 14% growth in motor and home new business policies, respectively. Total retail insurance policies for the period are flat as a result of closing the Direct Choice brand in 2017.

The motor and home markets remain competitive, but Saga continue to write new business on attractive terms with direct marketing channels representing the majority of new business volumes.

The company reported its underwriter continues to perform well with motor claims costs are in line with expectations despite the snow and icy weather conditions experienced during the period as customers are able to defer journeys.

Tour bookings for 2019/20 departures are flat year on year with recent positive momentum.

Bookings for the new cruise ship, Spirit of Discovery, are now over 55% of the sales target for the first nine months from June 2019, at attractive yields.

Possibilities, the new membership scheme, now has 740,000 members, as at 17 June 2018.

CEO Lance Batchelor said: "We have seen good momentum this year across our travel and insurance businesses, particularly in new motor and home insurance policies, underwriting performance and bookings for our new cruise ship, Spirit of Discovery.

"All of this underpins our confidence that we have put in place the right investment to drive the Saga business forward."

The company's interim results will be announced on 27 September 2018.