Splits: FTSE call options paying massive divis

SKYSHIP,

I will have another look at Jove. I didn't get very far last time, because there was no up-to-date information.

I spoke at length to the Company secretary of Govett High Income, yesterday. Last year the figures were released in early December. I was originally informed that the figures were due on 20th December, but I now gather that there is a meeting of the trust next week. Reading between the lines, I believe that any announcement may include more than the figures. Hopefully they will have something up their sleeves which will narrow the current wide discount.

As this is the time for looking forward, I think it would be an opportune time if we could all give a couple of tips for 2003.

Whilst I hold the Ordinary shares of PMH and MGB, I am generally wary of Ordinary or Income shares. I feel the move to protect the interests of the ZDP's will gather pace, and that further dividend cuts can be expected.

With 2.25 years to wind-up the MGB Z's offer a return of over 50% on no increase in the value of the portfolio, and protects a 30% fall.

For the short term I look no further than REO Z's. They are fully covered, and stand at a 50% discount to NAV(or 100% uplift to match NAV). I have mentioned it before, but Dawnay Day have a large stake, and the company is intent on a revamp. I would be disappointed and surprised if some major action does not occur in the next six months.

Wishing all posters a happy, and hopefully prosperous, New Year.

tiltonboy