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We have compiled a comprehensive A-Z glossary of share dealing and investment terms.


Permanent Interest Bearing shares. A share issued by building societies which pay a fixed rate of interest rather than a dividend.

A collection of securities owned by an investor.

Pound Cost Averaging
Investing small amounts on a regular basis e.g. monthly - results in fewer shares when prices are high and more shares when prices are low. Over time, investing in this manner means the average purchase price paid will be lower than the arithmetical average of the market price.

Preference Shares
These are normally fixed-income shares whose holders have the right to receive dividends before ordinary shareholders. If a company were to go into liquidation, preference shareholders would rank above ordinary shareholders for the repayment of their investment. Normally these shares do not carry voting or pre-emptive rights.

Price/Earnings Ratio (P/E Ratio)
The P/E ratio is a measure of the level of confidence investors have in a company (rightly or wrongly). Generally, the higher the figure, the higher the confidence. It is calculated by dividing the current share price by the last published earnings per share (net profit divided by the number of ordinary shares).

Prior Express Consent
When dealing for you we will usually trade on a Regulated Market or Multilateral Trading Facility but there may be occasions when we are able to achieve a similar or better result for you by dealing ‘off market’ with a market participant or ‘Systematic Internaliser.’ however, we will require your prior express consent for this.

Conversion of a state-run company to public limited company status – often accompanied by a sale of its shares to the public.

An independent, not for profit organisation whose aim is to promote responsible share based investment.

PTM Levy
£1 is charged on all contracts over £10,000 in value. The Government uses this as a contribution towards the costs of the Panel on Takeovers and Mergers.

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