Hardboy
11 Feb 2017
Re: Still buyers Thanks Rober,To keep close to that limit with ADM would take some managing as they require a minimum balance of £50k. As you say it shouldn't happen, but it could. Presumably it is £50k per broker, not per account, like the banks, so if you hold ISA, SIPP & dealing account with the same broker, it's the sum of all of them. I also hold most of my shares in nominee accounts. Of course clients' money should be kept completely separate from the brokers' own accounts, so if the broker goes bust it should not take the clients' money with them in the same way as banks. You've given me something to ponder on now; but in the short term I still want to wind down my ADM account as I like to use online platforms to deal.
Rober01
11 Feb 2017
Re: Still buyers Hardboy there is a limit:-FCA"The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is £50,000 per person per firm"In particular for those who hold shares in nominee accounts i.e me, there is a question of ownership (in rare cases admittedly) which may arise in the case of fraud. The above FCA compensation scheme in no way covers me even with 3 brokers!! There used to be talk by major brokers of their having indemnity insurance in the millions of pounds, but I do not see that mentioned these days.Consequently, whilst my split in no way covers me for the level of any loss i might suffer, I prefer not to have all my eggs in one basket, "just in case".
Rober01
11 Feb 2017
Re: Still buyers strapukThe Timetable is setout in the Circular dated 19/1/2017.
strapuk
10 Feb 2017
Re: Still buyers Apologies if I have missed it, but did M&G actually state a "pricing date" by when all assets to be sold to meet the cash option selections will be sold? I had naively assumed it would be March 17th, but perhaps that is the date when roll-over and cash payouts occur.Only 5w to the official wind-up date.
Hardboy
10 Feb 2017
Re: Still buyers Rober,Why do you need to spread investments over more than 1 broker? It is not like banks where there is a limit to how much is protected.You may have some cash on account with brokers, but usually it is shares one holds with them, and you own those shares. The broker is just an intermediary; provided you have a contract note you can prove ownership. Or am I missing something?
Rober01
10 Feb 2017
Re: Still buyers HardboyAn interesting history!! A couple of years ago I spent a considerable amount of time spreading assets between three brokers. I realised I had too great a value with one broker should anything untoward occur. I really should have spread wider still but it was becoming unmanageable. As they are all major players I will live with the reduced risk.Incidentally as a result of my conversation with Hargreaves yesterday, they have today allowed me to opt for cash!! I find with them on the odd occasion they do not act as fast as I think they should, a quite word results in almost instantaneous action.I hear the Trump is expected to make clear his intentions on tax cuts in the next two to three weeks, which hopefully will be about our pricing date !!!Cheers
strapuk
10 Feb 2017
Re: Still buyers HL just sent me the 7 options via their secure message service. Option 7 Cash duly selected.
Hardboy
10 Feb 2017
Re: Still buyers "I do not know ADM"Many years ago I had an account with Hoodless Brennan, and dealt with an individual who was not the typical HB broker. He may occasionally mentioned to me the latest Placement of a loss making AIM company that they were trying to offload, which seemed to be HB's main business, but for the main part he got to know me, and my aims, and used to make recommendations accordingly. It was just what a broker should be. He got a job with ADM & I moved my business with him. He's long since left (to where I know not) but my account remains. They are not at the forefront of on line brokerage firms, in fact I'm not sure they have an online platform. I always deal with them over the phone; and last time I enquired they did not use automatic trades; but I have no complaints about their service. They have always been efficient and effective in all dealings. I think they are geared up more for corporate clients; so may not advertise too much to private investors. I'm actually trying to run down my account with them: simplify my life to just 2 brokers; so when I get this cash it will be removed from the ADM account and moved to iii. In theory they have a minimum portfolio size and I've already slipped below that, but until anyone mentions it I'll carry on as I am doing. It's cheaper to sell when I am ready, & take the money out; than have to pay transfer fees to move the holdings to another broker.
Kool Keith
10 Feb 2017
Re: Still buyers iii sent message/options yesterday
Rober01
10 Feb 2017
Re: Still buyers HardboyI was a little intrigued as my two are major brokers.I do not know ADM but boy were they fast!!!I spoke to Hargreaves after your comment (their service is better than my others) and they confirmed they would be acting in the next day or two.If cash had been the default I would not have bothered, but as it is not and I have a lot riding on this, it is important.Cheers
Hardboy
09 Feb 2017
Re: Still buyers My shares are held with ADM. They sent me an e mail asking me for my decision not long after the announcement. I sent them a reply, saying hold on a minute, I've got ages to make up my mind. Their reply was - let us know whenever. So I've just done so, My father has his shares with the Share Centre (who I find excellent by the way.) I wrote to them to explain our decision, and they said, they were going to ask people their options in the near future, which was this week, so I'm guessing they have not actually sent anything out yet. No idea why ADM were so quick off the blocks; but there's nothing to panic about yet. Didn't the schedule say 6th March was the last date to receive people's option choices?
Rober01
09 Feb 2017
Re: Still buyers HardboyI note you have made your election for cash.I would be grateful to know when exactly the options for election were made available to you by your broker? Neither of my two relevant brokers is currently showing my options, so you seem to be ahead of the game.Cheers
Hardboy
08 Feb 2017
Re: Still buyers Could be? Who knows. I can't see a logical reason to buy or sell these at the moment. OK if you sell you have a certain return; but the bid price is 25% below the NAV; and add on dealing costs, that's a lot to potentially give up. I suppose it is possible that is someone wants to invest in one of the rollover options, this is a cheap way of getting into them. Anyway I've bit the bullet and committed to receive cash. I would have liked to wait till the last minute, but I took pity on my broker.
Rober01
08 Feb 2017
Re: Still buyers HardboyOn the buy side, the only explanation I have is that the IT is buying back shares!!Cheaper than a possible 55p or so.What do you think?
Hardboy
07 Feb 2017
Re: Still buyers I'm very much of the same mind Rober; and of course the spread is not helpful for such thoughts. I've been expecting sentiment in markets to take a real nose dive all year: I thought something was bound to spook them, but so far everything has held up well. Let's hope it does for just a few more weeks.
