Hardboy
30 Jun 2015
Re: WHEN DO WE RECEIVE PAYMENT? Today's statement says:"The cancellation of listing of TSB Shares on the Official List and admission to trading of TSB Shares on the Main Market is expected to take effect on or around 28 July 2015, being 20 Business Days from the date of this announcement." So we are likely to receive our money around 28th July. The statement also says:"Level of acceptancesAs at 1.00 p.m. (London time) on 29 June 2015, Sabadell had received valid acceptances of the Offer in respect of 389,972,756 TSB Shares, representing approximately 77.99 per cent. of the existing issued share capital of TSB and 86.66 per cent. of the TSB Shares to which the Offer relates."
Hardboy
30 Jun 2015
Re: trades You're probably giving the non-acceptors a huge complement in assuming they are deliberately not accepting. Remember this was a high profile offer to Joe Public - many people will have bought shares who do not usually own shares & some of them may not even know they have to do anything.
Loldemort
30 Jun 2015
Re: trades Going by yesterday's figures, Sabadell have approx 88% acceptance, which is enough to do the takeover, but not enough to force minority shareholders to sell to them; for that they need 90%. If I were an enterprising MM I might snap up any shares going at slightly above the offer price, to flush out greedy sellers not interested in the bonus shaers, and then I would turn around and offer them to Sabadell at 342p or so.But that's just my guess.
Investor KT
30 Jun 2015
WHEN DO WE RECEIVE PAYMENT? HiToday the offer has been declared unconditional in all ways. Any idea when we receive the proceeds having accepted the offer? (One broker site implies around 14 days from offer declared unconditional.)Many thanks.
Hardboy
30 Jun 2015
Re: trades The quoted offer price is only a guideline. You can usually get slightly better prices
lynnmj
30 Jun 2015
trades could anyone please tell my simple brain, why trades are going thorough at 140.5 when the offer is 140.Thanks
Lord Edam de Fromage
26 Jun 2015
Re: One year Bonus shares not sure why there is confusion over this. Lloyds have said if the offer was declared unconditional by 25th june they would pay cash at £3.40 per bonus share. If the offer was extended beyond 25th june, and irrespective of if it went unconditional or lapsed, Lloyds would pay £3.40 cash per bonus share.In conclusion - you're getting £3.40 in cash of Lloyds for each bonus share you should have had.[link]
In the dark yet again
26 Jun 2015
Re: One year Bonus shares "out of their remaining shareholding"But then they already have irrevocably committed all their holding to Sabadell so they haven't got any they control to issue/reallocate even if they wanted hence the assumption that they'll have to do it with cash.It is an assumption but nothing else makes much sense. As for those who don't accept the offer, should a minority still exist, I have to assume Lloyds will give them cash too when all the dust has settled. I really can't see any actual shares being distributed to anyone - Lloyds don't control any of the existing, can't issue any new ones and Sabadell want 100% so they're not going to issue new ones even if Lloyds promise to compensate them.As for the 'year', there was no formal date stated at the time. Given the status of the takeover I'd assume the worst and that a year is now 'flexible'. What? Someone's going to sue them in the meantime given worst case on the settlement from Sabadell is 7th July + 2 weeks? How long after that it takes Lloyds to sort it I have no clue but remember it's only private investors who bought through the IPO that have the entitlement, none of the institutions. Mr Angry might indeed be angry but no one's going to get something organised to chase Lloyds in meantime. Just got to chill on this one, there's plenty of other more serious stuff going on in the world to wind us up if one feels that way inclined.Regards,ITDYA
nk1999
25 Jun 2015
Re: One year Bonus shares My understanding is that LBG would have provided the 1:20 Bonus shares out of their remaining shareholding in TSB anyway. They are two separate companies now and LBG have no right to issue additional TSB shares.With the takeover they can provide the 1:20 shares or 17p per share equivalent at the takeover price. It does not really matter to us or to Sabadell or even LBG.the way, I think the date for issue of Bonus shares in today (25/06) although I could be wrong.These are just my thoughts. Please DYOR.nk
goldpig1
24 Jun 2015
Re: One year Bonus shares ITDYA, if you go through the take over docs, the bonus shares are listed in there as is the commitment to pay the equivilent in cash of what will be owed in shares. so you will get your shares or the cash equivilent.GP1
In the dark yet again
23 Jun 2015
Re: One year Bonus shares Not 100% sure but they might not actually issue the bonus shares. The takeover is between Sabadell and TSB yet it's Lloyds who have made the promise to 'make good' on the bonus shares. Lloyds can't actually issue the shares, they no longer have the voting rights to force it, so I suspect they make it up with cash after the event, i.e. you'll get your 340p from Saba then a further 17p but separately from Lloyds. Issuing new shares that are then immediately going to be cancelled is an awkward and expensive business and I reckon they want to avoid it if possible.Anyway my 826 shares would get rounded down to 41 bonus shares and I'd lose the 17p on the other 6. Not really enough to get worried about by a pound is a pound. Who knows? Given what a bunch of so&sos Lloyds have been recently in their treatment small private investors they'll probably only pay me for the 41 whole ones anyway - I might be happy to have a few Lloyds shares but I certainly would never do any business with them!Could be wrong but Sabadell certainly haven't agreed to honour the promise and, since they now control 85%+ of the shares, I can't see any chance of them putting their hand in their pocket and stumping up the extra; it wasn't their promise in the first place so the obligation is not on them.All a bit of guess work as there's nothing in the docs detailing how it will work...... but the promise is from Lloyds not Sabadell.If Sabadell don't get the 90% acceptances and a minority is left out there God only knows how they'll sort it out for those guys - glorious pain in the backside.Good luck but I wouldn't hold my breath!Regards,ITDYA
Ripley94
23 Jun 2015
Re: One year Bonus shares Is there any indication of when we might be paid for these .
goldpig1
22 Jun 2015
Re: One year Bonus shares i would think the bonus shares will be issued if the sale isnt agreed already . it will probably simplify things GP1
Jon Walsh
22 Jun 2015
One year Bonus shares The year is up, we should be issued with the bonus that we were promised as the proceeds from the so called sale is taking for ever.
In the dark yet again
04 Jun 2015
Re: I still haven't accepted Ooops... sorry. The TSB shares will not necessarily be delisted while a minority is still out there. However the liquidity (what little there is) is likely to dry up. Sabadell are likely to be the only buyers and the market makers won't be the least bit interested (unless Sabadell are paying them some kind of fee).I still reckon you should just say yes sooner rather than later because, unlikely as it is, anything else does involve some unnecessary risk, no matter how remote.Regards,ITDYA
