Kool Keith
23 Apr 2015
Re: corporate action Hardboy, I see you're an iii client can I ask why use AJBELL and not iii for the sipp as fees look virtually the same.
pleasemiss
23 Apr 2015
Re: corporate action Hard boy the terms still reads to like ..if you accept before its declared unconditional then no bonus for you but if you are still holding and accept after its declared then you will qualify even if its before 12months...will be very happy to be wrong...infact verryy happy...either way I will accept as am happy with offer now glah..
In the dark yet again
23 Apr 2015
Re: corporate action Hardboy,My SIPP there too plus the backup 'in my own name' dealing account. Can't say I've worried too much about the coms as I'm pretty much a read once and chuck man. As long as it's got the info I need, s0d the presentation. Only on one occasion have I had to ask them a question and they came back within 24 hours and the issue got sorted so, if not pretty, at least effective......which works fine with me.Not had any coms from them re TSB yet though.........Regards,ITDYA
Hardboy
23 Apr 2015
Re: corporate action ITDYA:That's fine - I was just worried that you were over estimating how much bonus you were getting; and I guess it qualifies as "a few thousand."As for A J Bell - I've got a SIPP with them. No complaints about the actual admin of what they do, but some of their communications leave a lot to be desired. One letter kept referring to the FSA over a year after it had ceased to exist.
Hardboy
23 Apr 2015
Re: corporate action This is EXACTLY what Lloyds said. To me it means anyone selling their shares to Sabadell (whether or not they actually accept the offer) will get the bonus; but of course it still does not explain the process or timescale. "Bonus Share SchemeAt the time of the initial public offering ('IPO') of TSB in June 2014, Lloyds implemented a bonus share scheme pursuant to which retail investors acquiring shares in TSB through the IPO and holding those shares for 12 months thereafter would, subject to certain conditions and limits, be entitled to receive a number of free and fully-paid up additional shares from Lloyds following that 12 month period (which expires on 25 June 2015). The terms of the scheme contemplate the scenario where a change of control of TSB occurs before the entitlement to these bonus shares crystallises and provides that in such circumstances Lloyds would make arrangements to compensate investors. Accordingly, if the Offer is declared wholly unconditional before 25 June 2015, Lloyds will make arrangements to pay, to any investors who would have been entitled to receive bonus shares under the terms of the scheme, the cash value of those bonus shares (at the offer price to be paid by Sabadell). In addition, if the Offer period extends beyond 25 June 2015 (whether or not the Offer is subsequently declared wholly unconditional or lapses), Lloyds intends to extend the compensation arrangements described above such that, in those circumstances, it will make arrangements to pay, to any investors who are entitled to receive bonus shares under the terms of the scheme, the cash value of those bonus shares (again at the offer price to be paid by Sabadell).The Group has discussed these arrangements with the Board of TSB who are fully supportive of the arrangements that have been made.UBS Limited and BofA Merrill Lynch are acting as financial advisers to Lloyds Banking Group plc."
pleasemiss
23 Apr 2015
Re: corporate action Even if you accept 4 May you'll get your money before year ends. Or atleast your execution site wll. Which means you didnt hold for 12 months so no bonus for those that accept. And yes the sale will go thrrough andonly the token holders will (may)??? qualify depending on wetherspanish take it board to pay up. If it becomes compulsory sandell may even convert the token holders to sandell...?...terms terms...
Ytong
23 Apr 2015
Corporate action As it was explained to me.You accept this offer and there are no bonus shares.You hang on and the deal goes thru, remaining shares in accordance 'with the rules' are purchased...and there are no bonus shares.You hang on and the deal does not go through...you get the bonus shares, but the share price will drop like a stone...unless someone else makes a move.
In the dark yet again
22 Apr 2015
Re: corporate action Hardboy,They are the original 826 bought in the IPO.... but through AJBell(a.k.a. YouInvest) who, to date, have never put a foot wrong. Happy to let me hold on to my Verizon CDIs that came out of VOD, happy to let me buy/sell XOM, happy to let me take part in any IPO I want (not many in my case). Not the most naturally instinctive of trading sites but you get used to it after a couple of times and it all work sweet as.826 @ 340 * 1.05 = 2949, so maybe just shy of a 'few' grand but 37.3% for a year(ish) is not to be sniffed at.Although, as I said previously, someone's bound to kuff the bonus bit up.Regards,ITDYA
Hardboy
22 Apr 2015
Re: corporate action ITDYA: "I only have a few thousand quids worth (which will get the 5% bonus pickup)"The 5% bonus only applied the an initial amount (from memory £2k) so if you have "a few" thousand quid's worth you won't get the bonus on all of them.As long as people bought the shares at the initial IPO they should get the bonus. Don't worry about iii - they are just the go-between - they will do what they have to. I'm not sure how the process for the bonus will work though as it is being paid by Lloyds, not the predators. No doubt it will all go through with lots of confusion, but it will go through.
i WISH i WAS i
22 Apr 2015
Re: The offer to sell A question (maybe ... Ok I got the Email Yesterday asking if I want to accept £3.40 for my shares, iii want to Know by I think 4th May, so I asked what happens to my 5% if I accept (Can't help) execution site only. iii did not even say there was that option. So if I did nothing what will happen to my 5% and what price will I get for them anybody in the know on this one ?
In the dark yet again
22 Apr 2015
Re: The offer to sell A question (maybe ... 90% is the cutoff for the 'compulsory' sale. But as soon as they have 50% (which they'll get from Lloyds) it goes unconditional and they'll get the rest as no serious investors want to be in as a minority unless it's for a bit of greenmail. If they don't get the 90% straight up they'll almost certainly come back and make another offer of the same amount for the rest. There is no point in not accepting, just need to make sure that, by accepting, you do hold onto you 5% bonus (if you're entitled to it) - I guarantee you there will be more than one cook up from one or more brokers on this last bit.Regards,ITDYA
sjt55
22 Apr 2015
Re: The offer to sell A question (maybe sill... If Sabadell get sufficient shares, I think 80%, of which Lloyds already hold 50% and will sell, then the remainder will be compulsorily purchased, which will mean that you will still lose your shares at the same price, but you will have to wait longer for your money.
celerydays
22 Apr 2015
The offer to sell A question (maybe silly) The offer of 3.40 a share must be taken up by 4 May. I can't find anywhere that says what happens if you don't accept the offer. What happens if you don't ?
Kool Keith
22 Apr 2015
Re: corporate action Thanks Gold, I thought as such but had the element of doubt creep in with the earlier post.Cheers.
goldpig1
22 Apr 2015
Re: corporate action you will still get the cash equivilent of your bonus shares, it is in the terms of the takeover. if iii dont pay up, take em to court, they will loose. but wont come to that the bonus equivilent will be in you payment
