European Real E Share Discussion Threads

[finkwot] 03/3/2016 09:23

I wrote to Bimbo in Mexico

Does she have a sister?

[colonel a] 03/3/2016 09:10

And thank you for going to the effort of asking.
Good on Bimbo for the reply too.

[spob] 03/3/2016 09:05

Thanks for sharing that

[redhill9] 03/3/2016 09:02

As I was getting a bit impatient waiting for news of the Bimbo/Panrico deal, and still nothing on the Bimbo website, I wrote to Bimbo in Mexico as follows:


I noticed your press release dated 9 July 2015 announcing the final agreement to acquire 100% of the shares of Panrico S.A.U. and that this acquisition was expected to complete during the fourth quarter of 2015, subject to receipt of the customary regulatory approvals.

I can find nothing further about this deal on your website and, as it is now March 2016, I was wondering if this deal is still progressing and, if so, when it may be expected to complete.

I wasn't expecting a reply but thought it worth a try as it was possible the deal had either gone through or had been cancelled but that news had not yet been recorded on the website. This morning I received the following reply:

Hello (my name),

I hope this email finds you well.

We haven’t closed the acquisition yet, we are still pending authorization from the local authorities. We are still progressing with the deal.

Best regards,

Diego

So good news of sorts, it's just taking longer than anticipated.

[janvrot] 18/2/2016 18:24

Panrico merger? Why is this taking so long? This is worse than watching paint dry.

[spob] 04/2/2016 13:39

I never wanted a Barclays Account

I had a Charles Schwab UK account. Unfortunately they sold the UK operation to Barclays.

[colonel a] 04/2/2016 13:16

Boredom setting in with ERET.
But £ and Euro economies going the right way ?

[redhill9] 02/2/2016 10:55

The main problem with Barclays is their corporate actions department, which is shambolic. I posted on here about delays in processing the recent ERET action and cash, but I've since had a worse experience with them over the Axa Property Trust (APT) redemption. I've raised it as a formal complaint but no response as yet.

They've also been consistently slower than other brokers in crediting normal dividends, but not as bad recently as they were a couple of years back.

I've opened this year's ISAs for myself and my wife with Hargreaves Lansdown to add to our direct account there, and all our new money will be going to HL with my Barclays direct account being run down as cash arises.

[colonel a] 02/2/2016 09:07

Generally speaking the service from Barc is OK but they have been slow with corporate actions in the past and this last one with ERET was out of the ball park.
I complained and they did reply, but not usefully.

Ironically if they had been just a couple of days later the cash would have been perfectly timed to coincide with what I hope was the low point of this current market roller coaster.

[jonwig] 02/2/2016 06:56

Off topic, but there was some slamming of Barclays stockbrokers here last month - see recent posts.

Now I read that they are considering a bid for TDDirect. I'm perfectly happy with TDD, have been for years. If a bid became reality, I doubt I'd hang on to see how Barclays runs the show.

[colonel a] 15/1/2016 17:35

Looking at explanations of the newly found strength of the Euro I am once again amazed at the vagaries of the various markets.
Although at least this time it's boosting our NAV.
Just need a small bonus; the provided for tax dispute being settled or a chunk of La Gaude being sold off.

Never satisfied.

[redhill9] 08/1/2016 14:14

Cash finally received from Barclays overnight. No explanation for delay. I did have a follow-up yesterday to my complaint saying the person who was dealing with my query was unavailable and they would expect to reply withing 2 working days, i.e by Monday next week. I went bananas as the amount involved is around £10,000 which I believe they are just sitting on, either through their policy of deliberately not processing cash quicker than the days allowed by their T&Cs require (although on this occasion they've even exceeded those) or through basic incompetence.

If I don't get a satisfactory response explaining the delay I plan escalating the complaint as this isn't the first time I've had similar experiences with them.

[slowracer] 07/1/2016 22:50

Selftrade also paid up promptly - on 23 December I think

I'm going to make a complaint to Barclays tomorrow.

[colonel a] 06/1/2016 16:01

iDealing were also prompt.
Am also waiting for funds from Barclays and got the same message.

Of course as long markets are falling the cash is better off being delayed by Barclays than burning a hole ...
Perhaps.

[redhill9] 06/1/2016 15:51

Thanks jonwig, I'd already replied to Barclays before seeing your post but will contact the Registrar for evidence if Barclays don't resolve instantly.

I know from past experience with Barclays (this isn't the first time they've done this on similar situations) that escalating an "enquiry" into a "complaint" with Barclays does set alarm bells ringing with them as complaints have to be signed-off as resolved at a senior level.

[redhill9] 06/1/2016 15:46

Thanks Tricia51 and asmodeus for that information, a suitably strong complaint has just been sent to Barclays.

Redhill

[jonwig] 06/1/2016 15:46

If ringing Barclays, you'll get, at best, a reference to "the registrars haven't ...".
Except, of course, that the registrars HAVE processed the cash - evidence from TDD, RB and HL at least!
Usually, contacting the registrars will provide you with the evidence you need, then follow up via Barclays' complaints procedure. What Barclays won't want is the next step - being referred to the Ombudsman.
Registrars for ERET:

Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St. Helier
Jersey JE1 1ES

[asmodeus] 06/1/2016 15:22

Redmayne Bentley paid up promptly.

[tricia51] 06/1/2016 15:19

TD Direct paid up quite promptly

[redhill9] 06/1/2016 15:10

Help please. I'm in dispute with Barclays over the share redemption as they still haven't processed the cash. Incredibly, they've only just processed the replacement shares but they're telling me this morning they can't credit my account with the cash because the registrars for ERET have still not issued the capital return of 65p per share despite Hargreaves Lansdown having processed both shares and cash on 24 December.

Can anyone assist please by posting on here names of brokers besides HL who have processed the cash return, and of any besides Barclays who haven't?

Thanks in advance.
Redhill