Royal Bank Of Scotland Share Discussion Threads

[chinese investor] 06/6/2017 12:08

RBoS Shareholder Action Group have got the necessary 70% so 82p has been accepted !

[chinese investor] 05/6/2017 10:48

63 per cent of the 9,000 investors are not ready to settle, and had raised around half of the estimated £7m needed to pay legal costs and keep their claim alive.

[chinese investor] 03/6/2017 08:47

RBS and RBoS Shareholders Action Group like to deal with the big boys exclusively and they've done a deal with them.
Why don't RBS mop up the little PIs with a generous settlement - it won't cost them much !

[ramco] 03/6/2017 08:07

Dope seriously!! Leave the loonies to the Lonnie bin...haven't you got some shiny new rebundled sovereign debt to buy or sumting...lol ;)

PS UA sign of the times to think that this was the premier board at one time too...sad, very sad as Trump would say keep well...;

[chinese investor] 03/6/2017 01:20

"Some diehard group members are understood to be angry at a bespoke deal offered to Hemmings by RBS that would make his settlement contingent on ceasing to pay fellow claimants’ legal bills. While they are determined to force Goodwin into court, the defiant group would have to raise their own funds to take the case to trial. They have raised £4m of the £7m required and are confident of securing the remaining funds in time to start the trial on Wednesday next week."

[chinese investor] 02/6/2017 19:48

Royal Bank of Scotland, which earlier this week looked sure to avoid an embarrassing High Court trial over its near-collapse in 2008, has hit a roadblock in its settlement with claimants after a meeting over the final payout ended in a stalemate.

A group representing the thousands of retail investors suing the bank for misleading them during a £12bn rights issue said on Monday it was "in the best interests" to agree to an 82p-a-share offer from the lender, indicating that RBS had escaped a cross-examination in court.

However the tide has turned in the days since, with a large chunk of investors raising £4m to put towards funding the 14-week trial while a meeting aimed at reaching a final settlement ended in deadlock on Friday.

The meeting, between RBS chief executive Ross McEwan and three directors from the RBoS Shareholder Action Group, ended without an agreement and consisted of "PR blah blah blah," according to one of the group's members.

Mr McEwan refused to increase the bank's final offer during the meeting, one source confirmed.

If the stalemate continues then former chief executive Fred Goodwin could find himself having to take to the witness stand and defend his role in the lender's near-collapse next week, when the trial is due to start.

The claimants - who were hit with losses of as much as 80% when the bank was bailed out during the crisis - have argued that they were misled about the bank's financial health in the prospectus for its 2008 rights issue, a claim the lender denies.

[g1945] 02/6/2017 18:33

I don't know what's going on here. One minute I'm told that I have to accept the fact that RBoS Shareholder Action Group has agreed to accept 82p and now they're back negotiating again. The papers keep talking about 70% of the claimants by share value having to accept the offer. I must have been asleep when the voting took place then!

[dope007] 02/6/2017 16:26

Not forgetting the nutcase Abbott as home sec!!!!!!!!

[cfc1] 02/6/2017 15:45

gcom2....we would have lost the Falks with him in charge..... To be fair (said before) I have no time for politicians but he really grates!

[gcom2] 02/6/2017 15:26

maybe he will hand the falklands back too cfc would you like that

[dope007] 02/6/2017 14:36

Those not in the labour force rocket over 600k CBs to print more cash for banksters to gamble? Then demand broken tax payers fund their criminal losses again!!!!!!!

[chinese investor] 02/6/2017 14:22

Fred Goodwin could still be required to give evidence in a trial relating to the near-collapse of Royal Bank of Scotland (RBS) amid a continuing stalemate between the lender and thousands of small shareholders.

Sky News has learnt that a meeting between Ross McEwan, RBS's chief executive, and directors of the RBoS Shareholder Action Group took place on Friday aimed at reaching a final settlement between the two sides.

Insiders said that the talks, which took place at RBS's London offices, concluded without an agreement after Mr McEwan declined to increase a financial offer to the remaining claimants.

The action group, which indicated at the beginning of the week that a majority of its 9000 members had backed an 82p-a-share deal, is now scrambling to raise £7m to fund itself through the anticipated 14-week trial - which is due to kick off in five days' time.

Sources said it had raised roughly £4m so far from unidentified contributors.

RBS had hoped that at least 70% of the claimants by value would accept the settlement, which would have made it binding upon all of the participants.

It was unclear exactly what proportion of the claimants by value had indicated their willingness to accept, with the trial due to begin next Wednesday.

The judge in the case has already adjourned it three times amid ongoing settlement talks.

While an 82p-a-share deal with the outstanding claimants would have cost RBS more than £200m, some observers believe the bank should have offered a higher sum in order to draw a line under the case.

If the trial does go ahead, it would be among the most keenly awaited events to follow on from Britain's banking crisis of 2008, with former RBS boss Mr Goodwin expected to spend two days in the witness box.

Mr Goodwin, who was ousted as RBS's boss as it was being bailed out with £45bn of taxpayers' money in 2008, has never given a full public account of the crisis at the bank.

To date, more than £100m has been spent by the bank defending the claims, a bill which includes the legal costs of Mr Goodwin and other former directors.

[uncle arthur] 02/6/2017 13:37

Thanks leeds.. your posts are missed, take care!

[leedskier] 02/6/2017 13:29

UA

It is good to be missed.

I am not actually invested in any of these companies.

I said I would not post until after the election.

In the light of your post, I will make this post.

Who knows, I may not post here again, even following the election.

In my last post here some weeks ago, I suggested that Philip Hammond may not be in post as Chancellor after the election.

Leaving aside the question as to who may now win the election, even assuming it is the Tories, it seems that the hotly tipped successor to replace him, if not her, is the Stockbroker's daughter, Amber Rudd, yes she and David Cameron have a similar pedigree, with David Davis now tipped to replace Boris as Foreign Secretary.

If by chance the voters reject the Tory manifesto, there may be a collapse in equities next Friday, which could make the fall post referendum seem a non event.

Have a nice weekend.

[uncle arthur] 02/6/2017 12:07

Sorry to see leedskiers left this thread, was always my first stop of the morning for news.

Hes now on the Fusionex (FXI) thread and a few others ..

Leedskier 31 May '17 - 00:51 - 1564 of 1660

FEVR is trading on a PE of 72.55

[dope007] 02/6/2017 08:26

US pull out of climate accord. So if good for USa then bad for the rest or vica versa. CB money printing mayhem means stocks everywhere continue a relentless ramp upwards

[chinese investor] 01/6/2017 17:44

g1945,
The Action Group have not asked me if I want to accept any offer !
I'm now quite curious about what'll happen if we go to court !

[g1945] 01/6/2017 16:59

Proactive Investor:

"Shareholder action group wants to accept RBS settlement...

However, in order for the decision to be binding, the action group needs the backing of 70% of claimants by value of its £520mln claim. It is understood that about 63% of the 9,000 investors are not ready to settle and have asked the judge for more time to find extra funds of £7mln, City Am reported, citing sources."

I don't know where these people and others are getting the idea that ordinary investors like me are getting a chance to vote on whether to accept the offer. I just don't know what's going on and I don't think the Shareholder action group is acting in good faith with us. I think they're only concerned with the big boys. Needless to say, my latest query asking them about this situation has gone unanswered.

[careful] 01/6/2017 12:36

love the reported 40-45% of the settlement for lawyers.
they really deserve it, after all they have to eat.
..nice people.

[chinese investor] 31/5/2017 19:18

A source said RBS had not yet raised its offer to the investors.

RBS last week agreed terms with organisers of the RBoS Shareholder Action Group on a settlement over the case, in which the investors allege the bank misled them over its financial health at the time of its bailout in 2008.

That left only a die-hard faction of a few thousand individual investors pursuing the case.

Those investors need additional funding of around 7 million pounds if they are to keep the case alive, the sources said.

Lawyers representing the RBoS group have until Thursday afternoon to tell the judge on the case whether they will proceed with their claim.

The deals have so far cost RBS close to a billion pounds, but a final settlement with the holdouts would spare the lender the embarrassment of having the lowest point in its near 300 year history raked over in court.

[chinese investor] 31/5/2017 19:13

g1945,
Very unsatisfactory !

[chinese investor] 31/5/2017 19:11

Jonathan Charles Gaunt has just become a director for the Action Group !