Tsb Bnk Grp Share Discussion Threads

[soggy] 20/6/2014 08:10

Just bought some on the market. 10 times oversubscribed - I expect this to continue to rise once the froth has settled.

[mitchy] 20/6/2014 08:09

Ask 290 bid 260

[volkeal] 20/6/2014 08:07

Just sold mine at 290p

[gruss] 20/6/2014 08:06

Will start trading in the next hour. BBC

[imranawan] 20/6/2014 08:05

Opening price showing as 285

[mitchy] 20/6/2014 08:03

Anyone got an opening price?

[jack jebb] 20/6/2014 08:01

Take a wild guess:)

[its the oxman] 20/6/2014 08:00

What's the ticker for this please?

[5jacko] 20/6/2014 07:49

Halifax not refunded yet... Not 8am though

[knicol46] 20/6/2014 07:46

Name and shame the share dealing sites that have not allocated investors shares to trade for 8am today or refunded the cash back to accounts.

[5jacko] 20/6/2014 07:40

Over 2 accounts I got Aprox 2/3rds of what I applied for. It was expected. Gla

[jack jebb] 20/6/2014 07:40

Retail bank with no dealings in sub prime rubbish. Should do well.

[dendria] 20/6/2014 07:37

Applied for & received £2k.

You get the full amount up to £2k - anything over is scaled back to 30% of that applied for.

[mitchy] 20/6/2014 07:36

Got all mine as well. 768 @ 260p

[spob] 20/6/2014 07:36

No profits
No dividends
Small discount to book


Nothing to see here

Next !

[nigelmoat] 20/6/2014 07:31

Well scaled back for applications over £2000.

[and01] 20/6/2014 07:27

I applied for £2k and got full amount

[joestalin] 20/6/2014 07:23

I applied for £1k and got that - 384 shares - so I guess that will happen for anyone with a modest punt.

[spob] 20/6/2014 06:04

ITF -




Sandy Chen

9 June 14



Lloyds (LLOY LN, mkt cap £57bn, 80p, Sell) A price range for TSB of 220p to 290p per share with a midpoint valuation of £1.275bn has been set, and the IPO prospectus will be published later today. There is the scent of hubris about, with management and advisors convinced that with the tightly controlled flow of information and the massaging of retail demand, they can push this one through. But we don't expect any hidden goodies will be revealed; on the contrary, if the prospectus confirms the press reports that TSB made £31m of "underlying" profits last year with a target of £64m for this year – on £1.6bn of shareholders' equity – we'd also think the probability is reasonably high that TSB will disclose that it made little or no statutory profits in 2013, and that future prospects for improved profitability aren't much better.

After all, TSB is merely the new badge on the old Project Verde that the Co-op and NBNK had valued at circa £700m – and we wonder if Mr Market will end up doing the same maths, once it gets the numbers. We thus expect TSB will price near the bottom of range on 20 June – at which point we expect the discrepancy in valuations between TSB and LLOY (from which TSB/Verde was originally supposed to be a 'vertical slice') will again be questioned. At a 2014E price/tangible book multiple of 1.6x, LLOY remains a Sell.



Anouncement of offer price -


Prospectus -



Dividend Policy

The TSB Board believes that the Company will, in time, be able to support a dividend distribution of 40 to 60 per cent. of underlying earnings, reflecting the strength of the capital position and franchise of the Company.

In the near term however, as TSB grows its earnings and balance sheet, the TSB Board will have particular regard to the low level of profitability of the underlying business and the need to preserve capital to support TSB's growth strategy. Taking this into account, it is the TSB Board's current expectation that the Company's inaugural dividend would be in respect of the financial year ending 31 December 2017.

The TSB Board intends to review, on an ongoing basis, the expected timing and quantum of any dividend payments in the context of progress on delivery of TSB's strategy and the broader operating environment.

[knicol46] 19/6/2014 20:47

offer price to be 260p.

[diku] 19/6/2014 18:20

monty...you missed the boat?...

only 125ml shares....joe public will probably get 200 - 400 shares each max....it will heavily get scaled back....