|Tsb Bnk Grp
||EPS - Basic
||Market Cap (m)
|harvester: TSB share offer @ 340/share has been extended for a second time now.
Clearly, they still have not managed to get 90% acceptances .
Also, it appears that they have not published yet what level of acceptances they now have .
This situation leaves many investors who have accepted the offer early in limbo while they could otherwise sell the shares in the market at a price very close to 340 . From the low level of daily trading activity it does not look as though Sabadell will be able to buy the extra shares they need in the market at a price below 340 .
A further third extension of the offer after June 18th seems improbable .
So what will be their next move ?
Will they choose to de-list the shares?|
|harvester: Quite pleased now with my TSB share trading .
After the Sabadell offer I bought a chunk more TSB shares at prices in the lower 330's .
I did not accept the offer and let both expiry dates pass . Following the 19th May expiry , when no further announcement was made , I placed a sell limit order to sell most but not all TSB @ 339.5 .
That limit order was triggered today and sold above my limit @ 339.64 . One of the biggest trades executed today .
The remaining shares, not yet sold, have entitlement to extra bonus shares . I will keep them to get the benefit of the bonus shares.
Only hindsight will later tell if this strategy was better than alternative ones . Still , a profit and bird in the hand is better than pie in the sky.
It will be interesting to watch if and how Sabadell will achieve their takeover .|
|harvester: Sabadell is NOT pleased NOT to be able to announce
that it has still not reached 90% acceptances under the Takeover Rules
which would enable it to declare the offer fully unconditional !!!
That is , of course , not an official announcement but my interpretation of their lack of announcement after the second acceptance deadline expired on May 19th .
Meanwhile the shares traded on the LSE today at prices close to the 340 offer price . It will be interesting to see how Sabadell will accomplish their takeover . Will they be able to buy sufficient shares in the market for top-up at prices not exceeding 340 ?
I would be quite happy to see the takeover fail even if that means a sharp temporary drop in share price. Admittedly, the chances of that happening must be small with TSB having surrendered their controlling interest .
Nevertheless, the City and shareholders will get restless if the deal is not settled soon .|
|harvester: Re :2) As I understand it , the bonus scheme for long-term holders under the ipo offer is due on 25/6/15 and probably not affected by the take-over .
Re: 1)The offer period started on 12th March and there are critical dates after that date under the city takeover code .
8th May was the First closing date . By that date there were 71.23+9.99% = 81.23% acceptances falling short of the 90% required for compulsory purchase of remaining shares to squeeze out a dissenting minority (like myself !!!) .
On that basis the offer was declared unconditional by Sabadell as to acceptances but , as I understand it , not yet unconditional in all respects .
Sabadell has the opportunity to extend the period for accepting the offer of 340/Tsb share with approval of the take-over panel by 28 days . That requires the issue of a revised offer document and publication thereof . No revision of the offer can be made after day 46 .
Sabadell can delist the shares from the LSE 20 days after giving notice when the offer has become unconditional in all respects . A certificate has to be issued confirming that the offer has been declared unconditional .
Sabadell also have reserved the right to implement the offer by a scheme of arrangement which has different rules and deadlines .
That does not fully answer your question No 1 but some indication of the likely delays and complexity of the process .
Re: 3) I presume for UK residents there is a potential CGT liability subject to the usual exemption limits .
The offer lapses at certain critical dates such as day 60 after which it can not be declared unconditional .
If the offer has not been declared unconditional by 29th May and there is a revision then any beneficial revision (unlikely) will be made available to shareholders who have already accepted the 340/share offer as far as I can tell.
All very complicated and really needs somebody working in the City and good understanding (better than mine) of the take-over rules !!!|
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Balfour Beatty #BBY
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TSB Banking #TSB
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|loldemort: That dilution may be a bit of a mirage though: the percentage of private investors who still have their original shares in a year's time may be quite low, especially if the share price shoots up. Or it may not, of course :)|
|darias: So Monty
If someone is buying for the divi just when should they do it?
You obviously don't think it should be 3 years before first payout so what about 30 months, 2 years, 18 months the day before ex perhaps?
If peeps buy for the divi the price will rise the closer it gets to divi day. It will start slowly but rate of rise will generally increase as divi day draws closer until someone buying for divi today may just consider that in a years time, as peeps continue to buy for divi and price rises accordingly, I might just as well take the capital appreciation as it is worth more than any divi.
So start talking sense and put your brain into gear. People buy and sell shares for many reasons and present value of a divi in three years may make the current share price worthwhile for some.|
|christh: fjgooner 20 Jun'14 - 09:30 - 83 of 83
you can always buy back.
This has further to go.
It might go the same as Royal Mail -RMG share price.|
|jonwig: Lloyds unveils TSB share offer: buy 20 get one free
by Alex Steger on May 27, 2014 at 07:38
Lloyds unveils TSB share offer: buy 20 get one free
Lloyds has unveiled plans to float TSB, offering retail investors a free share for every 20 bought in a bid to offset the lack of dividend payments for three years.
In an announcement to the Stock Exchange this morning,Lloyds
confirmed initial plans to sell off 25% of the ordinary shares in TSB and divest the remainder of its stake by 31 December 2015.
Lloyds has been forced to sell the 631 branch network under EU laws for accepting state support during the financial crisis.
The shares will become available in June to institutional investors and retail investors through intermediaries. Lloyds has agreed not to sell any further shares in TSB for 90 days after the float.
Retail investors will receive one free share for every 20 acquired, up to £2,000. TSB said it expected to pay an inaugural dividend for the financial year 2017.
TSB will become the seventh largest bank in the UK by branch network.
Tsb Bnk Grp share price data is direct from the London Stock Exchange