Abbey Nat. Share Discussion Threads

[dm1] 28/7/2004 10:04

moving in line with SCH price, recovering off lows now.

[fouroaks] 28/7/2004 09:31

Ah, hence the drop.

[bigboots] 28/7/2004 09:31

CITIGROUP HAS JUST CONFIRMED THAT IT IS NOT INTERESTED IN BUYING ABBEY

[whipround] 28/7/2004 08:28

Can't see Lloyds bidding - finance director resigned due to change in strategy to organic growth.

[whipround] 28/7/2004 08:27

Jammy

Is London in Spain?

[kaibutsu] 28/7/2004 08:00

good call to buy in yesterday. Still got the faith that someone will raise the bar with abbey?

[the knowing] 28/7/2004 07:58

Great results at HBOS

[kaibutsu] 28/7/2004 07:55

errrr. are you ok?

[dogdig] 28/7/2004 07:25

And "No" again...!!!!

[dogdig] 28/7/2004 07:20

I'm still gonna say "No"...!!

[sandbank] 27/7/2004 21:52

LOOKS LIKE THEY HAVE WAYS OF MAKING US SELL. See this in the Times:-

"ABBEY and Santander Central Hispano, the Spanish bank that is bidding for Britain's sixth biggest lender, have made arrangements to ensure that reluctant small shareholders cannot frustrate the merger agreed by their boards.Investment managers are afraid that Abbey's 1.8 million private investors, who hold a third of the bank's shares, will now have little say in whether it is sold to the Spanish.

The deal is being made through a scheme of arrangement, a fast track procedure to approve mergers that allows a bidder to squeeze out minority shareholders once it has secured acceptances from those holding 75 per cent of the shares.

A traditional takeover process involves an offer for shares where, to secure control of the target company, the bidder has to obtain the agreement of shareholders representing at lease 90 per cent of the company's equity. In a normal bid, a bidder may gain control by winning acceptances of more than 50 per cent of shares but cannot force a minority to sell unless it reaches 90 per cent acceptance.

Alex Scott, a senior research analyst at Seven Investment Management, the asset manager said: "This lowers the bar . . . the two banks may have felt it would be difficult to reach the 90 per cent level required for full control under the traditional rules, given that 33 per cent of Abbey shares are held by private investors, who might vote against the deal or not at all."

A spokesman for Santander said that the requirement to obtain the approval of 50 per cent of shareholders for the scheme meant private investors would have a big say in the outcome.

Lord Burns of Pitshanger, chairman of Abbey, could cost the Exchequer £42 million in stamp duty by agreeing to co-operate with Santander in avoiding a conventional takeover bid. Under a scheme of arrangement, shares are converted without tax liability. "

Sounds like a stitch up to me.

[bigface] 27/7/2004 21:20

There will be another Bid I am sure - every paper said so even before this poor bid. Only hope is if SCH hit 950p again!! Hoe someone comes in - I was expecting 650p

[canford cliffs] 27/7/2004 20:32

jammy - don't concern yourself with that nonsence -the true bidding won't start till next week!

[jammy67] 27/7/2004 19:32

if abbey is merged/overtaken by spanish bank, will it continue to trade on london stock exchange?

[fouroaks] 27/7/2004 15:48

Is anyone familiar with Volume Weighted Price transactions? Specifically on WBY there was an 'after close' 100,000 share VW trade at 395.39p when the spread was 395p to 396p. The Daily VWAP is 395.037p, so does that mean that the trade was likely to have been a buy rather than a sell?

TIA.

[thunders] 27/7/2004 14:38

Even though small investor are selling but price is going up that means big boys are buying. Probably they know something which ordinary folks not aware of. !!! Any view??? Bid is on the way ???

[whipround] 27/7/2004 14:33

Isn't he currently under investigation by the Spanish authorities with the threat of incarcaration hanging over him? Havn't seen graph - I wasn't questioning his business acumen, however when bank shares rise rapidly it is usually cyclical. I agree pound is ridiculously strong, and will soon weaken when interest rates peak (peaked?)I think the share is buy in this market - currently one of the few with no downside. How do you get the top job at a british bank - go to Charterhouse.

(Didn't Sevvy's career decline when he got married?)

[mclellan] 27/7/2004 14:13

Corporate theft strikes again.

[artfullfox] 27/7/2004 14:06

The management have prooved by agreeing to pay SCH £81.5m if they withdraw their recomendation, that they do not have the interest of shareholders at heart. What will they do if a better offer comes along. Give away £81.5m of shareholders money? Or keep quiet? Only fools would get themselves into this position.

[canford cliffs] 27/7/2004 14:04

slimy git...................

[whipround] 27/7/2004 13:23

Indeed! Chairman of SCH looks like a bit of lounge lizard.

[thunders] 27/7/2004 12:56

Looks like Share price follows EURO:LBSC which is now goinig towards 8 euro mark
Even though small investor are selling but price is going up that means big boys are buying. Probably they know something which ordinary folks not aware of. !!! Any view???

[whipround] 27/7/2004 12:18

They have agreed to pay SCH £81.5m if they withdraw the reccomendation. This is not to say there won't be another offer, but they will have to do it without the board's support.