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AL. Alliance & Leic

234.00
0.00 (0.00%)
17 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Alliance & Leic LSE:AL. London Ordinary Share GB0000386143 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 234.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 234.00 GBX

Alliance & Leicester (AL.) Latest News

Real-Time news about Alliance & Leic (London Stock Exchange): 0 recent articles

Alliance & Leicester (AL.) Discussions and Chat

Alliance & Leicester Forums and Chat

Date Time Title Posts
01/12/200919:26E OR.1
28/10/200801:00AL.3,491
14/7/200810:05THE ALLIANCE AND LEICESTER BID IS IMMINENT THREAD13
08/7/200811:52Ripped off by TD Waterhouse, or a Victim of Circumstance?28
18/6/200819:06Raped By A Bank Then A Court?1

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Alliance & Leicester (AL.) Most Recent Trades

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Alliance & Leicester (AL.) Top Chat Posts

Top Posts
Posted at 01/12/2009 19:26 by cockney sparrow
Might visit and AL. branch and have a chat with an Financial Advisor.

Now which branch shall I visit???
Posted at 05/10/2008 16:31 by selborne_edge
I think that the Symbol for Santander is 'BNC' and the share price currently stands at 908.5 p. I purchased a small number of AL. shares last week and I am fairly sure that they will be converted into Santander shares in due course.
Posted at 15/9/2008 19:13 by diydan
Thanks to both of you for the info. However I am a bit surpriced it was not fixed on the day of the deal. It would seem to me that the market is wide open to manipulation. For example if AL. had gone up in last month and Santandar gone down the offer would have become a very bad deal for AL. holders and may have said no. The reverse is obviously also true if AL. share price drops faster than Santandar then the holders of their shares may think they are paying too much. I had thought that at the time of the offer shares in both banks would have been suspended? Is there an end date for completion or do they wait till they get 75%
Thanks and regards to both.
Posted at 15/9/2008 18:52 by acamas
DIYDAN,

If you ignore price(£3) the offer is "1 Bank of Santander share for every 3 Alliance and Leicester Shares". Therefore the sterling amount realisable upon the sale of new Bank of Santander Share at the time it is delivered to the holder of A&L Shares will depend upon both the spot price of a Bank of Santander Share and the relevant exchange rate at the time.

What you are referring to is the suggested value of the deal on 8 August. Now on 10 October you will receive The New Bank of Santander shares. The number you get will be based on the above ratio of 1:3. You can then look at the Bank of Santander share price on that date and work out what the real deal price is, then add the divi on to that which I think is 18p per share and will be paid by A&L.

The thing to remember here is that we have not been offered cash for our A&L Shares. This is a paper deal from Bank of Santander which can only be converted to a cash figure on 10 October if you elect to sell the paper shares you have been offered.

Therefore it follows in theory that if everybody rushed to sell them on 10 October it could be a bit of a disappointment. I do not suspect that would occur but is a worst case scenario.

Conclusion this is a good deal for Bank of Santander


regards
Posted at 25/8/2008 03:05 by k38
taffee
stick two fingers up to this deal...must be getting sweeteners...

The documentation revealed that the Spanish bank will offer A&L's top four executives, including chief executive David Bennett and Chris Rhodes, finance director, a bonus of between 75 per cent and 125 per cent of their salaries to stay with the company until the end of November next year.

stick two fingers up to this deal...

If they are laid off before then, they will receive a pro-rata bonus based on the number of months they served. Mr Bennett, who has been in his job for just over 12 months, will be paid a base salary of £600,000 this year. He also has A&L shares valued at more than £182,000 by Santander's 299p per share offer.

stick two fingers up to this deal...

Roy Brown, acting A&L chairman, strongly encouraged shareholders to vote for the deal, to ensure that all of the legal requirements for the scheme of arrangement to go through are met.

stick two fingers up to this deal...

A&L yesterday received a boost after raising £400 million from the sale of bonds backed by prime mortgages, only the second such sale in more than a year.

========================================
stick two fingers up to this deal...

An A&L spokesman said: "It reflects well on the quality of our underlying mortgage assets."
========================================
stick two fingers up to this deal...

The bank said that it was focused on improving cost efficiency, reducing core operating costs by £21 million in the first half of 2008

stick two fingers up to this deal...

It insisted it was in "good shape" and said it was well capitalised and that its retail and commercial banking businesses were performing better than expected.

stick two fingers up to this deal...

Investors have previously shied away from residential mortgage-backed assets after being burned by US sub-prime investments.
But A&L has no self-certified loans on its books and just 2 per cent are buy-to-let mortgages, which were not included in the bonds.

stick two fingers up to this deal...

Shareholders who want to vote by post must register their decision by September 14, but others can vote at the EGM in Birmingham on September 16. The deal will be complete by October 10,requires 75 per cent of all voting.

;)
Posted at 18/7/2008 10:44 by keith95
Indieman .... my gripe are the general upbeat comments from AL.

one example

"Alliance & Leicester has made good progress during the first four months of 2008." From may this year.

Reading between the lines ... there has to be some gross problem which AL. have decided not to share with the market which is I believe contrary to their duty to inform shareholders. AL. has not... informed us, so the best we can conclude is that the malaise in share price is down to the wider market which Santander are quite rightly taking advantage of.

Santander are to inject 1 billion cash into AL. If BB. can mange 400 million then AL. should be able to grab the cash it needs from the market given its upbeat statements.

Morover, Sandander point to numerous benefits in taking over AL. which satisifies their "investment criterion"... no surpirse there.

Looking at the number of shares held by AL. management, its no big loss to the majority of them with the exception of two who have significant holdings.

I certainly won't be voting in favour of the offer.... but have seen pretty much the same thing happen with THUS which has been taken over at a large fraction of its true value by C&W under pretty much the same circumstance.

Anyway .. whats done is done: One moves on.
Posted at 17/7/2008 23:29 by indieman
Keith,

The argument that the directors turned down higher offers previously is irrelevant to the current situation. If A&L were genuinely able to make the case that they were worth more on a risk/reward basis, rival bidders would be queuing round the block. Equally, if other potential bidders came to that conclusion for themselves, the result would be the same. That, in itself, would push the share price higher even without an actual takeover.

The simple fact that the share price hasn't risen to a level significantly higher than the bid price means that experienced investors, institutional, hedge fund or otherwise don't believe A&L is significantly undervalued on a risk/reward basis.

The main risk is not that A&L are bunkrupt or unable to trade in the short or medium term. It is that in the longer term, A&L might have difficulty borrowing sufficient funds to support the business well enough to generate cashflow to see them trade through their difficulties. Reduced business and steady fixed costs are not a recipe for success in difficult times.
Posted at 08/7/2008 08:57 by acamas
Peak-buyer,

I am aware of that currently, buy we are not yet into share buy backs either. I have watched other company's struggle to hold the share price at any level if The Shorters know that is a company's game plan. Once the buy back period is over the price slips back to its former downward path. It has to be handled perfectly if its aim is to reverse a share price trend. Hedge funds are very good at playing this game prior to a value for money take over for their total benefit. imo

regards
Posted at 06/7/2008 11:41 by forwood
On the contrary, this provides a level of certainty that will help underpin the shares.

If we really thought we could get a 20% return by investing in the shares, it wouldn't have fallen to this historic low! The reason it is here is doom and gloom uncertainty with the likes of BB's capital raising disaster, falling house sales, lower mortgage demand, building companies going to the wall, etc, etc., all fuelling the panic. What if AL needs capital? What if there's more losses to come? What if they cut or pass on the divi altogether?

At 255, a dividend of 35p is a yield of 13.7%, more than enough to tempt any investor. It is a painless way of preserving capital, and will help to reduce if not remove suggestions that AL. will need to raise capital.

Historic yields on other major banks are between 6% and 18%, with the median at 12% (Barc, Lloy, Bank of Ireland). How many more of them will be reigning back on the dividend before the year is out? I suggest you have a look at the expectations for future divis on Digital look. AL. will still be market leading, which improves the likelihood of share price growth relative to peers.

I have to assume that this reduction is enough - that £80m is all the company needs to get it through these troubled times. If that is the case - and if you go through the pain of a divi reduction you may as well get it right first time - then it's very good news indeed!
Posted at 23/6/2008 18:43 by buywell2
I reckon every major UK bank chart is now looking for a lower low

Till the chart bottom has been hit

Buying is a lottery






buywell2 - 30 May'08 - 15:43 - 2777 of 2921 edit


400p

buywell2 - 15 Apr'08 - 10:41 - 2489 of 2776 edit


No need AL. share price and chart says it all

RSI now falling to previous lows I expect

Also 50ma seems to be puting a cap on rebound prospects
Alliance & Leicester share price data is direct from the London Stock Exchange

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