Bradford & Bingley Share Discussion Threads

[loganair] 27/3/2017 09:01

I agree with those who say it is the pensioners who have really lost out here. When B&B went into liquidation it had one of the largest number of share holders, around 960,000 many of these where pensioners who had holdings of less than 2,000

When B&B first went into liquidation I wrote to the powers to be and I´ve posted on this thread that I feel the most fair and reasonable thing for the government to do is to pay 55p per share, the price of B&B´s Rights Issue, upto a maximum of 2,500 shares on anyones holdings.

This would mean that over 650,000 share holders will get their entire share holding in B&B compensated for at 55p per share which I understand will cost around only £100mln and will make many people happy with the final out come.

[optomistic] 26/3/2017 11:35

debbie , yes many will have gone to their graves and more will follow before that elusive justice prevails. I wonder how much consideration is given to this in 'the master plan'

[debbiegee] 26/3/2017 08:55

Thankyou birchin I imagine if many holders were pensioners that some have gone to their graves without justice.
Lets hope one day justice will prevail.

[birchin] 25/3/2017 16:38

hxxp://www.bbaction.com/News.htm

Latest News Summary. 25/2/2017. This note gives the latest news about this campaign: Update_024. There is also the latest summary of past events here: BB-Summary. There are also recent letters to the Parliamentary Ombudsman and the Information Commissioner here: Campbell-Letter and Denham-Letter

hxxp://www.bbaction.com/BBAG_Update_024.pdf

hxxp://www.bbaction.com/BB-Summary-2017-01-01.pdf

hxxp://www.bbaction.com/Campbell-Letter-2017-02-25.pdf

hxxp://www.bbaction.com/Denham%20-Letter-2017-02-17.pdf

[loganair] 02/3/2017 11:02

Blackstone and Prudential have been picked as preferred buyers for a £12.5 billion state-owned book of former Bradford & Bingley mortgages, one of the largest asset sales by a government in Europe.

The US private equity firm and UK-based FTSE 100 insurance group have been chosen from a range of bidders to acquire the portfolio of buy-to-let mortgages, according to people involved in the discussions.

The sale process, run by UK Asset Resolution (UKAR) on behalf of the government, comes more than a year after a record-breaking £13 billion sale of former Northern Rock mortgages to private equity firm Cerberus.

Blackstone has been selected to buy the bulk of the portfolio, which includes performing loans, while Prudential bid for about £3 billion.

Mortgages:

The government is offloading the buy-to-let mortgages issued by Bradford & Bingley before its collapse and subsequent rescue by the taxpayer in the 2008 financial crisis.

Prudential, which has one of the biggest annuity books in the UK, is interested in buy-to-let mortgages as the assets could be used to back long-term liabilities such as annuities and with-profits policies.

Large UK banks refrained from bidding, in part due to recent scrutiny from regulators of their exposure to buy-to-let mortgages.

Ray Boulger, of broker John Charcol, said: “Virtually the whole portfolio is on a tracker rate because anyone who took a deal will have come off and are now paying only bank rate plus 1.75 per cent.

“This will mean if bought by private equity, then they normally are going to be looking for a higher return, therefore it wouldn’t surprise me if they bought at a discount.”

Mr Boulger added: “Anyone looking to expand in a flat mortgage market has to be aggressive in acquiring mortgages, either through lending to customers at a competitive rate or by buying an existing book.”

[pvb] 03/12/2016 16:30

But does not seem, as yet, to apply to RBS retail investors:



"Two other groups of shareholders suing RBS will not be part of the settlement.

These are the RBoS Shareholder Action Group, representing 27,000 retail investors, which has vowed to ensure that the bank's former top executives appear in court, and the RBS Rights Issue Action Group, which is being represented by law firm Leon Kaye."

[daytraders] 03/12/2016 12:14

Would be great if we did get something back, but we were not state backed, even thou we should have been.

[optomistic] 03/12/2016 10:39

I note this release this morning...

"The state-backed Royal Bank of Scotland (RBS) is this weekend on the verge of agreeing to pay out hundreds of millions of pounds to shareholders over a £12bn fundraising led by former boss Fred Goodwin, even as its executive responsible for conduct and regulatory matters prepares to quit the lender.

Sky News can reveal that RBS is within days of announcing that it has settled with two groups of claimants who allege that they were misled into buying shares when the bank tapped investors for £12bn to shore up its finances just months before it almost collapsed.

Sources close to the situation said that a final agreement with the two groups was likely to be announced next week although they cautioned that it had still to be reached and could yet face further delays"


Will this open the way for similar payments to B&B shareholders who were misled into buying the Bradford & Bingley rights issue?

[my retirement fund] 28/3/2016 11:37

Its very difficult to change anything in this country because the systems of governance are not particularly democratic. They may pretend to try to be but the whole thing is a very unfair charade which is both self serving, autocratic. The capacity of such a system to protect the inept is quite staggering.

[gbh2] 28/3/2016 11:30

Nothing will ever change, we have an electoral system that was put in place to ensure continuity & maintain the status quo.

[knicol46] 27/3/2016 23:02

All those that caused the problems walked off with large payoffs, large pension pots and probably into high paying jobs - the ordinary shareholder lost their investment even though they did not do anything wrong. Nothing has changed 8 years on.

[pvb] 15/3/2016 21:21

optomistic - I know you can't/won't change your viewpoint from "it's all just GB's fault" to "remember what happened to Western banking in 2007/8", but unless you really do think GB personally organised the entire banking collapse (What for? And it happened in the US too.) I just don't know how you can understand what happened.

Once more, the government was, I imagine, much more concerned about the much larger number of ordinary depositors than the rather smaller number of significant holders of the risk capital. Not to mention the mortgagees.

If everything was as hunky-dory as you and others believe, then why was the share price falling? Surely it should have been rising and rising? Is the above B&B share chart displaying upside down?

Why was there a rights issue?

Why did the rights isue fail?

Get real!

[optomistic] 15/3/2016 21:03

pvb We are not talking about losing money on a share that has traded badly but a share that has been taken off the market by the government to the detriment of the shareholders. The facts, yes facts, before Broons intervention are all well documented in earlier posts on this thread.
Oh and just to mention I like many others on this thread I am sure have lost money on share dealings and accepted that it is part of the risk of holding shares.
But not the way the loss was imposed upon us with our BB holding.

[pvb] 15/3/2016 18:15

Err... Shares are RISK CAPITAL. That means what it says on the tin. You don't get "compensation" for losing on shares. That's the whole concept.

Anyone here who disagrees..... well, send me your address. I can send you a list of shares where I lost money. I'm sure you will personally be up for "compensating" me, no? ;-)

Come on! This is a done deal. It's yesterday's (or even the day before yesterday) news. Give it a rest.

[optomistic] 15/3/2016 17:02

debbgee...and so I did BB and Lloyds in good measure, however with good fortune Lloyds (now a much larger position) will take care of my BB losses although I feel that what Broon did to BB was most wicked!

[debbiegee] 15/3/2016 16:56

Well its not only for us whatabout all the pensions and pensioners were also always advised if they had spare capital to buy bank or buiding society shares ?

[optomistic] 15/3/2016 16:54

debbiegee...perhaps George will bring that subject to the fore in his speech tomorrow...or perhaps not :-/

[debbiegee] 15/3/2016 16:44

OOPS it was all such a long time ago !
So could there be any chance shareholders could get some compensation ?

[loganair] 15/3/2016 16:37

debbie - It was the Deposit business that was sold to Santander for £600mln while to mortgage side of things was taken over and Nationalised by the Government.

Just one year after both parts were making good profits for their now new owners.

[debbiegee] 15/3/2016 16:30

Thanks for passing that on.
It seems we had £123m market cap when the govement took hold and the mortgage business was sold to Santander.
Is it possible shareholders could be in anyway compensated ?