Bristol&w.prf Discussion Threads

[envirovision] 16/11/2010 13:51

About as safe as a mud hut in a rain storm. Its a shame BKIR stole the assets, may have been worth a punt at thgis level.

The money was taken akin to an alcoholic stealing his childs savings in from his money box in the dead of night in order to purchase more booze.

[purple sound] 16/11/2010 11:42

Issue Size is £32.6 million.
Annual Dividend payable is £2.65 million.

Small beer but is it safe ?

Current Yield is 12% !

[zangdook] 16/11/2010 11:18

"In the event of the winding up of the Company, holders of preference shares will be entitled to receive, out of the surplus assets remaining after payment of the Company's liabilities..."

Problem is they already gave away the assets. You're not allowed to do that when you divorce your wife, but if the person you gave them to gambled the money away there's not much the court can do about it.

[purple sound] 16/11/2010 11:14

Holders of the preference shares are entitled to receive, in priority to the holders of the ordinary shares in the Company, a non-cumulative preference dividend at a fixed rate per annum payable in equal half yearly instalments in arrears on 15 May and 15 November each year.

The preference dividend will only be payable to the extent that payment can be made out of profits available for distribution in accordance with the provisions of the Companies Act 2006.

In the event of the winding up of the Company, holders of preference shares will be entitled to receive, out of the surplus assets remaining after payment of the Company's liabilities, an amount equal to the amount paid up or credited as paid up on the preference shares, together with the preference dividend (whether or not declared or earned) which would be payable and is not otherwise paid in cash on a dividend payment date which falls on or after the date of commencement of the winding up but which is payable in respect of a dividend period ending on or before such date; and the proportion (whether or not declared or earned) of the preference dividend that would otherwise be payable and is not otherwise paid in cash in respect of any period that begins before, but ends after, the date of commencement of the winding up and which is attributable to the part of the period that ends on such date.

With respect to the amounts payable or repayable in the event of a winding up of the Company, preference shares will rank equally amongst themselves as regards participation in surplus assets and otherwise in priority to the ordinary shares of the Company.

Holders of the preference shares will not otherwise be entitled to any further or
other right of participation in the assets of the Company upon a winding up.
Holders of the preference shares will be entitled to receive notice of and to attend any general meeting of the Company if a resolution is proposed varying, altering or abrogating any of the rights, privileges, limitations or restrictions attached to the preference shares or for, or in relation to, the winding up of the Company.
In addition, if the preference dividend has not been paid in full on the dividend payment date immediately preceding the date of notice of any general meeting of the Company, holders of the preference shares will be entitled to receive notice of and attend that general meeting, and to speak and vote on all resolutions proposed at that general meeting.

[purple sound] 16/11/2010 11:06

Issue Size is £32.6M.

[montyhedge] 15/11/2010 16:54

Agree I think trouble just around the corner.

[envirovision] 15/11/2010 16:53

The chances of BKIR sub debt holders being wiped out are higher than they have ever been which includes BOI, so you certainly dont want to be holding that.

Meanwhile the security of BWSA is now as clear as mud, so theres no reason to want that either, or maybe at option money i.e. 20-25p.

[zangdook] 15/11/2010 15:01

IMV now they've given the assets to the parent it's not safer than BOI which offers a better return and is cumulative. I'm not touching either of them.

[montyhedge] 15/11/2010 14:55

With the irish worry not going away, even at 60p I would not touch this.

[solarno lopez] 12/11/2010 15:05

If you get the opportunity to read the IC of some 20 years ago you will see how the magazine has deteriorated over the years there was much greater company coverage and especially much more company results

[skyship] 12/11/2010 11:36

ENVIRO - thnx for that - found my way here after a reading a rather poorly researched article on prefs in the IC. You and I would have done a far better job I suspect. Most of their listing was of comatose or deceased stocks!

[montyhedge] 12/11/2010 11:33

No can't see it, this as further to fall.

[wenlynn] 12/11/2010 11:32

monty,
Good recovery potential !

[montyhedge] 12/11/2010 11:29

I see 25,000 just sold at 74, is that part of the 75,000 on offer?

[montyhedge] 12/11/2010 10:45

I see on Collins Stewart offer list on Wed, they were offering 75,000 any takers?

[montyhedge] 12/11/2010 10:41

Means nothing in April 2009 these were 38p, I can see this back to 50p.

[wenlynn] 12/11/2010 10:40

Yielding now over 10% as if that means anything in these uncertain times.

[montyhedge] 12/11/2010 10:20

envirovision
Good post, looks best to stay way clear of this.

[wenlynn] 12/11/2010 07:36

They are Non Cumulative but they are held, in the main, by Institutions !

Will the European Commission command that no Dividends are paid ?

[envirovision] 12/11/2010 00:47

Just a word of warning to anyone who still holds this.

On 28th September 2009, after due consideration of the Company's financial position, the Directors concluded that it would be in the interests of the Company and its shareholders to declare an interim
dividend of £79,718,000 to the shareholder, Bank of Ireland UK Holdings plc - this amount being paid on 26th May 2010. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ending 31 March 2011.
The Company received an injection of £70m from the parent Bank of Ireland UK Holdings plc following the dividend payment. The loan is interest free and does not have a fixed term.

What does this mean? What it means is that the bank of ireland has a 70m wad of cash it can use as it pleases, since it controls the BWSA company. Therfore lets say it started to run short of cash, it could now withdraw the money back, i.e. call it in if its short one day.

In effect its stolen BWSAs money except you dont know it yet. If the money needs to be used in emergency for other purposes you would know it though, as you would not get a dividend payment. Since there would be no cash to pay, the BWSA company would be in default when its accounts come to be drawn up and it would no longer then be a going concern. It would be wound up.

[envirovision] 30/9/2010 09:02

Afraid so, despite the fact it goes ex divi soon I sold to buy RECP