Bristol&w.prf Discussion Threads

[montyhedge] 30/6/2011 15:12

A couple of market makers seem short, over 70p next week.
There goes my 20,000 at 67.

[envirovision] 30/6/2011 13:18

Good price imo

[wenlynn] 30/6/2011 13:15

monty,
Brilliant move !
No rockets please.

[montyhedge] 30/6/2011 13:14

The mark won't show until later over normal market size. Hope they have not gone short.

[montyhedge] 30/6/2011 13:13

Got my buying boots on today, just bought BWSA 8.125% 20,000 at 67.

[wenlynn] 28/6/2011 19:09

Sicall,
Yup !
Things look safer now.

[sicall] 28/6/2011 19:00

Looks like BOI have folded under pressure on the PIBS now does that deal make these prefs a little safer? My feeling is that it does but do i want to put any more money at risk?

There have been some buyers today on that news.

[sicall] 15/6/2011 20:42

They werent after hours they were just late reporting. These are the sort of chunks i had been waiting for. As the volume has been very low so far which had implied nothing to worry about.

I am still holding until i see some sort of panic selling.

[envirovision] 15/6/2011 18:56

Couple large volume trades after hours, 300,000 @ 72p + 244,000@70p

[wenlynn] 14/6/2011 11:18

monty,
The jury is still out on this one.

[montyhedge] 14/6/2011 10:45

Just been explained yes these have to be paid, not a bad yield 11.5%.

[montyhedge] 14/6/2011 10:15

How comes investors paying 72p when the offer is 20p cash, or 40p worth of BOI shares, I'm I missing something?

[envirovision] 09/6/2011 08:33

Seems word must be slipping through to the market that's these may be kosher. I'll take a guess and say the market makers may be better in the picture because despite the selling they have become increasingly keen to take the stock.

Maybe they have a better contact with the legal bigwigs who are advising Ireland on what they can and cant get away with.

Still its not for widows and orphans until boi has been fully sorted.

[wenlynn] 09/6/2011 07:22

Buy these and become rich.

[holts] 09/6/2011 06:47

that is how I understood it , in which case it would be the directors responsibility to ensure that the terms were bomb proof and that only the demise of boi would result in problems and even then that it was senior.

[sicall] 08/6/2011 20:50

scbscb: "...... However these are vulnerable because Bristol and West has lent money to BOI. "

I think what happened was BOI paid itself a special dividend with B&W money. Then gave B&W a loan to keep it solvent. Correct me if i am wrong.

[0verzeal] 08/6/2011 15:36

There must be just under 100,000 Preference Shareholders each holding 250.
It would be best to pay them off.

[holts] 08/6/2011 09:25

and when the King fruit cake suggest Ireland will be back to the bond markets in 2012 you have to wonder what planet he is on .

[wenlynn] 08/6/2011 08:52

Jeff,
I agree - this complex company should be finished.

Their income is derived from Bank of Ireland Interest Bearing Deposits so it should be safe.


I would like BWSA to be redeemed at par (it would cost £32 million).
There could be an offer of a CoCo with a High Coupon Rate.


I'm concerned that populist politicians are getting involved !

[scbscb] 08/6/2011 08:39

Why should these suffer a hair cut as Bristol and West do not have any financial difficulties or short fall? However these are vulnerable because Bristol and West has lent money to BOI and we do not know how secure or the conditions of this loan. I fail to see the rationale for keeping this company going as it is just a shell company used to pay the interest on BWSA.

Jeff

[holts] 07/6/2011 21:03

is it as simple as imposing a haircut on these ? It seems not , these are peculiar and that very nature may offer them protection , something perked them up today .

[envirovision] 07/6/2011 19:12

Difficult to see how the Irish government can pass a resolution which takes away shareholders rights of a company which is registered in England and governed by the United Kingdom companies act and English law under any circumstances.

(with out a special waiver of such a law, which would have to be sanctioned by the British government and courts).

[wenlynn] 07/6/2011 17:38

BWSA is "UT2".
£32 million.

[sicall] 07/6/2011 17:32

The selling has been very slow which seems to indicate weakness from retail holders. If we see larger blocks being sold i would be more concerned.

There surely would have to be legal implications if these were treated like a BOI Bond. This is a British registered company.

[montyhedge] 07/6/2011 15:33

I reckon its odds on, haircut coming.