Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hargreaves Lansdown Plc | HL. | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.00 | 0.09% | 1,089.50 | 11:15:36 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,089.50 | 1,088.50 | 1,090.00 | 1,088.50 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 12/9/2024 12:09 by farview1 I thought exactly the same when I voted against both events this morning. I also noted that it couldn't be done via the App.Hope all other investors are also careful and use their votes.It's a terrible offer and hopefully another player may emerge to start a bidding war. |
Posted at 13/8/2024 19:52 by ccnp thank you.Including a dividend of some kind as part of an offer is not uncommon and is usually to do with structuring a deal to be attractive to key investors who have forecast the income stream elsewhere |
Posted at 13/8/2024 05:38 by waldron Hargreaves Lansdown takeover: what it means for your moneyBritain’s biggest investment platform has agreed a £5.4 billion takeover. What does it mean for shareholders and customers? By Ruth Emery published 12 August 2024 Hargreaves Lansdown has agreed a £5.4 billion takeover by a group of private equity investors. Following months of talks, the consortium led by CVC Capital Partners had their final offer agreed by the Hargreaves Lansdown board on Friday. The £11.40-a-share offer has been recommended to shareholders, who will be able to vote on the deal. The takeover is still subject to final shareholder and regulatory approval, but it is widely expected to be approved. As a result, the FTSE 100 company will leave the London stock market. The buyers are CVC, Sweden’s Nordic Capital, and a subsidiary of the Abu Dhabi Investment Authority. Hargreaves Lansdown is the UK’s largest investment platform, with 1.8 million customers. In recent years, it has launched a savings marketplace called Active Savings and cut the fees on lifetime ISAs and junior ISAs. Earlier this year it gave retail investors access to primary gilt markets. MoneyWeek magazine. We look at what the takeover means for you, whether you’re a shareholder or a customer. Hargreaves Lansdown was founded in 1981 by Peter Hargreaves and Stephen Lansdown. They own 26% of the shares between them. The offer values the company at £11.40 per share and is more than 15% higher than the £9.85 per share offer made in April, which was dismissed by the Hargreaves Lansdown board as significantly undervaluing the company. The takeover will result in a bumper payday for the billionaire founders, netting them hundreds of millions of pounds. For ordinary shareholders, the first thing to do is look out for details about the offer and vote being sent next month. There must be a 75% majority for the deal to get the final go-ahead. If approved, shareholders will be able to transfer their stake to the new unlisted company or accept cash in exchange for their shares. Those wanting to sell their holding will get £11.10 per share in cash, plus a dividend of 30p per share, taking the total to £11.40. Shareholders who wish to retain their stake will be subject to an overall cap of 35% ownership. It is expected that most shareholders will opt to take the cash, rather than have a holding in an unlisted company. The announcement on Friday confirmed that Hargreaves would take only 50% of his shares into the new venture, while Lansdown will sell all of his shares. Should I sell or keep my shares? Hargreaves Lansdown shares are easily traded at the moment because they are listed on the UK stock market. When the company goes into private hands, which is likely to happen in early 2025, you will no longer be able to sell and buy them in the same way. Holding unlisted shares can be tricky to manage and hard to sell. If you want to offload shares you will have to find a buyer or wait until the new owners decide to sell or list the company on a stock exchange again. Unlisted companies operate without the same reporting requirements as those on a stock market, which can make it difficult to get an accurate picture of their operations and performance. It can be difficult to value unlisted firms, and so you may not know how much your holding is worth. We have lots more information on this topic in our article on what happens when a company delists from a stock exchange? I’m a customer – how will it affect me? There is unlikely to be any changes to the investment platform either now or in the early stages following the takeover. Hargreaves Lansdown says: “It’s important to understand that the offer doesn’t have any impact on how your assets are held or managed and there is no change to the security of your assets. “Nor are we planning any changes to any of our products, services, or to your investments and cash on our platform.” You should be able to continue to access your account (whether it's in an ISA, savings account, pension or fund and share account), and trade investments, regardless of who owns the business. The consortium says it has no intention of changing the location of the investment firm’s Bristol headquarters, which is where most of its 2,400 staff work. The private equity buyers praised Hargreaves Lansdown for its strong, trusted brand and its important purpose of helping people manage their financial wealth and enabling clients to get the right outcomes. However, it also said the company requires substantial investment in an "extensive technology-led transformation", in order to drive the next phase of growth and development. So, in time, the investment platform could look different in terms of its technology infrastructure and digital channels. Is my money at risk? Hargreaves Lansdown will continue to be regulated by the Financial Conduct Authority (FCA). The investment platform states: “The entity which holds client assets (HL Nominee) is segregated from the business and the liabilities of the business. “All client money is held by us on trust and is segregated from our own funds in accordance with the FCA’s client money rules and guidance.” The FCA regulation means customers will still be able to take any complaints to the Financial Ombudsman Service. You will also continue to have protection under the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 held in any firm that fails. |
Posted at 09/8/2024 12:54 by ochs @saltaire111 Peter H has agreed to take 50% cash and 50% in the buy out vehicle according to the CVC RNS. Steve Lansdown as agreed to take 100% in cash. The only defence I can see for them is that both of them ultimately paid zero for their shares as founders and are hence still making a huge premium.Not sure what took so much time though? - the deal on the table and options available (ie. 35% continuing equity) are the same as originally suggested 2 months ago! Still no mention of clients holding shares in ISA/SIPP as far as I can see - no thought given to HL client holders and other retail shareholders - shocking from a company and directors who claim to champion retail investors. |
Posted at 09/8/2024 08:51 by alotto Disgraceful. No concrete premium was offered, yet investors drooled for a 20-30p more. How cheap of them!Especially the business founders... they gave away their baby reaping no benefits from the sale. The share price was bound for a recovery sooner or later. Here we go again, short sighted greed. The more I look at the LSE the more I realize it is not a place for investors. |
Posted at 19/7/2024 08:43 by lomax99 Hargreaves Lansdown extends £5.4bn takeover offer deadline againInvestment platform says discussions with private equity consortium led by CVC Hargreaves Lansdown has extended the deadline again for private equity firms to make a takeover offer for the UK's largest retail investment site, which could value it at £5.4bn.The board of Hargreaves Lansdown said it had asked the UK Takeover Panel for a second time to push back the date, as discussions between the investment site and the private equity firms - led by CVC Capital Partners - were "ongoing".The delay comes a month after the group of private equity firms, which includes Nordic Capital and Platinum Ivy, a wholly owned subsidiary of the Abu Dhabi Investment Authority, made an offer of £11.40 a share. The board of Hargreaves Lansdown said at the time it was willing to "recommend unanimously" the proposal.A source close to the situation said the extension, until August 5, was aimed at providing more time for the companies to finalise details of the acquisition such as how it should be structured, which has received some criticism from investors.If the takeover goes ahead, Hargreaves Lansdown will be the latest company to delist from the London Stock Exchange in recent months, following a stream of businesses picked off by private equity firms and other acquirers that have taken the view that UK companies are relatively cheap.The trend comes as other UK companies have moved to US stock exchanges to access a deeper pool of investors and attract a higher valuation.Some investors have raised concerns over the potential deal. Lancaster Investment Management said last month it was "unconvinced that this offer is fair for all HL shareholders" due to the way it could be structured.The proposed deal would allow shareholders to reinvest their stock in the private equity group's unlisted vehicle, up to a maximum of 35 per cent of the company's equity. But this could squeeze out funds that are not allowed to own unlisted investments.The Bristol-based company, known for selling financial products such as Individual Savings Accounts and personal pensions directly to investors, was founded four decades ago by Peter Hargreaves and Stephen Lansdown. It recently appointed Alison Platt as chair, while Dan Olley was made chief executive in August last year.Hargreaves, who owns about a fifth of the stock, told the Financial Times last month it was "a disgrace" that the company was in a situation where it could be acquired. "It was classified as one of the best-run companies in the UK 10 years ago," he said at the time.Shares in the company have fallen back from a peak of £24 in 2019 following criticism over the cost of its technology overhaul under previous management. Shares were trading at about £11 early on Friday - although the stock exchange was suffering from a technical glitch.Hargreaves Lansdown reported that assets on its site had reached a record £155.3bn following an influx of customers and investments ahead of the tax year-end in April. It attracted 24,000 new customers, marking an increase from 13,000 in the same period a year ago. Ben Bathurst, analyst at RBC Capital Markets, said the number of new clients was "stronger than expected". |
Posted at 20/6/2024 09:58 by stagvalley It's still rising so buyers must expect another offer.HL could offer a zero cost scheme to move shares from ISA to Fund & Share Account if the board wants this to go through. Otherwise smaller investors may vote it down, especially if they are small investors but larger clients of HL |
Posted at 19/6/2024 09:20 by ochs Yes @AdamB1978 and I don't think the board have thought it through on behalf of private investors who hold HL shares in their ISA (as HL always encourages clients to do!) because the unlisted equity vehicle won't be ISA eligible. Effectively they are shafting many of their own clients and employees by forcing them to take cash when those investors know that £11-10 is very cheap for HL and it's future potential and client base.I'm sure the equity alternative offer is to appease big shareholders like Peter H and allow them to retain their holding. Sadly he seems to be going along with it if this story is true Private Equity almost always make job cuts (on average I read 30% of the workforce!) so you'd assume most HL employees would be up in arms about this and they should write an open letter to the board signed by as many as possible making clear there is no need to accept this offer and that the company should remain headquartered in Bristol and be proud of it's roots and independence. |
Posted at 18/6/2024 14:59 by lomax99 Somewhat underwhelmed by the revised bid.Letting this be taken private, using a rollover for key investors, has a distinctly grubby feel to it, and would not be a good look - casting private investors aside like the proverbial oily rag.Also doesn't really fit with the recent FT article quoting SL. |
Posted at 29/5/2024 09:06 by stoopid I agree, the share price has stayed around 10% above the offer price since all this was disclosed. This could suggest that some investors believe that a second more palatable offer for HL will come before the deadline of 16.06.2024 I don't reckon it will be much more though. 1200 maybe? They appear to want HL on the cheap and I doubt the consortium will be willing to pay too much more. I reckon it was known a bid at 985 would fail and was just the opening shot.Investors Chronicle are suggesting that this is just the opening round and that even a bid of 1220 (a PE of about 17) would be optimistic? 1220 is Peel Hunts' price target apparently. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
