Lloyds Grp 9.25 Discussion Threads

[redartbmud] 15/3/2018 19:42

HOLTS

I do hope that you are correct, but logic, honesty and integrity are not bywords relevant to Regulators, going on past experience.
Bad publicity is a one day phenomenon, before it is forgotten.
Sad.

My holding was purchased at below par, so I am holding on 'in hope'.

[holts] 15/3/2018 18:45

The momentum seems with pref holders just now , am counting on the furore to cement the validty of prefs and we may end up in a more secure position than before . Of course this could all change with maybe the FCA sticking theirvsize ten in it and saying we see no problem. Would be asking for trouble though , which maybe at present they feel they dont need .

[stepone68] 15/3/2018 16:23

With all the uncertainty I've taken advantage of this small recovery to sell. Should be better off in the ords for next wee while.

[redartbmud] 15/3/2018 15:48

Just tried a 5k trade on H-L. Offered at 155p.

[tbow112] 15/3/2018 12:32

The preference shares involved in

HOUSE OF FRASER PLC V ACGE INVESTMENTS LIMITED: HL 1987
see:

were so different to those of Aviva that it is not much of a precedent.

[my retirement fund] 14/3/2018 17:24

Smacks of one rile for the privileged and one for the little private investors.What probably going on here is you have a large institution whom know far more than we do mopping cheaply from the army of panic stricken retail sector. Pennies from heaven for them !

[folderboy] 14/3/2018 15:42

LLPC has been suspended according to NEX website



Odd that as I can both buy and sell.

[folderboy] 14/3/2018 12:56

No trades data for LLPC, SAN, STAC and I guess other preference shares - at least not using the ADVFN Silver service. Anyone able to advise as to where I might find an alternative - as I guess there has been the odd trade in the past few days!

[tiswas] 13/3/2018 15:57

It is a bit off but interesting that the chart at the top of this page seems to reflect the share price movement throughout the day.

[my retirement fund] 13/3/2018 14:48

No trades seem to have been published since last week. Surley this is outside of exchange rules to do this now ?

[future financier] 12/3/2018 09:41

Ecclesiastical Insurance taking the moral high ground - as one would hope!

" 12(th) March 2018
Announcement by Ecclesiastical Insurance Office plc
Ecclesiastical Insurance Office plc ("Ecclesiastical") notes the recent movement in the price of its 8.625% preference shares. Ecclesiastical assumes this is a result of Aviva's announcement on 8(th) March, in which Aviva stated that it has "the ability to cancel [Aviva's and General Accident's] preference shares at par value through a reduction of capital, subject to shareholder vote and court approval".
Ecclesiastical notes Aviva's governance statement that "as one of the biggest companies in our sector, we aim to make our industry work better for everyone. That starts with us building trust with our customers, investors and shareholders by running our business honestly and transparently." Ecclesiastical trusts that Aviva will follow the principles set out in that statement when considering whether to pursue this course of action.
Ecclesiastical has holdings in Aviva and General Accident's preference shares, but these are not material in size in the context of Aviva's announcement and Ecclesiastical's balance sheet strength.
Ecclesiastical has no plans to cancel its own 8.625% preference shares at par value through a reduction of capital."

[alphorn] 11/3/2018 18:29

Simple question - can the approval for the ordinary share buy back be allocated, in part, to the Prefs?

[truemuppet] 11/3/2018 18:23

The place to look for LLPC is page 80 of the Prospectus.
Despite the misleading heading about liquidation the paragraph also covers a 'return of capital'which would I believe cover a return of capital on a reduction of capital approved by the court (the potential Aviva situation).
The prefs would get par plus accrued dividends.
Such a court procedure requires a special resolution. Whether a separate class meeting of the prefs would be required is not clear.I believe there are cases where the courts take a very restricted view of whether class rights are being affected, hence a class meeting might well not be required.

[davebowler] 11/3/2018 12:00

This might be a useful stick to beat Lloyds Bank with-

[my retirement fund] 11/3/2018 11:34

Indeed but thats really only something the FSA really could do. The ECNs were 100% miss sold. Infact Lloyds even laid claim to there being serious mistakes in the prospectus so evidently even to the courts they would have been misssold. Infact one of the judges during thw Supreme court ruling suggested they had miss sold them.Sadly on that occasion the FSA did nothing about it though and the rest is history.Small wonder Aviva think its fair game to use the kind of wording in their annual report about the own preference shares really.

[whitestone] 11/3/2018 11:21

swanmore1 considers the position of Lloyds preffs. in his post 1920 here

[tiswas] 09/3/2018 16:16

I sold a few yesterday on Mark Taber's tweet because I didn't really understand the risk to LLPC and having bought a few this morning at 1.35 I have now sold the entire holding at an average price of 9% off yesterdays high..

I will freely admit that when far smarter people than me can not agree about the risks of cancellation then it is time to move on. These were meant to be buy and forget investments and have done very well for me but I would rather sleep well at night. The astonishing collapse this morning was a big shock and not being able to see trades/order book is also like playing snooker in the dark!

It has been a great return but I had already put half my holding in to the ords last year hoping for greater capital growth and increasing dividends.

Just wanted to say thanks to everyone for their input but I am clearly out of my depth so good luck to all holders.

Tis

PS Am I ok buying more BOI!

[cerrito] 09/3/2018 12:43

Well done to anyone who bought sub 140 this morning, and given my views of interest rates I have lost interest at 150+

[folderboy] 09/3/2018 11:39

Apparently there are 'loads of trades' - we just can't see them.