Lloyds Grp 9.25 Discussion Threads

[trinders] 13/4/2018 14:42

Have done so, thanks for providing the addresses.

[joe say] 13/4/2018 14:37

Have done so - including copying to my MP

Will give him something to do between completing expense claims

[loglorry1] 13/4/2018 13:50

I would urge holders here to write to the following addresses expressing your concern for the situation and asking for clarification on the loophole which seems to have been highlighted.

Address your lobbying letter to:

The Rt. Hon. John Glen MP - Economic Secretary
HM Treasury
1 House Guards Road
London SW1A 2HQ

Email address: [e-mail]

Copy it to:

Mark Steward (who is the FCA Executive Director Enforcement & Market Oversight) via his PA whose email is – [e-mail]
Nicky Morgan MP (Chair Treasury Committee) – email: [e-mail]

Also copy the letter to your MP with a covering note asking him / her to raise the matter with HM Treasury on your behalf. This is very important.

[folderboy] 11/4/2018 09:25

I had a very positive response from my MP - for whatever that is worth.

[yupawiese2010] 11/4/2018 09:23

Large insti`s write to John Glen economic secretary to the treasury.



Good to see the pressure being applied.

[trinders] 10/4/2018 12:53

yupawiese2010 - thank you for a useful link.

[yupawiese2010] 06/4/2018 17:34

( no position )

[jamielein] 04/4/2018 18:24

These are not ex dividend yet.

I pointed out on twitter earlier that there's now an interesting disparity between LLPC and LLPD. LLPC have been falling while LLPD have remained relatively static.

LLPC - 9.25p dividend, price 152-153p (approx. 6.07% yield)
LLPD - 9.75p dividend, price 166-168p (approx. 5.84% yield)

So LLPD are trading at a premium to LLPC.

Yet you'd expect LLPC to be at a premium because there's a lower downside (53p downside instead of 68p) if they cancel them at par.

LLPD should fall to £1.60 (or slightly below) to have the same yield as LLPC if the market is efficient.

It's possibly because LLPD are more illiquid and haven't been traded (sold) as much.

[my retirement fund] 04/4/2018 17:48

Are these ex div now ? Or or is this others whom have come to the same conclusion as me and no longer feel they can trust Lloyds?

[carcosa] 30/3/2018 05:16

Or see the letter yourself at

Given the supreme work that Mark Taber has accomplished over the years readers may wish to make a donation at

[yupawiese2010] 29/3/2018 17:18

If one migrates to twitter you can observe the open letter that Mark Taber has sent to Lloyds in respect of their pref shares.

[my retirement fund] 27/3/2018 12:42

Ironic on reflection. I know I was taking on risk given Lloyd's form.However the very reason I have been unable to continue hold, is because of fear of the very people who are supposed to be there to protect me.

[future financier] 27/3/2018 09:44

That letter is dynamite - heads should roll at FCA and Aviva (and Slaughter's?) for this. But I doubt they will!!!

[my retirement fund] 27/3/2018 09:39

Switched mostly into GA 8.875 as they have around 2p divi built in and so present yield about 5.8% and at least I can sleep at night !

[my retirement fund] 27/3/2018 09:20

Yes Mark revealed it in his open letter, apparently he was told last week during a meeting with Aviva.I knew they were highly negligent during the Lloyd's ECN twisted early redemption just hiding behind legal proceedings and taking no action nor making any comments.However this revalation not only shows they are negligent but are complicit with others whom seek to profit from the unfair and unjust treatment of and behaviour against retail investors.

[yupawiese2010] 27/3/2018 09:03

F.F - Go to the fixed income board, look at the open letter that Mark Taber sent to MP Nicky Morgan, that I posted.

[future financier] 27/3/2018 08:47

MRF - what is the basis for you saying that FCA knew about Aviva's plans in advance?

[my retirement fund] 27/3/2018 08:28

I cut my Lloyds holding further given the revelation the FCA knew about Avivas plans in advance and did nothing.I see Mark Tabier is looking at pressuring Lloyds for a statement but I rather suspect that may fall on deaf ears.

[yupawiese2010] 26/3/2018 13:43

Following the bombshell Aviva plc’s dropped on the sterling preference share market that it considers irredeemable preference shares can be cancelled at par without a vote of preference shareholders the entire UK market in preference shares has been destabilised. The FCA is uniquely positioned to resolve this and I am pushing very hard for that. However, in the meantime responsible issuers of preference shares should be announcing that they will not look to exploit this loophole and will amend their articles of association to provide that a separate vote of preference shareholders must be help. Ecclesiastical Insurance and, now, Aviva have both made positive statements. However Lloyds Banking Group has been notably silent in respect of its irredeemable 9.25% and 9.75% preference shares. I am writing to Antonio Horta-Osorio to ask that he makes a public statement on the matter.

Links to useful information:

Lloyds Banking Group Preference Shares terms:

hxxp://www.lloydsbankinggroup.com/globalassets/documents/investors/2009/2009jan16_ltsb_t1_oc_gb00b3ksb238_gbp100m_9.75pc.pdf

Lloyds Banking Group capital issuance:

hxxp://www.lloydsbankinggroup.com/Investors/fixed-income-investors/capital-issuance/

Lloyds Banking Group articles of association:

hxxp://www.lloydsbankinggroup.com/globalassets/documents/our-group/corporate-governance/articles_of_association_lbg.pdf

[my retirement fund] 23/3/2018 08:53

Well glad I didn't dump my other half. Even happier I put it into Av.a and Gaca. Feel sorry for those who sold tho. What a bloody cut throat world this is. Bloody stupid that these execs cant act honestly or fairly what the hell is wrong with some of them?

[stemis] 23/3/2018 08:36

I guess for those who held on through this debacle there has been a positive from all this. It's effectively eliminated a risk we didn't know even existed...

[my retirement fund] 19/3/2018 22:15

Prehaps they have. Who's to say they are not behind or part of the instigation of Avivas present actions and they are just awaiting a precedent to be set?

[loglorry1] 19/3/2018 21:41

MRF so why haven't they acted already?

[my retirement fund] 19/3/2018 21:33

So then they are also highly incentivised. They will also have the sympathy of the regulator.In the context of the entire construct then, we are the enemy.