Lloyds Grp 9.25 Discussion Threads

[hindsight] 19/11/2021 18:05

Thanks Glavey for the excellent post. I stayed in because I believed numbers holding would on balance keep the black horse tame, if a lot accept that changes. I also believe these were due a fall albeit not massive. Overall I agree the price isnt great and the black horse has made a profit out of appearing that it could go wild, along with the ECNs profit. Its wrong and one can only hope it means they have to pay more for capital elsewhere than would otherwise but I somehow doubt it. I may well keep a holding of 1 though, in each account, in the hope that it annoys them.

[peterbill] 19/11/2021 17:26

I think I'll take up the offer ... don't have that many and all in ISA and it does seems like a good offer.


Lloyds Banking Group plc has announced that it intends to purchase all the £300,000,000 9.25% non-cumulative irredeemable preference shares in issue through a tender offer. This will give you the choice to sell, or tender, your shares to the company at a fixed price with no dealing charges.

Under the proposed terms of the offer, you will be given the choice to tender your shares at a price of 167.25% of the liquidation preference. For clarification purposes, this means you will be given the choice to tender your shares at GBP1.6725, which is equal to 167.25% of the liquidation preference. The purchase price includes an amount equal to accrued and unpaid dividends.

The next dividend payment date pursuant to the terms of the 9.25% preference shares is 30 November 2021 with the record date being 5 November 2021. If you are a holder on the record date, you will be entitled to the dividend payment. This payment will be made separately in addition to the purchase price.

[glavey] 19/11/2021 16:57

Don't forget, depending on the level of your holdings and purchase cost (if tendered and accepted) you may also be locking in a capital gain.

I'd not wish to try to convince you of anything, but you can have a look and see where these and similar instruments have trading. Here's a little trick for you: Go to and pop the instrument name or epic into the search box and choose the instrument. It'll take you to a summary page with a little chart on the right. Select 5Y. Now left click on the chart. You can now drag the chart left or right and see the price as you scroll back through the years. With the cursor over the chart, using the mouse wheel it is also possible to collapse or expand the chart x-axis. You can correlate the price with the interest rate at the time. Rates are here: (Scroll down the page.)

Of course interest rates may not be the only thing which influences the price.

[redartbmud] 19/11/2021 09:39

Glavey

Excellent post. System will not allow a tick up!!!!


red

[redartbmud] 18/11/2021 18:49

Update from Hargeaves.
They are preparing the documentation. Once online, it will be available for action until 8 December.

[redartbmud] 18/11/2021 18:47

hindsight

Endorse your comments. I suffered the same fate.
Once bitten.......

red

[hindsight] 18/11/2021 18:41

Glavey, problem here as pointed out by others is the horse has no morals. Dispite hbos pref holders converting at thier request in the financial crisis to ECNs (I know as receieved the offer and why was good for all but didnt accept)assiting the horse to survive. In return it gave those that accepted and some like me who brought some ECNs, a good kicking in 2015 by cancelling them very cheaply
Interestingly the same person who over saw this as is letting inflation and houses prices rip

[rahosi] 18/11/2021 16:39

After a few hours out, I came home this evening to find the Corporate Action letter from HSBC on my doormat. They want me to reply by midday today....

They have misread / mis-understood the timeline for Retail Investors.

[zangdook] 18/11/2021 11:33

There's still nothing listed between K and M on their Corporate Actions page.

[redartbmud] 18/11/2021 11:03

Nothing there but I have never had an mail from them that has gone into junk.
They always email when they send a provate message.

[stepone68] 18/11/2021 10:52

Have you checked your junk mail :-)

[redartbmud] 18/11/2021 10:46

I have sent a very strongly worded message to Hargreaves.
There will be longer term consequences resulting from their failure in this matter.
There are other providers who are more professional.

[ricky347] 18/11/2021 10:41

Received corporate action form from Jarvis today.

[redartbmud] 17/11/2021 17:29

Still nothing from Hargreaves. Must be on another planet.

[nickieg] 17/11/2021 09:42

A J Bell posted corporate action and emailed me on day of the announcement.

IMO, A J Bell's dealing and custody charges are very reasonable and much lower than I was previoulsy paying Barclays.

[pierre oreilly] 17/11/2021 09:11

HL probably give a decent if expensive service for pis - sort of the retail end of the market at retail prices. Several others are very much no frills and just give a cheap good dealing service with no frills.

[zangdook] 17/11/2021 08:59

Their Corp Act page says no corporate actions available for LLPC. They are sometimes astonishingly incompetent.

[blueliner] 17/11/2021 08:19

Ditto Hargreaves, heard nothing. Supposedly the platform market leader.

[cwa1] 16/11/2021 22:11

iDealing and II both been in touch

[boystown] 16/11/2021 21:38

Has anyone heard anything from their broker yet? Nothing from Hargreaves so far. Deadline two weeks from today

[jimbox1] 16/11/2021 20:55

In the face of rising interest rates over the next year, I was thinking of selling anyway. It may not be a generous offer, but holding out for a better offer is betting against the odds.