Lloyds Grp 9.75 Discussion Threads

[bench2] 18/2/2010 23:43

Overzeal very well done . One question did you accept option 3 for the ECN Bonds followed by the ECA ? Or did you opt for the ECA offer into ords?

[purple sound] 18/2/2010 09:31

Anybody received their LLOY converted shares ?

[eithin] 19/1/2010 08:20

Thanks realised after posting.

[lord gnome] 19/1/2010 08:15

Nope. It just confirms the outcome of the recent tender offer.

[eithin] 19/1/2010 07:32

Does this mean remaining holders will be converted ??

[the diviner] 11/1/2010 14:12

2bozmo,

That article refers to the last issue and it is old news.

[2bozmo] 30/12/2009 11:08

maybe another opportunity for 9.75% prefs to convert??

[aspex] 08/12/2009 08:29

Apparently a new prospectus exists for further 5bn worth of ECNs
Could we be lucky as it just happens to be close to the value of those that missed the cut?

[the diviner] 26/11/2009 20:03

I am surprised that these are holding up so well, I would have thought that they would have dropped to 60p or less.

I decided to keep mine and I did not bother with any of the offers. However, when those who did apply for one of the offers find that they have not been included that may put some pressure on sales as nothing is likely to happen for a few years.

Regards,
TD
PS.I hold over 100k and I never short.

[aspex] 25/11/2009 18:37

I stayed with the ECN option.
Less risk and an opportunity to gain on the basis of these being supported by a much less risky bank after recap.
I reckon on these being back up to 80p soon and with a chance of being offered a new ECN or similar.

[nandan] 25/11/2009 17:56

purple sound,
Unless you think that many will sell off their stock, and you want to short the last five days. The price is averaged over the last 5 days or something like that(or 90% of 17th Feb close price)
Risky way of hedging though...

Good luck

[purple sound] 25/11/2009 13:46

I hold LLPD which have been converted to ECAs.
Nothing to do until 18 Feb 2010 then !

"Holders whose Offers to Exchange their
Existing Securities have been accepted pursuant to the ECA
Priority will receive the relevant Exchange Consideration,
approximately 90 days after the Expiration Deadline on the Late
Settlement Date, expected to be on or around 18 February 2010."

[bench2] 23/11/2009 11:41

Agree but you have to admire the guy who paid 65p for 12k , a 15% net yield when they resume divs , gross equiv = 18.75%

[gary1966] 23/11/2009 09:49

I feel sorry for the person that bought 2738 this morning at 71p but it is nice to see the spread coming in to more normal levels.

[aspex] 12/11/2009 09:17

More relevant detail on that site.

[amgolden] 06/11/2009 22:59

sorry folks the site address got the gremlins at the end of the address
it should be

[amgolden] 06/11/2009 22:55

There is a wonderful guy trying to lobby LLoyds and brokers on behalf of preference share holders for a fairer outcome.
Go to his site
problems

With good support we might have a chance

[zangdook] 05/11/2009 11:36

In April the duration of a possible dividend suspension was unknown - the fear was LBG would be unable to pay because its finances were in such a mess, rather than that the EU would be forcing the issue.

Now it's certain, but only for two years; it's reasonably certain that the dividends will come back on schedule in 2012.

So, if the market is rational and other factors (institutional dumping etc) are ignored, I don't see it getting to 45p. I guess one factor is how large is the pool of investors with a long enough view to wait out two years.

IIRC there are only 100m of this particular issue out there, and some of them may sneak past the finish line and be exchanged - another unknown.

[envirovision] 05/11/2009 09:24

So the question is how low can these go. The Northern Rock 12.6% trade at 20p mid, dividends are suspended here but there is a high chance of being wiped out. LLPD were 50p in April when there was a very very low chance of being wiped out and a high chance of dividend suspension.

So here we are, dividend suspension is no longer chance its fact, so if they were trading at 50p there would be no the extra chance value built in. Clearly theres still just a very very low chance of being totally wiped out if you believe all the experts (unless you listen to the imf who claim Lloyds has only so far absorbed 40% of its expected losses).

So based on the above, prehaps 45p may be a bottom?

What do others think?

[jaws6] 04/11/2009 08:39

westboy
Thanks for that.

[westcountryboy] 04/11/2009 07:55

jaws

There is a facility on the TDW site by which you communicate your instructions. Go to eservices and then corporate actions. It is not done by email.