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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nbnk Invest | LSE:NBNK | London | Ordinary Share | GB00B58GVN47 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 35.00 | GBX |
Nbnk Invest (NBNK) Share Charts1 Year Nbnk Invest Chart |
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1 Month Nbnk Invest Chart |
Intraday Nbnk Invest Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 20/3/2017 | 15:28 | NBNK Investments Plc | 38 |
| 22/6/2014 | 14:44 | NBNK Discussion | 34 |
| 29/9/2011 | 10:25 | sdad | 5 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 30/3/2016 09:49 by mick Any views on likelihood of NBNK proceeding with a deal before 11th April deadline? |
Posted at 20/7/2015 21:26 by techno20 Bought 25k first thing this morning. Not appeared on trades data for some reason.Been watching these for a couple of years and with possible cash distribution 20% above the current value only 6 months away it feels like the risk : reward is pretty favourable. Could still be a deal done, particularly given the strength of Virgin Money, Aldermore, One Savings. Not too many other challengers out there, but there are some - ATOM, Charter Court, who could well see Nbnk as a cheap route to a float. Time will tell. Also influenced by the success in recent months of Chrystal Amber. With two deals just finalised I suspect they may well turn their attention to Nbnk. GLA Techno |
Posted at 23/3/2015 13:47 by envirovision Well it will be interesting to find out what is going on behind the scenes, which we may get to know ahead of the full year results if the share price goes nuts as they will be forced to issue a statement on price movement. |
Posted at 23/3/2015 13:43 by eezymunny It's up today presumably bcoz a few buyers read this"We continued to engage constructively with NBNK's main shareholder, Wilbur Ross, and director, Lord Brennan, as well as former board members of the company. The Fund maintains the view that NBNK has scope for a legal case against Lloyds Bank over the failed sale of the 631 Lloyds TSB and Cheltenham & Gloucester branches, in 2011." |
Posted at 04/3/2015 10:34 by envirovision Are we in play? Given Lloyds recent dubious involvement with the FSA/FCA and PRA over its ongoing ECN fiasco, it really is looking highly likely to me at least that NBNK got completely shafted. (IE. an FCA director being an EX Lloyds director of risk, PRA showing recent incompetence by releasing false market sensitive information, etc.37 odd pence currently held in cash. From majority activist shareholders 2014 update: The manager notes that if NBNK is able to demonstrate that there was misrepresentation by Lloyds Bank in the sale process, NBNK may seek to recover not only the £20m but up to an additional £600m (1,110p per share) of lost profit which it was denied as a result of a potentially flawed sale process. |
Posted at 08/9/2014 06:30 by opaldouglas From CRS's finals today:NBNK Investments PLC ("NBNK") NBNK listed in 2010 raising GBP50 million from a solid list of institutional investors. Its aim was to build, through acquisition, a new UK retail bank. In 2011, in "Project Verde", NBNK competed against the Co-op Bank to acquire 631 Lloyds TSB, formerly Cheltenham & Gloucester, branches which Lloyds was obliged to sell on competition grounds. As has since become well known, the Co-op was undercapitalised and had serious operational failures, yet in July 2012 Lloyds agreed to sell those assets for GBP350 million upfront and up to an additional GBP400 million based on performance. The Co-op failed to complete due to its weaknesses and it withdrew in April 2013. To fulfil its obligation to dispose of the Project Verde assets, Lloyds went ahead with plans to float the business, culminating in the recent GBP1.5 billion IPO of TSB Bank. Having been unsuccessful in its attempt to acquire banking assets, NBNK's directors initially decided in mid-2012 to take steps to wind up the Company. However, during the second half of 2012, a proposition was made by funds within the WL Ross & Co Group to inject GBP8 million of new capital into the Company, which would enable it to continue in existence as a cash shell, to take advantage of any further acquisition opportunities that might arise in the financial services sector. Net cash on the balance sheet stands at GBP20.1 million, or 37p per share. NBNK's operations have been scaled back and costs reduced to a minimum, and the cash burn is GBP200,000 per annum. The Fund first invested in June 2013 and has engaged with the current Board of NBNK and with founding director and ex-chairman, Lord Levene, and is supportive of the Board. According to various media reports Lord Levene has said he was told by former Bank of England Governor Mervyn King that Lloyds' decision to sell the Project Verde assets to the Co-op was politically motivated. Lord Levene told Parliament's Treasury Select Committee that the Governor had informed him that NBNK's offer would not be accepted at a meeting in May 2012 - a month before the Co-op was identified by Lloyds as the preferred bidder. The Committee is now examining the sale to see whether there was undue political interference and whether NBNK was treated unfairly through the process, ultimately losing out to the GBP1.5 billion TSB float. NBNK is understood to have offered in the region of GBP630 million for the Project Verde assets, spending over GBP24 million in the bid process, or 45p per share. Crystal Amber obtained a 10.6 per cent stake in NBNK from an institutional investor in exchange for shares in the Fund. We have since continued to build the holding, which now has strategic value and stands at 27.9 per cent. The Fund's cost price per share is below NBNK's net cash and net assets per share. Crystal Amber continues to engage constructively with NBNK's Chairman, Wilbur Ross, and Director, Lord Brennan, as well as former board members of the company. |
Posted at 01/9/2014 07:13 by opaldouglas Things starting to heat up it would seem.Activist investor Crystal Amber has lifted its stake in NBNK Investments and will press the cash shell to launch legal proceedings against Lloyds Banking Group next month. The fund, which is led by Richard Bernstein, has been building its holding in NBNK since December and has now raised its stake to just below 28pc. The activist wants the cash shell to sue Lloyds over the sales process of TSB that fell apart last year, when the Co-operative Group pulled-out of a £750m deal to buy the high-street bank. The fund plans to urge NBNK to start taking legal action against the FTSE 100 lender in September to recover costs, said Mr Bernstein. NBNK, a listed vehicle, competed with Sun Capital Partners and the Co-op to buy the 631-branch banking business in a sales process that was known within Lloyds as 'Project Verde’. Lloyds was forced to offload TSB to meet European state-aid rules following its £20bn rescue at the height of the financial crisis. Following the collapse of the deal to sell the business to Co-op after a two-year sales process, Lloyds instead decided to float the branches. The intial public offering of TSB was a success, unlike many London flotations this year. Lloyds in June sold a 35pc stake in the banking business, which was more than expected, at 260p a share. The stock closed at 290p on Friday evening, valuing TSB at £1.5bn. Meanwhile, Crystal Amber has stepped up its interest in NBNK in recent weeks. In June, the fund materially increased its holding in NBNK through the acquistion of a 10.6pc stake from Aviva. Following its latest purchase, the activist now holds 27.87pc, or about 15m shares, up from 26.04pc in July. NBNK stock closed at 44p on Friday, valuing Crystal Amber’s stake at about £6.6m. Listed on London’s junior Aim market and based in Guernsey, Crystal Amber has agitated for change at a number of companies, including the chocolatier Thorntons, JJB Sports, Pinewood Shepperton and TT Electronics. The Crystal Amber fund is a self-described activist, and targets companies it views as undervalued. |
Posted at 22/6/2014 13:33 by opaldouglas Postings from old thread.The_insiders 13 Dec'12 - 15:48 - 1 of 33 0 0 Not invested yet, but keeping an eye on it till January. Might invest at that point. Till then happy to discuss. konkel 14 Dec'12 - 09:11 - 2 of 33 0 0 Ross is/was a major backer of Virgin Money (he put in £360m to help acquire NRock assets) so the obvious speculation would be that NBNK will become the vehicle used to float VM.....the fun is just beginning! ltinvestor 18 Dec'13 - 09:01 - 3 of 33 0 0 Bought shares 2 weeks ago after Crystal Amber stake was declared.Why would they be buying shares in a shell unless they are aware of future corporate action?.The Ross involvement is also very interesting and will possibly result in a financial institution being injected into this shell.In any case on liquidation the mkt cap and cash in company are more or less the same so very little downside imo. LT EezyMunny 15 May'14 - 17:05 - 4 of 33 0 0 These now available at a 25% discount to cash. Never look a gift horse in the mouth they say....so I bought some today for the EezyMunny portfolio...I do hope it falls much much further! melodrama 16 May'14 - 07:47 - 5 of 33 0 0 Yep , topped up yesterday here as well, must be a forced PI seller, to buy Cat Food lol melodrama 5 Jun'14 - 13:16 - 6 of 33 0 0 That's a big trade Melo melodrama 5 Jun'14 - 13:17 - 7 of 33 0 0 Indeed it is my boy, very interesting, poss Crystal Tips and Alice topping up melodrama 5 Jun'14 - 13:17 - 8 of 33 0 0 LOL melodrama 5 Jun'14 - 13:17 - 9 of 33 0 0 Off everyone's radar this one eh! melodrama 5 Jun'14 - 13:18 - 10 of 33 0 0 Yep, MKT Cap = Cash as well, there or thereabouts melodrama 5 Jun'14 - 13:18 - 11 of 33 0 0 Indeedy opaldouglas 6 Jun'14 - 15:39 - 12 of 33 0 0 edit So NBNK will now likely take legal action against Lloyds for £30M, Crystal Amber have upped stake to 17%. Downside risk seems to be mitigated by the fact NBNK have £20M cash sat in the bank vs a Mcap of £18M so i don't see any huge downside risk. If NBNK are successful cash could rise back to £50M which equates to roughly 85p per share. Crystal Amber are certainly confident. Questions have to be raised if Lloyds or the government are ready for a public fight or may just let NBNK past go and collect 200. OD By Mark Kleinman, City Editor An investor in the vehicle which lost out in the auction of 630 Lloyds Banking Group branches is increasing its stake in a bid to pursue legal action against the state-backed lender. Sky News understands that Crystal Amber, a fund manager, has agreed a deal that will involve it acquiring control of Aviva Investors' 10.5% shareholding in NBNK Investments. The transaction, which will be effected by exchanging Aviva's NBNK shares for equity in Crystal Amber, is likely to be disclosed to the London Stock Exchange on Friday. Based on previous public disclosures, the trade will give Crystal Amber control of approximately 17% of NBNK, putting it in a powerful position to agitate for the company's board to sue Lloyds over the branches auction. NBNK lost out to the Co-operative Group in 2012 despite claiming that its offer represented greater value and certainty for Lloyds shareholders. The Co-op's takeover of the network collapsed last year amid its own financial crisis, leading to Lloyds' recent confirmation that it would float the branches under the TSB name in the coming weeks. Sky News revealed Crystal Amber's determination to pursue Lloyds through the courts last December. City insiders said on Thursday that top NBNK investors had lined up Stewarts Law, a firm which specialises in shareholder litigation, to act for them. Stewarts is also representing a group of Royal Bank of Scotland shareholders who allege that they were misled when they participated in a £12bn rights issue in 2008. NBNK spent roughly £30m of the £50m it raised from City institutions to assemble a bid for the Lloyds branch network, which was given the codename Project Verde. None of NBNK's shareholders, including Crystal Amber, would comment on a prospective legal action against Lloyds or the Government. The prospects of a successful legal action are unclear, since NBNK would have to demonstrate a form of misrepresentation by Lloyds, its advisers or the Government. However, they are understood to have been encouraged by allegations that the outcome of the branches auction was influenced by a desire from the Treasury to see a mutually-owned organisation emerge as a more powerful player in Britain's high street banking sector. "This was not a level playing field. That has become clear," one NBNK investor told Sky News in December. "NBNK has paid £30m to compete in an auction it had no chance of winning." "Whilst the legal test is a substantial one, it was always felt that the Verde process was heavily geared towards the Co-op's success," another investor said last year. Lord Levene, the former NBNK chairman, told MPs in January that Lord King, the then Governor of the Bank of England, had hinted at ministerial bias in the sale process. Lord King subsequently denied that that had been his view. NBNK is now chaired by Wilbur Ross, the powerful Wall Street investor, who has been trying to use the vehicle as a platform for a separate acquisition. Lloyds, Crystal Amber and Aviva all declined to comment. opaldouglas 6 Jun'14 - 15:41 - 13 of 33 0 0 edit rns out - confirmation of Aviva's holding being sold. melodrama 6 Jun'14 - 16:07 - 14 of 33 0 0 Cheers Opal, good w/e opaldouglas 6 Jun'14 - 16:24 - 15 of 33 0 0 edit Some activity bubbling, may have Crystal Amber buying in the open market if they want to push through a majority. Enjoy your weekend. OD opaldouglas 9 Jun'14 - 15:39 - 16 of 33 0 0 edit 250,000 trade just gone through. At 40 pence it equates to £100,000 worth, Crystal Amber trying to mop up additional shares imo. Expect we'll here something from Crystal Amber in the coming week or two. OD opaldouglas 9 Jun'14 - 16:37 - 17 of 33 0 0 edit RNS out - Well i didn't expect them to acquire such a large stake in NBNK, up to 24% now! mick 9 Jun'14 - 16:38 - 18 of 33 0 0 Crystal now at 24% opaldouglas 10 Jun'14 - 14:32 - 19 of 33 0 0 edit Wilbur Ross sells up remaining stake in Bank of Ireland. (Wilbur has a 29.9% stake in NBNK) opaldouglas 11 Jun'14 - 15:43 - 20 of 33 0 0 edit Well thats a significant breakout from the 40p range, 5m trade rolled through yesterday. Could Crystal be looking to takeover nbnk?!? If they go beyond the 30% mark they will have to make a formal offer for the company unless they call an egm and waive the 30% rule. Sure all will become clear in due course. OD melodrama 5 Jun'14 - 13:18 - 11 of 33 0 0 Indeedy opaldouglas 6 Jun'14 - 15:39 - 12 of 33 0 0 edit So NBNK will now likely take legal action against Lloyds for £30M, Crystal Amber have upped stake to 17%. Downside risk seems to be mitigated by the fact NBNK have £20M cash sat in the bank vs a Mcap of £18M so i don't see any huge downside risk. If NBNK are successful cash could rise back to £50M which equates to roughly 85p per share. Crystal Amber are certainly confident. Questions have to be raised if Lloyds or the government are ready for a public fight or may just let NBNK past go and collect 200. OD By Mark Kleinman, City Editor An investor in the vehicle which lost out in the auction of 630 Lloyds Banking Group branches is increasing its stake in a bid to pursue legal action against the state-backed lender. Sky News understands that Crystal Amber, a fund manager, has agreed a deal that will involve it acquiring control of Aviva Investors' 10.5% shareholding in NBNK Investments. The transaction, which will be effected by exchanging Aviva's NBNK shares for equity in Crystal Amber, is likely to be disclosed to the London Stock Exchange on Friday. Based on previous public disclosures, the trade will give Crystal Amber control of approximately 17% of NBNK, putting it in a powerful position to agitate for the company's board to sue Lloyds over the branches auction. NBNK lost out to the Co-operative Group in 2012 despite claiming that its offer represented greater value and certainty for Lloyds shareholders. The Co-op's takeover of the network collapsed last year amid its own financial crisis, leading to Lloyds' recent confirmation that it would float the branches under the TSB name in the coming weeks. Sky News revealed Crystal Amber's determination to pursue Lloyds through the courts last December. City insiders said on Thursday that top NBNK investors had lined up Stewarts Law, a firm which specialises in shareholder litigation, to act for them. Stewarts is also representing a group of Royal Bank of Scotland shareholders who allege that they were misled when they participated in a £12bn rights issue in 2008. NBNK spent roughly £30m of the £50m it raised from City institutions to assemble a bid for the Lloyds branch network, which was given the codename Project Verde. None of NBNK's shareholders, including Crystal Amber, would comment on a prospective legal action against Lloyds or the Government. The prospects of a successful legal action are unclear, since NBNK would have to demonstrate a form of misrepresentation by Lloyds, its advisers or the Government. However, they are understood to have been encouraged by allegations that the outcome of the branches auction was influenced by a desire from the Treasury to see a mutually-owned organisation emerge as a more powerful player in Britain's high street banking sector. "This was not a level playing field. That has become clear," one NBNK investor told Sky News in December. "NBNK has paid £30m to compete in an auction it had no chance of winning." "Whilst the legal test is a substantial one, it was always felt that the Verde process was heavily geared towards the Co-op's success," another investor said last year. Lord Levene, the former NBNK chairman, told MPs in January that Lord King, the then Governor of the Bank of England, had hinted at ministerial bias in the sale process. Lord King subsequently denied that that had been his view. NBNK is now chaired by Wilbur Ross, the powerful Wall Street investor, who has been trying to use the vehicle as a platform for a separate acquisition. Lloyds, Crystal Amber and Aviva all declined to comment. opaldouglas 6 Jun'14 - 15:41 - 13 of 33 0 0 edit rns out - confirmation of Aviva's holding being sold. melodrama 6 Jun'14 - 16:07 - 14 of 33 0 0 Cheers Opal, good w/e opaldouglas 6 Jun'14 - 16:24 - 15 of 33 0 0 edit Some activity bubbling, may have Crystal Amber buying in the open market if they want to push through a majority. Enjoy your weekend. OD opaldouglas 9 Jun'14 - 15:39 - 16 of 33 0 0 edit 250,000 trade just gone through. At 40 pence it equates to £100,000 worth, Crystal Amber trying to mop up additional shares imo. Expect we'll here something from Crystal Amber in the coming week or two. OD opaldouglas 9 Jun'14 - 16:37 - 17 of 33 0 0 edit RNS out - Well i didn't expect them to acquire such a large stake in NBNK, up to 24% now! mick 9 Jun'14 - 16:38 - 18 of 33 0 0 Crystal now at 24% opaldouglas 10 Jun'14 - 14:32 - 19 of 33 0 0 edit Wilbur Ross sells up remaining stake in Bank of Ireland. (Wilbur has a 29.9% stake in NBNK) opaldouglas 11 Jun'14 - 15:43 - 20 of 33 0 0 edit Well thats a significant breakout from the 40p range, 5m trade rolled through yesterday. Could Crystal be looking to takeover nbnk?!? If they go beyond the 30% mark they will have to make a formal offer for the company unless they call an egm and waive the 30% rule. Sure all will become clear in due course. OD newbold120 12 Jun'14 - 16:57 - 21 of 33 0 0 i think they would have to make a cash offer if they cross 30%. opaldouglas 12 Jun'14 - 18:12 - 22 of 33 0 0 edit Todays rns nudges CRS over the 25% mark which is notifiable but they only acquired 140,000 shares (this trade went through on tuesday at 39p). Along with Wilbur Ross they now control over 55% of the company who both seem intent on legal action against lloyds & the government. If they are deemed to be acting in concert they would have to make a takeover approach instantly in the eyes of the regulators, although i don't think are acting in concert "officially". One things for sure, i can't see Crystal buying circa 5 million pounds worth of shares on a whim. OD opaldouglas 17 Jun'14 - 15:24 - 23 of 33 0 0 edit CRS has today bought 3% of JIL (Juridica Investment Limited) which specialises in corporate actions. Im not familiar with JIL but could they be involved with NBNK actions vs Lloyds/Government and effectively CRS are increasing their exposure to proceedings? jonwig 17 Jun'14 - 20:15 - 24 of 33 1 0 JIL finances litigation, either via a loan (with performance fee) or an equity stake in the result. The chairman of JIL, Lord Brennan QC, is also a director of NBNK. All sounds like something is progressing. In any case, JIL is very picky about the cases it finances, and if it became involved here, it would really be a sign of confidence, especially as it would be JIL's first investment outside the US. opaldouglas 17 Jun'14 - 20:57 - 25 of 33 0 0 edit Thanks Jonwig, very interesting. In any case NBNK still have £20M in the bank and would not require funding for any litigation. Unless of course JIL is happy to foot the costs and take appropriate compensation/fees as per usual (i don't know JIL's business model so excuse my ignorance). CRS have spent the best part of £5M buying a stake in NBNK so i expect they have a robust game plan, if JIL is to benefit by way of fees/legal victory CRS are certainly pushing the boat out to capitalise. Sure the dots will all join up shortly. OD opaldouglas 19 Jun'14 - 08:28 - 26 of 33 0 0 edit AGM on monday. edwardt 19 Jun'14 - 09:41 - 27 of 33 0 0 would they be suing lloyds or Co-op?? jonwig 19 Jun'14 - 10:36 - 28 of 33 0 0 I don't think NBNK themselves have said anything ... yet. But Crystal Amber seem to have been tipping people off about possible action against Lloyds: The Co-op was just another bidder, and when their plan collapsed, Lloyds chose not to re-open talks elsewhere, hence the TSB IPO. If the above is wrong, someone will point it out! opaldouglas 19 Jun'14 - 11:14 - 29 of 33 0 0 edit On the face of it you are correct but when you dig a little deeper things get interesting. NBNK lost out to the Co-op despite having put a better offer on the table, the Co-op was then unable to proceed due its own financial demise which has been well publicised. This raises two questions... why did Lloyds opt for the Co-op bid knowing full well NBNK had a better deal on the table and why opt for Co-op giving its dire financial position. It is alleged that the treasury may have favoured the Co-op bid which is why Lloyds pursued that option. This raises further questions... why did the treasury get involved and was it right to do so? And given the need and desire from the government for more banks and enhanced competition in the market place why push Lloyds to the established Co-op group as opposed to a new player in the market? All smells rather fishy to me. I suspect neither Lloyds or the government will come out of this smelling of roses and thats why NBNK will be successful with legal action as it will be swept under the rug in my view. What i'm unsure of is the value that NBNK will seek to take legal action for... they spent £30M in a bidding process which was unfair but given TSB's floatation and subsequent increased valuation it could be a great deal more. This is just my view and i'm by no means an expert. CRS have spent £5M increasing stake in NBNK to 25% and now are buying into JIL also, so i'm happy to follow the money for the time being. OD opaldouglas 19 Jun'14 - 11:18 - 30 of 33 0 0 edit Also its funny how this has all come about now the TSB float has been agreed and is due to list... or just a coincidence maybe. jonwig 19 Jun'14 - 11:20 - 31 of 33 0 0 Thanks opaldouglas - yes, the 'politicking' was discussed somewhere, maybe FT. I would imaging NBNK will be asked for some clarification on Monday? (I'm not a holder of NBNK, but JIL is one of my largest holdings - hence the interest!) opaldouglas 19 Jun'14 - 11:35 - 32 of 33 0 0 edit I should hope so, i will not be in attendance but think things will come out in the wash shortly. jonwig 22 Jun'14 - 12:19 - 33 of 33 0 0 James Quinn again with a bone to gnaw: TSB's flotation quantifies NBNK's potential lost opportunity profit, an issue which should be front and centre in NBNK shareholders' minds when the company holds its annual meeting in London on Monday and a lot more: He's suggesting an RNS tomorrow morning, I think. |
Posted at 22/6/2014 13:28 by opaldouglas NBNK Investments plcUpdated 22.06.2014 Background Info: NBNK Investments lost out to the Co-op banking group in 2012 when bidding £750M for the now listed TSB group. Subsequently the Co-op group was unable to proceed with the purchase due to its well publicised financial demise. NBNK's bid for the TSB branches has widely been reported to have been the better option. This raises two questions... why did Lloyds opt for the Co-op bid knowing full well NBNK had a better deal on the table and why opt for Co-op giving its dire financial position. It is alleged that the treasury may have favoured the Co-op bid which is why Lloyds pursued that option. This raises further questions... why did the treasury get involved and was it right to do so? Given the need and desire from the government for more banks and enhanced competition in the market place why push Lloyds to the established Co-op group as opposed to a new player in the market? All smells rather fishy to me. I suspect neither Lloyds or the government will come out of this smelling of roses and thats why NBNK will be successful with legal action (which hasn't officially been announced) as it will be swept under the rug in my view. What i'm unsure of is the value that NBNK will seek to take legal action for... they spent £30M in a bidding process which they essentially had no chance of winning, but given TSB's floatation and subsequent increased valuation it could be a great deal more. The official value now placed on TSB has increased from £750M to £1.3B To add to the unfolding storey CRS, Crystal Amber (activist shareholder) has recently splashed out circa £5M adding significantly to its shareholding which now stands upwards of 25%. Additionally CRS has bought a stake in JIL, Juridica Investments which specialises in litigation funding and is chaired by Lord Brennan QC who also chairs NBNK. NBNK has £20M cash in the bank vs a Mcap of £20M and the potential to seek damages ranging from £30M upwards to £550M which is the increase in value of TSB since initial bid was submitted (these figures have not been officially confirmed, please do your own research). I suspect official confirmation will be forthcoming in due course regarding any legal action. This is not investment advice, please do your own research before buying shares. Recent web links: |
Posted at 06/6/2014 14:39 by opaldouglas So NBNK will now likely take legal action against Lloyds for £30M, Crystal Amber have upped stake to 17%.Downside risk seems to be mitigated by the fact NBNK have £20M cash sat in the bank vs a Mcap of £18M so i don't see any huge downside risk. If NBNK are successful cash could rise back to £50M which equates to roughly 85p per share. Crystal Amber are certainly confident. Questions have to be raised if Lloyds or the government are ready for a public fight or may just let NBNK past go and collect 200. OD By Mark Kleinman, City Editor An investor in the vehicle which lost out in the auction of 630 Lloyds Banking Group branches is increasing its stake in a bid to pursue legal action against the state-backed lender. Sky News understands that Crystal Amber, a fund manager, has agreed a deal that will involve it acquiring control of Aviva Investors' 10.5% shareholding in NBNK Investments. The transaction, which will be effected by exchanging Aviva's NBNK shares for equity in Crystal Amber, is likely to be disclosed to the London Stock Exchange on Friday. Based on previous public disclosures, the trade will give Crystal Amber control of approximately 17% of NBNK, putting it in a powerful position to agitate for the company's board to sue Lloyds over the branches auction. NBNK lost out to the Co-operative Group in 2012 despite claiming that its offer represented greater value and certainty for Lloyds shareholders. The Co-op's takeover of the network collapsed last year amid its own financial crisis, leading to Lloyds' recent confirmation that it would float the branches under the TSB name in the coming weeks. Sky News revealed Crystal Amber's determination to pursue Lloyds through the courts last December. City insiders said on Thursday that top NBNK investors had lined up Stewarts Law, a firm which specialises in shareholder litigation, to act for them. Stewarts is also representing a group of Royal Bank of Scotland shareholders who allege that they were misled when they participated in a £12bn rights issue in 2008. NBNK spent roughly £30m of the £50m it raised from City institutions to assemble a bid for the Lloyds branch network, which was given the codename Project Verde. None of NBNK's shareholders, including Crystal Amber, would comment on a prospective legal action against Lloyds or the Government. The prospects of a successful legal action are unclear, since NBNK would have to demonstrate a form of misrepresentation by Lloyds, its advisers or the Government. However, they are understood to have been encouraged by allegations that the outcome of the branches auction was influenced by a desire from the Treasury to see a mutually-owned organisation emerge as a more powerful player in Britain's high street banking sector. "This was not a level playing field. That has become clear," one NBNK investor told Sky News in December. "NBNK has paid £30m to compete in an auction it had no chance of winning." "Whilst the legal test is a substantial one, it was always felt that the Verde process was heavily geared towards the Co-op's success," another investor said last year. Lord Levene, the former NBNK chairman, told MPs in January that Lord King, the then Governor of the Bank of England, had hinted at ministerial bias in the sale process. Lord King subsequently denied that that had been his view. NBNK is now chaired by Wilbur Ross, the powerful Wall Street investor, who has been trying to use the vehicle as a platform for a separate acquisition. Lloyds, Crystal Amber and Aviva all declined to comment. |
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