Nbnk Invest Share Discussion Threads

[opaldouglas] 17/6/2014 15:24

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?

[opaldouglas] 12/6/2014 18:12

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

[newbold120] 12/6/2014 16:57

i think they would have to make a cash offer if they cross 30%.

[opaldouglas] 11/6/2014 15:43

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

[opaldouglas] 10/6/2014 14:32

Wilbur Ross sells up remaining stake in Bank of Ireland.

(Wilbur has a 29.9% stake in NBNK)

[mick] 09/6/2014 16:38

Crystal now at 24%

[opaldouglas] 09/6/2014 16:37

RNS out - Well i didn't expect them to acquire such a large stake in NBNK, up to 24% now!

[opaldouglas] 09/6/2014 15:39

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] 06/6/2014 16:24

Some activity bubbling, may have Crystal Amber buying in the open market if they want to push through a majority.

Enjoy your weekend.

OD

[melodrama] 06/6/2014 16:07

Cheers Opal, good w/e

[opaldouglas] 06/6/2014 15:41

rns out - confirmation of Aviva's holding being sold.

[opaldouglas] 06/6/2014 15:39

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.

[melodrama] 05/6/2014 13:18

Yep, MKT Cap = Cash as well, there or thereabouts

[melodrama] 05/6/2014 13:17

Off everyone's radar this one eh!

[melodrama] 05/6/2014 13:17

Indeed it is my boy, very interesting, poss Crystal Tips and Alice topping up

[melodrama] 05/6/2014 13:16

That's a big trade Melo

[melodrama] 16/5/2014 07:47

Yep , topped up yesterday here as well, must be a forced PI seller, to buy Cat Food lol

[eezymunny] 15/5/2014 17:05

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!

[ltinvestor] 18/12/2013 09:01

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

[konkel] 14/12/2012 09:11

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!

[the_insiders] 13/12/2012 15:48

Not invested yet, but keeping an eye on it till January. Might invest at that point. Till then happy to discuss.