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RSAB Rsa Ins. 7te%pf

122.50
1.25 (1.03%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Rsa Ins. 7te%pf LSE:RSAB London Preference Share
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  1.25 1.03% 122.50 120.00 125.00 123.00 121.25 121.25 161,195 12:48:41

Rsa Ins. 7te%pf Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
14/6/2024
13:31
I’ve received this response to my query about RSAB redemption.

Dear Mrs xxxx
Thank you for contacting us.
 
I have spoken to our corporate events department and they are preparing a communication regarding this event which will probably be sent out to customers who hold RSAB, in the middle of next week, the communication will lay out the corporate event and the options available, and any timescales which would apply.

damp seaweed
13/6/2024
17:26
Nothing from HL yet....but plenty of time yet?
8w
13/6/2024
17:03
nothing from AJbell yet? They are normally quite on the ball with tender offers.
pyemckay
13/6/2024
15:10
citytilidie
I also have an account with IWeb. When they tried to stop me participating in another redemption (PMO1) I complained to the FOS and won my case. It cost them a quite a lot.
Make sure you write to them and state that you wish to participate. That way they can’t deny your intentions

damp seaweed
13/6/2024
12:39
@citytilidie - Interactive Investor normally allow voting. An acceptance of the tender offer apparently includes handing your proxy vote to the chair (who will vote in favour of the resolutions) and enables you to receive the 2% Voting fee (assuming that the resolutions pass).

SUMMARY OF OPTIONS AND POTENTIAL OUTCOMES FOR PREFERENCE SHAREHOLDERS

YOU HAVE THE OPTION TO (A) TENDER YOUR PREFERENCE SHARES FOR PURCHASE (AND AUTOMATICALLY APPOINT THE CHAIR AS YOUR PROXY TO VOTE IN FAVOUR OF THE PROPOSED RESOLUTIONS) OR (B) ATTEND AND/OR VOTE ON THE PROPOSED RESOLUTIONS WITHOUT TENDERING YOUR PREFERENCE SHARES FOR PURCHASE OR (C) TAKE NO ACTION.

1. If you tender your Preference Shares in the Tender Offer you will automatically appoint the Chair as your proxy to vote in favour of the Resolutions.

pseudosphere
13/6/2024
09:54
citytilidie -Memoradum works on 1 April but allowing 2 days for settlement if that's what you're referring to.
rik shaw
13/6/2024
09:12
Mine are held in HSBC invest dorect. I rang them yesterday and they said paperwork would be forwarded to me. So I think I can vote albeit through them.
jeep55
13/6/2024
09:05
Ah! I was calculating from xd dates. You are correct accrued divi just over 2.4p
jeep55
13/6/2024
09:01
Officially it’s the previous XD date you go off, rather than the payment date. It’s not 100% but it’s fractionally more accurate. Either way it’s only a couple of weeks different. I hold mine with iWeb and Interactive Investor and I don’t think either of them let you vote . They will let you accept the offer but unfortunately it’s a loss of 2% to me.If they all do the same I will be a little bit miffed as I hold another 5 others and it will mean a further loss of 3k. I will be contacting them.
citytilidie
13/6/2024
07:16
I'll be holding to 30/7 for the extra few %.

Note though based on c120 days (from the previous payment due date of 1/4/24) I expect the accrued dividend to be just over 2.4p. (see page 13 of the Tender Offer Memorandum for worked examples of the accrued dividend at various dates.)

rik shaw
12/6/2024
23:06
In terms of other good preference shares GACA is probably best at 6.8%. But it went xd recently and does not have much accrued divi at present.
jeep55
12/6/2024
23:02
By 30th July the date for redemption I calculate the accrued dividend will be approx 3.00pence.
jeep55
12/6/2024
22:57
Probably worth holding. I sold 5,000 today at 119.7 but the small print suggests holding until 30th July will nett 125p (3.0 pence accrued dividend) and possibly 127p if the 2p bribe works. I'm retaining 25,000.
jeep55
12/6/2024
19:53
Sold all mine today at 120p and will reinvest in another with good full yield - STAC, SANB, GACA, GACB all look OK to me.
jong
12/6/2024
19:42
Agreed and as said above sold this at 120.1p early doors and bought SAN just before it moved up.

Outside of prefs I have started buying some REITS, for decent yields as we go into a falling rates enviroment hopefully

dope007
12/6/2024
18:46
Almost all bank & Insurance pref shares as well as PIBs will be redeemed over the next couple of years .AV.A, AV.B, ELLA, GACA, GACB, NTEA have all risen sharply today on the back of the probable redemption of RSAB. During the next year or two, there will be a large amount of private investors as well as institutions looking for alternative investments.
citytilidie
12/6/2024
18:19
So where can we get other pref shares?
castleford tiger
12/6/2024
16:03
Just had it confirmed. If you tender you will get 122 plus the accrued dividend.

If the vote is in favour of the cancellation of all of the preference shares then there is an additional 2p (bribe).

elsa7878
12/6/2024
15:35
mr jinks- They (Perpetual Instruments eg Prefs in financial companies) cease to become regulatory capital in 2026.
rik shaw
12/6/2024
15:31
Elsa, that's my reading of it. Hence my top up today at 120.85.

It appears that the 'voting fee' is only payable if a vote (either for or agin) is cast by way of a particular specified procedure, so holders must get that right.

1knocker
12/6/2024
15:11
Forgive my ignorance but re comment 136 by Cerrito, what changes in 2026?
mr jinks
12/6/2024
12:48
So we get 122p plus 2p plus the accrued dividend which is about 2 to 2.5p. Is that right?
elsa7878
12/6/2024
12:19
Thanks again, rik shaw. I should consult you before posting!!

I have just added 20% to my RSAB holding, at 120.85. It will be a purchase free of dealing charges for me with HL under their current '£100 of free deals' concession, so in this uncertain market it seems worthwhile if I am right that the prefs will be taken out (and especially if I get an additional 2p voting fee on them). Even if the prefs are not taken out, it should work out OK if interest rates do fall.

Now we wait and see.

1knocker
12/6/2024
12:02
Aviva included GA prefs so you were right..
rik shaw
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