Rsa Ins. 7te%pf Discussion Threads

[nicd] 22/7/2024 12:43

The Settlement Date in respect of the Preference Share Cancellation, being the expected date of payment of the Cancellation Amount to all Registered Holders and the Voting Fee to eligible Registered Holders in the manner set out in the Shareholder Circular, is expected to be 30 July 2024.

[magnets] 17/7/2024 10:03

Lloyds 6.475% apparently!

[jaf111] 16/7/2024 13:37

Farewell RSAB….
Who’s next🤔㊂0;🤔

[rik shaw] 16/7/2024 13:35

Thanks for posting the link. (Just over 2.4p per share accrued dividend as expected.)

[damp seaweed] 16/7/2024 13:22

Total remittance £1.2642 per share. Including the voting fee

[rik shaw] 11/7/2024 09:28

Tender Offer Update


General Meeting and outcome next Tuesday (16th)

[mr jinks] 24/6/2024 16:57

On 30 April 2018 Aviva announced that they would make a discretionary goodwill payment to preference shareholders who sold their shares between 8th and 22nd March because of the at par statement.
All ancient history, but note that General Accident were making the same discretionary payment. Maybe these guys learned their lesson because of market reaction but nevertheless be wary.

[mr jinks] 24/6/2024 16:45

A further comment.
The threat to redeem preference shares was made by Aviva some years ago, the CEO or CFO suggesting at the time that he would seek to redeem them in 2025 at par, forcing the share price of AV.A to fall from around 175 to 128 (all from memory). Institutional pressure forced them to think again, but the share price never returned to its previous highs.

[mr jinks] 24/6/2024 16:38

I will be sad to see this go, but dont see much alternative.
If the vote fails, does this mean that RSA don't buy the shares, and therefore they remain on the market? If so comparison with peers currently yielding around 6.5% would suggest a share price falling back to around 114, but even then the peer group share prices have been inflated by the RSAB offer, so a return to pre-offer price of around 110 could be possible. Whilst it is a lowball offer compared to current interest rates I believe that they have been quite clever in the way they have constructed the offer to tempt you to seek alternatives for your money.

[misterd1] 24/6/2024 07:59

I shall be voting against (despite what I see as an inevitable yes vote)

[rcturner2] 24/6/2024 06:56

Neily I too am disappointed to see these go as they have been great for me.

However, preference shares are on their way out as an asset class, more and more will get tendered.

[my retirement fund] 23/6/2024 21:05

I'm afraid the lives of all these are now terminal. Most will be gone by 2026, and probably all of them will be done by 2027 once the accountants highlight their defunct existence to the CFOs where they have been forgotten!

[neilyb675] 23/6/2024 18:50

I also voted against and pretty annoyed as I have these in my ISA as a life time compound investment. Similar to STAB/STAC.

The offer is not in any way compelling.

[dope007] 23/6/2024 09:40

Out not put. Predictive text!!!

[dope007] 23/6/2024 09:40

I think you will find shareholders will put vote you

[joe say] 23/6/2024 08:26

I've voted against having read the Investors Chronicle article this week.

The logic is that this is a low ball offer and by voting you'll still qualify for the 2p voting fee regardless - so its effectively a free chance to push for a higher price with no risk of loss (you'll receive any accepted offer should the vote go in favour of RSAB)

[citytilidie] 20/6/2024 16:36

I also voted through the chat facility, but I will check it. The institutional vote today has pretty much confirmed the redemption though. It’s been a brilliant share over the last 20 or so years and I will certainly miss the income. It is however the start of many more now their tier capital requirements no longer count from 2025/6

[jt35] 20/6/2024 15:21

Spoke to them and the corp actions team are in the process of sending the information to clients. I was able to give me voting intention to the agent in the chat though.

[elsa7878] 20/6/2024 15:07

Yes - going through so silly to miss out on the extra 2p.

[damp seaweed] 20/6/2024 14:36

Those that have their RSAB shares with IWeb may want to contact them immediately and directly through their secure messaging service.
There is the possibility that Iweb may not offer their customers the Corporate Action and thus deny them the opportunity to vote.
Consequently forfeiting the 2p voting fee (if the motion passes).

This happened to me in the recent past with ENQ1. I ended up complaining to the FCA. I won the case and got compensation.

[damp seaweed] 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.

[8w] 13/6/2024 17:26

Nothing from HL yet....but plenty of time yet?

[pyemckay] 13/6/2024 17:03

nothing from AJbell yet? They are normally quite on the ball with tender offers.

[damp seaweed] 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

[pseudosphere] 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.