Venture Life Share Discussion Threads

[lauders] 05/3/2018 12:40

Apad - slight adjustment to your last couple of sentences:

Fussing about BVXP - interims due late March. It'd be nice to get some GOOD news.

Just saying ;-) In fact "excellent" would be better than "good" but will not push my luck. A ZOO type reactio would be lovely!

[redartbmud] 05/3/2018 12:02

Now reported after 10.30 am as a purchase at 9.19.21.

Hey ho....

red

[apad] 05/3/2018 12:02

Pretty content with ABC & ZOO.

Fussing about BVXP - interims due late March. It'd be nice to get some news.

apad

[redartbmud] 05/3/2018 10:02

Interesting, sale of 960 shares at 9.19am is still not reported.
I have the contract note, but the market doesn't know.

red

[redartbmud] 05/3/2018 09:28

Sold a few Rws for a profit of £766.
Hedging my bets, and creating petty cash.
Still a long term hold.

red

[felix99] 05/3/2018 08:50

I am in process of moving some money out of TD to Charles Stanley Direct. I used both II and TD and now merged there is too much cash in one place. If CS direct any good I will move more out. I am spread across 4 companies at present IG Selftrade HL II/TD

[apad] 05/3/2018 08:16

ABC looking solid
"Reported gross margin broadly in line with last year at 69.8% (H1 2017: 69.7%)"
This plus revenue growth gives a company a lot of options.
A couple of initiatives looking very promising and a good divi increase.
This is bad news:
"Made continued progress towards full implementation of our new Oracle Cloud ERP system, although we no longer expect to go live in this financial year"
An existing concern, with the new headquarter building costs it implies continuing significant expense.
At least they can afford it.

If the ZOO monies from Innovate UK is a grant and not a loan they have played the system well - it's development, but please to call it research. Innovate UK is typical .gov's belief in its own omnipotence.

apad😎

[modform] 05/3/2018 07:43

ZOO, looks pretty good, could easily double from here... ABC, delivering again...

[hydrus] 05/3/2018 07:14

ZOO trading update. 71% organic revenue growth, profits ahead of market expectation despite significant investment. Cash generative. Operational gearing for future periods means that profits are likely to soar.

[haywards26] 04/3/2018 20:10

Thanks all, I will update as the episode progresses.

[apad] 04/3/2018 17:23

Seconded.
I have only just seen this news.

When we were discussing the takeover of my TD account and I didn't like the look of the new acquirer, the potential for this sort of episode was one of the reasons I moved to IG - because it is big. Daughters accounts went to JIM because it had been around a long time and looked to be soundly managed.
The movements were well managed in both cases.
However, I though I was being over-careful!

Maybe this experience is useful to you when your position is sorted, H.

apad

[redartbmud] 04/3/2018 17:07

Haywards

One presumes that Beaufort's liability insurance is up to date!
The investments in your account should be designated eg BT 2000 Ords - Haywards26.
That identifies that the stock belongs to you.
In addition, any cash should be held in a client account, with similar designation, and should never touch the company accounts.
The auditors should undertake regular checks to ensure that no transgressions have taken place. There are penalties if errors occur, let alone deliberate transactions to deal through a company account instead of the nominee accounts.

There will be unsettled bargains that will need to be completed, and that will certainly take a few days to complete.

The company will have control accounts that should reconcile total customer shareholdings to the individual company share registers that are managed by the likes of Equinity, Capita etc.
People who want to deal, in the short term, will find it difficult. I assume that the license is now suspended.

Arrangements will need to be made to transfer the stocks to another broker. Presumably the Administrators will make arrangements with a panel, and give you a choice, as and when they have verified the assets and the ownership. Their first action will indeed be a letter to you, with a list of your holdings as confirmation. Any discrepancies would need to be investigated and corrected.
Once ready, it will not take long to complete in this real time technological era.

As you can imagine, it isn't a 5 minute job to complete all of the necessary verifications, to 100% satisfaction, given the total size of the client holdings. The last thing they would want is to sell stock, in a client name, and pay out the proceeds, only to find that the client did not own it. That supposes it can be done.

The market is a real time game, with dividends, rights issues, takeover bids, etc etc. it will not cease just because Beaufort is in trouble. How this could affect a client in the short term is an interesting conundrum. Deadlines are deadlines!

I am sure that the FCA, auditors, insurers and the Administrator will want it sorted sooner, rather than later. The reputation of the City is at stake.

All the best for a speedy resolution.

red

[11_percent] 04/3/2018 15:44

Haywards26,

Can you keep us update on progress please, as I think this applies to many of us, if our own brokers go bust, etc.

All the best.

Cheers.

[haywards26] 04/3/2018 15:37

Thanks all,

It appears that the assets should be ring fenced. The issue will be if the company has fraudulently being dipping into the client accounts. I will be speaking to the liquidators tomorrow for clarification, time lines and next steps.

It has been one of those weeks...My Spanish builder ran off half way through my Spanish apartment renovations with €5k, no mains water today at home in UK due to a major mains burst (from the artic temperatures) and now Beaufort. Hopefully that is the 3 bad things done for 2018.


I am calling this a character building week ha ha

[thelongandtheshortandthetall] 04/3/2018 15:00

All the best with it hayward. Hard not to worry but itll be sorted. Never know your investments will probably be worth more! Bet it wont take too long to organise. I would have thought Shares held in nominee account cannot be considered assets of beaufort so surely there wont be any issues. Good luck bud.

[lauders] 04/3/2018 14:53

Likewise Haywards. Wish you the best and it was indeed good that you at least moved 60% elsewhere earlier!

[attrader] 04/3/2018 12:44

Sorry to hear Haywards, hope it will work out ok.

[haywards26] 04/3/2018 12:36

Thank goodness I transferred my main share dealing account from Beaufort to IG this last month. That has at least moved 60% of my overall investment portfolio out of Beaufort...

But still a considerable amount left in Beaufort...

[haywards26] 04/3/2018 12:33

More Information

How many customers are affected? Beaufort Securities has more than 14,000 clients, who have invested as much as £700m through the stockbroker.

Administrators will begin contacting affected customers ‘in due course’. However, PWC has warned that clients could face a ‘significant delay’ in getting their money back.

Will investors lose their money? Money you’ve invested with the firm should in theory be protected or ‘ring-fenced’ from the company’s activities. This means that when the firm goes bust, your money doesn’t disappear with it.

But this doesn’t always happen when a company becomes insolvent.

PWC has stated that it is in the process of determining how well client money has been separated from that of the firm. Once it has done this, it will protect and ‘in due course return client money and assets to rightful clients to the fullest extent possible’.

How long will it take to get my money back? According to PWC, the process of paying back funds to investors will ‘be subject to an initial delay while the administrators carry out a number of critical tasks in order to be able to make a full assessment of the situation.’

It says that everything possible will be done ‘to expedite this process and minimise the hardship and inconvenience caused to clients.’

It committed to providing regular updates in the coming days on progress, but said it will be unable to address individual queries at this stage.

What happens if investors’ money wasn’t protected? The Financial Services Compensation Scheme (FSCS) protects up to £50,000 of investors’ money in cases where a financial services firm is unable to repay what it owes to its clients.

So far, the Financial Services Compensation Scheme has not issued a statement confirming if clients will be able make a claim against the firm, which has offices in London’s famous ‘Gherkin’; building at 30 St Mary Axe.

If you invested with Beaufort Securities on the recommendation of a financial adviser, you might also be able to claim back losses of up to £50,000 if it’s decided the advice was inappropriate. Find out more about how the FSCS works for investments.

What investors in Beaufort Securities do next? PWC has set up a helpline for clients to call on 0800 063 9283 (or [phone] from outside the UK). You can also see the latest announcements on the PWC website.

[hydrus] 04/3/2018 12:30

I guess if there had been some kind of theft/fraud whereby the broker had been plundering retail clients accounts then that would be a problem but I haven't read anything yet that indicates that is on the radar.An uncomfortable situation though, bad luck. Hopefully it will be fine but imagine it will take time.

[hydrus] 04/3/2018 12:27

That would be my understanding Haywood because your holdings are your assets, not the broker's.

[haywards26] 04/3/2018 12:27

Hmmmm some comments from the administrators do not fill me with 100% confidence....

Nigel Rackham, joint administrator and PwC director, said that his priority was “to safeguard the firms’ custody and client money holdings held for their clients”. He added: “Once these positions are under our control and we have secured important trading and client data, we can start planning for the return to clients. However, this is likely to take some time.”

PwC said its priority was to “identify, protect and in due course return client money and assets to rightful clients to the fullest extent possible”.

[haywards26] 04/3/2018 12:23

I have an ISA share dealing account with Beaufort....I believe nominee accounts should be safe, as held separately to the share dealing entities financials...can anyone confirm that is the case?.

Not sure what the process is in regards getting stocks transferred from a share dealing provider that is in liquidation however...will have to get onto this asap...grrr

[thelongandtheshortandthetall] 04/3/2018 12:00

Or 50% fundsmith acumulation.
10% fundsmith emerging equities
And 40% Berkshire hathaway.
4-5 years later I recon youll have done alright.

[thelongandtheshortandthetall] 04/3/2018 11:57

Just buy fundsmith buddy.