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Lloyds Prefs Tender Offer

Gilts, bonds, and interest-bearing shares
Laughton
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Re: Lloyds Prefs Tender Offer

#466388

Postby Laughton » December 16th, 2021, 2:42 pm

Yep, it's not easy. I'm grappling with the same problem.

Maybe with interest rates now finally on the way up it's not the best time to put proceeds back into fixed interest?

hiriskpaul
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Re: Lloyds Prefs Tender Offer

#466414

Postby hiriskpaul » December 16th, 2021, 3:59 pm

Laughton wrote:Yep, it's not easy. I'm grappling with the same problem.

Maybe with interest rates now finally on the way up it's not the best time to put proceeds back into fixed interest?

Something I have been thinking about as well and one of the reasons for coming out of LLPC/D. My lowest yielding FI security is Co-op Group 11% 2025. At a bid of 122.7 that's a YTM of 4.66%. If the rise in inflation turns out not to be a short blip, that is looking like a real terms loss by maturity. I am still holding, but questioning the sense in doing so and I may reduce the position.

For the moment I am directing money into options trading rather than FI. The recent very high implied volatility makes this attractive even for ungeared positions. eg I sold some WTI puts today at a strike of 6400 with implied volatility of about 50%. If the puts expire worthless in a 4 weeks tomorrow, the return will be 2% (ungeared), or about 30% annualised. Options are however considerably more nerve-racking than FI and constant vigilence is required!

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Re: Lloyds Prefs Tender Offer

#466702

Postby 88V8 » December 17th, 2021, 10:36 am

Laughton wrote:Maybe with interest rates now finally on the way up it's not the best time to put proceeds back into fixed interest?

I put some into AXI Axiom Euro IT, current yield 6.2%.
Fixed interest, but not as we know it.

V8

hiriskpaul
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Re: Lloyds Prefs Tender Offer

#467756

Postby hiriskpaul » December 21st, 2021, 11:26 am

We haven't yet had the proceeds from the tendered certificated holding of LLPD. I am guessing this will arrive as a cheque with the accrued, but has anyone else tendered certificates and been paid?

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Re: Lloyds Prefs Tender Offer

#467769

Postby XFool » December 21st, 2021, 12:50 pm

hiriskpaul wrote:We haven't yet had the proceeds from the tendered certificated holding of LLPD. I am guessing this will arrive as a cheque with the accrued, but has anyone else tendered certificates and been paid?

Not LLPD and not certificated (Lloyds/Shareview Nominees)! But have had cheque for LLPE tendered shares at advertised price. I await any further information wrt accrued (cheques to be issued 6 days after settlement date).

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Re: Lloyds Prefs Tender Offer

#468197

Postby XFool » December 23rd, 2021, 11:36 am

Have today received Dividend Confirmation for small cumulative received following tendering of all my LLPE held in the Lloyds nominee account.

Why do they always insist on sending a cheque for capital payments, but bank still pay dividends direct to bank? Simplicity of IT operation I suppose.

Still have to check main holding in ISA with broker.

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Re: Lloyds Prefs Tender Offer

#468210

Postby hiriskpaul » December 23rd, 2021, 12:18 pm

XFool wrote:Have today received Dividend Confirmation for small cumulative received following tendering of all my LLPE held in the Lloyds nominee account.

Why do they always insist on sending a cheque for capital payments, but bank still pay dividends direct to bank? Simplicity of IT operation I suppose.

Still have to check main holding in ISA with broker.

For the certificated shares we have been credited today with the accrued to the usual bank account, but not had a cheque for the capital!

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Re: Lloyds Prefs Tender Offer

#468563

Postby XFool » December 26th, 2021, 1:45 pm

Accrued dividend was credited to ISA broker account wrt my main holding in LLPE. So that is all done now.

hiriskpaul wrote:For the certificated shares we have been credited today with the accrued to the usual bank account, but not had a cheque for the capital!

That's sounding ominous if still the case. Though there have been some postal delays around the country.

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Re: Lloyds Prefs Tender Offer

#468770

Postby hiriskpaul » December 28th, 2021, 9:38 am

XFool wrote:Accrued dividend was credited to ISA broker account wrt my main holding in LLPE. So that is all done now.

hiriskpaul wrote:For the certificated shares we have been credited today with the accrued to the usual bank account, but not had a cheque for the capital!

That's sounding ominous if still the case. Though there have been some postal delays around the country.

The cheque turned up on Christmas eve, after banks closed.

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Re: Lloyds Prefs Tender Offer

#468970

Postby tractorian » December 29th, 2021, 10:38 am

Is anyone els estill awaiting settlement for their shares?

Even allowing for the Xmas Effect, surely by now, they should have collected all those offered. I'm with ii and my LLPC holding still shows up in my portfolio.

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Re: Lloyds Prefs Tender Offer

#468974

Postby simoan » December 29th, 2021, 11:00 am

tractorian wrote:Is anyone els estill awaiting settlement for their shares?

Even allowing for the Xmas Effect, surely by now, they should have collected all those offered. I'm with ii and my LLPC holding still shows up in my portfolio.

Shouldn't give them the excuse of Xmas. That's just poor service IMHO. I received the tender proceeds on 16th and the accrued hit my account on the 24th. All done. I held them with HL.

All the best, Si

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Re: Lloyds Prefs Tender Offer

#468999

Postby tractorian » December 29th, 2021, 12:54 pm

tractorian wrote:Is anyone els estill awaiting settlement for their shares?

Even allowing for the Xmas Effect, surely by now, they should have collected all those offered. I'm with ii and my LLPC holding still shows up in my portfolio.


iii tell me that I didn't in fact accept the offer???

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Re: Lloyds Prefs Tender Offer

#469004

Postby yieldhog » December 29th, 2021, 1:20 pm

tractorian,

I held LLPC in my SIPP at ii and have received all payments due as set out in the tender offer, which I accepted.

I'm not aware of any tender offer problems at ii. However, I have experienced problems with items that are posted (snail mail) to ii.

Did you accept the tender offer online or by phone?

Y

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Re: Lloyds Prefs Tender Offer

#469063

Postby tractorian » December 29th, 2021, 8:18 pm

yieldhog wrote:tractorian,

I held LLPC in my SIPP at ii and have received all payments due as set out in the tender offer, which I accepted.

I'm not aware of any tender offer problems at ii. However, I have experienced problems with items that are posted (snail mail) to ii.

Did you accept the tender offer online or by phone?

Y


I thought I accepted it on-line.

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Re: Lloyds Prefs Tender Offer

#476345

Postby StayinAlive » January 26th, 2022, 4:16 pm

Has anyone received the Incremental Accrued Dividend Payment on these. I've chased my broker but it's all gone rather quiet.

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Re: Lloyds Prefs Tender Offer

#476349

Postby AleisterCrowley » January 26th, 2022, 4:36 pm

Pretty sure I did - I'll check (HSDL)
edit

04 Jan 2022 Dividend: LLOYDS BANKING GP 6.475 NONCUM PRF SHS GBP [LLPE]

£6.53
that would be the one?

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Re: Lloyds Prefs Tender Offer

#476352

Postby Laughton » January 26th, 2022, 4:45 pm

Thanks for flagging this up.

Looks like HL credited the extra interest on the same day (December 15th) but looks like nothing received from iDealing. I'll have to chase them up.

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Re: Lloyds Prefs Tender Offer

#476376

Postby StayinAlive » January 26th, 2022, 6:57 pm

£6.53
that would be the one?


If you had circa 2454 shares, then yes.

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Re: Lloyds Prefs Tender Offer

#476382

Postby AleisterCrowley » January 26th, 2022, 7:25 pm

That's the number I sold , yes

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Re: Lloyds Prefs Tender Offer

#476386

Postby FredFoobar » January 26th, 2022, 8:07 pm

StayinAlive wrote:Has anyone received the Incremental Accrued Dividend Payment on these. I've chased my broker but it's all gone rather quiet.


I chased this up a couple of weeks ago with AJ Bell, having received the proceeds for the shares but not the accrued dividend. I got the following response on the 20th Jan:

Our dividend team has provided the following update regarding your below query:

‘The money we have received from the registrar for these payments do not reconcile with what we were expecting. The registrar have also not provided us with any paperwork confirming the amount of shares they have paid us out on.

We have chased the registrar on this a few times and are waiting for confirmation from them so help us reconcile and pay customers’.

The payments will be made once the cash is made available.


As of today, I've had no further updates or payment.


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