Tender offers Bristol & West prefs and BOI pibs

[OldBoyReturns]

HL have now credited the voting fee as a separate later credit after market close.

BOI tender offer proceeds turned up in HL account about 5 minutes before market close. But whole lot credited to capital (ie no segregation of accrued interest element) and the 2p voting fee completely missed! I hope they managed top get the corporate action returns right ....

[2boi2]

Still not showing in X-O (Jarvis). Not a good advert for them - unlike ii they don't pay interest on cash. So Jarvis get all the benefit of holding it. I cynically wonder if they planned to sit on the cash for a bank holiday weekend, or whether they are just genuinely slow..

[Zebedee71]

the BOI proceeds and bonus arrived into my II ISA so its the end of an era dating back to 2011 when first acquired in the low 40's. It became my third most profitable investment over that period (LLPF was 2nd, now also long term dead, with NWBD in a clear 1st place and still trucks on from first acquisition in early 2009)

I had thought II would try to delay the cash handover claiming some sort of admin issue, but good on them, they were swift and efficient in my case

When the next semi coercive tender (using a BOI type approach) arrives on the remaining banking paper goodness only knows - I doubt it will be long but of note is that as interest rates rise, the size of the prize to the issuers diminishes - BOI at > 13% was in a special place

good investing to all
Z71

[Kr1ck]

Not sure if interest rates have that much to do with it. I think that the fact they will cease to count as capital in 2025 is the driver for retiring this type of paper.

[88V8]

When the next semi coercive tender (using a BOI type approach) arrives on the remaining banking paper goodness only knows - I doubt it will be long but of note is that as interest rates rise, the size of the prize to the issuers diminishes - BOI at > 13% was in a special place ...

Yes, but with prices sitting on the bottom the cost of repurchase by the issuer is minimised.
I am still loading up with GACA and AV.A, guessing that they may be next.

V8

[Kr1ck]

Has anyone with AJ Bell not been paid the voting fee? I know one person on this thread has been paid but I have been informed that they didn't receive the amount they were expecting from Bank of Ireland, hence I won't be paid (I did vote, this isn't in dispute). They say a query has been raised.
I'm a little put out since they have chosen to pay some people and not others. Surely they should have waited and resolved the matter?

[Laughton]

iWeb credited correct amount yesterday PM.
Redemption and interest lumped together and voting fee shown separately.

[Mrbond]

Could someone please post the amounts individually per 1000 nominal for

Redemption amount
Interest (coupon)
Voting fee (I voted yes)

I am with AJ Bell and have received £1920 per 1000 nominal

Much appreciated

[Laughton]

My calculator says you should have received £1,940.31 total per £1k Nominal made up as follows:

Redemption amount £1,880.00
Interest £40.31
Voting Fee £20

Assuming you are talking about BOI.

[Mrbond]

AJ Bell have paid the redemption and interest on one lump.

No payment for voting fee so far

[air04]

I have received 1.92031 per bond as a lumpsum

[Laughton]

I have received 1.92031 per bond as a lumpsum

Suggest you ask them where your voting fee is (assuming you voted).

[Surerera]

My main account is with AJ Bell who paid up for BOI on Friday, I also run a small joint account with my sister with Barclays, believe it or not they haven't credited my account with anything yet. Anyone else had that problem?

[everhopeful]

Yes! I rang Barclays yesterday and they confirmed that the transaction had been completed but that they have up to 10 days to credit my account with the cash.

[GoSeigen]

Yes! I rang Barclays yesterday and they confirmed that the transaction had been completed but that they have up to 10 days to credit my account with the cash.

I think they're jerking you around, or the person on the phone doesn't know what they're talking about. Your account should be credited the day of the corporate action or maybe a working day later. Anything less is very poor service and I'd complain and demand interest be paid.

GS

[PeterGray]

I'd guess when they say they have "up to 10 days" to do the transaction that's the maximum they are allowed, not what they expect to take.

Barclays are always slow, rarely on the day of a dividend or payment, but mostly by the second day. Once in a while I have had ones that take a few days, but it's unusual. My BOI was all in ii so no idea how they are faring with this one.

[Padders72]

I see a lot of criticism of ii on this site, yet you only have to read a thread like this to realise than in general they do a better job than most.

[88V8]

I see a lot of criticism of ii on this site, yet you only have to read a thread like this to realise than in general they do a better job than most.

I agree.
Their new website was a misstep, but their service is and always has been very good.

V8

[Holts]

I see a lot of criticism of ii on this site, yet you only have to read a thread like this to realise than in general they do a better job than most.

Their service is fine , the items they don’t trade in fixed interest terms is lousy and has become worse over the last year , I suggest when an opportunity arises that if they were to embrace this area more it would lead to a reasonable amount of business , but it’s almost like computer says no .

[Alaric]

I suggest when an opportunity arises that if they (ii) were to embrace this area more it would lead to a reasonable amount of business , but it’s almost like computer says no .

With CGT not being payable and low coupon Gilts now standing at a discount to par values, there is likely to be some interest from private investors seeking an alternative to fixed term deposits. For that matter high coupon issues may be of interest to income seekers. There's not very much available in Corporate Bonds either even though they have been known to feature such issues as IPOs.