Leeds Building Society 13.375% PIBS (LBS) Tender Offer

[Seasider]

I am getting a distinct sense of deja vu reading this. I recall a lot of people saying the tender offer for NWBD was far too low (should start with a 2). Where is NWBD now?

OK I accept a lot has happened since then but I do wonder if history could repeat itself.

For what it is worth I did not take up the NWBD tender and I am not going to take up this one. Some might consider that a sign they should do the opposite.

[BobGe]

Where is NWBD now?

Still in the portfolio, still paying the dividend bi-annually.

[GoSeigen]

Where is NWBD now?

Still in the portfolio, still paying the dividend bi-annually.

Cool, did you accept the tender and repurchase in the 120s for 40% income uplift? Nice trading!


GS

[BobGe]

No, I wasn't blessed with foresight encompassing your degree of hindsight in the moment.

[Rhinocol]

Voted against today. Hopefully they'll increase the offer or keep paying . Having lost Bristol and West a couple of months ago not keen on losing another good payer but think this may be the thin end of the wedge!

[prv34]

Selling price has just fallen a few pence seems a bit strange has there been any news?

[Rhinocol]

The deadline day for voting with Interactive Investor was midnight 20/3/24. I wonder if voting has now ceased on other brokers and that has affected the price ?

[Borderline]

Result of the Leeds Offer and consent solicitation:

Results of the Consent Solicitation and Exercise of the Issuer Call by the Society

The Meeting of PIBS Holders was held on 2 April 2024 as planned. The Meeting was quorate (with 72.75 per cent. of the principal amount of the outstanding PIBS, which as at the date of the Meeting was £24,997,000, being represented at the Meeting) and the Resolution was approved by the PIBS Holders (with 88.65 per cent. of the votes cast on the Resolution being in favour).

Accordingly the Society has implemented the Proposed Variation with effect from 2 April 2024. The variations made to the Special Conditions of Issue of the PIBS are set out in the Annex to this Announcement.

NOTICE is now given by the Society to all PIBS Holders that the Society will redeem all (but not some only) of the PIBS that are not purchased pursuant to the Tender Offer pursuant to the Issuer Call on the Redemption Date of 9 April 2024. The Society has obtained Relevant Supervisory Consent for this redemption of the PIBS pursuant to the Issuer Call.

https://www.londonstockexchange.com/new ... r/16403884

[GoSeigen]

Frustrating, but as I implied up-thread there is always the option of organising a blocking vote.

I guess the blocking vote didn't succeed. 82% of holders said the tender price is good enough thank you...

No, I wasn't blessed with foresight encompassing your degree of hindsight in the moment.

I gave my views on the NWBD tender before it completed, not after. No hindsight involved, just a dispassionate assessment of the facts.


GS

[BobGe]

I gave my views on the NWBD tender before it completed, not after. No hindsight involved, just a dispassionate assessment of the facts.

Ah, 'tis a wondrous crystal ball thee possess...

[Padders72]

I gave my views on the NWBD tender before it completed, not after. No hindsight involved, just a dispassionate assessment of the facts.

Ah, 'tis a wondrous crystal ball thee possess...

Take the piss all you like but he did call it right. Before the event that is.

[BobGe]

Oh, right, he said it would fall to the 120's to enable a 40% income uplift, did he? I hadn't appreciated that. Shame I missed it. Ah well...

(But this is now well off topic, so that's all folks.)

[hiriskpaul]

FWIW I have just invested some of the proceeds from the redemption into Nottingham Building Society 7.875% PIBS. I paid 104.44 for a yield of 7.54%. Nottingham is nowhere near as well capitalised as the Leeds, but still safe as far as I am concerned.