GN100 wrote:I'm beginning to have second thoughts about the 175p offer - it's hardly generous. Maybe later on they may come back with a more generous offer but with them being virtual 'must pays' because of the 4/3 shares in lieu of unpaid div clause, even if they don't come back with an improved offer in the future they should still provide the income they were originally bought for.
A further point is that they are virtually owned by UK Gov (money no object?). Also the bank prefs are of no use to them now for Tier 1 Capital so just become an expensive cost to the bank.
Amazing! The usual complaint is that the buyback price is too high. There are threads all over this site about that. Or that average punters can't participate so the buyback is a "fake" capital return -- whereas here you can tender as many as you like as a retail holder! Or the complaint is that the price is par / far below market. Here it's above market.
You can never please people, huh...
Mind you I'll never forget Osborne telling us Consol holders when they were trading at 65p that he would buy them back if and when the price reached 100p!! Now
that was generous... and he was as good as his word.
GS