Finally, if on the day before HBOS shares are suspended 83% of the LLOY price is greater than the HBOS price, then shouldn't I just put all my money into HBOS and make a big profit when i get them converted into LLOY? lloyd gapped down Throughout this process, the group has sought to act in the interests of our shareholders as a whole.”. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. The stakes are changing slowly. For Lloyds the victory removes one of the largest legal risks inherited by the chief executive, António Horta-Osório, alongside the payment protection insurance scandal. The judge, Sir Alastair Norris, found that shareholders “knew that the board assessed the chance of advantage as outweighing the risk inherent in the transaction” before 96% of investors voted in favour of the merger on the board’s recommendation. I saw a video and it reckons this year will likely be a doozy. Will they automatically be converted to Lloyds TSB shares (83 LLOY for every 100 HBOS).Note i only bought the HBOS shares a couple of weeks ago if that makes any difference. a lesson there. i was lucky, bought at 65, sold at 71. have been a cheap way into Lloyds. The Banking Standards Commission report called him the "architect" of the strategy that led to HBOS' downfall. His request will now be considered by a Whitehall honours committee. HBOS has also announced today the results of the HBOS Placing and Open Offer and that it has received valid acceptances in respect of 17,692,895 HBOS Open Offer Shares in aggregate, representing approximately 0.24 per cent of the total number of HBOS Open Offer Shares offered to HBOS Shareholders pursuant to the HBOS Placing and Open Offer. (I tried displaying it here, but the code won't post, so you'll need to visit the page.) If you really want to know, the currently HBOS share price is about 60.5 pence per share. He will also forgo 30% of his £580,000-a-year HBOS pension following last week's critical report into the bank's collapse during the financial crisis. Lloyds announced the takeover of HBOS on 18 September 2008. You can change your choices at any time by visiting Your Privacy Controls. your hbos shares wil be converted to lloy in jan at .605 of a lloyds share Looking back at HBOS historical stock prices for the last five trading days, on June 24, 2015, HBOS opened at $30.11, traded as high as $30.32 and as low as $29.94, and closed at $30.10. what your broker is effectively saying is by buying hbos shares at around 65p,you are effectively buying lloys shares at substantial discount as hbos shares should be around 75p In accordance with the arrangements set out in Part VIII of the Prospectus, upon closing of the Placing and Open Offer, HM Treasury will acquire the remaining 2,583,567,208 Open Offer Shares for which valid acceptances have not been received. Does anyone know why HBOS and Lloy SP's are not moving in tandem? Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. A Lloyds spokeswoman said: “The group welcomes the court’s decision. By my standards, have got a significant investment in HBOS averaging at about a £1 - am quietly confident in the medium term as D-day approaches!! On June 25, 2015, HBOS opened at $30.38, traded as high as $30.68 and as low as $30.22, and closed at $30.52. Results of Placing and Open Offer Here's the pagelink... The government eventually took a 43% stake in the enlarged Lloyds Banking Group but no longer owns any shares … Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed and has resigned as a non-executive director of Compass Group. As with the Lloyds TSB Placing and Open Offer, HM Treasury will acquire the remaining HBOS Open Offer Shares for which valid acceptances have not been received from HBOS Shareholders. The dismissal of the case also represents a blow to Therium, an investment company specialising in funding legal action. At least it suggests where to hide your money (read: protect) and why it might pay to put some in Gold, Silver, Platinum, Palladium, et-al and PM miners. The Lloyds share price has fallen by more than 50% so far this year. Or will the 2 prices gradually move towards each other over the coming weeks to prevent this arbitrage? Here’s what I’m buying instead appeared first on The Motley Fool UK. A spokeswoman for Therium declined to comment on how much it had spent on fees. Hi guys? Real-Time news about Hbos (London Stock Exchange): 0 recent articles, Hbos share price data is direct from the London Stock Exchange. I’ve never sold shares before – what is the best way? the cost of £20bn to the British taxpayer, “mugged” by Lloyds and five former directors. taffee: don't buy hbos in the offer,buy in the open market your hbos shares wil be converted to lloy in jan at .605 of a lloyds share what your broker is effectively saying is by buying hbos shares at around 65p,you are effectively buying lloys shares at substantial discount as hbos shares should be around 75p closing lloy share price 124.1 x 60.05%=75.0805(what the hbos share price should be) If you really want to know, the current HBOS share price is about 60.5 pence per share. A high court judge in London dismissed claims that Lloyds executives had misled shareholders in recommending the 2008 takeover of HBOS, as well as not disclosing that HBOS had received emergency funding from the Bank of England ahead of the merger. On Tuesday evening, it was also announced that he was stepping down immediately from Compass, the world's biggest catering company. Until recently HBOS buys (assuming the deal goes through!) By October 2008, Lloyds was on the brink, in part because of problems at HBOS, and was bailed out by the government, which bought a 43% stake … Will the HBOS share price now drive Lloyds higher. Each of the Lloyds TSB Directors has taken up his or her Open Offer Entitlement in full. Sir James served as chief executive at HBOS between 2001 and 2006. The post Interested in Lloyds shares? Trading volume was a total of 27.90K shares. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. The judge found that there were failures by Lloyds to provide information ahead of the takeover, but that these were not “causative of any loss”, in a judgment published on Friday. 12 January 2009 Wayne Kitcat, a member of the clients’ committee bringing the action and a former Lloyds executive, said: “The decision of the judge is a bitter disappointment to thousands of Lloyds shareholders, many of whom have been left destitute by the acquisition of HBOS by Lloyds. The claimants had argued they were “mugged” by Lloyds and five former directors, including the former Lloyds chairman Sir Victor Blank and ex-chief executive Eric Daniels, both of whom testified in court. Roland Head explains why he's buying shares in a smaller FTSE 250 bank instead. Yahoo is part of Verizon Media. If I remember correctly they must be from when I previously had some HBOS shares. Judge found failures by Lloyds to provide information before takeover but these were not ‘causative of any loss’, Last modified on Sat 16 Nov 2019 04.26 GMT. The judge also found that the disclosure to shareholders of secret emergency liquidity assistance (ELA) worth more than £25bn from the Bank of England “would not have caused a sufficient part of the 96% majority to alter their vote (nor was there any real prospect of that occurring)”. there is abit of a disconnect betwen Hbos and LLoy prices...in an ideal world Hbos price would be tracking LLoy price...under the current economy circumstances where there are more risks to the down side than upside and Hbos seen as a greater risk due to it's exposure to mortgages/commercial market it's a case of LLoy being held hostage by Hbos price movement...though it's still trading at a slight premium based on the conversion figure of 0.605p... Hi, assuming the deal goes through, what will happen to HBOS shares i own at the middle of January? What is the difference between 25p shares and 10p shares ? Surely, there is a ceiling to which they can rally, this determined by Lloyds share price. There is now a 5.4% discount on HBOS share price, don't buy hbos in the offer,buy in the open market so much for all those who bought these thinkimg they would close the gap on lloyd... Thanks. HBOS (HBOS) has the following price history information. W. m2m - 15 Jan'09 - 15:43 - 24866 of 24873 The claimants had argued they were ‘mugged’ by Lloyds and five former directors, including former chairman Sir Victor Blank. Ex-HBOS chief Sir James Crosby asks to return knighthood Lloyds TSB today announces that, as at 11.00 a.m. on 9 January 2009, being the latest date for receipt of valid acceptances and settlement in full under the Open Offer, it had received valid acceptances in respect of 13,085,995 Open Offer Shares in aggregate, representing approximately 0.50 per cent of the total number of Open Offer Shares offered to Qualifying Shareholders pursuant to the Placing and Open Offer announced by Lloyds TSB on 13 October 2008. SFive thousand 800 shareholders, ranging from private citizens to large asset managers such as Goldman Sachs and Nomura, had brought the action under a group litigation order, claiming damages of as much as £650m. Company profile page for HBOS PLC including stock price, company news, press releases, executives, board members, and contact information He said: “It makes no sense to us that the judge acknowledges that material information ought to have been disclosed, but does not believe that the Lloyds board deliberately concealed it, or that it made any difference.”. Thousands of shareholders in Lloyds Banking Group have lost a multimillion pound legal battle against the bank over its takeover of HBOS at the height of the global financial crisis. By October 2008, Lloyds was on the brink, in part because of problems at HBOS, and was bailed out by the government, which bought a 43% stake at the cost of £20bn to the British taxpayer.The bank was privatised again, but shareholders were left with large losses. closing lloy share price 124.1 x 60.05%=75.0805(what the hbos share price should be).
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