The fate of Chelsea Building Society is decided this week...

glider3560

EBL2008 wrote: »

1. Allow the chairman to vote for you (who is clearly going to vote in favour of the merger)

If you choose No on the form, then the chairman will vote No on your behalf. "Getting the chairman to vote" is just a fancy way of saying "voting without going to the meeting". An independent scrutineer will count the votes anyway, so the chairman can't change what you've selected.

EBL2008

Thank you. It's not that clear on the form.
They seem to separate the Chairman and Proxy and then later must be referring to him as the Proxy.

Thanks

Mr_K

Myself and the Mrs seem to have qualified for 2 votes each. Presumably because we were in the middle of transferring ISA's from YBS to Barnsley BS (which is now part of YBS) when this was announced, so have qualifed twice.

The ISA transfers were cack handed (ignored instructions, lost forms) in which should have been a simple transfer of accounts in what is effectively the same society. It leads me to conclude the infrastructure wasn't there when YBS and Barnsley merged. God knows what would happen if they took on the Chelsea aswell. 4 more NO votes on the way....

steady__eddie

I received three packs being a member of both the Barnsley and the Yorkshire. I queried the likely proposed economies of scale that a merger might produce given the duplication of services that I had experienced and received the following reply,

"We were aware that a small number of our members have received multiple announcement letters. Unfortunately due to timescales we were unable to prevent the multiple letters being issued. There is also the possibility that you may also receive multiple Special General Meeting packs as these had already been printed and we are unable to prevent them being sent."

I am inclined to agree with your conclusion Mr K

Mithos

*bump*

I do believe the votes from the Chelsea side will be announced very shortly as the SGM takes place tomorrow. If anyone is attending I'd love for a write up of the day in here

Yorkshire's is at a later date so we won't know for sure until then.


I'm predicting from what I've read that Chelsea Mortgage customers will vote yes in high numbers, and savings customers wont be far behind. I'd be quite shocked if the Chelsea votes stop the merger at this point.

It all hangs with the Yorkshire customers

steady__eddie

Chelsea members (borrowers and savers) have voted in favour of the merger/takeover. Approx 91% in favour, roundabout 100 members bothered to turn up (including myself). 10 questions were asked and the muffins served at the end weren't terribly good.
Please don't shoot the messenger.
Precise voting figs will be available on the Chelsea site once the invigilators have double checked them.

steady__eddie

Link to precise figs.

http://www.thechelsea.co.uk/media/media_press_release_20100122.html

Mr_K

I think YBS are starting to get a bit worried about outcome of the vote. The whole of the front page of their website is dedicated to vote Yes propaganda.
When I was in a branch yesterday, i was interrogated on whether I'd voted yet - they'd been told to ask everyone apparantly. Told her that my No vote was already in (she laughed and whispered thats so was hers, probably quite rightly worried about the future of her job !)
It'll probably get voted through but as they need 75% of savers who voted it might be close as the apathetic majority won't have bothered to vote at all.

Mithos

Such a shame. One of my Chelsea bonds matures in the next few days, and the rate being offered was half a %, they sent a booklet with other accounts, all listing appalling rates. Even though the merger isn't effective yet the rates are sliding down to match what Yorkshire typically offer.

One positive I can see is that Yorkshire offer a crude set of internet accounts, perhaps that will rub off with the Chelsea Brand that stays.


steady__eddie do you remember any of the question that were asked? You haven't mentioned any yourself so perhaps they were unremarkable but there might have been a gem or two in there

steady__eddie

Oh dear, my medium term memory is not even equivalent to that of a Commodore C64 i'm afraid. The one that sticks out in my mind is someone moaning, "Why no windfall ?" and great efforts were expended explaining that you can't have a piece of the cake if there isn't a cake. One other thing that sticks in my memory is repeated statements were made that this is not a takeover, it is a merger. A couple of questions about branch closures and abysmal Yorks rates. if I recall anything else today, I'll post later (if I remember).