Voting online in proposed Yorkshire-Chelsea makover

Milarky

You can vote immediately online in either ballot as soon as you receive the voting papers - which includes a unique two-part printed 'Security Code'

Yorkshire members go here: https://secure.votebyinternet.com/sgmyorkshire10/default.asp


Chelsea members here: https://secure.votebyinternet.com/sgmchelsea10/default.asp

Mr_K

I'll be voting No. There's nothing in this for you if you're a YBS member. The directors seem to have arrogantly assumed we'll vote yes. Why would we want take on the debts of the Chelsea ? It would mean less competiton too, which is bad news for us all.

cardsharps

Don'y kid yourself. This merger is a done deal. They wouldn't be having a vote at all if they didn't already know the result.

roddydogs

Ive voted no, but the majority of sheep will vote yes cause the letter tells them to.

mbamick

The first thing to point out is that the merger isn't a foregone conclusion. True, most public limited companies (PLCs) that consider merger only need to acquire the consent of the few pension and fund managers that hold the majority of the shares in the respective PLCs. But these societies are MUTUALS and, as such, each saver and borrower has a single vote which they should use.

The second point that is worth noting is that the % of votes required to pass the merger resolution(s) is measured by those that cast a vote. Those members that abstain from voting shouldn't think that their abstinence will be recognised as a "no" - or a "yes", for that matter.

On the face of it - and reading the documents sent through by the YBS - I could see the merit in merging the YBS (with a typically Northern emphasis to its network of branches) with the Chelsea (with a predominantly Southern portfolio of branches). Creating a wider branch network would benefit the business, and its members too.

But then I did a little reserach of my own, and read that all isn't so rosey in the Chelsea BS garden. The link below is just one story....there are several others on the same site, which can be accessed using the links at the bottom of the page. Similar stories are easily found through a quicj google / yahoo search.

http://www.thisismoney.co.uk/news/article.html?in_article_id=495188&in_page_id=2

I get the impression that the YBS' financial position is not the picture of health that it could be; and the board may feel that they are acting in our best interests.

But I'm a simple guy, with simple thoughts and simple needs. It strikes me that many financial institutions have caught a cold in the last 12 months or so. Several have had major bouts of flu (and have been taken over by other institutions or the UK Government). I'm reasonably happy as a YBS saver - the Society appears to have only caught a slight cold so far. That said, I'm in no rush to catch the Chelsea Flu.

Ian_W

My views are similar to mbamick's so I've just cast my online vote as a NO.

cardsharps wrote: »

Don'y kid yourself. This merger is a done deal. They wouldn't be having a vote at all if they didn't already know the result.

You really think so?
From YBS Merger booklet FAQ's:

Of those members of the Yorkshire who actually vote at the SGM, at least 75% of eligible savers and more than 50% of eligible borrowers need to vote in favour in order for the merger with Chelsea to be approved.

That's a fairly high hurdle for the Board to clear. I think they may well be surprised that savers don't see the advantages they see of taking on someone else's huge debt mountain.

Of course the advantages the Directors see might be that a much enlarged Society would need to pay it's Directors a much higher stipend in order to attract and retain the right calibre of person - or is that just cynical of moi? :rotfl:

cottager

See also this fairly recent thread:
http://forums.moneysavingexpert.com/showthread.html?t=2112999
(post #75 is of the view it would go through eventually anyway, even with a No vote, but it didn't end up being discussed much).

realaledrinker

At least YBS members have a choice. As a Co-operative Group member and employee, I had no vote in the decision to take over the Britannia and their Buy to Let and self cert (or 'liar loans') nightmare.

As I se it, the mutual sector is imploding; a lot of mid size building societies are in the !!!!!! and are dependent on the few big boys left to bail them out.

Gymgenius

I've had three voting packs from YBS. I shredded the first one, but I've just voted against with the other two.

oni_2

i am going to vote no
i see no merit for any member of the ybs.
Getting bigger is different then being better for the members of the society.
if they want my support the board should have spelt out the advantages and disadvantages in a clearer way.

C_Mababejive

No for me too. My new years resolution is one of selfishness and self interest.

Thats the lesson i have learned over the last year or so.