Nationwide & Portman to Merge!!!

mystic_trev

I have had a Portman account for nearly 10 years so before the Charitable assignment clause. However I've only had a Nationwide account for the past few years so that does have the Charitable assignment. The question is what happens after the "merger" I'd assumed the merged account would not have the clause as I'm not getting paid for the de-mutualisation but the release of "surplus funds" i.e. the merger bonus.I've asked the Portman the question(ages ago) and they've just come back with this.

"Please be advised that we are still in consultation regarding the specific impact to both Portman and Nationwide's respective Chariatable Assignment Clause. I'm sorry that I am unable to answer you enqiry at this time"

Yours sincerly

Paul Rudd

Portman members office.

Looks like I'll have to wait!

ReportInvestor

mystic_trev wrote:

"Please be advised that we are still in consultation regarding the specific impact to both Portman and Nationwide's respective Chariatable Assignment Clause. I'm sorry that I am unable to answer you enqiry at this time"

:rotfl:

I should think they are still thinking about it.

The word "irrevocable" appears in the Nationwide Charitable assignment clause.
It has hitherto looked bomb-proof and the boards of both Nationwide BS and the Nationwide Charitable Foundation have been at pains to promote this idea, for understandable reasons. The bit I like best is where you undertake to be bound by it even for two years after closing your account / giving up your membership.

In practical terms I don't think that your question matters for two reasons.

1) Nationwide isn't going to demutualise.
2) If Nationwide was going to demutualise, then the board would somehow find a legal loophole in their own signaway clause (just like Standard Life did).

But do keep us posted as to their response.

You might subsequently ask them how much members' money has gone on getting that lawyers' opinion .

steady__eddie

At the bottom of the last page (l.h.s.) of the "flyer" which was sent out a couple of weeks ago (Proposed Merger Portman Members Questions and Answers) there is a section entitled "What will happen to my membership of Portman ?
The answer given is, "On completion of the proposed merger, you will become a member of Nationwide. Your past membership of Portman will be treated as membership of Nationwide, provided that your membership has been continuous".
I understand this to mean that after the merger has occurred, you will be deemed to have been a member of Nationwide from the date that you became a member of Portman. Am I missing the point somwhere ?
If you joined Portman prior to the Nationwide signaway (and your membership has been continuous), then surely you will be "in it to win it", even though as others suggest, there may be nothing to win.

ReportInvestor

steady__eddie wrote:

"On completion of the proposed merger, you will become a member of Nationwide. Your past membership of Portman will be treated as membership of Nationwide, provided that your membership has been continuous".

This is the difficult dilemna they have set themselves.

The quoted statement, courtesy of s_e, from the merger docment suggests that there is a circumstance where signing the Nationwide Charitable Foundation Assignment is not irrevocable.

How many Portman members are also Nationwide signaway members? Maybe 15%? Who knows?

But Portman has got to get 75% support for the merger to go ahead. They can't allow a 15% contingent to emerge with a possible reason to vote against.

So the lawyers have got to sort it out .

Milarky

Hmm! interesting though this is, why are we discussing future Nationwide membership status (re. windfalls) for Portman rats (opps! new members) when Nationwide have made it clear that they don't want to convert at any time in the future? If and when this Board retires and changes its collective mind about that (and how good of them to seek election in July this year, by the way, and not tell us anything about the Portman deal when the boss, Williamson, has admitted he was 'on the phone' to them at the time?) they then have to unravel this legal spagetti - because of the 75 percent rule for conversion means they will have to give equal rights to all members with votes? We all know it. They know it. That's what would happen...

The only positive advice that can be given I suppose is that every Nationwide member - whenever he or she joined (and think about all the remaining 60 odd small societies Nationwide could 'merge' with?) should always keep at least £100 in an account and never close all their accounts at once.

Nurdis

Hi Guys,

Just found this on a web search,

Just wondering if anyone can tell me if i stand to get any sort of payout from this merger. I have had a Portman account for many years and had forgotten about it until i saw about the merger on tv.

I havent updated the account for ages but last time i looked i had around £30 in there. Is that too little to get a payout:mad: ? Or is there anything i can do to make sure i get something, like quickly put some money in there?

Thanks guys :money:

LittleVoice

You would have needed a minimum of £100 to have a share in the distribution - and adding further funds after the announcement date would have no effect (though reducing your balance if you had had £100 would).

BTW does the Portman have your current mailing address? They did write to members last year when the proposed "merger" was announced. I don't know whether they wrote to people who did not have the qualifying £100, but did you get any communication from them then?

Nurdis

LittleVoice wrote: »

You would have needed a minimum of £100 to have a share in the distribution - and adding further funds after the announcement date would have no effect (though reducing your balance if you had had £100 would).

BTW does the Portman have your current mailing address? They did write to members last year when the proposed "merger" was announced. I don't know whether they wrote to people who did not have the qualifying £100, but did you get any communication from them then?

Thanks for the reply.

Thats really disappointing that i wont get anything :rolleyes:

No i didnt get any communication from Portman, although they do have my address.

LittleVoice

Nurdis

I suggest you now find your account book or certificate and collect your money from Portman, as I would bet they are paying you only a tiny amount of interest.

Put the money to better use.