Shares - What happened to my B&B Shares?

wazza

Years ago when Bradford and Bingley issued shares i was given some since i had an account with them. Must be over 10 years ago. Since then B&B went through some difficulties etc and got taken over. I did receive some information years ago but can't recall what it said.

My question is what happened to my B&B shares? Were they written off when they got taken over? Am i right in saying i don't have any now or that they are worth nothing?

Will try to find the paperwork over the weekend so that i can contact them.

Thanks for any advice given.

ChiefGrasscutter

Bradford and Bingley went bust.

opinions4u

The company went bust.

The value in NIL.

sabretoothtigger

I sold BB shares for 300p or so. Pure luck, I figured they had done well enough, I had no idea why they had risen so well.
In fact I was peeved because I had missed 350p but previous mistakes told me you dont wait for the best price to take a profit especially as:
I had no reason to hold when SL was doing an IPO and was likely a better prospect through near forced sale conditions


In the summer of 2008 they were 75p. Their CEO had a heart attack literally, he lived but the company expired in the autumn after customers decided to withdraw money and put it into Barclays instead.
If they had done the opposite then BB would likely be here still but their cost of funding exceeded their income. No funds now are due as cost of administrating the debts takes all profits. See Northern Rock sale recently which registered a loss
BB was buying USA car loan debt upto the end due to contractual obligation

Bristol and West pref shares were another one, I believe they still exist though. A&L are part of Santa now, maybe 33% of previous value

Masomnia

I don't think your shares even exist anymore. Even if they technically do, they have no value.

barak

wazza wrote: »

.....My question is what happened to my B&B shares?.....
Will try to find the paperwork over the weekend.....

You should have had a letter, but you can find it all here -
http://www.bandbvaluer.org.uk/faqs.html

Glen_Clark

barak wrote: »

You should have had a letter, but you can find it all here -
http://www.bandbvaluer.org.uk/faqs.html

Interesting link Thank You.
I see the question (8) of why the Government 'recapitalised' Royal Bank of Scotland but not Bradford & Bingley is dealt with in a typically Royal way.

j0hnyoung

Does anyone know what the implications are now that the company has in principle started trading again? Is there still absolutely no chance we will receive any money for our shares? Its not the money really, I would just prefer to have my shares back if anything!

Masomnia

j0hnyoung wrote: »

Does anyone know what the implications are now that the company has in principle started trading again? Is there still absolutely no chance we will receive any money for our shares? Its not the money really, I would just prefer to have my shares back if anything!

No chance, I'm afraid.

I lost money too; I'm thinking that the few hundred I lost is worth it if I take it as a lesson and don't make the same mistakes again.

opinions4u

j0hnyoung wrote: »

Does anyone know what the implications are now that the company has in principle started trading again? Is there still absolutely no chance we will receive any money for our shares? Its not the money really, I would just prefer to have my shares back if anything!

They went bust.

The branches and savings balances were sold to Santander.

The mortgage book was taken over by the government.

From memory, the bust firm owes:

£14bn plus interest to the FSCS.
£6bn to the government for savings balances not covered by the FSCS.

In addition, there is around £40bn (from memory) that has been magiced up by the government to support the mortgage book. This will take a generation for the mortgage customers to repay.

Out of interest, in what way has "the company has in principle started trading"? I'm not aware of it. It's bust. Dead. Even if the name lived on, the shareholders will never see a penny again. Why should they?

atush

I sold my shares.

I do think should you have a capital gain with tax payable you can count the loss against it?