TSB takeover approach

fifeken

The offer is now unconditional, and settlement should be made by 22/5/15 if I read the original proposal correctly.


http://www.tsb.co.uk/investors/sabadell-offer-information/offer-unconditional-as-to-acceptances.pdf

robin58

I only hope the bank that is taking them over can give them a kick up the ar..!

I have never had so much trouble with a bank than what I have experienced as a customer with TSB.

Lets you pay money in but tries the best it can to stop you taking it back out.

anna42hmr

fifeken wrote: »

The offer is now unconditional, and settlement should be made by 22/5/15 if I read the original proposal correctly.


http://www.tsb.co.uk/investors/sabadell-offer-information/offer-unconditional-as-to-acceptances.pdf

Thats how i was reading it too initially, that once it is no longer conditional they would look to settle the payments in 14 days.

That said, it also seems to imply that the offer will be extended for a further 14 days to give people an opportunity to accept if they didn't before, so can't make up my mind therefore if payments will be made 14 days after the 8th or 14 days after the extension to accept.

pafpcg

Has anyone heard anything recently on when we can expect the money for our TSB shares?

anna42hmr

this is on reuters today

http://www.reuters.com/article/2015/05/29/idUSFWN0YJ09Z20150529

and http://www.lse.co.uk/AllNews.asp?code=v4gvn2nj&headline=Sabadell_And_TSB_Extend_Offer_Deadline_Due_To_Regulatory_Timetable

pafpcg

Sabadell have issued a press release this morning saying that, following the approval by the PRA of the takeover of TSB, the offer is now unconditional. The listing of TSB shares on LSE will be cancelled on July 28th. The full press release is on the TSB web-site.

Paul_1977

I accepted the offer but did not send my certificate.

Anyone know if its required for the shares to be sold?

Not in a great need for the grand I will get but nice to have it in the bank, on the other hand is it worth keeping the shares if we can?

Paul_1977

http://www.ft.com/fastft/356661/sabadell-puts-squeeze-on-tsb-shareholders

Banco Sabadell is putting the squeeze on investors in TSB, who have not yet agreed to sell their shares to the Spanish group as part of its £1.7bn takeover of the UK challenger bank which was spun out of Lloyds Banking Group.

Sabadell says it has received acceptances for more than 90 per cent of TSB shares for its 340p-a-share offer and will now start a compulsory purchase process to acquire the remaining shares.

The Spanish bank is urging TSB shareholders to accept the offer as soon as possible and has warned:

TSB Shareholders who do not accept the Offer will have their Shares compulsorily acquired but will have to wait for the Companies Act process to conclude before receiving their consideration.

keiran

I got my cash payment into my Isa online account today.

But not, so far, for my bonus shares

Anyone know what to expect and when?

gt94sss2

keiran wrote: »

But not, so far, for my bonus shares

Anyone know what to expect and when?

Around the 17 July.

If you're entitled to bonus shares, you will get £3.40/share

The bonus offer offer was 1 share for every 20 purchased (up to £2000 of shares)so at most just over £129

Regards
Sunil