SVS Securities - shut down?

bowlhead99

manorhouse said:

This is interesting news from one of the brokers we are considering .

Shareholders of successful public companies do change all the time. 

Invesco were one of the early backers, who had held a huge percentage of the company before it listed on the stock exchange and had been selling down their stake over the course of last year following the IPO (they had agreed a six-month lock-in at the time of the December 2018 IPO), making excellent gains on their purchase price. After all, it's not a profit until you sell, so you wouldn't expect them to keep a 30% share of a stockbroker forever.

The managers/ directors had also made lots of money on their holdings and had a lock in for a year on all of their shares (i.e. expiring in December 2019) and another year for half their shares. As a PMDR there are limited time windows for you to buy and sell shares due to there being effective 'closed periods' at the end of a reporting period. They would not have wanted to sell during March as the share price was falling to the floor along with other stocks. Then from the end of March they would not have been allowed to sell because the company was in the process of preparing its financial results for the interim period just ended.

On 21 May they published the good interim results before the opening of business and also reported that there was going to be a placing of Invesco's stake (Invesco presumably thought they would get a better return in these uncertain times if they waited until the most recent financial results were available). Then some of the managers who had been waiting to cash out part of their holding at good profits, did so.

snipkin

Article in The Times today re Reyker Securities: 'Investors locked out of £1bn'.
Quote of a couple of paragraphs from article: 'Savers are demanding urgent access to nearly £1 billion that they invested with a private client stockbroker after being told it will not be returned until the autumn, a year after the company went out of business. Reyker Securities went into administration in October last year after its directors failed in a bid to sell the business. It held £981 million of assets on behalf of 11,126 clients, invested primarily in Isas, equities and pensions.'
[...]
'Smith & Williamson said it attempted to sell Reyker’s client book, along with its investors’ money, to another broker in January, but that the deal collapsed. It said that it was working on transferring client cash in parcels to a number of brokers, but this is unlikely to be completed before October because of a lack of court time before the summer recess.' [end quote]

Is there any reason that the administration deal with SVS could collapse in that way? Anyway, let's hope everything goes through smoothly and we finally get access to our assets in mid July as promised.

masonic

snipkin said:

Is there any reason that the administration deal with SVS could collapse in that way? Anyway, let's hope everything goes through smoothly and we finally get access to our assets in mid July as promised.

It is of course possible, but seems quite unlikely given where they are in the process.

Thrugelmir

Last October is less than a year by my reckoning. No doubt the events of the past weeks have got in the way. 

manorhouse

I WONDERED IF THIS GUY HAD CONNECTIONS TO SVS ?

{Text removed by Forum Team - See: https://www.moneysavingexpert.com/site/forum-faqs/#0134527239 

masonic

manorhouse said:

I WONDERED IF THIS GUY HAD CONNECTIONS TO SVS ?

Carbon credit crook is jailed for eight years
Sami Raja, 32, from Grays in Essex, was convicted at Southwark Crown Court of mis-selling carbon credits as investments

He was connected with now dissolved Heron Global Partners Limited, though not as a director. He was previously declared unfit to act as a director and disqualified in 2016 for conduct while acting for Kendrick Zale Limited (now in liquidation) - another fraudulent carbon credit trading company.

englishmas

Be sure he will be back just after some holidays!! and will start another scam.As many  like him have done before.
I have no confidence on the system, Action fraud is a joke and these people  are too claver for the FCA.
Worry is the previous head of the FCA is now running the Bank of England.

gibson81

ITI Capital confirmed as the nominated broker by LC this morning
Link on the LC website

richardthe675th

From ITI website today:

Message for Clients of SVS Securities

As you are aware, the administrators of SVS have chosen ITI Capital Limited (“ITI”) to act as the single regulated broker to facilitate the return of your client assets and client money in an orderly and coordinated manner.

As part of this process, the vast majority of the SVS clients will become clients of ITI from the 11th of June, 2020. Your Client Statement made available to you by the Joint Special Administrators on 18 May 2020 identified which of your clients assets and/or client money are proposed to be transferred to ITI.

We will contact you individually with specific instructions on how to register for an account at ITI in due course. At this stage we are not in possession of your personal information or current holdings and therefore we are not currently in a position to assist you. We expect this to occur around the mid- July timeframe. Any query which you may have in the meantime should continue to be directed towards the Joint Special Administrators either by telephone on 0203 457 4871 or by email at svs@leonardcurtis.co.uk

manted

I wasnt able to find a link on ITI capitals website for opening an ISA account. Not sure if they are authorized to open ISA accounts or if that's a new service they are going to launch.