SVS Securities - shut down?

Jamesram

Michael_Reynolds said:

Sheris said:

There was no member for the clients, I asked for a contact name or email to L&C in a email back in Febuary, I recivied a phone call the next day from a L&C mobile works number, did not want to put it in wrinting in a email to me, straight away I thought this is being covered up.
Even told the person at L&C, I bet Andrew Poxon is already looking for his new Ferrari or Ranger Rover, no reply.   

IF THIS IS TRUE & WE CAN PROVE IT THEN IT SEEMS TO ME THAT THIS IS THE SMOKING GUN WE'VE BEEN LOOKING FOR?

JAMESRAM IF YOU ARE STILL LOOKING AT THESE POSTS WE'D APPRECIATE YOUR OPINION? IF LC NEW THAT THERE WAS NO CLIENT REPRESENTATION ON THAT COMMITTEE THEN THEY HAVE MISLEAD MR JUSTICE MILES AT THE HIGH COURT AND THAT'S EXPLOSIVE?

Yes I am still here. Currently engaged with Robin Amos of Citywire trying to help him with a proposed follow-up piece to https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 bringing matters up to date.

As regards the Creditors Committee, my recollection is that LC has stated that there were 4 people representing SVS client interests on the Committee, at least one being legally qualified and others having investor experience. I cannot recall the actual document but will check for it when I can. Having a bit of a family crisis at present, so maybe someone else will locate it first? Was it in the LC Report in late August I wonder, on the LC website PDSF docs?

As regards misleading the Court, of course that would be serious- for instance,solicitors for LC are Officers of the Court and it would be hugely embarrassing to them if that had happened. However, such a serious allegation needs serious investigation and as I say, my recollection is that there was client representation- in fact one of my earlier posts I believe posited that it would be interesting to know  the identity of these 4 people because it was hard to understand how they had come to a decision in favour of ITI. But of course we don't know what they were told about the company at the time- we are going back to early 2020, possibly even late 2019, when the decision in principle was made.

jenwrendorset

jenwrendorset said:

Jools2001 said:

Finally have my non isa accounttransferring to HL,
However HL wont accept my African Minerals, or Urals shares as both are delisted!
Any idea what i can do, as i dont want to lose these shares if they start up again (which is possible )

Will ITI issue me with a paper certificate for these shares?  Anyone else having the same with any delisted shares?

Jools

We're having exactly the same problem, check out pg 437.  I've been back to LC and their response is printed below:

Thank you for your reply. I was under the impression that iWeb would not accept the BNN shares on their own, as the valuation statement they were incorrectly sent by ITI Capital only included the delisted stock.  I was assuming that iWeb would take a different view and would be able to accept the delisted shares if they were coming along with all the other tradable shares in your ITI Phoenix account.  Have you spoken to iWeb to ask if they will take the BNN shares if they form part of a transfer including the rest of your active portfolio?

 

If iWeb will not take them, you’re other options would be to:

 

1.       Keep them with ITI longer-term. I believe their custody charges are based on a percentage portfolio value, so it maybe that it won’t cost you anything to keep a currently value-less share with them – but you would need to confirm that with them;

2.       Find another broker that will accept them in a transfer from ITI;

3.       Request that they be withdrawn from ITI in certificated form so you can hold them yourself.  This option is dependent on a registrar still acting for the company being able to materialise the stock  or, if a registrar no longer acts for the company, the company doing this themselves.

 

Many SVS clients did hold AIM shares and although ITI’s Phoenix accounts cannot hold them, they are able to trade them for clients over the telephone – provided they are not delisted, like BNN currently is.

I've been back to iWeb although I already knew their response which leaves the 3 options above and only possibly no. 1 is viable - no broker will take on a de-listed company on its own, why would they? and even if there was a registrar still acting for this delisted company (which I'm sure there isn't) I think the chances of getting a certificated form is about as likely as my cash withdrawals landing up in my bank account this side of Christmas.  I'm going back to LC and request that they sort out Option 1 - they've got us in this mess so I hold them responsible - apart from that, there is no chance of an email being answered if I send it.  Will keep you notified.

I've received an efficient response from LC this morning which basically confirms what was said in Option 1 - below is the relevant extract.  Like you, we're hoping our delisted shares resurface - unfortunately dodgy dealings by the CEO and COO was the cause of their delisting and the subsequent failure to appoint a new advisor in time. We've been in the doldrums for a couple of years now but seems the norm nowadays - nothing happens fast so either Brexit or Covid will take the blame.  Anyway hope this puts your mind at rest (there is a 'should' not a 'won't in the last paragraph but that is to be expected.  Have a good day.

" Thank you for your reply.  I can confirm that the ITI Capital “Custody Fee” which will be brought into effect from 23 October 2020, is based on the value of client portfolios (specifically 25 basis points per annum, or 0.25%).

Please see Page 5 of their Rate Card published on their website below for confirmation of this:

https://iticapital.com/assets/pdf/Rate-Card-october-2020.pdf

Therefore, if your BNN shares remain delisted and for the purposes of a valuation “worthless”, ITI should not charge you anything for continuing to hold them for you.

Jools2001

jenwrendorset said:

" Thank you for your reply.  I can confirm that the ITI Capital “Custody Fee” which will be brought into effect from 23 October 2020, is based on the value of client portfolios (specifically 25 basis points per annum, or 0.25%).

Please see Page 5 of their Rate Card published on their website below for confirmation of this:

https://iticapital.com/assets/pdf/Rate-Card-october-2020.pdf

Therefore, if your BNN shares remain delisted and for the purposes of a valuation “worthless”, ITI should not charge you anything for continuing to hold them for you.

Yes had the same, just awaiting a reply back from Shiti
to see what options they are going to offer me
but as they dont answer any sort of communication, will probably have to go back via to LC
To get any sort of confirmation, especially if charges are going to be nil for the valueless shares

we will see what turns up! but wouldnt surprise me if Shiti refuse to hold our nil shares!
so dont know what happens then????

Sheris

RasputinB said:

Sheris said:

There was no member for the clients, I asked for a contact name or email to L&C in a email back in Febuary, I recivied a phone call the next day from a L&C mobile works number, did not want to put it in wrinting in a email to me, straight away I thought this is being covered up. Even told the person at L&C, I bet Andrew Poxon is already looking for his new Ferrari or Ranger Rover, no reply.     

Hi Sheris. Did you make notes of that conversation at the time? Do you have the day and time that you received the phone call? This could be very important if LC say that there was a member for clients, having admitted to you that there wasn't!

Have kept all details, it was in April and not Febuary, the latter was something else which at this moment I wish to keep to myself. 
In a email it just states JSAs, so I replied back in a email " you have not answered my question " all that was stated was the committee, so my question was not answered in a email and conversation. 
Why not answer a important question ? Who was acting on the behalf of the Clients ?

pafpcg

Jamesram said:

As regards the Creditors Committee, my recollection is that LC has stated that there were 4 people representing SVS client interests on the Committee, at least one being legally qualified and others having investor experience. I cannot recall the actual document but will check for it when I can.

LC published in October last year the list of members of the Creditors Committee with four individual names plus the FSCS.  LC said: "The Committee will represent the wider constituency of clients and creditors during the course of the Special Administration".

https://www.leonardcurtis.co.uk/wp-content/uploads/2019/10/Client-and-Creditor-Committee-Information-30.10.2019.pdf

Josl

My guess this one represented clients: 

Mr Salam Alaswad

https://www.expertwitness.co.uk/expert/5dc2a4c878ad1f4a048b4567
Email: salam.alaswad@fxandcfd.com

pafpcg

It is the responsibility of the Creditors Committee to monitor the progress of the administration on our behalf and to hold the Special Administrators to account.  I'm not aware of the committee issuing any report to SVS clients or of LC publishing any minutes of the committee.

Sheris

pafpcg said:

It is the responsibility of the Creditors Committee to monitor the progress of the administration on our behalf and to hold the Special Administrators to account.  I'm not aware of the committee issuing any report to SVS clients or of LC publishing any minutes of the committee.

Thats why I asked for further details. 

Nbs222

SSE dividends due on 18-sep-20 has not been credited either in Qort or Phoenix accounts yet.

manted

Nbs222 said:

SSE dividends due on 18-sep-20 has not been credited either in Qort or Phoenix accounts yet.

Yes, its the same for Dominos pizza. Those divis are still missing as well.