SVS Securities - shut down?

wallric

Mine came from Michael Healy@leonardcurtis

My2penneth

No material discrepancies between clients assets.

See section titled
Custody Assets ( page 9)

Looks like it'll be November before one can go online and check your shares though.

Looks like shares will be transferred to another broker..11 now in the frame (?)..update on 10 October .

Dividends received being banked separately for the moment,.


Costs .....£540 per hour

Alexland

Yes that looks like good news for most SVS customers except those holding those illiquid bonds and potentially unsettled trades. It also looks likely the FSCS will centrally pickup shortfalls caused by costs without clients needing to submit individual claims.

Jools2001

Im worried that they may sell our shares to pay for the fees,
although hopefully they will get paid by fscs direct?
Reason im worried,if they DO sell a particular holding of mine,
which after many years is finally rising,a penny increase
is about 10k gain,back towards the 20k im down on it currently!

Just hope they dont go down this route,
as id rather pay them fees directly and claim it back
rather than risk potential loss of recoup money from a rising share!

johnburman

The no material discrepancies bit will come as a relief to XO clients.

But why the issue about the small number of advisory clients who will be exposed?

The fee rate is crazy but there is not much you can do about it and they know it

But the question is HOW DO YOU (XO clients) VOTE if indeed you should vote?

At first blush my view is yes you do vote, and in favour.

Thoughts?

My2penneth

Jools2001 wrote: »

Im worried that they may sell our shares to pay for the fees,
although hopefully they will get paid by fscs direct?
Reason im worried,if they DO sell a particular holding of mine,
which after many years is finally rising,a penny increase
is about 10k gain,back towards the 20k im down on it currently!

Just hope they dont go down this route,
as id rather pay them fees directly and claim it back
rather than risk potential loss of recoup money from a rising share!

With 11 possible suitors to take on our shares, I feel the only question is - "which one will the shares be transferred to?".

These companies would LOVE to have an extra £300m of assets under management ..plus the new customers which they can charge for share dealing in the future.

I think I'd be really gobsmacked if they don;t transfer the shares. I also believe that the administrators will do a deal with the FCA for them to pay the "losses" directly - just as was the case at Beaufort Securities.

Alexland

Also worth remembering those customer accounts have a commercial value so the platform acquiring the new customers are likely to pay SVS which will partially offset the fees that the FSCS will need to cover.

For the advised customers buying illiquid bonds it seems the damage was already done in advance of the administration.

Alex

johnburman

How should XO clients vote on 10 October? (And should they vote?)

My thinking is "for" the proposals

Thoughts?

My2penneth

Just had an email through stating my holdings...they are seriously different to what I believe is in my account.

SEE BELOW -

(my account is actually ok)

Crossy1

Just got the email, I am the same, way off what should be there.