SVS Securities - shut down?

johnburman

You say I have phoned LC several times and they answered it within a few rings. I say "Lucky Chap". They must like you.

But as time goes on they hopefully will get more adroit at dealing with this administration. But at the charges they are making - and from their Proposlas - it should be a much slicker operation than it is

See you all on the 10th October at the meeting

pafpcg

manorhouse wrote: »

But they can not even put in alphabetical order !!
Did someone suggest they are getting paid big money for this.

Curiosity drove me to check the list of my SVS holdings provided by the administrators: they are in alphabetic order on my list.

[Remarkably, not only is the list is in ascending order of the equity name but also the 'Security ID' and the number of shares for each equity in the 'Balance' column. Perhaps I should have entered the National Lottery that week!]

rnf11

Still awaiting any account details from LC. Anyone else in the same boat?

johnburman

You must contact them (LC) ASAP and get it regularised.

We have the Proposals Meeting on the 10th October

bnet

Hi all,
I am one of the investors who were foreign and based abroad and luckily I received my latest Statement from SVS & LC on 27th September. The statement is CORRECT.

Regarding the voting, can anyone clarify me if I should delegate the vote and what are is the consensus in that regard in this forum?

Thank you all

Monsieur_Bourse

Sorry if this seems a dumb question, but do we need to fill out the claim form if only having a SVS XO account? Or is it just if you wish to vote?

Glad to hear that fellow foreign based investors have received their statements. I received mine on the 28th September.

Emperor2014

I feel like as the clients/investors, we should get good representation on the creditors committee. My fear is that the likes of FSCF, HMRC, FCA and other large corporate creditors and stakeholders, will get the seats on the committee and us retail investors could get squeezed out (or at least fewer seats at the table).

We could do with a few qualified, highly experienced, articulate professionals (picked amongst ourselves as the retail clients/investors) being on the committee, to work in our interests. I'm thinking for example

1. A qualified commercial solicitor/barrister (who specialises in financial services)

2. A qualified accountant or auditor (who specialises in financial services)

3. A banker or investment manager (with experience in brokerage industry)

4. Someone who works in insolvency/administration/recovery sector (if possible with financial services experience)

That would then leave 2 seats for other creditors. Given there are 21,000 retail clients/investors, we should be able to find some really qualified, experienced, articulate and knowledge people to speak up for us, as the retail clients/investors.

So when you all come to vote on the day, please, please consider who is best qualified to represent our interests as the clients/investors as our interests could well be different to those of other creditors! Ask them what qualifications they hold, experience they have etc.

user1168934

I have received the statement and its fine. I have read the letters sent by administrators but finding it hard to understand. Can someone kindly dumb it down please by answering the following.

1. I do not wish to vote or attend the meeting. Do I need to do anything like fill up any claim forms or contact the administrators?

2. If I don't attend the meetings and/or vote and don't fill any forms, will it have any bearings on my holdings? ( I mean is it a matter of claim your holdings or lose it?)

manted

To Monsieur,
You will need to fill the claim form only if you wish to vote.
I would recommend you vote, if you are in favor of the resolutions.
To vote by Proxy, also fill the Proxy form in Appendix H.

You can fill the chairman as the person you wish to appoint as Proxy.

manted

To user1168934,
As per my understanding, You don't need to fill up any forms, if you don't wish to vote.
As per the documents provided by LC- filling up the forms does not give you any right to claim any holdings, at the same time , not filling up the forms is not going to deprive you of your rightful holdings in your accounts.
Await further instructions from LC in the form of the portal details which would give everyone a chance to substantiate their claim.