Bristol & West Liquidation Payments

Norfolk_Enchance

I submitted Bank Details using their on-line 'registration process' but because of how HSBC name an executors account, the submission failed their a/c name matching process.  A response was along time coming from Bristol & West, who asked for a copy of a bank statement.  This was duly supplied, but, they chose not to process the info in time. 

We are now left waiting for a payment "a liquidation distribution to Preference Share Holders (who are eligible to receive a liquidation distribution in accordance with the Company’s articles of association) may be paid in or before Q2 2024"  We are now knocking on the end of Q2 and have still not heard anything.

Anyone else waiting

old_rope_dope

I have received no payment from the liquidation process.
My broker (Halifax) have no information.

Is there a possibility that no payment will be made? 

wmb194

old_rope_dope said:

I have received no payment from the liquidation process.
My broker (Halifax) have no information.

Is there a possibility that no payment will be made? 

Not likely. I would try e-mailing BoI's Investor Relations to ask what's going on. It actually wouldn't be the first time that a broker has the money but takes weeks to credit it to your account all the while telling you it didn't have it.

https://www.bankofirelanduk.com/bristol-west-plc/bank-of-ireland-group/

Bettie

Anyone heard anything yet on liquidation share out ?

wmb194

Bettie said:

Anyone heard anything yet on liquidation share out ?

In the thread linked below last month someone wrote that they have received their payment.

https://forums.moneysavingexpert.com/discussion/6490785/bristol-west-winding-up-legacy-demutualisation-shares/p1

Bettie

I think that's for those who filled out the registration. I don't understand it all. I was under the impression we could wait for a different pay out by not filling it in. 

wmb194

Bettie said:

I think that's for those who filled out the registration. I don't understand it all. I was under the impression we could wait for a different pay out by not filling it in. 

Look here:

https://ww3.linkgroup.eu/bristol-and-west/disclaimer/home/announcements/

Are you a certificated holder? If so, you need to make a late claim:

SnowMan

It's as wmb194 says above.

Back in November 2023 there was a final tender offer for Bristol and West shares. Those who participated in the tender offer got paid at that time. Those shareholders who didn't accept the tender offer became part of the liquidation process.

Those who were part of the liquidation process, because they didn't accept the final tender offer, split into two categories; a) those who owned shares in certificated form (i.e. not owned beneficially through an intermediary, broker or custodian, or in uncertificated form in CREST) and b) those who owned shares in uncertificated form (i.e. owned beneficially through an intermediary, broker or custodian, or in uncertificated form in CREST).

If you owned shares in uncertificated form then getting the final liquidation proceeds was done via your broker etc.

If you owned shares in certificated form then if you completed the registration process at the end of 2023 then you got paid as part of the liquidation process as happened last month to Rainbows in the Spray in the other thread.

So those who have not been paid back yet (barring errors) consist of those who owned shares in certificated form, did not accept the tender offer, and did not complete the registration process for the liquidation. They have to claim through an indemnity (as Bristol and West no longer exist to pay the claim) and wmb194 has detailed how to do that.

Bettie

Thanks for all this info. Somewhere I may have some proof of my shares. Until last year it was £10.26 or thereabouts,twice a year plopped into my bank account and I never considered it further as was a freebie anyway.
I have a long time to contact them so shouldn't lose out. 
Thanks again 

SnowMan

Bettie said:

Thanks for all this info. Somewhere I may have some proof of my shares. Until last year it was £10.26 or thereabouts,twice a year plopped into my bank account and I never considered it further as was a freebie anyway.
I have a long time to contact them so shouldn't lose out. 
Thanks again 

From that dividend (I think the amount was actually £10.16) it's almost certain that you had the 'standard' 250 Bristol and West preference shares. And so the liquidation payment that you are claiming will be about £285 (=250 x 1.141943).

Bettie

Yes, £10.16  . Thanks again