Lloyds Shares

pegasus2162

I have decided to sell my Lloyds (previously LloydsTSB, and before that TSB) shares. They are currently shown on Equiniti Shareview. I have 641 shares currently valued at just over £370.

When I bought the initial shares back in 1987 they were Ordinary 25p shares, but from 2015 my share certificate showed them to be Ordinary 10p shares, why the change and what's the difference? 

I am only able to find the physical certificates for 632 shares so I assume that's all I'll be able to cash in?

Mikeeee_2

The 25p and 10p are the ordinary values. They are an indication of the amount you'd be entitled to receive back, per share, should Lloyds Bank fail. Each listed stock will have an ordinary share value. It's not really something you need to worry about.

wmb194

pegasus2162 said:

I have decided to sell my Lloyds (previously LloydsTSB, and before that TSB) shares. They are currently shown on Equiniti Shareview. I have 641 shares currently valued at just over £370.

When I bought the initial shares back in 1987 they were Ordinary 25p shares, but from 2015 my share certificate showed them to be Ordinary 10p shares, why the change and what's the difference? 

I am only able to find the physical certificates for 632 shares so I assume that's all I'll be able to cash in?

IIRC that change was made at the time the acquisition of HBOS - have a look at @IanManc 's comment in the thread linked below. The 25p share certificates remained valid so that suggests the number of shares that Lloyds shareholders owned after the acquisition didn't change.

https://forums.moneysavingexpert.com/discussion/3672483/shares

Shareview should state the correct number of shares so it sounds like you might be missing a certificate - did you receive a scrip dividend at some point? Equinti could issue you a new one but I don't know what that would cost but you'd need to ask.

For small quantities of shares Equiniti can apparently be quite competitive but otherwise you could look at lodging them and selling them via stockbrokers like iWeb (ultimately owned by Lloyds Bank) for £5 and x-o.co.uk for £5.95.

wmb194

Mikeeee_2 said:

The 25p and 10p are the ordinary values. They are an indication of the amount you'd be entitled to receive back, per share, should Lloyds Bank fail. Each listed stock will have an ordinary share value. It's not really something you need to worry about.

This might be true if they were preference* shares but with ordinary shares it's just the minimum value that new shares can be issued for e.g., if the shares are trading for 20p and the minimum issue price is 25p you wouldn't be able to issue any new shares. So the company changes the minimum issue price to 10p and it can issue shares again. This may have been the case with Lloyds, IIRC at one time its share price was close to 25p.

*British preference shares usually have a 'par' value of 100p but you'd still be likely to be wiped out if they're in a bank that's being liquidated as they always have vast amounts of debt that will rank ahead of you. There are still a couple of Lloyds prefs listed in London, see LLPC & LLPD.