Carpetbagging - is it worth it?

spalding

is it worth investing now, or is all the BS's covering against this now?

bristolleedsfan

Jake'sGran wrote: »

I was a carpetbagger and now have shares in Alliance & Leices, Northern Rock (:rolleyes: ) Bradford and Bingley but I cashed in my Portland account just before it was taken over. It was on the news today though that someone is interested in A & L but that there will be no benefit for share holders. Just remembered, I also have preference shares in Halifax, Bristol and West and another but I will always keep my Nationwide account even though every effort that has been made to put a new face on the board has failed.

"preference shares "despite their name are pretty useless bar what they yield, was a clever way of banks i.e bank of ireland getting around the then " 2 year cash rule" without handing out ordinary shares.

in the event that alliance and leicester or any other plc were to be taken over, shareholders should see enhanced shareholder value by virtue of share price increasing it would be those who hold savings accounts with plcs/banks who would get nothing as savings accounts held with banks/plcs are deposit accounts with no voting rights.

re other preference shares u hold, does the name Birmingham Midshires ring any bells.

artisan_2

bristolleedsfan wrote: »

"preference shares "despite their name are pretty useless bar what they yield, was a clever way of banks i.e bank of ireland getting around the then " 2 year cash rule" without handing out ordinary shares.

in the event that alliance and leicester or any other plc were to be taken over, shareholders should see enhanced shareholder value by virtue of share price increasing it would be those who hold savings accounts with plcs/banks who would get nothing as savings accounts held with banks/plcs are deposit accounts with no voting rights.

re other preference shares u hold, does the name Birmingham Midshires ring any bells.

pardon my ignorance but what exactly do you need to have 'invested' in a BS in order to qualify for any beneficial shares during any future mergers?
I have a sizeable savings pot built up tru 2007 and I would like to spread this around should any opportunity arise in near of mid term future

bristolleedsfan

artisan wrote: »

pardon my ignorance but what exactly do you need to have 'invested' in a BS in order to qualify for any beneficial shares during any future mergers?
I have a sizeable savings pot built up tru 2007 and I would like to spread this around should any opportunity arise in near of mid term future

100.00;)

after uve invested 100.00 in chosen societies imo better to put rest of bulk savings in top paying building society, eg chelsea top paying account just in case that building society happens to get taken over and higher payment is given for those with higher balances. ( rather than stick money in a plc)

Kaz64_2

If you open an account with a BS nowadays, don't you have to sign a waiver to say you can't claim any windfalls in the event of being merged/changed to a bank?
If not.....
Any suggestions for BSs who would be a good bet to stick £100 into??

RayWolfe

Yes, all except Kent Reliance, as far as I know. But many of them expire after 5 years.

Fella

Don't forget that AFAIK signaways only apply to conversions, not takeovers (& most BSs seem to be taken over nowadays). Also it's highly questionable whether any BS would enforce the signaway - certainly I'd be amazed if a BS that CHOSE to convert also chose to enforce the signaway.

Signaways were implemented to prevent activist members forcing a conversion upon the board. The anti-carpetbagging "stop trying to destroy these fine institutions at the expense of future generations" diatribe that BS boards used to trot out is magically forgotten whenever they want a conversion or a takeover to take place. Instead they heartily recommend that their members vote in favour of the proposed (takeover/whatever) & keep strangely quiet about the excellent deal each board member will be receiving as a part of it.

Ho hum. Off me soap box now. To paraphrase: don't let a signaway put you off joining a BS, they're probably a non-issue.

cheers
Fella

Kaz64_2

Thanks, Fella. Will go and have a look round some BS that are left!
Has anyone got any suggestions of which ones to check out?

Fella

Nationwide & KRBS are my top tips.

Chelsea & Skipton have been tipped to convert for years. They haven't done it yet but they still get regularly mentioned when people are speculating on which BSs might convert.

bristolleedsfan

Fella wrote: »

Nationwide & KRBS are my top tips.

Chelsea & Skipton have been tipped to convert for years. They haven't done it yet but they still get regularly mentioned when people are speculating on which BSs might convert.

only people whove been tipping chelsea and skipton to convert are the over optimistic die hard carpetbaggers.

fella can contradict this post by providing links showing evidence to the contrary.

i would say it was unlikely before NR fall that any of the existing Building Societies would convert, post NR fall i would say its extremely unlikely any of the remaining Building Societies will convert.

Diehard Carpetbaggers will keep on banging the same drum despite all the apparent barren conversion years. :rolleyes:

this was Chelsea BS Board position in 2001 and going on for 7 years later nothing is likely to change re "conversion"

http://news.independent.co.uk/business/news/article265407.ece