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IMO the discussion over the week end could be ‘in the wind’, as us investors hold so many percentage of GGP.
However there are a number of us who have large amounts, some less than 1 mil and some of us with much smaller pots. But we are all in the same boat looking forward to a big increase, in my case, to shares worth hopefully £2 at some point in the future. A year, two or three. But I do not want to loose them to the greedies I can wait.
Given there maybe at some point, some shannagins by outsiders wanting a piece of the cake and hoovering up shares to get a vote. A question.
If all Ggp pi investors turn and say NO as a collective to a T/O. Would we be heard and our votes counted. Even those with small pots if collected together would meet the criteria for a vote. Would they not. That’s what happened in the u.s when they put the squeeze on snorters. Was done collectively. Excuse the predictive text. Was going to correct then thought. No.
Any answers?
DjFWatty, as far as I am aware many PI's shares will be held by/in Nominee accounts.
Should it come to a vote on any major items then PI's need to contact their trading platform and instruct them that they want to personally vote. Otherwise the Nominee will vote on thire beg=half.
Hope I have got that right...
Sorry! Their behalf.
Womo,
Yes, you are correct.
Rex
Of course every vote counts. You get to vote by number of shares. (one share counts as one, 1m shares counts as 1m). Why would you even think "Would we be heard and our votes counted. Even those with small pots if collected together would meet the criteria for a vote. Would they not"?
Most (the vast majority) of PIs will hold their shares through a nominee (whoever runs your SIPP/ISA etc.). You can request to vote on your own behalf, but if you do nothing your nominee would normally vote (on your behalf) in accordance with the BOD recommendation or may simply abstain (you need to check with then what their terms say).
Remember, that if you want to vote, you must do so on each account you hold with your provider. I have an ISA, a SIPP and an investment account. I will need to issue instructions for each account that holds GGP shares (all of them do).
WelshFalcon - thanks for that post - I have logged in to my HL account - so cannot be setup to be recurring - needs to be done for every AGM or Extraordinary meeting. Text below, and as you say would need to be done well in advance, you can instruct by secure message.
2If you wish to attend a meeting and vote you can be appointed as a proxy by Hargreaves Lansdown Nominees Limited and attend and vote in respect of your holding held on your behalf by Hargreaves Lansdown Nominees Limited. A request to be appointed proxy can be sent to Hargreaves Lansdown by secure message or post. Please note, 5 business days' notice in advance of the date of the meeting is required in order to vote/attend. Alternatively, if you wish to vote without attending the meeting you can send (by secure message or post) a voting instruction to Hargreaves Lansdown and your vote will be forwarded to the company."
Generally the nominee account holder will notify you when there is a vote due on any of your holdings. That's certainly the case with mine, interactive investor, through the portfolio corporate actions & voting mailbox. You may have to opt in though.
I think each PI will have their own buy out price that would be acceptable to them as an individual; that price would be influenced by such factors as their personal (financial) circumstances at that time, stage of life reached, but perhaps the biggest influencer in my view would naturally be the point at which they joined the GGP journey.
As someone who bought the majority of their holding in the early part of 2017 I would anticipate my expectations would be far lower than someone say who only bought in the last 12-18 months?
Also think when it comes to the crunch, what people say they (think) they would do and what they would actually do, when faced with a buy out price/vote to weigh up, is likely to be markedly different.
That said, I don't see any T/O being a likely scenario in the foreseeable future so it's a moot point. If it's going to happen it won't be for at least 2 to 3 yrs imo.
Well spotted @thelearner. But it is important (I know this is true with HL) you will need to instruct separately for each account you have with them.
I have ISA
SIPP
SIPP drawdown
Stocks and shares account
All have some GGP, HL seem to only act on instructions per account. I send separate ones for each, trying a 'global' message doesn't always work!
Agree WF, it’s important for the novices to realise that they have to do something to make votes happen. All platforms are slightly different. I use HL and Barclays and they act on a private message and I ask for confirmation from them too, which they give.
Tall chap/charta. Re SD and ceo/cfo. That had occurred to me too. If SD thought things weren’t going to well at ggp then he may take the NC option, but from what I hear he is loving it and really starting to put his own culture into the business. So I would say that he wants to make his name at ggp.
He has been very lucky. He was given a pack of cards to play with and so far they are all aces….