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I see the CMA are taking an interest in the takeover. All is not lost.
Started: Wmwallace, 8 May 2024 11:13
Last post: Wmwallace, 13 May 2024 17:34
A motion of no confidence in the current board is required.
Other than Branson I can find any references on the Internet to support the sale.
We a new board and stronger leadership at lower leaves to ensure goals and deadlines are achieved.
Get staff back in the office and eliminate homeworking.
Thanks for this. I am glad that larger investors are waking up. I will vote against when First Direct give me the chance.
The largest shareholders will have been invested since before the aquisition of Virgin Money by Clydesdale Bank - back when the share price was 360p.
They won't be selling for a loss, not in the current interest rate environment.
A decent set of results on Tuesday will reinforce this.
So I don't think this deal will be going through.
Nope. I'm with First Direct who are very slow to notify corporate actions. Typically, by mail arriving two days before deadline .
Eccles,
A response is not required until 15th May. The smart play is to wait for the results on 14th May. If return on tangible equity (RoTE) is above 8%, one typically would not sell below NAV (337p). The other banks reported RoTE in mid-teens, hence why they now trade above NAV. So it's looking good.
Seeing as I paid just over £1.50 not so long ago, the offer gives me a 40% profit, I'll have that thanks very much and will vote to accept.
Ive still yet to get my offer which i will vote against. Im with iweb. Has everyone else got their offer yet?
Started: Wmwallace, 18 Apr 2024 18:31
Last post: Wmwallace, 27 Apr 2024 13:55
I agree, the banking sector has risen well recently, and the rising tide should benefit all.
It seems that we now stagnant due to the Nationwide offer.
I have rejected the offer and feel it needs to be north of £3 per share.
I'd be surprised if this offer went through now.
Lloyds and Natwest now trade at 1xNAV.
And NAV for VMUK is 337p.
Or to put it another way, if the offer fell through, what price would VMUK then trade at? Doubt it would be less than the offer.
I have just read that NWide are only offering 0.6 of the VMUK book value.
Is this correct?
Still not received any notice of corporate actions, anyone know what happens next?
Last post: Wmwallace, 24 Apr 2024 16:27
Finally got my corporate actions.
I voted NO
Feel their is more value in changing the current board, than accepting a low ball figure.
Started: boracic, 22 Mar 2024 12:02
Last post: Slomo12, 15 Apr 2024 11:43
This was my response to MaryBr190 about Nationwide...
There would never be a windfall because those with those rights are the minority. If Nationwide 'belongs' to anyone, it is to the directors who will do whatever they like - such as buying a bank, awarding themselves huge pay awards, appointing the directors they want. The 'quickvote'/charity donations is a brilliant wheeze that ensures the directors have the vast majority of any votes on any issue as most members are uninterested & just think they are doing a good thing for charity in handing votes to the Board. As to VMUK, I have now sold my shares as it seems a done deal of which I heartily disapprove.
Still feel the shareholders are getting a raw deal.
These shares had been £3+ prior to covid.
They lost there way post covic due to management allowing too many staff to homework and loose focus on corporate goals.
The board made a mistake by trying to be 'hip' and telling staff to live a life more virgin the shareprice performance was downhill from that point.
Re NW.
There are still members with votes, the signing does not apply prior to a certain date. The signing away only applies to new accounts. Those with legacy accounts still have a windfall entitlement but it would only apply to legacy balances.
Botanic
She is. I was referring to David Duffy. A nice irony is that she lost out to him some years back for the CEO job. She went to TSB then Nationwide. So, she knows him and he is "stepping down", as they say.
I received the latter from my trading platform HSBC saying your share will be sell @218 but im not sure when is last trading date on this any one can advise ???
Started: Wmwallace, 17 Mar 2024 14:49
Last post: jakeK, 26 Mar 2024 13:33
That's an interesting insight. It's a done deal, imo. Even if it failed, our present BoD would just stay in place. I doubt very much that they would make changes.
Morning all
I worked for CYB for 30 years and latterly under the Virgin name as a regional manager. Whilst Duffy did indeed fend off Crosby for the CEO position I can tell you they have a very close bond. I think this deal is cheap and would be voting against it if I was still a shareholder. I think VM lost its way, people got too comfortable including Duffy who let’s be honest was at the helm for far too long.
It feels like a great deal for Nationwide with a VM BOD that’s probably run out of ideas just happy to accept whatever and move on.
I’d vote no, and hope for a new board with a fresh approach.
Unlike Virgin shareholders - those poor souls that are society members (i.e shareholders in the building society) will not get to vote on this - i,e, Nationwide Chief Guru thinks all of its customers / shareholders are not worthy.
Potential that I may up and leaveNationwide if it goes through - or at least vote against the chairman's reelection to the board when they do bother asking our opinion.
I’m a Nationwide member if we get a vote on this deal I’ll be voting down.
Seems the offer is an 'easy out' for David and Co.
No longer the need drive this bank to be the best digital bank in Britain and the promise year on year dividend growth.
Recent scores indicate both goal have been way off mark.
Anyone know when these shares will be physically cancelled and settlement sent to us long suffering shareholders?
I have not recieved any corporate actions asking to either accept or reject the offer.
Given a choice I would rather reject and hold the board accountable for their failing and hope that a more capable board could drive us to the success we had be promised when they got into bed with Virgin.
Started: boracic, 24 Mar 2024 10:48
Last post: boracic, 24 Mar 2024 10:48
Would like to vote on this next month but do not hold any shares . Is it too late now to get a vote or is there a minimum time that one has to hold shares ?.
Started: Joanne64, 22 Mar 2024 13:36
Last post: Joanne64, 22 Mar 2024 13:36
Is today a good day to sell my Virgin Money shares or would you wait ?
Started: jakeK, 21 Mar 2024 16:13
Last post: jakeK, 21 Mar 2024 16:13
I see our less than wonderful CEO is stepping down after the takeover. Doubtless, he will be staggering all the way to whoever he banks with. Nice reward for mediocre actual performance
Last post: TangoFoxtrot, 21 Mar 2024 09:47
I have my Barclays account set up to automatically buy shares with my dividend but its not in yet
Yep no brainer for sure
So the divi was paid today and was just wondering if it was worth re-investing as the current sp is 208p and the bid is 218p. Seems like a no brainier?
For me, The offer falls way short of what is acceptable.
I will vote to reject it.
Nationwide have till April 4th to make a formal offer.
I can see so many RNI can some one explain what are the next steps with VMUK ?
Final ex-dividend date - Feb 22nd 2024
Final dividend payment date - March 20th 2024
Interim Results - 8th May 2024
Other diary info available under 'VMUK Financial Diary' option above. Hope this helps.
When is the ex-dividend date?
Started: douve87, 13 Mar 2024 13:33
Last post: douve87, 13 Mar 2024 13:33
To be honest im not happy. I wasnt happy when yorkshire bought them as i felt vm was worth more then and was actually better placed alone (no misselling compensation to pay), and was truly nimble and well managed. The sp has not done well under yorkshire and i feel this offer is undervalued. Obviously my shares have no sway but feel the offer should be at least the £2.50 mark.
Started: Bas24, 11 Mar 2024 17:35
Last post: minniethemouse, 13 Mar 2024 10:16
Some people don't want to wait for the deal to complete as there is always a small chance that it doesn't go through.
Very small though.
*dropping
If the price has been agreed for 218 then why is the price during? Is it worth buying now? Any experienced guys out there?
Started: minniethemouse, 13 Mar 2024 10:15
Last post: minniethemouse, 13 Mar 2024 10:15
Until the deal goes through..
Started: Wmwallace, 7 Mar 2024 09:13
Last post: mistyoptic, 10 Mar 2024 21:26
I’m a customer of both but my ISA with Virgin is there because their rate was significantly better than Nationwide’s, so I’m not happy about it either (especially as I had no VMUK holding lol). Still time for them to change their minds
I'm an investor and a customer of Virgin and I think they're brilliant. Unlike Nationwide, they pay decent interest on accounts and are really easy to use (and I speak as a technophobe). What is Nationwide going to do? Shaft the customers - oh, sorry "members" with their really crap interest payments and award all the directors lots more pennies for all the extra work they have to do... I'm upset!
Hopefully the customers approve.
The customer experience under Virgin Money is awful.
I’m holding on for the reasons yodominic stated.
The offer price is 218p + 2p dividend which has been announced already so I guess who ever sells now will also get the 2p if they qualified previously. The price has dropped slightly for not but this tie up is recommended by the board so unless there’s another bid from somewhere things should get done pretty quickly, if there’s a counter bid then things will get interesting as some people are saying 218 is cheap.
Joint statement says 2.20 being 2.18 per share plus the 2p dividend. Still unhappy!
Any advise on VMUK hold or sell as its dipping again i heard from news if shareholders keep then it may goes to250
Started: hodgy2108, 7 Mar 2024 08:23
Last post: AmorAmor77, 7 Mar 2024 14:56
Thx Taomee.. I smiled at that . I have to say .. I am a blonde female (not that there’s anything wrong in that !) and my dad always smiles at my flukes and intuitions !
I appreciate what you are saying - and will leave it where it is
Yours Thankfully , Ms Bean!
Somebody bought ~£60k of shares yesterday and made ~£20k overnight. Pure luck and coincidence, no doubt.
You have timed your buy to perfection (the day before the announcement) and now you ask this question! You sound like Mr Bean fluking it on the stock market. Hilarious. Anyway, well done. If you don't need the money urgently then I would recommend holding for the payout as your net return will be greater than that you can get on fixed interest.
Amor. I sold. Rather use the money elsewhere than wait for this to conclude and pay out.
Will miss VMUK. Did me well on a few trades and I'm happy to take my profit today. Well done to all invested here. You have to enjoy the good days when you can!
Mary... Where next?! I was going to add to my ITV but l will let what I have ride there for a while now.
Can anyone tell me please.. is it best to wait till the pay out , or sell now with a fee ?
Well done everyone
Patience pays 👌
Started: MaryBr190, 7 Mar 2024 07:12
Last post: Yuri.F, 7 Mar 2024 10:48
Isn't this offer being pushed at significant discount as half of their NAV?
Mary, what else have you got on your card?
I should be happy, but much preferred my free ride paying dividends, alot of wasted effort trading, never mind...atb
Finally, something had to happen with this share, 4122 at 1.49
Happy days!!! Love it. Well done all. Patience paid off here!
Good for us shareholders and David Duffy has another playground to spout management speak in. Don't think he'll last long at NW as it seems to be tightly run.
Started: AmorAmor77, 6 Mar 2024 09:18
Last post: TangoFoxtrot, 7 Mar 2024 08:20
Good timing
Needs to break 160 convincingly first! I doubled my holding yesterday in anticipation of this happening by end of month.
I bought back into these again yesterday .. sold out many months ago between 180-185. These used to be on of my favourites and I see 180 again atleast by end of summer.
ATB
Started: Wmwallace, 29 Feb 2024 11:50
Last post: Wmwallace, 29 Feb 2024 11:50
Well that's February finished and we still haven't gained positive ground in 2024.
What is going wrong in the world of Virgin Money?