Email to Lloyds!!9 Dec 2022 20:48
Good Afternoon Mr Radcliffe,
Thank you for answering my questions yesterday on the Sharesoc Yellow Stone webinar.
I would like a real understanding, as I sure many retail investors would, why Lloyds share price is so low and below its NAV? and has been for so long, but in the past when times were more dificult, i.e PPI redress is the biggest example, with no dividend being paid the share was higher, around 80p?.
Withheld dividends promised to be paid by Lord Blackwell, then not, the HBOS takeover promises by Eric Daniels etc to provide a bigger, better bank, Antonio Osorio statement of 70% share distribution and then changed to 50% and that didn't happen, quartely dividends, then not, there is more which im sure you are aware of, so I will not bore you with any more detail. I feel these statements and decisions add to a lack of confidence for investors, not to say the PRA, FCA & governments interventions. Is Lloyds to conservative, risk adverse and to compliant to the regulators demands? It is a Public Limited Company after all.
You stated different investors want different capital distributions, buybacks vs dividends and/or special dividends, but you also stated Lloyds is a retail investors bank, so why not ask the shareholders what they want? buybacks below NAV sound good but what value do they really add compared to cash in the bank? The share price rises when the market rises compared to Virgin Money, Aviva and others when results and buybacks/dividends are declared the share prices rises way above the market movement.
Is Lloyds to complicated and bitty with all the different brands for the market to value?, also Lloyds has the biggest branch network "still" why is this?, HSBC recent annoucement on branch clousues and selling an asset sent the share price up..
I asked if an analysis of Scottish Widows being floated or partially floated on the stock market would give shareholders some form of reward for there loyalty over more than a decade, loss of dividends over the years and/or improve the NAV and reduce the Ringfencing requirements? if so, can you publish the comparison or partial comaparison, any comparison document for investors to see or conduct the analysis and provide it to shareholders?
I'm sure you understand my frustrations, it must be time for Lloyds Banking Group to thank its devoted retail investors?
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