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Received from HL
We're still waiting for the Ricca shares to be made available before we can get these added to our clients accounts. We're monitoring the situation closely and we'll get these added to your account as soon as possible.
I hope this has been of assistance. If you have any other questions, please get back to me.
Merry Christmas and a Happy New Year!
Parvez Akhter
Hargreaves Lansdown
Taverham
Thanks for your observations - I am still pursuing but meeting resistance. I have even quoted the Ombudsman's ruling and rationale. It appears a game of attrition - still truth will out as they say.
Ps - needless to say HL consider the time to complain has now expired...
Like you I lost a small amount and flagged this with my brokers HL. I attach their recent response for others...and extend my best wishes to Taverham for keeping us all posted
“I am responding to your message of 13 January 2020 following the complaint you raised last year in respect of the Flybe Extraordinary General Meeting (EGM). You have referenced an Ombudsman decision regarding the EGM in which compensation was awarded – you feel this should be extended to you. Thank you for your continued patience while your recent comments have been considered.
I have reviewed your complaint in its entirety and feel it prudent to reiterate that the EGM did not meet our classification of a notifiable Corporate Action. We remain of the opinion that our actions were correct. The Board of Flybe did not make any suggestion to the terms of any such disposal or anything else that would have provided indication of the offer announced on 11 January 2019 - this is not something Hargreaves Lansdown could have foreseen. For an event to be categorised as a Corporate Action, at the time of the announced EGM there would have needed to be firm plans to dispose of the business; there was no such details on this occasion.
Whilst I mindful of your frustration at the events that transpired, I am satisfied that Hargreaves Lansdown has acted in line with its Corporate Action service. The outcome of the EGM was announced on 14 December 2018 and, at this time, the market value of the shares had increased. Had you wished to sell your shares at any point, following the announced results, the opportunity to do so was available to you. I am therefore unable to agree that Hargreaves Lansdown can be held accountable for your perceived financial loss.
The Ombudsman decision you have referenced was in relation to an individual’s complaint and was specific to the concerns they had raised and their circumstances. Hargreaves Lansdown is not bound to award this sum to every Flybe shareholder on our platform.
I am afraid it is not possible to disclose specific details of the complaint the Ombudsman reviewed. The complainant however found the matter distressing and raised concerns back in January 2019 immediately following announcement of the Scheme of Arrangement. Given their circumstances and how upset and strongly the client felt, compensation was awarded to resolve the matter.
I appreciate you contacted our offices about the EGM in January 2019, but having reviewed your message, there was no expression of distress or inconvenience caused as a result of our actions. On that basis I do not believe a payment of compensation is warranted.
I am mindful this may not represent the response you were hoping for, but trust it clarifies our position. Your right to refer your complaint to the Financial Ombudsman Service was outlined in our response of 5 February 2019 – you had six months from this date to contact them. I am afraid therefore the deadline to refer your complai
All seems a bit too coincidental as you say.
Yes but why not mention Stobart - seems a bit odd unless the BOD wanted to avoid a bidding war?
And certainly not Stobart again
Yes but the Board did not mention that they were in discussion with any other parties only Virgin. Is that significant?
Taverham Ok - but I would have thought the offer should have come from Wright BidCo at that stage as presumably none of the subsequent tie up between Virgin Stobart and DHL had supposedly been known. Virgin were still saying that they were considering their options in their statement on 19th Dec.
Any thoughts? Flybe Offer Disclosure Table dated 23rd November http://www.thetakeoverpanel.org.uk/new/disclosuretable/v3/disclosuretable.csv but Wright BidCo only changed its name to Connect Airways on 10th January. This means Connect Airways was not in existence at the time of the offer. What is that saying?
There are a couple of strands in play here. Firstly the role of the Brokers in my case (HL) and whether their approach ( non communication of matters) is deemed a responsible action for a broker given the fall out; and secondly the actions of the Flybe BOD and whether the fire sale was actually a pre-condition of the offer. I can follow up with HL directly through the Ombudsman and I guess it’s the SFO for the rest. I note that others are already well on the way in that regard. I won’t bored this board with further details suffice to GLA with your investments.
I may not have much history but I still lost money - just doing my bit.
It won’t rake the full text but hopefully you get the gist
Sorry in full this time I am writing further to your recent contact in relation to Flybe Group plc. Due to the nature of your comments this matter is being treated as a formal complaint and referred to me for investigation. I have reviewed your concerns and am pleased to provide our response. Without wishing to repeat information already addressed in the secure message from our Corporate Actions Team regarding the Flybe Group plc takeover, I feel it beneficial to address the specific concerns you have raised. I understand you are unhappy that Hargreaves Lansdown did not automatically contact shareholders regarding the Flybe Group EGM. However, in line with our terms of business we will not automatically notify shareholders of every AGM or EGM, unless the Meeting is being held to approve a notifiable Corporate Action. That being said, should you contact us, we will happily arrange attendance for you or vote on your behalf. I am sorry if you feel that Hargreaves Lansdown should have informed you of Flybe Group’s movement from the premium to standard segment, however we do not classify a transfer from a premium to a standard listing as a notifiable Corporate Action. As such, we would not ordinarily contact our clients to inform them of such events. Although I understand your disappointment, I must note that whilst the circular issued by Flybe in November referred to the above transfer making it easier for the Company to dispose of assets in the future, it made no suggestion as to the terms of any such disposal or anything else that would of provided prior indication of the offer announced on 11 January. I must stress that the formal offer document for the takeover has not been issued, and shareholders should still get the chance to vote on this takeover, once further details have been confirmed, we will then notify shareholders of your options. Whilst I understand your frustration at the impact of Flybe Group’s decision has had on your investment, I am satisfied that Hargreaves Lansdown have acted in line with the Corporate Action service we confirm we will provide and I hope we have demonstrated how. I trust the above clarifies our position. If you think that I have misunderstood anything about your complaint, or you would just find it helpful to go through my findings, please do not hesitate to contact me. I have attached a copy of our complaints procedures for your reference. However, if you are not satisfied with the outcome of your complaint and do not think that contacting me will help, you have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this email. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exce
If this is helpful here is my most recent correspondence with HL The Dear I am writing further to your recent contact in relation to Flybe Group plc. Due to the nature of your comments this matter is being treated as a formal complaint and referred to me for investigation. I have reviewed your concerns and am pleased to provide our response. Without wishing to repeat information already addressed in the secure message from our Corporate Actions Team regarding the Flybe Group plc takeover, I feel it beneficial to address the specific concerns you have raised. I understand you are unhappy that Hargreaves Lansdown did not automatically contact shareholders regarding the Flybe Group EGM. However, in line with our terms of business we will not automatically notify shareholders of every AGM or EGM, unless the Meeting is being held to approve a notifiable Corporate Action. That being said, should you contact us, we will happily arrange attendance for you or vote on your behalf. I am sorry if you feel that Hargreaves Lansdown should have informed you of Flybe Group’s movement from the premium to standard segment, however we do not classify a transfer from a premium to a standard listing as a notifiable Corporate Action. As such, we would not ordinarily contact our clients to inform them of such events. Although I understand your disappointment, I must note that whilst the circular issued by Flybe in November referred to the above transfer making it easier for the Company to dispose of assets in the future, it made no suggestion as to the terms of any such disposal or anything else that would of provided prior indication of the offer announced on 11 January. I must stress that the formal offer document for the takeover has not been issued, and shareholders should still get the chance to vote on this takeover, once further details have been confirmed, we will then notify shareholders of your options. Whilst I understand your frustration at the impact of Flybe Group’s decision has had on your investment, I am satisfied that Hargreaves Lansdown have acted in line with the Corporate Action service we confirm we will provide and I hope we have demonstrated how. I trust the above clarifies our position. If you think that I have misunderstood anything about your complaint, or you would just find it helpful to go through my findings, please do not hesitate to contact me. I have attached a copy of our complaints procedures for your reference. However, if you are not satisfied with the outcome of your complaint and do not think that contacting me will help, you have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this email. If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Om
Here’s what I got Dear Thank you for your response. From your previous secure message, I understand your frustration with the way in which this particular issue was handled. With that being said, the following explains the reasoning behind why we did not consider the issue in question to be a Corporate Action, and therefore why shareholders were not notified. The EGM circular was published on 27 November. At this time, the board of Flybe commented: “Your Board believes that having regard to the current market capitalisation of the company, its shareholder base and its business plans in the medium term, a transfer of the company’s listing to the Standard segment of the Official List, with continued trading on the Main Market of the London Stock Exchange, represents the best balance between, on the one hand, the positive benefits of the potential for greater liquidity and access to capital offered by a Main Market listing and, on the other, the greater flexibility and reduced direct and indirect costs of compliance associated with the Standard segment of the Official List.” The resolution was approved with 99.75% of the Shares voted being in favour of the proposal. The circular in November referred to the transfer making it easier for the company to sell assets in the future but there was no information as to the terms of any such sale or anything else that would have provided indication of the offer that was announced on 11 January. As such we didn’t contact you about this. We contact shareholders if there is a notifiable Corporate Action. We won’t contact you if it’s regarding an AGM or EGM unless the meeting is being held to approve a Corporate Action. However, if you want to vote we’ll be happy to do this on your behalf, if you let us know. In regards to what will happen moving forward, we are still waiting for the formal Offer Document for the 1p per Share takeover. It’s still expected that this offer will require Shareholder approval so we’ll be in touch to provide you with your voting options once the dates are known. I have noted your previous email as negative feedback, and passed on your comments that we could have taken a different approach to notifying shareholders at the time of the circular. I hope this addressed your queries, however if we can be of any further assistance please reply to this message, or please view our Help and Support centre or contact me on 0117 900 9000. Kind regards Daniel Letchford Investment Helpdesk Consultant Hargreaves Lansdown One College Square South | Anchor Road | Bristol | BS1 5HL Tel: 0117 900 9000
Nice summary - not forgetting the masters of dark arts in the form of Rothschild as advisors to the consortia.
Again from Annual Report - shows some Internal rigour to test mgt assumptions. Copied from of 70.... ‘As always, the Audit Committee has challenged management on the integrity of the financial statements to ensure that the information presented to shareholders is fair, balanced and understandable. The Committee reviewed the management assessment of the going concern period and also the three-year period which is considered appropriate for the viability outlook. The going concern and viability reviews were considered in parallel as both were based on the refreshed three-year plan. Following a rigorous process, during which the Committee challenged the relevance of the sensitivities applied, the mitigating actions in place and that the relevant risks had been addressed, the directors have a reasonable expectation that the Group will be able to continue to operate, meet all liabilities as they fall due within the 12 month period from date of signing these accounts and have a viable business model for the three-year period to March 2021. David Kappler Chair of the Audit Committee since 2015 and former CFO at Cadbury’s Schweppes stepped down at this years AGM. Would be interesting to hear what he has to say...