Member Info for StrollerB

I would like to make my position clear:
I have no objection to the BOD cancelling /deferring the quarterly payments for 2020.
The BOD publicly declared a final dividend for 2019 and voting papers were sent out containing it - Resolution 17
The BOD then publicly announced they had been persuaded by the PRA to cancel the 2019 final dividend and amended voting forms were sent out with Resolution 17 voting option removed.
As far as I am aware the BOD have not publicly reversed this position either through the media or RNS.
I have now received another amended voting form categorically stating that Resolution 17 has been reinstated.

This is no way to run a penny bazaar let alone a multi billion pound bank.

All I want to know is am I being asked to vote for or against a 2019 final dividend ?
If I am why has this reversal not been made public via RNS and what has caused the change.

Whether I agree with it or not is academic.

Theosus: see my post timed 13:46.
As far as I can tell the shareholder vote to accept or reject has been reinstated.

From Corporate Instruction notice from my broker received 24th April

CMMT 23 APR 2020: PLEASE NOTE THAT THIS IS A REVISION DUE TO THE CHANGE IN VOTING STATUS OF RESOLUTION 17, WHICH HAD PREVIOUSLY BEEN WITHDRAWN. IF YOU HAVE ALREADY SENT IN YOUR VOTES TO MID 397609, PLEASE DO NOT VOTE AGAIN UNLESS YOU DECIDE TO AMEND YOUR ORIGINAL INSTRUCTIONS. THANK YOU

17 APPROVAL OF A FINAL ORDINARY DIVIDEND OF 2 POINT 25 PENCE PER SHARE
For Against Abstain

Is this possibly because of a legal obligation to put it to the shareholders having already declared the payment ?

OXO will do when back hone

Asp: amended voting forms issued 23rd April with it back on. Source corporate action on ii dated 24thApril.

Payment of 2.25p per share is now being voted on at the AGM in May. Resolution 17
I cannot find a RNS which supercedes the RNS published 1st April which said the dividend was cancelled. Was this an April Fools joke or am I missing something here?

Zoom: Having questioned and listened to
SS at the last EGM he had no intention of using cash to pay off YA or Tellurian for that matter. His game plan was to clear outstanding debt with shares in the hope of proving HH and future finance raised against oil in the ground. You might as well resign yourself to shares in issue rising to circa 8.7 billion and pray HH delivers.

Just done a dummy transaction

Sell 0.28p
Buy 0.298p

Don't be fooled by the sell/buy volumes .They are meaningless.

Suspect 18 is spot. 28 is delivery in 3 months

Tellurian Investment LLC are based in Delaware so under reporting rules will need to declare when they go below 5%.

They held at 31/03 514 million shares = 6.61%
By my reckoning they will need to report again when they have offloaded circa 125 million shares.
Given the level of shares traded since 31/03 they cannot be far off reaching this level.

I am assuming the big sells are Tellurian as YA have not requested further conversions since their last one on 31/03 of 46 million.

Could it be that in the current situation world wide Tellurian are desperate for cash and dumping their holding as fast as they can at almost any price ? Clearly YA are not as we have not had any additional conversions since the end of March.

Skwizz: If I wasn't TT i'd drink to that

Skwizz : i assume you meant 36/48 MONTHS not years ?

Lunatic: apart from the ravages of inflation. However she might be right if we enter the feared stagflation.
At least we will have the bases covered , cash , isa, stock market.

I wonder how many pensioners are in the same position as me ?
Due to lock down my daily expenditure has collapsed . I barely drive, no theatre ,no cinema , no meals out, no evenings with friends down the pub.
Both my company pension and State pension are still being paid in full and I expect will continue to be so.
Result is I have a large nett inflow of cash this month looking for a home and will continue until lock down is removed.
I intend using 50% of it in the stock market and 50% to increase my cash reserve fund .
My partner is pretty much in the same situation although her risk appetite is very low so her surplus will be stuffed into her ISA earning sod all.

Mirasol see relevant RNS. Orderly market provision was for 6 months. Since expired.

SS made it a clear as he could at the last general meeting that the commitments to YA and Tellurian (£4.15m at the time) would be met from share issues. That balance is now down to £1m Tellurian and £2.4m YA.
At the current conversion price of 0.32p per share this equates to just over another billion shares to be issued.
This would take the shares in issue to around 8.6 billion.
SS is doing what he said , no more ,no less. the SP is not in his control.

Rosewall , how much of the £3.4 billion was declared dividends?
Not sure legality is determined by business precedent.
As I see it cash is king is the problem here.
If the perception is the "best" needs to conserve cash the worst must be in real trouble.
In the worst case this causes a run on the banks , domino effect.

Having already announced the dividend and it's payment date this raises two questions in my mind.
1) Can lloy now cancel it without risk of legal proceedings being taken out against them ?
2) If lloy which is said to be one of the best capitalised banks in Europe and has recently passed the BOE stress test ( reputedly far more severe than the EU test ) now cancels its dividend payment what sort of message does that send to the market place. ?

A huge business was built on the alter of PPI miss selling. What did you think would happen when it came to an end ?
Hungary lawyers hunting for the next free hit was inevitable.