JEFF PRESTRIDGE: I exercise voting rights for all members and urge them not to endorse this Laurel and Hardy teaser in trading at LV.
Members of Liverpool Victoria need to comment on future courses that they believe business should take until early Wednesday afternoon. I request all members to exercise their voting rights.
Confusingly (not surprising given the smoke and mirror approach adopted by LV’s incompetent bosses in recent months), there are two votes considered by each other’s 1.13 million members.
The first (one vote) is important – approve or reject the £ 530m offer from American private equity giant Bain Capital.
If the member answers “no”, we will return to the blueprints of Chairman Alan’Captain’Cook and CEO Mark Hartigan with all the eggs in the bain basket.
The LV boss is called the financial services industry’s answer to Laurel and Hardy
These are the financial services industry’s answers to Laurel and Hardy (no humor), and if a member answers “yes” or “no” to Bain, they need to walk (or be pushed). Retirement from financial services is their best option.
The second (vote 2) is to remove the requirement that if a member supports Bain’s transaction, he can only proceed if at least 50 percent of all members vote.
Naughty, LV says it will reduce the minimum one-off storm from £ 100 to £ 60, whether or not members say they should maintain the hurdle.
I’m not sure what “another way” means. LV recently embarked on an advertising blitz to convince members to give Bain a green light, but I don’t think it deserves to win.
It treats the entire non-reciprocal process badly and pays important details (eg, city advisers and bankers to oversee the transaction) when prompted by the inquiring press to do so 43 million. Pound) only revealed.
Had it been more transparent from the word go, LV could have impressed members why dealing with Bain was really in their best interests.
But it chose a different path. It is in line with the outdated profitable policy of managing on behalf of many members. That is, it is based on smoke and mirrors.
A stranger happened, but I would be surprised if Bain got that dirty private equity mitt in LV – and Cook and Heartigan are still in LV in the New Year. If you are a member, please vote.
Let me hear your voice in LV
We encourage you to write to LV members, customers, or other people who want to maintain mutual status rather than being acquired by private equity.
You could use the wording from the letter printed on the City page of the Daily Mail newspaper (pictured here).
I have included the words to copy and paste into the letter below.
Send to LV =, Liverpool Victoria, County Gates, Bournemouth, Alan Cook, Chairman of BH12NF.
As a signator, I reconsider your decision to sell LV = to Bain Capital and instead urge you to maintain its mutual status.
An interactive investor missing a trick by falling into the hands of Abrdn
The proposed purchase of the investment platform Interactive Investor by asset manager Abbrdn may prove to be a bit wise business for a company that most readers know as Standard Life Aberdeen.
But I think Interactive is missing out on the trick by getting it into the hands of this investment giant.
Interactive has done a lot to make individual investors’ investments easier and cheaper. I’m not afraid to be an investment champion.
The recent call to disclose personal holdings of funds (“in-game skins”) run by investment managers is worthwhile.
But when it sells out to Abbrdn, it lacks the moral heights that it perches itself.
If it is the investment champion it claims, it should instead list its stocks on the stock market and make them available to clients and small investors.
It will really empower and solidify your reputation as a good investor
JEFF PRESTRIDGE: Do not endorse this Laurel and Hardy deal on LV
Source link JEFF PRESTRIDGE: Do not endorse this Laurel and Hardy deal on LV