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i had 500 shares with the alliance and leicester building society, i had them for about 10 years, i thought i would hold onto them as a savings,

deedee1234
by deedee1234 16 October 2010  |  Comments 4 comments  |  Love Love  0 loves

i was going to sell them as santander has taken over alliance and leicester, i phoned them and they have sent me a statement saying i only have 166 shares! on the statement it states that i only get one santander share for every three shares! surely this cannot be allowed to happen, apart from the fact that i now plan to move my current account from this horrible bank, do i have any right to demand my 334 shares back?

any advice would be greatly appreciated thanks...

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Comments (4)

  • MikeGG1
    Love rating 879
    MikeGG1 posted

    The Santander shares were worth more than the A&L shares so you received fewer Santander shares as a consequence.

    Santander received acceptances for over 90% of A&L shares, so were able to exercise a right to convert the remainder on the same terms.

    Mik

    Posted on 16 October 2010 | Love Love  2 loves Report
  • JoeEasedale
    Love rating 174
    JoeEasedale posted

    You can also thank your lucky stars that Santander did take over Alliance and lost, otherwise your shares would have been worth as much as a Bradford and Broken share. ie Nowt!

    Posted on 16 October 2010 | Love Love  1 love Report
  • JoeEasedale
    Love rating 174
    JoeEasedale posted

    Also, Shares are not appropriate as savings, deedee. They are an investment.

    If you don't understand the difference, might I suggest that you do some research.

    Posted on 19 October 2010 | Love Love  1 love Report
  • deedee1234
    Love rating 0
    deedee1234 posted

    thanks for all your help and advice, very much appreciated....

    Posted on 19 October 2010 | Love Love  0 loves Report

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