Thanks for your excellent article, Oliver. Succinct and well argued, as ever.
My own thoughts on the matter are indicated in this extract from my email sent today to Lloyds Bank Investment Relations:
"I consider Lloyds’ treatment of retail holders in ECN’s to be thoroughly reprehensible.
Regardless of any advice the bank may have had as to the legality of a call - which I dispute - treatment of different classes of holder of ECN’s has demonstrably been inequitable. At the time of the March tender, institutional holders received a disproportionately favourable offer.
Moreover, simply to ignore retail holders (on grounds of a belief they have insufficient clout to stand up for themselves?) is just plain wrong.
Terms might yet be altered to mutual satisfaction or a fresh tender might be opened at a fairer level.
Either way the bank requires to alter its current direction of travel as publicly communicated and acknowledge the existence of retail investors in its ECN’s and their legitimate interests forthwith."
I too urge others to visit Mark Taber's websitehttp://www.fixedincomeinvestments.org.uk
where contact details of those to whom meaningful representations can be made are most readily to be found in one place.
I for one will certainly be seeking to ensure the fair play which sadly seems to have gone astray, by writing to those who can bring influence to bear.