Winterfloods not dealing in USOP anymore

[Mosa]

Hi,

I was just talking to brokers Redmayne Bentley regarding USOP and he mentioned a note had been sent (which he clarified and confirmed) that Winterfloods are no longer acting as broker with regards USOP and that people deal with GXG.  He thinks this was coming into effect end of 2012.

He warned me about the GXG platform as it is matched, but had nothing to say about USOP (I only asked as I thought he was saying a warning about the share, but it was the platform)

I then called Winterfloods and when I mentioned my question the receptionist said I she could not put me through to anybody?!

So did Winterfloods get their pound of flesh last year and have moved on?

Ocean, any ideas from your digging around and stuff.

Feel free to post on CD's iii PBB if anybody their wants to chivvy an answer.  I thought it was quite interesting.

[tetchy]

Mosa, the Winterfloods issue goes back before suspension, but it was suggested they got left with loads of shares in 2011 when shares couldn't be traded. I won't be the only one who has bought from them indirectly, via share centre, at the end of May in the first instance. Did they make their pound of flesh or.... did they catch a cold by acting as an MM and holding a wedge just before the crash? Hard to know but the idea that they got it right each time selling and buying at a premium outside the GXG market doesn't hold water for me. Now if they did drop a conker, well perhaps they don't want to play anymore? No loss really.   

[fightfear]

I wonder who is going to takeover - I mean someone else surely must be doing it for all those brokers that aren't on GXG right...?

[tetchy]

Not sure which brokers aren't dealing with GXG but Debug suggested that it might apply to folks holding USOP in Sipps. I'm thinking these might be lumps of USOP shares bought by those brokers for investors when we were on the last exchange? So perhaps it doesn't really affect many folks? Just never believed the talk of massive off market trading, but have an open mind in the light of fresh evidence.  

[fightfear]

May be worth giving Sippdeal a call - they've always been open about where they get their shares from (each time I bought it was winters)

I'd be interested to know

[Mosa]

I'm only with Jarvis so yes, if you guys could it would be interesting to know what has changed

[bigfatpies]

Well, I can tell you that WINS acted for AJ Bell, (where my SIPP is), and the last couple of times ive called them to sell a few hundred shares, their bid for my stock has been in sync with GXG advertised bid1.. whereas before christmas they always quoted me a bid at 10-15% discount to the advertised gxg price... cos WINS were taking their pound of flesh....

im glad to see the back of them... especially with 99% of my stock in my SIPP.... and come the glorious day, when I do need/want to sell a few, at least I wont be at a disadvantage from the off !!

[tetchy]

I've found share centre very open on many occasions. Back in the early summer they told me a couple of times that the shares are coming from Winterfloods (Danish Bank Holidays) with a slight charge (ie 3p on 220 price). 

When deals weren't showing up on GXG they took the time on several occasions to explain how the deal had been part of a bigger trade with 1 or 2 other brokers, & more than once Winterfloods were one one those brokers. They spoke to GXG who assured them that all trades from Winterfloods were reported. My view is that Winterfloods took advantage of folks with their shares in Sipps. 

We need more intelligence and perhaps folks can write in with facts as they know them. 

[Ringtail]

Mosa,

I have got my USOP via Winters. Just contacted my broker who has said:

 

WINS are still making a market in them. 95-115 at present in 5,000 shares.

 

ATB

R