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Original poster

LV (Liverpool Victoria) members' vote

34 replies

Ifailed · 07/11/2021 11:35

Anyone else got their members' pack? I'm struggling for a reason not to vote against the sell-off, anyone care to convince me otherwise?

OP posts:
Crepuscularshadows · 12/11/2021 08:47

I'm voting against. I like being a member of a mutual. I fucking hate what private equity does - why would I vote for product price increases, profit gouging, job losses and shit service for £100? I wish they'd actually shown us the options - I don't give a shit about keeping the brand versus the structure.

It just smacks of greed on the part of the higher ups. As for that independent report "I made up some criteria and judged against those"(parsed). The criteria just seemed really insubstantial and didn't address any of my key questions.

Really pissed off with it. Problem is that most people won't vote so they likely will get the 75% because of inaction!

CantHaveTooMuchChocolate · 15/11/2021 00:19

@Crepuscularshadows

I'm voting against. I like being a member of a mutual. I fucking hate what private equity does - why would I vote for product price increases, profit gouging, job losses and shit service for £100? I wish they'd actually shown us the options - I don't give a shit about keeping the brand versus the structure.

It just smacks of greed on the part of the higher ups. As for that independent report "I made up some criteria and judged against those"(parsed). The criteria just seemed really insubstantial and didn't address any of my key questions.

Really pissed off with it. Problem is that most people won't vote so they likely will get the 75% because of inaction!

100% this. Most of the insurance is with them, mainly due to their excellent service, but this could change that adversely.
fromdownwest · 15/11/2021 11:22

£100 for the value of that business sell off is joke, its being sold cheap and well below its market value.

Look at the demuitilisations of the Building Societies back in the day, and what they paid out to their members.

it is the equivalent of a king chucking a drum stick off his table to keep the poor happy

Lozmum · 02/12/2021 11:20

Some of the comments here are so shocking. So I would urge people to read the facts. If the vote isn't a yes then how will LV survive? The only option to protect its people, keep the LV brand, protect local communities was a yes.
There are some short videos on line which tell the real story.

Lozmum · 02/12/2021 11:25

OMG did you read the pack, have you understood what will happen if the vote is a NO! That will lead to job losses, that will lead to impacts on our local communities! Where are you hearing that premiums will go up? Bain want to invest in LV to help grow the business that's why they are investing! For goodness sake

Lozmum · 02/12/2021 11:28

@fromdownwest

£100 for the value of that business sell off is joke, its being sold cheap and well below its market value.

Look at the demuitilisations of the Building Societies back in the day, and what they paid out to their members.

it is the equivalent of a king chucking a drum stick off his table to keep the poor happy

OMG there are over 1.2 million members and it was making no money! Its a good deal if you read the facts. Do you want more people to lose their jobs do you want the local communities where the people work to be disrupted. What do you honestly think will happen if its a NO vote !
Lozmum · 02/12/2021 11:32

@Crepuscularshadows

I'm voting against. I like being a member of a mutual. I fucking hate what private equity does - why would I vote for product price increases, profit gouging, job losses and shit service for £100? I wish they'd actually shown us the options - I don't give a shit about keeping the brand versus the structure.

It just smacks of greed on the part of the higher ups. As for that independent report "I made up some criteria and judged against those"(parsed). The criteria just seemed really insubstantial and didn't address any of my key questions.

Really pissed off with it. Problem is that most people won't vote so they likely will get the 75% because of inaction!

Really ….. so you F Hate a company that wants to invest in LV, that wants to retain all 3 sites, that wants to keep its people, that wants to invest and grow the business and invest in its technology and improve service...…. What facts have you been readying ?
Read the pack for goodness sake
Lozmum · 02/12/2021 11:35

@fromdownwest

£100 for the value of that business sell off is joke, its being sold cheap and well below its market value.

Look at the demuitilisations of the Building Societies back in the day, and what they paid out to their members.

it is the equivalent of a king chucking a drum stick off his table to keep the poor happy

So what market value would you put on a company that wasn't making much money then, who needs a massive investment in tech????

How long ago was the massive payouts of Building Socities? How many members did they have?

Do you know?

Voting NO will impact the employees

Lozmum · 02/12/2021 11:39

@Ifailed

Anyone else got their members' pack? I'm struggling for a reason not to vote against the sell-off, anyone care to convince me otherwise?
So glad you asked the question. All I can say is what I know the facts to be. If we want LV to survive it has to be a YES vote. Bain were the only company to keep all 3 sites and actually want to invest and grow LV. The others wanted to rip it apart. Do you want its employees to be worried going into Christmas with the concern around will they have a job? Do you want LV to go to the wall? This is not just the people who work there its the local communities that will be impacted. Please look at the facts and make the right choice
Lozmum · 02/12/2021 11:46

@fromdownwest

£100 for the value of that business sell off is joke, its being sold cheap and well below its market value.

Look at the demuitilisations of the Building Societies back in the day, and what they paid out to their members.

it is the equivalent of a king chucking a drum stick off his table to keep the poor happy

Service will only improve with investment !
Lozmum · 02/12/2021 11:50

@Crepuscularshadows

I'm voting against. I like being a member of a mutual. I fucking hate what private equity does - why would I vote for product price increases, profit gouging, job losses and shit service for £100? I wish they'd actually shown us the options - I don't give a shit about keeping the brand versus the structure.

It just smacks of greed on the part of the higher ups. As for that independent report "I made up some criteria and judged against those"(parsed). The criteria just seemed really insubstantial and didn't address any of my key questions.

Really pissed off with it. Problem is that most people won't vote so they likely will get the 75% because of inaction!

Don't you get it there will probably be job losses and XXX service if its a NO vote! You like being a member of a mutual I like being a member of a success business who invests in its people, its organisation. Your comment about like being a member of a mutal and then you dont give a XXXZ about keeping the brand makes no sense. Do you think the values of the people and company will change ?
fromdownwest · 02/12/2021 12:02

@Lozmum - It is clear you are passionate about this, however, people are able to see both sides of the coin, and I feel that the £100 does not represent good value.

Value, is a personal perspective.

Hence, why I will be voting No.

PerditaNitt · 02/12/2021 12:05

Their failure to adequately disclose advisory fees hasn’t helped the cause (and leads to more distrust of the buy out).

Difficult to compare this to the demutualisation of the building societies in the past - the drivers here are different, so the £100 comparison to the building socks payout is a bit of a red herring

Lozmum · 02/12/2021 12:06

I am really passionate but £100 x over £1.2million people and some members get more than £100 depending on product it’s a bit of do the maths. I am taking my £100 and investing in the people in LV for me that’s important and £100 to me is a lot of money. I have to think bigger picture and long term why should I deprive people of a job at Christmas x

alwayswrighty · 02/12/2021 12:19

A good friend of mine works for LV. Has done for over 20 years. He knows that there will be huge job losses and sites lost if Bain don't get the go ahead.

As a life insurance adviser I've used them for years. They offer a great proposition, especially to NHS workers.

Why wouldn't you vote yes?

fromdownwest · 02/12/2021 12:25

@PerditaNitt

Their failure to adequately disclose advisory fees hasn’t helped the cause (and leads to more distrust of the buy out).

Difficult to compare this to the demutualisation of the building societies in the past - the drivers here are different, so the £100 comparison to the building socks payout is a bit of a red herring

Granted possible hard to compare, Scottish Widows buy out by Lloyds would be a better comparison.

Average pay out at around 60 times that we are being offered.

Standard life was over 15 times what we are being offered.

Make me a sensible offer an you can have my vote

Lozmum · 02/12/2021 12:32

So true so glad there is someone who gets it

Lozmum · 02/12/2021 12:34

I think they have been as transparent as possible the regulator has been all over this

Lozmum · 02/12/2021 12:47

@alwayswrighty

A good friend of mine works for LV. Has done for over 20 years. He knows that there will be huge job losses and sites lost if Bain don't get the go ahead.

As a life insurance adviser I've used them for years. They offer a great proposition, especially to NHS workers.

Why wouldn't you vote yes?

Hurrah I totally agree
Lozmum · 02/12/2021 12:49

[quote fromdownwest]@Lozmum - It is clear you are passionate about this, however, people are able to see both sides of the coin, and I feel that the £100 does not represent good value.

Value, is a personal perspective.

Hence, why I will be voting No.[/quote]
I think £100 and keeping people in jobs is the greatest gift I could give and receive

fromdownwest · 02/12/2021 13:12

Well vote yes then.
I however, think I am not receiving fair value for MY holding, so I will be voting No.

Lochnessgiraffe · 02/12/2021 13:23

As someone who worked for them I would vote no. There were other offers and I don't believe this is the best outcome. There have been huge redundancies in the last few months to prepare for the takeover. They are all prepared that this is a done deal with the members vote being a tick in a box

Lozmum · 02/12/2021 13:24

@fromdownwest

Well vote yes then. I however, think I am not receiving fair value for MY holding, so I will be voting No.
I have voted yes and good luck with your holdings as if the vote is a NO its a nail in the coffin for everyone
Lozmum · 02/12/2021 13:27

If you want to protect your policy
If you want to protect jobs
If you want to continue to invest in an ongoing business
Vote yes

Good over Greed

fromdownwest · 02/12/2021 13:33

@Lozmum

If you want to protect your policy If you want to protect jobs If you want to continue to invest in an ongoing business Vote yes

Good over Greed

I think you need to take a step back, judging others based on their OWN personal decisions. Who declared you the riteous arbitrator of good and evil?

As previously mentioned, the offer is poor value for its share holders, not so much for middle and upper managment.

Maybe if enough vote no, then a fair value could be provided for our holdings