More delays at the B&B
B&B shares officially floated on Monday (04/12/00) at £2.54 per share.
For those lucky enough to sell on the first day, this resulted in a quick profit of £635. Those of us still waiting for confirmation of shares and couldn't sell, we just looked on in disbelief as the shares fell to £2.49 within the first 30 minutes!
I decided to give the conversion line another call and see how things had progressed after waiting nearly a month. Well things had not moved far; all account queries were now being passed to the amendments team to handle, and even the helpful lady I had spoken to before had moved on.
"The amendments team are very busy at the moment", I was told. "we are not allowed to call them and they don't even have a phone in that office". Trying to stay calm, I asked how long it would take to clear the backlog. The response was a bit vague. "We are looking at a rough time frame of between one or two months to sort everyone out with their shares".
The total number of outstanding queries has not been officially released, but according to the gentleman I spoke to, he admitted the amount of accounts that still needed to be corrected was approaching a four-figure sum.
On the question of compensation for those who wanted to sell on the first day and couldn't, B&B will review each case individually for any shortfall when the shares are finally allocated and sold. Let's hope that when we finally do receive our free shares, the price is above £2.54 per share and save us the hassle.