Computer blamed for Somerfield mix-up
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Yet another hitch in the troubled flotation of the Somerfield supermarkets group emerged yesterday when Lloyds Bank Registrars admitted that a computer error had deprived private investors of the opportunity to buy the company's shares, writes Nigel Cope.
Lloyds blamed the mistake on the mayhem that followed Kleinwort Benson's last-minute decision to cut the price of the offer for a second time to ensure the float did not fail.
Thousands of private investors were posted application forms asking them to re-confirm their interest in buying the shares at the lower price and had just six days to reply. However, it is understood that hundreds of shareholders missed out. Some were away on holiday while others claim they never received the letters.
The mix-up affected around 100 investors at share shop Hargreaves Landsdown Asset Management while another share shop, Dealwise also blamed Lloyds.
Lloyds said it would compensate investors who were affected, at a cost of around pounds 10,000.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments