Hi
I have a small number of shares which I hold the paper certs for. Just over a year ago there was a share consolidation action of some sort and my holding amount of the original certs changed which means the register had to send updated certs to me. I also reinvested at the time so also received a small additional holding.
I did received the new certs for the reinvested amount, but I never received the updated certs for main holding. I have queried this with the registrar and they have said
that since To date, the above mentioned certificate have not been returned by the postal authorities and thus I will need to obtain an Indemnity for lost certificate:
..you will need to obtain an Indemnity for lost certificate(Indemnity) from us before we issue a replacement certificate for any stock or share certificates that have been reported lost, mislaid or stolen. You need to complete and return the Indemnity to us. In signing the Indemnity, you agree to indemnify the issuing company and Computershare against any claims or losses that they may suffer as a result of providing you with a replacement certificate (for example, should the lost/missing certificate be used in a fraudulent financial transaction).
The indemnity also needs to be countersigned by a UK bank authorised by the Bank of England or an insurance company that is a member of the association of British insurers. You should satisfy yourself that the bank or insurance company you choose is willing to join in the acceptance of the risk. The countersignature should include the stamp of the bank or insurance company concerned and show the representative capacity of the person who has signed (e.g. manager or a director). A fee may be charged by the bank or insurance company for this service.
There is an admin fee to process this at the registrar, and presumably the indemnity will incur some cost, not to mention the hassle.
Is this normal? Surely there is an obligation on them to ensure I receive the certs, I am finding the reply difficult to accept that the onus is on me to jump though hoops in order to get my position corrected.
What are my options/alternatives.
- Can I challenge there statement and insist they resend?
- Assume I cant sell them without the certs even via their own portal which I am registered and shows my holding?
- Assume I cant convert to digital without sending original certs?
- I have no plans to cash in anytime soon, so could just sit tight and hope that another corporate action event takes place (possible target for a takkover), at which point presumably, they would send me a cheque/new updated certs (which hopefully arrive this time?
tnx in advance
50+0
I have a small number of shares which I hold the paper certs for. Just over a year ago there was a share consolidation action of some sort and my holding amount of the original certs changed which means the register had to send updated certs to me. I also reinvested at the time so also received a small additional holding.
I did received the new certs for the reinvested amount, but I never received the updated certs for main holding. I have queried this with the registrar and they have said
that since To date, the above mentioned certificate have not been returned by the postal authorities and thus I will need to obtain an Indemnity for lost certificate:
..you will need to obtain an Indemnity for lost certificate(Indemnity) from us before we issue a replacement certificate for any stock or share certificates that have been reported lost, mislaid or stolen. You need to complete and return the Indemnity to us. In signing the Indemnity, you agree to indemnify the issuing company and Computershare against any claims or losses that they may suffer as a result of providing you with a replacement certificate (for example, should the lost/missing certificate be used in a fraudulent financial transaction).
The indemnity also needs to be countersigned by a UK bank authorised by the Bank of England or an insurance company that is a member of the association of British insurers. You should satisfy yourself that the bank or insurance company you choose is willing to join in the acceptance of the risk. The countersignature should include the stamp of the bank or insurance company concerned and show the representative capacity of the person who has signed (e.g. manager or a director). A fee may be charged by the bank or insurance company for this service.
There is an admin fee to process this at the registrar, and presumably the indemnity will incur some cost, not to mention the hassle.
Is this normal? Surely there is an obligation on them to ensure I receive the certs, I am finding the reply difficult to accept that the onus is on me to jump though hoops in order to get my position corrected.
What are my options/alternatives.
- Can I challenge there statement and insist they resend?
- Assume I cant sell them without the certs even via their own portal which I am registered and shows my holding?
- Assume I cant convert to digital without sending original certs?
- I have no plans to cash in anytime soon, so could just sit tight and hope that another corporate action event takes place (possible target for a takkover), at which point presumably, they would send me a cheque/new updated certs (which hopefully arrive this time?
tnx in advance
50+0