How do accounts become dormant?
When we mail dividends to shareholders, some of the cheques do not get cashed. This is normally because the shareholder no longer lives at the address we have on the register for them. Once our records show that consecutive dividends have been sent, and remain uncashed, the shareholder is considered ‘gone away’ from the address on the share register. As a security measure, all mail is then suspended until the shareholder gets in touch with us.
What happens to the unclaimed dividends?
After a period of 12 years, dividend payments which remain unclaimed are forfeited and return to the Company.
What are we doing to find lost shareholders?
We have engaged a professional Asset Reunification company (ProSearch Asset Solutions Limited) to search for our lost shareholders. With a 29 year heritage in the provision of Asset Reunification solutions, ProSearch has worked with many FTSE 100 and 250 clients to deliver tailored programmes designed to reduce the number of “gone-away” investors on their main registers, and facilitate the repatriation of entitlements to eligible investors following corporate actions.
Why are we doing this?
Lost shareholders have generally either forgotten they own the shares or have passed away. We are committed to our shareholders and making every effort to return unclaimed entitlements. We are using a professional search company in order to maximise the number of lost shareholders who can be traced, thereby maximising the value of entitlements we can return to shareholders, their dependants, descendants or any other named beneficiary who would be entitled.
Why do ProSearch make a charge?
This is a search and identification service designed to trace shareholders and return unclaimed entitlements as efficiently as possible. Included within ProSearch’s costs are data subject analysis, mailings, identity confirmation, claim validation against a number of reference sites, validated claims submission, and a free helpline. ProSearch will ensure that the claims process is both simple and quick.
ProSearch Asset Solutions Limited (ProSearch) is registered in England and Wales number 2158381 and is a member of the Equiniti Group. Registered Office: Aspect House, Spencer Road, Lancing, West Sussex, United Kingdom BN99 6DA.
You can write to ProSearch at Sutherland House, Russell Way, Crawley, West Sussex, RH10 1UH.