Lost Share Certificates

blackswan2 · 22 March 2010 at 2:10PM

Hi there - I know almost zilch about shares, but I have some Barclays shares worth a little under £200 that I want to sell (I used to work for Barclays years ago and these are from then).

I don't have the main share certificate, although I do have a couple of certificiates for 1 or 2 shares that were issued as dividend payments I think.

I rang the Barclays share dealing service about selling them but they couldn't find any details about my shareholding - same online, but when I called Equiniti who run the Barclays Sharestor the details came up fine and they said this problem happens sometimes for "ordinary shares" (whatever that means). Anyway I could sell through them, but because I don't have all the certificates it has to be through the post.

I've printed off the form and see that it will cost £20 plus a £30 lost share certificate fee ie. £50 which is over a quarter of the value of the shares.

I don't need to know more about shares, but wouldn't mind knowing if there is a better option than this to sell them?

Thanks,

Simon.

Premier_2 · 22 March 2010 at 3:32PM

Probably not.

You essentially have 2 separate issues:
1. You have lost your share certificate
2. You want to sell the shares you own.

As proposed, you'll first need to get a duplicate share certificate. I don't know any other way to sell paper based shares without the certificate. As you have found, a duplicate certificate can be obtained from the registrar. I'm afraid you'll have to pay the applicable charge for the issue of a duplicate.

Then you need someone who is prepared to deal in paper based shares. It's becoming a dying industry and most share dealing services will not handle them any more (HSBC/Teletrade have closed, or are just about to close, their service). Most share dealing is now done through nominee accounts where no certificate is issued.

I think many of the high street banks will still handle paper based shares, but trading is not real time - you take the certificate in, they'll send it off, it'll get sold at some time and you'll be told what they've eventually sold them for.

Either way, the minimum charge is typically about £20 even with a specialised share dealing service. The high street banks may even charge more.

If the registrar service is prepared to sell them for you, you may as well let them.

There is no specific link between Barclays Share Dealing Service and Barclays Shares (other than as a shareholder you probably own part of the service).
Barclays Shares can be sold through any stockbroker (you just need one that will deal in paper based shares). Barclays Share Dealing Service is just one stockbroker ... and as such will deal in any company's shares.

dzug1 · 22 March 2010 at 3:39PM

The Share Centre (google for them) has a cost effective service for small certificated holdings - a minimum £10 fee I think which would probably cover your shares.

But you do need the certificates, which as you have found out are expensive to replace. In fact many registrars require an indemnity insurance as well as a fee - you are getting off lightly.

The only way round this is if Barclays have a share reorganisation or are bought out. In the former case new share certificates can be issued automatically, in the latter you eventually get paid automatically. Neither event is worth relying on.

Premier_2 · 22 March 2010 at 4:04PM

Good find, dzug1

Here's the link
http://www.share.com/a/selling-share-certificates.html

Looks like it's £7.50 minimum charge (or 1% whichever is higher)
Not real time - selling takes place twice per day, and only after receipt of the certificate.

blackswan2 · 23 March 2010 at 12:45PM

thanks - I'll check out cost of getting duplicate certificate, if it's less than £30 then maybe worthwhile before selling.

Lost Share Certificates

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