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  • FIRST POST
    • Corrinshego
    • By Corrinshego 8th Apr 17, 11:37 AM
    • 1Posts
    • 0Thanks
    Corrinshego
    Missed expiration of company share option- what can i do
    • #1
    • 8th Apr 17, 11:37 AM
    Missed expiration of company share option- what can i do 8th Apr 17 at 11:37 AM
    Hi all
    I missed the expiration date to exercise the share option on my company's share save scheme run by equiniti. Basically i have lost 3000.
    The scheme matured in Oct 16 and i had until 31st march to excercise the share options.
    My excuse for missing the deadlines is i genuinely don't think i received a letter outlining the options for this scheme once it matured. In previous years i did receive a letter and i checked online that my profile has post as my preferred communication method. Secondly I am off work ill since aug 16 and haven't been in a good place to keep track. I only realised i have missed the date by a few days.
    Is there any likelihood of me getting this? Any advice
    anyone could offer?
    Last edited by Corrinshego; 08-04-2017 at 11:58 AM. Reason: Spelling
Page 1
    • west927
    • By west927 11th Jan 18, 12:31 PM
    • 1 Posts
    • 0 Thanks
    west927
    • #2
    • 11th Jan 18, 12:31 PM
    Equiniti Blunder!!!! PLEASE HELP
    • #2
    • 11th Jan 18, 12:31 PM
    PLEASE HELP, looking @ losing over 3600, due to Equiniti BALL UP!!!!!!!!!!
    I would like to make a formal complaint against Equiniti, and its SAYE scheme. I have exhausted all avenues with both local HR and with Equiniti and I hope that you feel able to help me achieve the compensation I believe I deserve.





    I have worked for this company for the last 28 years and have participated in the SAYE since its conception. My wife worked for HSBC bank for 25 years, and we also contributed to their scheme enjoying the benefits year on year these provided to us by being able to exercise the right to purchase the discounted shares on maturity.





    Since participating in my work scheme, I have exercised one of the schemes; we took the discounted shares and held them until the end of last year when we cashed them in, which enabled us to purchase a new car.





    It was our plan to do the same with the Works 2014 option, 3 year scheme, by purchasing the discounted shares, but this time these funds were going to be used to assist our son through college and university.





    The first scheme was managed by the Yorkshire Building Society, when we received the paperwork to exercise our options, this was a seamless process, and was very user friendly.





    The scheme has since changed its provider and my work is using Equiniti. I can confirm that I have not had an issue participating in other schemes with Equiniti. However the issue I do have is that I have not been given the opportunity to exercise my choice for the new 2014 scheme.





    The first time I was made aware that the plan had matured, was when I received a letter from Equiniti to explain that my 3 years worth of contributions had been returned to my bank account. I was astounded, I had not received any prior correspondence from the company to advice me that the plan was due to mature and I had to make my choice, nor did I receive the reminder the company say they issued to me.





    I have raised this issue with Local HR who in turn have spoken to Equiniti, and they have stated that as I have passed the 6 month exercise period option, they will not allow me to purchase the discounted shares and I can only have my savings back.








    The fact that I exercised the 2017 share options seem to be being used as validation that the communication would have been sent (and received) for this subsequent issue. Indeed the correspondence may have been sent, however it is only the lack of receipt that I can confirm. It was receipt of this maturity correspondence which would have triggered exercising the options as did with the previous share issue. Indeed I would not know how to go about exercising the options without this correspondence.





    It has been stated that all other employees had responded to the maturity letter. If the response was 100% (with the exception of me) then I would have expected either Equiniti or my work (even if they did not feel legally obligated) would have made efforts to communicate given the adverse implications of non-response.





    Whilst waiting for a response from both our HR dept. and Equiniti, I have conducted my own research into Equiniti, and it made very disappointing reading, there were many pages of complaints, I discovered that Im not the first that this has happened to, it seems that exactly the same scenario has occurred to someone else. Please see l, under title I stand to lose money!!! Equiniti dilemma?


    I have been made aware by HR that due to the HMRC regulations in relation to share save schemes, options cannot be exercised outside of the six month period. Therefore I feel the remedy needs to be via compensation rather than shares.




    Based on my monthly contributions and the share option price of 2.60, I would have purchased 1,384 shares. Based on a current share price of 5.27, if sold I would have achieved a total of 7,293 (obviously less costs) and my original savings. Therefore the difference between my savings of 3,600 and the proceeds is what I am seeking to receive as compensation, this being 3,693. I appreciate that a different methodology/calculation may be suggested as I am merely asking a fair compensation.





    I hope by raising this claim/complaint against Equiniti, that they review their procedures so that all efforts are made to protect the clients/customers interests.




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