Scottish Power/ Iberdrola shares

JohnB69

I owned 338 shares in Scottish Power before the takeover by Iberdrola.
My records show that I now own 220 Iberdrola CDI's.
I thought at the time that my SP shares were converted to the Iberdrola ones but I have now recieved a letter from Georgeson ( a specialist trading company appointed by SP ) telling me that I am entitled to a £1368 entitlement that has not been claimed.
This is the first I have heard of this entitlement. The letter also claims that Georgeson will take 10% of the money for administration and that the service will operate until the 7th of November.
Can anyone enlighten me about this. Is it genuine? Why am I only hearing about it now? If I claim do I still have my Iberdrola CDI's and can I get the cash without having to pay the 10% admin fee?
Any information would be greatly appreciated.
Thanks
John

tom188

I assume its the same people contacting you as contacted this poster. http://forums.moneysavingexpert.com/showthread.html?p=14951135

From an economic point of view, you will be
entitled to receive 400 pence in cash and 0.1646 of
a New Iberdrola Share for each ScottishPower
Share (the “Basic Consideration”). Your New
Iberdrola Shares will be held in the form of
CREST depositary interests (CDIs) (see question
22 below). You will also be entitled to receive the
Special Dividend of 12 pence for each
ScottishPower Share you hold at the Special
Dividend Record Time, which is expected to be
9.00 a.m. on 20 April 2007.

(extract from http://www.scottishpower.com/uploads/QAsforOrdinaryShareholders26February2007.pdf)

Did you receive your cash, if not you can do it yourself without dealing a middleman like this. These firms trawl through lists of unclaimed shareholder payments and contact the beneficiaries, hoping to receive commission because the shareholder doesn't realise they can claim their money directly.

JohnB69

Thanks for that Tom.
Yes it must be the same people. Can I just contact them and claim the cash without going through any brokers then Tom, and I take it after I claim the money I'll still have the Iberdrola CDI's?
Thanks again
John

sheslookinhot

John, were you a Scottish Power employee at the time of conversion to Iberdola or did you simply have Scottish Power shares ?

tom188

Contact the registrar of Iberdrola (and presumably Scottish Power previously).

http://www.scottishpower.com/ContactIberdrola.asp wrote:

UK Private/Retail Shareholders
Company Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA

(if the names not familiar Equniti were formally Lloyds TSB Registrars)

Assuming you didnt take up the mix and match offer referred to in the document I linked to you will still have the CDIs.

JohnB69

sheslookinhot wrote: »

John, were you a Scottish Power employee at the time of conversion to Iberdola or did you simply have Scottish Power shares ?

I just had the shares.

JohnB69

tom188 wrote: »

Contact the registrar of Iberdrola (and presumably Scottish Power previously).


(if the names not familiar Equniti were formally Lloyds TSB Registrars)

Assuming you didnt take up the mix and match offer referred to in the document I linked to you will still have the CDIs.

No, I didn't take up the mix and match.
Thanks Tom, I'll contact them on Monday.
John

william_mcroberts

ihave been contacted by georgeson re my late mothers scot power shares ,can i claim direct from scot power/iberdola .the cheque for share amount was posted to my late fathers address over 1year ago but was never cashed

packard1984

Dear all


I am in a similar situation
I owned 252 shares in Scottish Power before the takeover by Iberdrola.
I now own 164 Iberdrola CDI's.
I thought at the time that my SP shares were converted to the Iberdrola ones but I have now recieved a letter from Georgeson ( a specialist trading company appointed by SP ) telling me that I am entitled to a £1020.24 entitlement that has not been claimed.
This is the first I have heard of this entitlement. The letter also claims that Georgeson will take 10% of the money for administration and that the service will operate until the 7th of November.
I have read the other postings on the site advising to go straight to the registairs EQUINITI.

I did this and equitini have told me that I must go through Georgeson. Can anyone tell me if this is right or if they have managed to get their money without going through a middleman and paying the 10% fee

Thanks
Mark

JohnB69

tom188 wrote: »

Contact the registrar of Iberdrola (and presumably Scottish Power previously).


(if the names not familiar Equniti were formally Lloyds TSB Registrars)

Assuming you didnt take up the mix and match offer referred to in the document I linked to you will still have the CDIs.

Tom, I contacted Equiniti and they told me that I had to go through a third party to claim the money.
It also states on my letter from Georgeson that the service will operate until 7th November.
Any ideas on my next move?
Thanks
John

Teresa02

Hi John,

I am in the same position. I rang Equiniti today and they said that a cheque would have been sent to me for the cash entitlement amount about six months ago. The deadline for cashing it has now passed and so they have passed the funds across to Georgeson - who are charging this 10% admin fee. I said I had not received a cheque as far as I am aware, nor any other correspondence about it (though I have received other post from them so it can't be an address problem). They told me they could no longer help me as Georgeson now have the funds. They suggested I have a chat with Georgeson about it. I will be ringing them next.

Teresa