Former mmO2 Shareholder Cash Reclaim

Travellingtroll

I have received a communication from a company called ProSearch advising that some mmO2 share cash belonging to me remains unclaimed for whatever reason (non-delivery by Royal Mail). However, they intend to charge an administration fee of 12.5% (+ VAT) for the privilege of re-uniting me with my money. Is this fee legal? Surely mmO2 or now Telefonica SA has an obligation to make payment in full? Can anyone advise me.

emmbIT

I've had this letter too and unsure what to do. Have found some info and suggestions but can't put website in as am new member. It relates to similar letters sent out in 2008 . . Seems that prosearch is part of Equinti which has taken over Lloyds TSB Registers and we can write to them and get money with no costs. Like you I don't remember any correspondence coming about this before. Someone also pointed out that in these cases if you don't reply company usually just send cheque out to you anyway.

efkay

A somewhat belated rely, but I too have received the Prosearch letter but a quick call to Equiniti and they said they will re-issue the cheque for £11.00 - okay it's still a sting but vastly cheaper than the 12.5% plus VAT fee that Prosearch want to charge!

If you have not already got the info, their contact no is 0871 384 2030 or 0121 415 7047.

Bon chance!

jackerie

Further to the previous correspondents...I too received the letter from Prosearch regarding the cash settlement for the mmO2 floatation back in 2005. In my case the letter finally arrived after the closing date. I contacted Equiniti (021 415 7047) who appear to act as BT's administrator as I was immediately asked for my account number as a shareholder. Once my personal details and address were confirmed, the lady answering the call, stated there was no record of any payment back in 2005. I advised her that I had never received any correspondence on the subject of the mmO2 flotation although I had received dividend cheques from BT at my current address since 2003. The BT company registrars acknowledged the address change in May 2003. I was then passed over to a supervisor, "Dave", who after inquiring about my previous address informed me that a cheque would be sent off to my current address within two to three working days. No mention of any charge was made. When I inquired as to why I had received no correspondence on the mmO2 flotation or a the cash settlement he replied that the address change I requested for BT back in 2003 did not cover O2, a seperate company, consequently all correspondence would have been sent to my previous address. I have to say I do not recall receiving any correspondence from O2 at either address.
I have two points to make here. 1) Equiniti owns Prosearch and appears to act as the administrator for BT. A conflict of interest here? It is clear that the section of Equiniti that deals with BT are fully aware of the details of current and past BT shareholders and there was no question as to the sum of money outstanding. Prosearch wrote to me at my current address which the BT registrar has had since May 2003. How did they know my address? Charging an administration fee of 12.5% plus VAT seems a bit strong in the circumstances.
2) I have no idea how many BT shareholders who were entitled to the cash settlement have never received it or never received any correspondence on the mmO2 flotation. The individual sums are not large and I do not know how the money is being held. I do know that no interest is being paid. If for example 1 million shareholders (given the manner in which BT was privatised not unreasonable) were due L500 that could be viewed as an interest free loan of L500 million. Nice work if you can get it.
Naturally there may an entirely innocent explanation to all this. I shall be writing to the FSA to get their thoughts on the subject and would recommend other interested parties to do the same.