Aviva plc - Georgeson Shareholder

monty100

Hi there
Hoping someone can shed some light on this:
Received today a letter from Aviva/Georgeson Shareholder saying that DH has an unclaimed entitlement to shares from when Norwich Union floated in 1997, amounting to nearly £800. Georgeson Shareholder have been 'appointed' by Aviva to 'help find qualifying members and pay the outstanding entitlements'.

They are charging an admin fee of 10% of the sum.

My problem is that I don't think he ever had anything from Norwich Union when the original flotation occured back in 1997 - and we have been at this address since before that time so any mailings would have reached us. This is the first we have heard of it, and surely we would have had something at the time?

Any ideas on this? Not that we want to turn down £720 if they want to give it to us .....:rotfl:

Thanks.

Chrismaths

Looks like a scam. I imagine that they want the 10% upfront before they disappear. Happy to be proved wrong though.

monty100

Yes, I did wonder that too, but they say they will send a cheque less the admin fee. Hmm. I think I will contact Aviva direct before doing anything.

Chrismaths

Surely you'd be entitled to shares rather than cash. It's also possible that if you do hold shares you don't know about, they are trying to buy them off you for a song. Contact Aviva's registrars as well to see if anyone at your address is on the register.

monty100

Reading the small print it says that under the flotation terms between NU and CGU, the entitlement to shares lapsed at this merger and was replaced by a right to an equivalent cash sum, which is what this letter is about. Will do some more investigating.

Chrismaths

best of luck.

monty100

Well, two months later a cheque turned up!!! :j Good things do happen sometimes! Now what can we do with a totally unexpected £700??

harveym_2

I got the same letter, except for a larger amount.
The 'scam' is the 10%+VAT I guess, quite a big chunk.
It is normal for unclaimed shares to eventually be sold in these situations.
The annoying thing is I had written to Norwich Union with my new address twice to enquire if I had an entitlement with no reply. By now the shares might have been worth far more than the cash.

s.b.e.

This happened to me too. The sum is nearly £1600, so not to be sneezed at -- but I have been at the same address since 1994, so can't see why it would take 9 years to track me down, and I have never bothered with life insurance anyway (a mortgage protection policy with Standard Life, but that's another story ...).

Is it a scam to steal my identity and raid my bank account?

Enlightenment welcomed ...

s.b.e.

ReportInvestor

If Norwich Union don't find the shareholders, then NU are entitled to the dosh in 2009. That's unless Gordon Brown gets his paws on it instead. Perhaps NU are making a special effort to keep Gordon onside .

I'm glad it worked out, monty .

I have seen it reported that Barclays (re Woolwich shares) and Norwich Union are among the most pro-active in seeking out "lost" shareholders.

gt94sss2

s.b.e. wrote:

This happened to me too. The sum is nearly £1600, so not to be sneezed at -- but I have been at the same address since 1994, so can't see why it would take 9 years to track me down, and I have never bothered with life insurance anyway (a mortgage protection policy with Standard Life, but that's another story ...).

Is it a scam to steal my identity and raid my bank account?

Enlightenment welcomed ...

There are several legimate companies (including Georgeson Shareholder) who try and trace people who should have got shares or cash as a result of a demutalisation or a takeover but failed to claim it at the time for whatever reason.

They make their money by charging an administration fee - which they take out of the money you are owed - you should never have to pay them directly.

Companies like this as its done at no cost to them and tidies up their share register etc.

However, its normally quite easy to actually save the admin fee and just contact the company yourself - now that you know that they owe you money/shares.

In Norwich Union's case, you can simply contact the company directly at aviva_shareholders@aviva.com or their share registrars at

Lloyds-TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6DA
Dedicated Aviva helpline: 0870 600 3952 (or 0121 433 8000 and ask for the Aviva Helpline)

with a 'I was a member of Norwich Union but never claimed my free shares. Here are my details etc..' type message.

Eventually, if you don't claim Norwich Union/Aviva get to keep the money.

In fact, Georgeson Shareholder are actually owned by Computershare (one of the other big share registrars - its probably a very nice earner for them!)

Regards
Sunil