Tesco Save As You Earn

pan111

My partner contributes to a Tesco Employee scheme called Save As You Earn (SAYE)...

It runs for 3 years and you contribute money direct from pay into it...at the end of the 3 years you are given the option to buy Tesco shares out of the savings made, at the value their shares were at the start of the scheme

She has opted to do this and in the bumph says that Shares will start being sold from February 1st

Our questions are...Are all shares sold on the 1st Feb, or at staggered points through the month? (Tesco shares rose by 10p on the 2nd Feb, Id imagine because of the announcement that Sainsburys was to be sold) ...and also how long does it take for the money to come through anyway, as we are using it as part of a deposit for a house purchase?

Cheers

dunstonh

None of the shares are sold unless you instruct them to sell. The option is to buy shares at the earlier price set by the SAYE and you take ownership of them (which i guess is 1st Feb).

Have you actually requested them to be sold?

pan111

Yes we have requested they are sold

dipswitch

Just checked my wife's statement. If you told them prior to the maturity date which was 1st feb, they would have sold on the nxt working day, which was 2nd Feb. all will have been sold on the same day. If you tell tehm after ist feb and up to 19th mar, they will sell on the next working day after receiving the instruction. Its a great scheme, pile in a gain when you get the chance, even if you can only afford a few pounds per month