Iberdrola / Scottish Power Shares help!!

Rainbow1973

Hi, wondered if anyone out there could give me some help !
My husband worked for Scottish Power (now part of Iberdrola) and had employee shares through a scheme with them.

On 1st June his employment was transferred to G4S and he was advised his shares would have to be sold.

2 letters arrived on 8th & 11th June about the two different schemes he had been part of with instructions to fill in the forms and return within 30 days. Terms stated that shares would be sold the next working day if received by 2.30pm or day after if not. If forms were not returned within 30 days shares would then be sold anyway. He returned forms immediately but we are still waiting on the money.

Having contacted Equiniti who are administrators for the plans to no avail, he received a phone call today informing him that they have no trace of his forms having been received and that shares are currently suspended until next month so will not be sold till then.

As it is the share price has been dropping rapidly since we received these letters and now calculate he will be around £500 out of pocket from when his shares should have been sold. Other colleagues who sent their forms back are being told the same.
Is there anything we can do? He did everything he was asked to and more and can ill afford to lose this money.
Any suggestions welcome!!
:mad::mad::mad:

Jegersmart

Next time send the forms by registered post.

Seriously though, if the shares had increased in value by £500 due to the delay would you have contacted them and given it back? No? I didn't think so to be honest.......:)

Fair is fair no?

J

innovate

This caught my eye:

Rainbow1973 wrote: »

Other colleagues who sent their forms back are being told the same.

How many of them are in the same situation? Did any of them get their applications processed?

If all, or a very high proportion, of the applications were not processed, there could be a a serious admin error, or worse, somewhere? It's not like Equinity and G4S are known as the shining lights of process excellence!

Rainbow1973

At least 2 others within his local area (there are 10 others) have not had their money and some were not members.
He posted the letters on different days so its not as if it was just an issue with one pick-up of post!
Still feel something should be done - he did all he was asked to do.

appleblossom21

I too worked for SP and was transfered to G4S . I sent my form back in plenty time. Equiniti told me Iberdrola put a block on sales of shares on 3rd July I have lost out big time and I am waiting on a letter from equiniti explaining why the shares are suspended I will then be taking legal advice. We were given 30 days and that option was withdrawn!!!