Former International Power Shareholders

dogfriendly

I received a letter today from Prosearch stating that as a former holder of International Power shares I was entitled to an amount of money. An exact figure was given, just over £1000. They will take 12.5% plus VAT of this figure

Is this true and if so can I claim myself thus avoiding losing 12.5% ?

Any help greatly appreciated from a first time poster

Biggles

International Power was taken over last year, and a cash payment of 418p per share made to shareholders on 13 Jul 12.

If you didn't receive that, and still have the share certificate, it might be worth starting with the Investor Relations email on the site of GDFSuez (the new owners of the business): [EMAIL="ir@gdfsuez.com"]ir@gdfsuez.com[/EMAIL].

You certainly don't need to pay a third party 12.5%.

TheRooster

I to have received a letter from Prosearch in respect of the International Power sale in 2012 concerning what it calls "unclaimed entitlements", this letter also claims that "several attempts were made to contact me" . This is very odd as my address has not changed since the sale and the cheque in respect of the share sale was sent to my address, and no letters have been received since, so what this additional cash is for I don't know, a final dividend perhaps. Why the company were unable to send this normally is not stated. The Prosearch letter says its a voluntary service but fails to mention another method of acquiring any outstanding funds. Any help to get the outstanding cash without fees gratefully recieved.

gt94sss2

You should contact Equiniti who are/were the Share Registrars on 0871 384 2921 - and claim anything you are entitled to free to charge.

Prosearch are actually part of Equiniti but you don't need to go through them/pay the 12.5% fee.

Regards
Sunil

planteria

TheRooster wrote: »

I to have received a letter from Prosearch in respect of the International Power sale in 2012 concerning what it calls "unclaimed entitlements", this letter also claims that "several attempts were made to contact me" . This is very odd as my address has not changed since the sale and the cheque in respect of the share sale was sent to my address...

i would be straight on to Investor Relations, as advised. don't pay anyone a fee.

dzug1

Sounds a bit odd - the final International Power dividend was paid in early July 2012 (maybe late June) and the takeover bid cheques sent out in mid-July

Maybe they've got their records a bit screwed

dogfriendly

Appreciate the responses. My address had changed prompting the contact from Prosearch. Have made contact with Equinti as suggested. They require written confirmation of change of address but I will incur a £42.50 charge to be taken off the amount owing. Better than the 12.5% (+ VAT) that Prosearch were going to charge.

Daytona

I've today received the same letter from ProSearch and found this thread whilst researching it.

As ever with French companies, the communication is inept. They claim to have made numerous attempts to contact us which is false, indeed, we have received all other communication from International Power & GDF, including the cheque in respect of the takeover. The monies owed relate to an uncashed dividend received whilst the estate was in probate four and a half years ago, yet they think that it's related to the takeover -
"Despite attempts to contact you at the time of the Scheme, International Power received no response from you."

fchan

My experience is like TheRooster’s as no one has contacted me about these shares since 2006 and my address has not changed.

I had 2 sets of shares in nominee accounts for my sons and ProSearch only wrote about one. I rang them and they say they have dealt with all the cases they have, so the other account was no notified to them. I am going to register with Equiniti to get a record of all transactions on these accounts and then see what is missing. Might as well claim the money back through Equiniti, although it is only £38.71 for the one account. As it does not cleanly divide by the share price of £4.18 ProSearch say it is for several unclaimed/unencashed dividends and not for unsold shares.

GeorgeEliot

Thanks for the help I got from this thread. I've just managed to sort out a payment due to me for a £2.50. charge plus about 60p on the premium 0871 phone line. Equiniti wouldn't help me on the 0121 number above!

My Prosearch letter came to the address where I've lived for many years, unlike the cheque they say was issued last year, and unlike the "several attempts to contact you".

cwiss123

The number to phone for the International Power help line is 0871 3842082.

The money owed to you is for International Power shares, the company was bought out last year and this is the value of your shares.

I gave them a call, they confirmed how much i was owed and said I would recieve a cheque for the full amount within 10 days. No charges, and it took 2 minutes. I never expected that!:j

p.s, i was never contacted previously about this, and havent changed address, i think someone forgot to send out the post!