Lost Share Certificate: Please Help!

kalaka

I lost some share certificates. I applied to the share registrars for replacements and duly received a letter of indemnity for each holding. However, it is required that...

"the letter of indemnity must be guaranteed by a UK Bank, Insurance Company or Guarantee Society. This is sometimes called 'countersigning' or 'joining in' an indemnity."

The problem is my bank is an internet bank and it doesn't provide this service. For most of my lost certificates this wasnt a problem as the relevant share registrar was able to get their own insurer to countersign (for a fee obviously!). But this leaves me with one holding where the registrar doesn't offer this service. I've scoured the internet but could only come up with 1 company which seemed to offer this service (garrattsinsurance.co.uk) and they've failed to respond to my emails.

I'm at my wit's end here. Can anyone help?

digerati

kalaka wrote: »

I lost some share certificates.

The Lost Shares problem comes up here on a regular basis. I'm surprised that registrars are still asking for a letter of indemnity as under UK company law, paper share certificates aren't legal proof of ownership, rather the registrar's records are deemed to be binding. In the absence of a transfer form and production of relevant share certificates, share holdings cannot normally be sold or transferred.

If the value of the lost shares exceeds the cost of the indemnity insurance then forget about it. You are still the owner of record and will receive dividends and other shareholder benefits. Also should this company ever be taken over or merged with another then you'll likely get new share certificates for free (it's happened to me many times and the old shares are usually rendered void).

Can you not ask your household insurer to provide a letter of indemnity? If the registrar refuses to replace your lost certificates, make a claim for the full amount under your household insurance for the current value of the lost share holding. Your insurer can claim ownership of the lost shares with the registrar.