BT Shares - 25p to 5p conversion

tangotonyb

Hi,
I'm trying to piece together my late father's financial accounts.

He bought into BT when they were first privatised and reinvested the dividends as shares throughout. Checking back through the paperwork though, I have found two different numbered accounts with 25p share certificates attached.
In 2001, I found 2 certificates for the same account: one with 413 25p shares on it, the other, 6 months later, with 1791 5p shares on it. I'm guessing the latter replaced the former.
However, I have also found certificates on another account number.

In total I have found nearly 1400 25p share certificates dated prior to 2001.

I'd be surprised if these were replaced by just 1791 5p shares.

I contacted Equiniti to ask, but over the phone their records didn't go back far enough - they suggested I write in with full details, but before I did that, I wondered if anyone else knew what may have occurred here?

Thanks,
Tony

molerat

Any pre 2001 certificates will be worthless as in 2001 BT split and each British Telecommunications plc share was converted into 1 BT Group plc and 1 mmO2 plc share.

tangotonyb

Thanks - I know they're worthless.
I'm trying to figure out what actually happened and if there is another account somewhere.

So are you saying that 1 25p BT share was converted into 1 5p BT share, and 1 mmO2 share?
I haven't found ANY mmO2 certificates, and I know my father didn't sell any.

EachPenny

tangotonyb wrote: »

I haven't found ANY mmO2 certificates, and I know my father didn't sell any.

There was a capital reorganisation of mmO2 in 2005. You had to elect to receive new shares. If you didn't act, or were too late, then your shares were automatically sold and you got a cheque in the post.

That amount was 125p + 5p for each of the original mmO2 shares held.

Perhaps your dad either decided to sell (or was too late) and took the money? If you still have his bank statements then the payment would have been made on or around 21 March 2005.

EachPenny

molerat wrote: »

...each British Telecommunications plc share was converted into 1 BT Group plc and 1 mmO2 plc share.

tangotonyb wrote: »

..So are you saying that 1 25p BT share was converted into 1 5p BT share, and 1 mmO2 share?

Yes, I can confirm that is correct. One share was converted into one share in each of the demerged companies.

Something else to look out for is that British Telecommunications Plc also had a rights issue in 2001 prior to the demerger (in November). If you have share certificates dated around the end of June/early July 2001 they might be as a result of your dad taking up the offer. I don't remember the full details of the offer, but I ended up with 3 extra shares for every 10 previously held.

tangotonyb

Ah - OK the totals now make sense.

I'd found 1378 shares prior to 2001, with a june 2001 cert for 413 and then a November one for 1791

You are probably right about the O2 shares - my mother says he never sold any shares in BT, but perhaps she didn't consider O2 especially if the sale was automatic.

Many thanks,
You've been a great help!