Shareholder perks not transferring upon death of a relative

frazzy123

Greetings MSE'ers!
My father recently died and I have taken legal ownership of his Eurotunnel shares (now called GetLink).  As a shareholder her was entitled to discounted travel on Eurotunnel as one of their "perks."
However, GetLink have now told me that share perks are "personal" and cannot be transferred to me after his death.  They cite this clause

"3.2. The right to travel privileges is personal and non-transferable under any circumstances." 

However, I think a reasonable reader would interpret this as the share perks can't be transferred between living persons.
Anybody else had experience with this and these hooligans?  It does seem unfair.
Thanks.

Brynsam

frazzy123 said:

Greetings MSE'ers!
My father recently died and I have taken legal ownership of his Eurotunnel shares (now called GetLink).  As a shareholder her was entitled to discounted travel on Eurotunnel as one of their "perks."
However, GetLink have now told me that share perks are "personal" and cannot be transferred to me after his death.  They cite this clause

"3.2. The right to travel privileges is personal and non-transferable under any circumstances." 

However, I think a reasonable reader would interpret this as the share perks can't be transferred between living persons.

I think most people would understand that 'The right to travel privileges is personal and non-transferable under any circumstances' means exactly that.

xylophone

https://www.getlinkgroup.com/en/shareholders-investors/individual-shareholders/travel-privileges/

I would have thought that this related to a living shareholder (or surviving joint shareholder) not being able to transfer his privileges to Auntie Mabel or  best friend John etc.

 Have you asked the Registrars if they can clarify?

https://www-uk.computershare.com/Investor/company/CoyContacts.asp?bhjs=1&fla=0&IssuerId=SCUKGES&cc=UK

relaxtwotribes

You've got your answer.

p00hsticks

frazzy123 said:

My father recently died and I have taken legal ownership of his Eurotunnel shares (now called GetLink).

What exactly do you mean by 'taken legal ownership' ? That he left them to you in his will ? 

Have you had them transferred into your own name ?

Once they are in your name presumably you become the shareholder and you get the benefits. Whilst they're still in your late fathers, you don't.

Dox

These sound like founder shares....when did your father first invest?

Malthusian

2.2. Shareholders of Getlink SE not meeting the criteria set out in Clause 2.1 above 2.2.1. The cumulative criteria to be met in order to benefit from travel privileges are, at the time of booking:

to be an individual holding shares in his own name and registered with Getlink SE’sregistrars (Société Générale Securities Services) or holding CDIs through Computershare Company Nominees Limited. Consequently no legal entities can benefit from, or have their members or shareholders benefit from, travel privileges.

to hold in registered form 30,000 GET unconsolidated shares or CDIs or 750 GET consolidated shares or CDIs;

to have held this number of shares or CDI in a single account continuously for at least 3 months as at the date of booking; and to no longer benefit from any travel privilege schemes offered by TNU SA/TNU PLC.

Perhaps they are right for the wrong reason? That is, you don't qualify because you haven't held them 3 months in your own name yet?

I can see no indication in the T&Cs that the travel privileges aren't transferred along with the shares (including on death), as long as the shareholder meets the criteria, including that they have waited three months after the shares have been transferred into their personal name.

If the above is the case, GetLink are mostly in the wrong. They are correct to say "you don't get a discount" but if they have suggested you never get the travel privileges because of clause 3.2 they have been misleading.

It would be daft if people who'd been transferred GetLink shares on death didn't get the perk once they met the criteria, as if the perk had any value to them, they could sell their GetLink shares and immediately buy them back again to qualify (at the cost of trading commission).

Brynsam said:

I think most people would understand that 'The right to travel privileges is personal and non-transferable under any circumstances' means exactly that.

Not when the right to travel privileges is explicitly stated to arise from holding a certain number of shares in your individual name, and the shares are transferable like most other shares. Most people would think "if I can transfer the shares (including to my beneficiary on death) I can transfer the travel privileges".

That said, the right to travel privileges isn't really transferred when you transfer someone 750 consolidated shares because

a) they have to wait 3 months

b) you could hold 1,500 consolidated shares, transfer 750 to Bob and 3 months later both you and Bob would have travel privileges - the word "transfer" implies you have to lose what Bob gains

Only the shares are transferred and those shares then create an entirely new entitlement to travel privileges.