Closure of the abrdn Investment Trusts Saving Plans

Farway

I assume you had the same letter as the rest of us regarding closure?, the requirement for written instruction to sell is

stated [option 3] in that letter, whether you or I think there is a need or not is immaterial

FWIW I agree with you, once original notification has been signed, with sell option selected and returned I can see no real reason for them not to sell all & close account, however they do not want to do it that way

I suppose it could suit some to time the sale for whatever reason, foreseeing an increase in price for instance

By coincidence, I am about to post my SELL instructions to them. 

In the letter am formally & explicitly instructing them to sell all my holdings and return all proceeds to me, plus any outstanding cash, in my case 48p, which has lingered with them for years

I have also enclosed a VOID cheque, which they want for bank details.

Furthermore, I have not queried or argued why they want it this way, it's far easier for me to just comply than argue, just doing it and getting my money will suit me fine

Although outside of UK, the policy details are on their closing letter, maybe you quoted them on your query and have them available on your computer or whatever you have with you?

.PS, I have not had any other communication from them since their original letter, I was expecting something but got nothing, so I did 'phone and ask for any selling forms they would require, told there were none & just write telling them to sell

Rheumatoid

Farway said:

I assume you had the same letter as the rest of us regarding closure?, the requirement for written instruction to sell is

stated [option 3] in that letter, whether you or I think there is a need or not is immaterial

FWIW I agree with you, once original notification has been signed, with sell option selected and returned I can see no real reason for them not to sell all & close account, however they do not want to do it that way

I suppose it could suit some to time the sale for whatever reason, foreseeing an increase in price for instance

By coincidence, I am about to post my SELL instructions to them. 

In the letter am formally & explicitly instructing them to sell all my holdings and return all proceeds to me, plus any outstanding cash, in my case 48p, which has lingered with them for years

I have also enclosed a VOID cheque, which they want for bank details.

Furthermore, I have not queried or argued why they want it this way, it's far easier for me to just comply than argue, just doing it and getting my money will suit me fine

Although outside of UK, the policy details are on their closing letter, maybe you quoted them on your query and have them available on your computer or whatever you have with you?

.PS, I have not had any other communication from them since their original letter, I was expecting something but got nothing, so I did 'phone and ask for any selling forms they would require, told there were none & just write telling them to sell

I had that letter and returned signed with instruction to sell (option 3). I thought that was the end of it. However, when I received a reminder about responding I thought I ought to check whether they had received my original instruction. This is when I received the email about additional information and instructions required. If I had not contacted them I would be non the wiser. I can only assume that at some point before closure of the plans they would write again asking for this information if it is actually required. The problem I have being abroad is getting the following information that I do not have access to.

• Number of shares to be sold or the value of cash you want to raise
• Trust(s) that you wish to sell the shares in
• All client signatures

 It's all a bit of a shambles and I have raised a complaint to see if that helps to get things resolved.

Farway

Just an update on my sell instructions. As stated, I did post letter explicitly instructing them to sell, posted 1st class on Tuesday 19th Sept

Today I have received by post from Abrdn a contact note, my shares were sold on 21st Sept at 1207, at 241.03 P

States settlement date is 25th Sept [today]

No indication of how money will arrive, whether cheque or direct into my bank

However, first selling stage has now been completed

I'll update on how & when the dosh arrives

Farway

Update, Yesterday, 27th I had letter in post, with confirmation of sale plus statement from April 2023, showing recent changes, including the shares' reconstruction, dividends, my selling, their fees [£10] & VAT [£2]

Final line is amount paid into my bank, via BACs, all of it, my closing balance was Zero

The money arrived in my back overnight

To summarise, I posted written sell instruction, first class, on Tuesday 19th, money in my bank Thursday 28th

Rheumatoid

Thanks for the update. They are not responding to my emails!

wmb194

Farway said:

Update, Yesterday, 27th I had letter in post, with confirmation of sale plus statement from April 2023, showing recent changes, including the shares' reconstruction, dividends, my selling, their fees [£10] & VAT [£2]

Final line is amount paid into my bank, via BACs, all of it, my closing balance was Zero

The money arrived in my back overnight

To summarise, I posted written sell instruction, first class, on Tuesday 19th, money in my bank Thursday 28th

You might be amused to learn that this was reported on in the press, by CityWire, and this thread and your complaint were mentioned. Apparently Aberdeen declined to comment...

https://citywire.com/investment-trust-insider/news/abrdn-s-closure-of-investment-trust-saving-plans-angers-investors/a2426386#ShowComments

Farway

wmb194 said:

Farway said:

Update, Yesterday, 27th I had letter in post, with confirmation of sale plus statement from April 2023, showing recent changes, including the shares' reconstruction, dividends, my selling, their fees [£10] & VAT [£2]

Final line is amount paid into my bank, via BACs, all of it, my closing balance was Zero

The money arrived in my back overnight

To summarise, I posted written sell instruction, first class, on Tuesday 19th, money in my bank Thursday 28th

You might be amused to learn that this was reported on in the press, by CityWire, and this thread and your complaint were mentioned. Apparently Aberdeen declined to comment...

https://citywire.com/investment-trust-insider/news/abrdn-s-closure-of-investment-trust-saving-plans-angers-investors/a2426386#ShowComments

Requires registration to read it

ColdIron

It's worth registering for much of CityWire's content

wmb194

Farway said:

wmb194 said:

Farway said:

Update, Yesterday, 27th I had letter in post, with confirmation of sale plus statement from April 2023, showing recent changes, including the shares' reconstruction, dividends, my selling, their fees [£10] & VAT [£2]

Final line is amount paid into my bank, via BACs, all of it, my closing balance was Zero

The money arrived in my back overnight

To summarise, I posted written sell instruction, first class, on Tuesday 19th, money in my bank Thursday 28th

You might be amused to learn that this was reported on in the press, by CityWire, and this thread and your complaint were mentioned. Apparently Aberdeen declined to comment...

https://citywire.com/investment-trust-insider/news/abrdn-s-closure-of-investment-trust-saving-plans-angers-investors/a2426386#ShowComments

Requires registration to read it

It’s free and if you’re interested in investment trusts it’s very good - one of the few places that pays particular attention to them.

Rheumatoid

wmb194 said:

Farway said:

Update, Yesterday, 27th I had letter in post, with confirmation of sale plus statement from April 2023, showing recent changes, including the shares' reconstruction, dividends, my selling, their fees [£10] & VAT [£2]

Final line is amount paid into my bank, via BACs, all of it, my closing balance was Zero

The money arrived in my back overnight

To summarise, I posted written sell instruction, first class, on Tuesday 19th, money in my bank Thursday 28th

You might be amused to learn that this was reported on in the press, by CityWire, and this thread and your complaint were mentioned. Apparently Aberdeen declined to comment...

https://citywire.com/investment-trust-insider/news/abrdn-s-closure-of-investment-trust-saving-plans-angers-investors/a2426386#ShowComments

  Fame at last