Eastern Electricity

Hi MSEs,

In 1993 I went to work abroad. My belongings, including valuable financial records, were distributed hurriedly – my Ex took some, some went into storage, etc.
Although I knew I had bought shares in companies (as long term savings), I was not able to find the certificates until last year.

I have tracked down most of the money owed to me but one company has so far created more and more problems the deeper I dig: Eastern Electricity.

I bought 110 shares in Eastern Electricity – and found a certificate for 100.
After much searching I discovered that Eastern Electricity had been through a myriad name changes – many as part of a long sequence of company acquisitions. To the best of my knowledge the sequence is:
Eastern Electricity Limited
Eastern Group plc
EPN Distribution plc
EDF Energy Networks (EPN) plc
Hanson plc
Hanson Building Materials Limited.
I also know that Texas Utilities (TXU) bought a majority of shares (at some point in the above history) and renamed the business TXU UK – though this does not appear to have been a full takeover.

In that time the Registrar had also changed. I tracked down the 2007 Registrar (in that year), Lloyds TSB, and wrote to them.

They said that all outstanding money owed to me could be paid – providing I returned my share certificate. This I did, by registered post. Shortly after this my PC suffered a hard disc crash and I forgot all about Eastern Electricity.

Then a letter arrived in April 2008 from a new Registrar, Equiniti. Saying I had not claimed my entitlement regarding Hanson's acquisition of EDF Energy Networks (EPN) plc. In that letter they said that if I wished to claim I should know that I will shortly have to go to the Court Funds Office.

To cut a long story short: Apparently there is a new law. Any money generated by a shareholding will be held in trust by this government office until claimed – if it has been left unclaimed for 15 years.

When I called Equiniti I was assured that I would not lose any money just because I now had to claim it through the Court Funds Office. However, it was only during a second call that I discovered dividends still need to be claimed via the traditional Registrar route.

In addition, Equiniti have my share certificate and have said that I did not receive any money last year because the certificate for the other 10 shares was still missing. That certificate still needs to be re-issued before I can get my money.

Finally, although I responded immediately Equiniti and their Court Funds agents (Earnst & Young) have both called me to say that the process of transfer of the Shareholders Register to the Courts Funds Office mean that they cannot act and I will have to wait until after Court Lodgement (27th June).

Bureaucratic nightmare aside, I have the following questions:
- 1 -
Given that Equiniti were wrong about my not losing out over dividends (if I had not asked the right questions I would have missed out on dividends); Are they right, will I not lose a penny of acquisition funds? I am concerned that the Court Funds Office will only have information on the Hanson acquisition. But what, for example, of EPNs acquisition of Eastern Group plc?

- 1a -
... and actually, have I asked all the right questions about dividends?

- 2 -
How do I find out about the true history of Eastern (etc.)?

- 3 -
How do I get financial and legal advice that will not swallow all the money (and more) that I may be owed?

- 4 -
What will happen over the lost share certificate?

- 5 -
Do I really have to wait?

- 6 -
Are there any other forms of payments made to shareholders that I might miss?

- 7 -
Okay, the list of questions is obviously pretty long. The above are the real big ones.

I would be most grateful for any help that anyone here can give.

Comments

  • chris1
    chris1 Posts: 582 Forumite
    Part of the Furniture 100 Posts
    Apparently anyone who had not sold their Eastern Electricity (which had been renamed Eastern Group plc) shares by October 1995 had a forced sale to Hanson plc at £9.75.
  • Hi Chris, Thank you for your input.
This discussion has been closed.
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