I bought some shares when Margaret Thatcher's government was
privatising everything. In two or three cases, the companies
concerned were taken over and my relatively few shares compulsorily
purchased.
I got paperwork telling me I was entitled to £X but when I read the
small print I was told that there was an administration fee payable
before I could get the money.
Yesterday, I got a letter from a company called Prosearch who told me
that, as a former holder of O2 shares, I was entitled to some £3000
because my holding had been compulsorily purchased by Telefonica SA
but over £400 would be deducted from my payout as an administrative
fee by Prosearch.
I rang Prosearch on their 0800 helpline and asked what the fee of £400
was for. I was told that this was a "dedicated and voluntary service"
and I didn't have to use it.
I have the same problem with BAA shares and I'll investigate that
further.
Does anyone in uk.finance know how to get the proceeds of compulsorily
purchased shares without having to pay administration fees?
--
Alasdair. |