RE: Hargreaves lansdowne11 May 2025 10:19
The Company has been giving out misleading information about the paper certificates as it did not establish the precise impact on retail shareholders of pulling out of CREST. SNG did not treat all shareholders equally in considering the impact of its actions and has been unhelpful in resolving queries.
The brokers are correct that they are not responsible for issuing certificates. The retail platforms (HL,II, AJB et al) will hold the shares on the broking accounts. Some brokers, like Fidelity and possibly HSBC sold investors shares prior to delisting with little warning or time for remedial action.
Some shareholders have queried whether their holdings are still showing on their online platforms as they have been confused by the nil value attributed to them. So long as a number of shares are showing with an appropriate cost, this should give comfort the shares are properly recorded on the account.
Shares in ISAs need to be transferred to Trading accounts. Some platforms do this automatically. Others have to be instructed within 30 days. The (tax base) cost of shares transferred out of ISA's is deemed to be the value on the last day of trading (0.8p?) meaning not only have we lost the ISA tax protection but would be taxed on any gain over (0.8p) impacting our break even cost.
Shares in SIPPs remain where they are.
Some shareholders have insisted on receiving paper certificates and have paid administration fees from their online platforms. Personally I do not think this is necessary and runs the risk of losing the paper copy.
Trust this helps.
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