HL answer to my request AGM20 Jun 2022 14:36
Has anyone else encounter this problem getting Hargreaves Lansdown to cast their votes. See below :-
Thank you for your enquiry and please accept my apologies for the delayed response.
We have checked our records and can confirm that we will unfortunately not be able to facilitate voting and attendance at the Novacyt. The reason for this is because Novacyt is an overseas registered security. In order to be able to hold and trade overseas stocks, Hargreaves Lansdown holds the stocks as CREST Depository Interests (CDIs) as under UK law foreign stocks cannot be handled directly in CREST (the UK settlement system).
CDIs are issued by CREST, and one CDI is the equivalent of one share of an eligible foreign stock. Essentially, for each stock available as a CDI, CREST has the required number of shares held in its name (or the name of an intermediary acting for it) at the central securities depository in the company’s home country (these are the foreign equivalents of CREST – for example, DTCC in the US, Euroclear in much of Europe, Clearstream in Germany, SIS in Switzerland).
As the shares are not held in the name of Hargreaves Lansdown, we are unable to submit voting and attendance requests for overseas General Meetings as we will not appear on the register of shareholders. We apologise for this inconvenience.
