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      12-22-2010, 09:09 AM   #1
Raj59
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Anyone ever dealt with Computershare?

My Dad has some shares in a company which he bought back in 2001 and he wants to sell them now.
So he got the share certificate out and rang the stockbrokers up to tell them that he wants to sell them.

They then told him that the can't proceed because the share certificate is invalid, and was replaced by a new certificate which was sent in 2003
The stockbrokers told him to call the registrar; Computershare.

The change on the certificate was to do with the shares being 'ordinary 25p shares' as per the certifcate he has, being changed to 'ordinary 1p shares', as per the new certificate sent in 2003.

So he told Computershare that we never rececived a new certifcate in 2003, and all the documents we have, (share cerficate, contract note, etc,) all make reference to 'ordinary 25p shares'.

Computershare then said that in order to issue a new share certificate, they would send a letter of indemnity, which he would need to sign and also get it countersigned by his bank. Computershare would also charge an admin fee of 35 for this. He has disputed paying the 35 fee, as he never received the new certificate, to which they said that he would need to send in a note to explain why he is not paying.

He then contacted his bank, who said that they dont offer a countersign service like this, and that the registrar should sort it.
So he rang Computershare again, and this time they said they could waive the need for the countersign for an additional 25 fee.

My dad said that he will not be paying this either as it's not his fault that he never received the certificate in 2003, and he could already be losing more money as he has not been able to sell the shares today.

So they just said to him to sign and send in the letter of indemnity along with a cover note, explaining all of the above and they will review it.

I was just wondering if anyone has ever dealt with Computershare before and been in a similar situation.

Surley it cant be right that he has to pay nearly 60 for a new certificate which he never received?

Thanks
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      12-22-2010, 12:29 PM   #2
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Pleased to hear that you got it sorted out in the end.
Companies like this get away with shady practices far too often and they should be named and shamed.
For what it's worth I'd recommend that you complain to the financial services ombudsman: http://www.financial-ombudsman.org.uk/
I've no idea what sort of response you'll get, but seeing as bankers and their fellow bottom feeders aren't exactly top of the pops right now, Computershare might have their horoscope read for them.
It's certainly a name I won't forget.
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      12-22-2010, 01:07 PM   #3
Raj59
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Thanks for your reply Jon.

I'll definitely take a look at the financial services ombudsman, and get my Dad to send a letter of complaint to them about Computershare. Be interesting to see what sort of reply we get, (if atall!).
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      12-24-2010, 04:10 PM   #4
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I can explain!

I'm sorry to hear that your Dad didn't get an explanation he understood for the indemnity etc. I'm Computershare's Corporate Communications Director and can explain the legal reasons behind the requirement if you want to get in touch with me - lucy.newcombe@computershare.com. It's definitely not a shady practice though - please don't worry on that account. All share registrars are required to do the same thing - like I said, happy to explain if you get in touch.

Best regards,

Lucy
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      12-24-2010, 04:30 PM   #5
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Quote:
Originally Posted by newcombel View Post
I'm sorry to hear that your Dad didn't get an explanation he understood for the indemnity etc. I'm Computershare's Corporate Communications Director and can explain the legal reasons behind the requirement if you want to get in touch with me - lucy.newcombe@computershare.com. It's definitely not a shady practice though - please don't worry on that account. All share registrars are required to do the same thing - like I said, happy to explain if you get in touch.

Best regards,

Lucy
Thank you Lucy.

I have sent you an email and look forward to your reply.
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      12-24-2010, 05:23 PM   #6
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Quote:
Originally Posted by newcombel View Post
I'm sorry to hear that your Dad didn't get an explanation he understood for the indemnity etc. I'm Computershare's Corporate Communications Director and can explain the legal reasons behind the requirement if you want to get in touch with me - lucy.newcombe@computershare.com. It's definitely not a shady practice though - please don't worry on that account. All share registrars are required to do the same thing - like I said, happy to explain if you get in touch.

Best regards,

Lucy
wow, that's quite an impressive response..

took the time to register and post
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      12-25-2010, 02:50 PM   #7
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That's a great response! Maybe bigsy should take note!
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      12-25-2010, 06:01 PM   #8
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      01-06-2011, 04:42 PM   #9
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Just to update:

I've kept a bit quiet on this since it's been ongoing, but today it all got resolved, and very happy to say and thank Lucy (newcombel) for her fantastic help!

Other companies should take note! This IS how you do customer service.
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      01-06-2011, 05:02 PM   #10
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Good ol' Luce
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