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FAQ - Investment Answers

Question

I bought some Southern Electric plc shares when they were floated in 1990. For various reasons I haven't kept on top of the reorganisations etc that have taken place between then and now and find I have a number of (invalid) certificates and tax vouchers all quoting different numbers of shares. I can't make head nor tail of how I've come to hold the number of shares on what I think is the current certificate. Do you know how I would have come to hold 'x' amount of shares in Scottish & Southern Energy from my original purchase in 1990? - Posted by Bot

Answer

ANSWER 30th October 2008

Hi Bot,

You may know that Southern Electric merged with Scottish Hydro-Electric to form Scottish & Southern Energy (1 for 1). So this is probably the only valid certificate and they are 50p shares.

Presumably you purchased the Southern Electric in the original offer (Dec 1990). The cost was 100p per partly-paid share. In Oct 1991 there was a further call (installment) of 70p and another 70p call in Sept 1992. You would have had to have paid these calls to keep the shares. Furthermore there were bonus shares if you held the original shares for three years. If you were a customer the bonus was one share for every ten held and non-customers got one share for twenty shares. Or there was a cash alternative in the form of energy vouchers. If you kept all the documentation you should have allotment letters for the partly paid shares, the definitive certificate for the fully paid shares and a certificate for the bonus shares. And you also should have the certificate for Scottish & Southern. The allotment letters can be binned and probably the certificates for Southern Electric. Your dividend vouchers should tally up with this. Before you bin the Southern Electric check with the Company Registrars to confirm your current holding and the validity of the certificates that represent your holding.

Registrars are Computershare Ltd. You can check out their website and assuming you have your shareholder ref. number you will be able to check your holding on line. If you have changed address you should obviously inform the Registrar immediately.

If I have missed anything please contact us again.

 

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