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Bank Error on Share purchase

  • 31-03-2014 2:56pm
    #1
    whatnext
    Registered Users, Registered Users 2 Posts: 916 ✭✭✭


    I suspect this is my own problem and there is nothing I can do about it ( statute of limitations or what ever the banking equivalent is) but though I'd ask before I have a word with the bank.

    I had 900 shares in an AIM listed company and 2009 they went through a share consolidation where by you would get one share for every 500 shares you own and these would then be multiplied by 500. Nett result being they get rid of all the really small share holders, and if you had a multiple of 500 shares there would be no real change at all.

    As the shares were low in price at the time I bought a further 1600 through the bank, bringing me to 2500 shares in total (and also a multiple of 500). All this happened in mid 2009.

    Fast forward to this morning. when checking my dividend cheque, the first one I have received since 2009 and I says I have only 2000 shares.

    I have my receipt from the bank - says the purchase was for 1600, and checked my bank statement and I paid for 1600 and their fee too. The t&c's on the receipt have the usual E&OE guff.

    I double checked my original holding and its definitely 900 as I have the old share certificate.

    So whats happened a the money or b the shares.

    I'm really stumped, not sure whether to go after the bank or the company.

    In 2009 it wasn't a massive amount of cash, but over the past 5 years the share price as trebled making it a bit more of an issue.

    Anyone had a similar experience or any advice?

    I've checked every piece of paperwork I have and its not me that's made the mistake, also had a colleague look at it too in case I was being an idiot.


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    OP, this query is probably better suited to the Investments & Markets forum.


  • #3
    Bizness
    Registered Users, Registered Users 2 Posts: 45 ✭Bizness


    You should probably initially contact the registrars for the company. Look up the web-site for your AIM company, and see who the registrar is on the Investor Relations page (it could be someone like Equiniti or Capita etc). Then contact them with your shareholder reference number (this will be on your share cert) and see what your transaction history was from day 1, to see if 500 shares are actually missing or if there is another reason, e.g. was there a partial buyback of shares as well, or even if the actual divisor was > 500.

    Although if you purchased in two lots, then you had two share certs, one for 900 and one for 1600. The AIM company (and its registrars) may have treated these as two discrete shareholdings (they would not know it is the one and only person), hence the 900 rounded down to 500 and the 1600 rounded down to 1500, so net two share holdings of 500 and 1500 = 2000, with two cheques issued to you for the rounding down balance.
    Anyway registrar should be able to explain.


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