Cable Forum - View Single Post - O2 Plc Shares

MovedGoalPosts · 26-03-2005, 20:56

MMO2, formerly cellnet, was hived off from the BT group a few years ago. Many punters who bought BT shares will have been issues with some MMO2 shares when the demerger occured.

Today I received a cheque under the heading of "O2 plc - Capital Reorganisation". Apparently my pitiful sized holding of MMO2 Shares have been sold, as part of MMO2 being swallowed into a new parent group O2 plc under some form of "capital reorganisation".

Now I do not recall having at any time given my specific consent to allow my shares to be sold. Reading a note, apparently I have either "elected" or have made a "deemed election" for cash instead of shares in the reorganised company. Apparently if you did not make any response, you have made a deemed election for this cash alternative instead of shares.

Looking on the MMO2 web site they were going through the motions of this in January, and might have contacted me at that time. I honestly cannot recall having seen anything, and certainly nothing that clearly and obviously stated my shares would be sold if I did not say I wanted to retain them.

In simple terms, if I do not specifically and positively consent to the sale of shares, which are my property, how can they legally be sold?

26-03-2005, 20:56	#1
MovedGoalPosts Inactive Join Date: Jun 2003 Location: 127.0.0.1 Age: 61 Posts: 15,868	O2 Plc Shares - Cash Alternative MMO2, formerly cellnet, was hived off from the BT group a few years ago. Many punters who bought BT shares will have been issues with some MMO2 shares when the demerger occured. Today I received a cheque under the heading of "O2 plc - Capital Reorganisation". Apparently my pitiful sized holding of MMO2 Shares have been sold, as part of MMO2 being swallowed into a new parent group O2 plc under some form of "capital reorganisation". Now I do not recall having at any time given my specific consent to allow my shares to be sold. Reading a note, apparently I have either "elected" or have made a "deemed election" for cash instead of shares in the reorganised company. Apparently if you did not make any response, you have made a deemed election for this cash alternative instead of shares. Looking on the MMO2 web site they were going through the motions of this in January, and might have contacted me at that time. I honestly cannot recall having seen anything, and certainly nothing that clearly and obviously stated my shares would be sold if I did not say I wanted to retain them. In simple terms, if I do not specifically and positively consent to the sale of shares, which are my property, how can they legally be sold?