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Originally Posted by MovedGoalPosts
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?
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Let me first say I'm not an expert on share dealing so this may be utterly wrong....
The way I understand it is that you do not have any property being sold here. You have a cash investment in a company, the bit of paper with the number of shares you own is only a statement if you like, you don't physically own anything. Well technically the bit of paper is worth 0.001p in most cases.
As a shareholder you have a right of opinion, but it would seem that the decision has been made without you, which could be down to the number of shares you own.
There's something funky going on at O2..which means that MMO2 has become O2 following a High Court rubber stamp of some debt restructuring. As a result shareholders were offered a decent premium for taking a cash offer or to elect to hold new O2 shares instead.
I would guess that one of two things have happened.
1. If no reply came from you as to your preference then they assumed you wanted the cash and sent the cheque to you.
2. The group/company that administrates your share pot collectively elected to accept the cash price.
It's worth getting in touch with your stockbroker, or if you held the shares directly with MMO2 get in touch with O2's brokers (I think it's LloydsTSB) to find out what the deal is.
Whilst it may be too late to reinstate your previous shares, if it can be shown that someone has acted negligently then you have a case to ask for the cash equivalent of today new O2 share price or for the costs it would involve in putting you back to the position you would be in if they had sent the letter asking if you wanted to convert your shares.
Like I said though, I am NOT an expert...you should seek the advice of someone who is...and I am not 100% au fait with the whole situation with O2 either!!