O2 Plc Shares - Cash Alternative

[MovedGoalPosts]

I readily admit that I could have received an envelope as described and overlooked it. But I cannot recall having done so, and clearly that I cannot prove or disprove receipt weakens my position. I understand why MMO2 wanted to cut their shareholder base (the way I see it the shares haven't been bought back in so much as placed with much larger portfolio holders). But I didn't necessarily wish to sell, especially as long term it appears that mobile companies are expected to be good investments.

Yes I have been compensated by having a cheque instead of my investment. But, it still seems to go against any principle of equitable law that someone can sell something of yours without your positive action to say you want it sold.
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Ah, OK. I've just found the bumpf from MMO2 about this, files in amongst a load of buisiness circulars I get, still unopened in an opaque blue plastic wrapper that simply states "mmO2 plc" & "important documents", the way that most of their annual shareholder trading statements are issued. Nothign to say "time limited", "Urgent - act now", or similar priority.

What is worse is the explanatory booklet enclosed runs to over 80 A4 pages of small font text. How many small shareholders are realisitically going to wade through that.

There is then an A2 sized card, folded up into A4 quadrants that on the outside Face is headed "form of election for mmO2 shareholders" and on the back "how to complete this form". Nothing on the immediately visble face, clearly spells out that if you do not complete the form you loose your shareholding, at least not obviously so in simple clear laymans terms.

Only when you open out the form is there text5 saying that if you do not complete and return the form you may not receive shares, however even that does not stand out from other text, in what is any form of clear or obvious way that says I must act to avoid loosing my investment.

[SMHarman]

So the document is written in a way to make most small shareholders ignore it and achieve the company objective of reducing its shareholder base.
Make it too clear and everyone will fill in the forms and you will have achieved nothing but a big pile of forms and legal/court fees.

[MovedGoalPosts]

Originally Posted by SMHarman

So the document is written in a way to make most small shareholders ignore it and achieve the company objective of reducing its shareholder base.

Which surely is unfair, unreasonable, etc

[TigaSefi]

The forms were an utter bar steward to fill out. I had to get my mother to help me

[SMHarman]

Originally Posted by MovedGoalPosts

Which surely is unfair, unreasonable, etc

I'd say - there was also limited advertising about the change - compare to when you had to pay Sid the next 130p on your BG share etc. Remember these were part of the BT share base so were from the Sid generation of shareholders and should have been treated as such.

There have been similar fiddling arounds with the Orange shares. It is a reason that it is good to move all your shares to a self select ISA. Then their corporate actions team have to advise you in plain english what to do.