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  • Asset Reunification Programme – Corus Unclaimed Shares

    In 2007, Tata Steel acquired Corus Group plc and paid shareholders a cash consideration of £6.08 per ordinary share. A number of shareholders have not yet claimed their cash entitlements in respect of those shares. Tata Steel in the UK has engaged ProSearch Asset Solutions Limited (ProSearch) to carry out a share tracing exercise with the aim of reuniting 'lost' shareholders or their estates with those unclaimed cash entitlements

    There are various reasons why cash entitlements may not have been claimed by  shareholders. The most common reasons are:

    • Shareholder not notifying the Registrar of a change of address;
    • Where a Shareholder has deceased and the beneficiaries or executors of an estate are not aware of the holding; or
    • Shareholders who simply forget about their shareholdings.

     

    If you would like to clarify whether you or a deceased person for whose estate you act held shares in Corus Group plc, please contact our Registrar, Equiniti Limited (‘Equiniti’) on +44 (0)3713842113 for further assistance.

     

    Who is ProSearch?

    ProSearch is a subsidiary of Equiniti and specialises in the research, identification and the reuniting of unclaimed assets. They have worked with a number of well-known companies on similar projects. Further information is provided on their website, www.prosearchassets.com.

    Why is this entitlement due?

    Cheque(s) have been issued that may have been returned to Equiniti undelivered and/or remain uncashed. Tata Steel has instructed ProSearch to try to find and assist those shareholders or their legal representatives with the repatriation of unclaimed amounts to which they may be entitled.

    What should you do if you have received a claim form?

    ProSearch will only send a claim form to an address at which they are reasonably certain that the shareholder, or their legal representative, now resides. The claim form is designed to make the recovery of entitlements as easy as possible. To use this service, please follow the instructions provided and return the signed and dated form (along with any necessary documents) to ProSearch in the pre-paid envelope provided.

    Why is there a fee for using this service?

    In the process of operating the search and identification programme to trace lost shareholders ProSearch incurs costs including data subject analysis, mailings, identity confirmation, claim validation, and a free helpline. Should you choose to use the ProSearch  service there will be a fee of 12.5%, plus VAT, of the cash entitlement due.

    In addition, where a valid share certificate for your holding is not returned with your Claim Form, ProSearch will charge an administration fee of 12.5% of the share value recovered (plus VAT) together with a lost certificate charge of 2% (plus VAT) of the value of shares reissued. ProSearch will deduct all fees from the entitlements recovered.

    What should I do  if I do not want to use the ProSearch service?

    You may make your own arrangements to recover your entitlements by contacting the Registrar, Equiniti on +44 (0)3713842113. Please be aware that there may be charges for the services provided by Equiniti, which they will advise you.

    How to contact ProSearch?

    You can call ProSearch on 0800 612 3662 from within the UK (+44 (0)121 415 0057 if calling from outside the UK). The lines are open from 8.30am to 5.30pm (UK time) Monday to Friday (excluding UK public holidays).

    What if someone else other than ProSearch contacts me about my shares?

    No one other than ProSearch (or Equiniti) should contact you about Corus Group plc or British Steel plc shares.  Please contact the Registrar, Equiniti, if you need further information about unclaimed entitlements or shares.