What is asset reunification?
Asset reunification is the process through which people are located, contacted and reunited with unclaimed or ‘lost’ entitlements as a result of forgotten investments, savings or matured policies. A lost asset can take the form of a dormant bank account, unclaimed shares or a matured life assurance policy that has not been claimed.
People can lose track of their investments, savings and matured policies when:
> they move and do not notify the company of a change of address
> they change their name as a result of marriage or divorce and do not notify the company
> they forget about their savings and investments
> they make investments without telling their spouse
> they are unaware that their deceased relative had investments
> companies are acquired, merge or change their names.
Why do companies want to return these lost assets?
It is best practice for companies to return lost assets to keep their records up to date and to ensure that their customers receive the assets they are entitled to. If companies don’t keep their records up to date they may incur unnecessary costs, for example by mailing shareholders at the wrong address.
I have received a letter from Georgeson addressed to a person who no longer lives at this address. What should I do?
We would appreciate any help you can give us to find this person. If you have a forwarding address for them, please let us know so that we can write to them again. We will then ask you to destroy the letter you received. If you don’t have an address for them, but know the name of the estate agency that managed the sale/purchase of the property, again please contact us to let us know as we may be able to contact them via the appointed agents.
The letter I received mentions a scheme of arrangement – what is this?
A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors that may affect the structure of the business. For example, if a company is merging with another or being taken over, under a scheme of arrangement the shareholders do not have to send back a form of acceptance for the merger/takeover to take place. Once the merger/takeover happens, the original shareholders are automatically sent either shares in the new company, cash or a combination of both.
If you have received a letter about this, it may be because the entitlement sent to you wasn’t cashed and is still owed to you.
The letter I received mentions an acquisition – what is this?
This is where one company takes over another or where companies merge together. Shareholders are sent documents outlining the proposal of the acquisition before it happens and are asked to send back a form of acceptance. Once an acquisition happens, the original shareholders receive either shares in the new company, cash, loan notes (a document proving what is owed to you) or a combination of all three.
If you have received a letter from Georgeson it may be because your form of acceptance wasn’t received by the company that was involved in the acquisition, and your entitlement hasn’t been issued to you.