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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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On July 24th 2015 I bought a number of shares direct from a

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On July 24th 2015 I bought a number of shares direct from a company registered on the London Stock Market and was told to expect the share certificate soon after. Despite a number of reminders from me, it was not sent out until some time during the week of the 9th November and not to the address I had stipulated. Because I was away from the UK until the 5th December it is only now that I have been able to take possession of the certificate. Subsequently I have found that that the share value has decreased by over 50%. Had the shares been sent on time, or to the correct address when I was away, I could have done something to mitigate the losses. Is there a statutory time limit for the issue of share certificates?
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

It would be helpful if you could continue searching for the moment.

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
What is it you would like to know about this please?
Customer: replied 1 year ago.

Thank you Alex.

As I said in my original question, is there a statutory time limit for the issue of share certificates after purchase?

Expert:  Ash replied 1 year ago.
Yes 2 months under s. 769 of companies act 2006
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.

That's fine thank you. Unfortunately, the agreement I signed upon purchase includes the line "this application for Subscription by me is irrevocable." so I don't think that there is a lot I can do.

The company took well over 2 months to issue the share certificate. Because I had no details of the allocation or evidence of ownership I had no means of taking any remedial action as the price of the shares fell.

Expert:  Ash replied 1 year ago.
Ah. There may be a claim for breach as its took longer than 2 months, but thats it. You could claim for the difference they would have been worth at month 2 to now.
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.

I think that's all I need, thank you. Probably worth a 'strongly worded' letter as they also sent the certificate to the wrong address contrary to my instructions. But I don't hold out much hope.

All best

M.

Expert:  Ash replied 1 year ago.
Indeed I would so that.
Can I help with anything else?
Alex
If this answers your question could I invite you rate my answer before you leave today.
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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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