Your Questions Answered
What is an Odd-lot Offer?
The Odd-lot Offer is a way of offering shareholders who hold fewer than 100 Ordinary Shares the opportunity to sell all their shares at a 5% premium to the market price (the ‘Offer Price’), without incurring any dealing costs. Please also see ‘What is the Offer Price?’ below.
Why is Quilter implementing an Odd-lot Offer?
As part of our drive for efficiency in how we run our business and consistent with our desire to act in the best interests of all our shareholders, we have decided to undertake an Odd-lot Offer. Shareholders approved the Odd-lot Offer at the 2019 Annual General Meeting.
Quilter currently has approximately 460,000 shareholders, of whom around 220,000 each hold fewer than 100 Ordinary Shares. These, principally South African shareholders, were originally granted their shares in Old Mutual plc from their interest as policy holders when that business demutualised in 1999. They have not actively chosen to invest in a UK domiciled company and have become Quilter shareholders as a result of our Managed Separation from Old Mutual plc in 2018.
The Odd-lot Offer will reduce the complexity and cost of managing our shareholder base and allows shareholders holding small numbers of Ordinary Shares to dispose of their shareholding in a cost effective manner.
What is the Offer Price?
The Offer Price is 120.24 pence (GBP).
In the case of Ordinary Shares held on the UK Register, the Offer Price has been set at a 5% premium to the volume weighted average price of Ordinary Shares traded on the London Stock Exchange over the five trading days prior to the date on which the Offer Price was finalised (the period from Friday 17 April 2020 to Thursday 23 April 2020).
What do I need to do now?
You need to choose if you would like to sell all your shares or keep all your shares.
Once you have made your choice, please complete and return the enclosed Form of Election/Surrender (the ‘Form’) and return it to Equiniti in the pre-paid envelope provided. Place an ‘X’ in Option A to sell your shares or place an ‘X’ in Option B to keep your shares. Please ensure that you sign the Form where indicated. If you choose to sell your shares, please ensure that you enclose your share certificate(s) or other documents evidencing ownership of your shares (the ‘Surrender Documentation’) as requested on the Form.
If you wish to keep your shares, you must complete and return the Form.
Please also see ‘What will happen if I do nothing?’
What do I do if I have lost my share certificate(s)?
If you cannot find your share certificate(s), you can place an ‘X’ in Option A (I would like to sell all my shares at the Offer Price) in Part 1 and sign in Part 3 of the Form, to confirm your agreement to the Declaration and Undertaking for Lost Share Certificate(s) shown in the Notes section of the Form under Note 8.
Is it safe to post my share certificate(s)?
You can choose to post your share certificate in the pre-paid envelope provided at your own risk. You may wish to send your documents to Equiniti securely by registered post.
How will I receive my money?
A cheque will be sent to your registered address on or after Friday 29 May 2020. If you do not submit your Surrender Documentation to Equiniti, there may be a delay in receiving your cheque.
What should I do if I would like to keep my Quilter shares?
You can elect to retain your shareholding. Please complete the Form, ensuring that you place an ‘X’ in Option B in Part 1 to retain your shares rather than sell them and ensure the Form is returned in accordance with the instructions set out on the Form by no later than 1:00pm (UK time) on Friday 15 May 2020.
What will happen if I do nothing?
If you are an eligible shareholder holding fewer than 100 Ordinary Shares and you do not take any action, your shares will automatically be acquired by the Company under the terms of the Odd-lot Offer. Once you have provided the Surrender Documentation to Equiniti, the proceeds of the sale will be sent to you. We will continue to hold the proceeds on your behalf until the Surrender Documentation is received. Any proceeds which are retained by the Company (for example, due to Surrender Documentation having not been provided to Equiniti or because the Company does not have your up to date address) for a period of six (6) years from the date of the sale of the Odd-lot shares may be declared forfeited by the Directors for the benefit of the Company.
When is the deadline for making my choice?
You need to ensure that Equiniti receives your completed Form and Surrender Documentation (if required) by no later than 1:00pm (UK time) on Friday 15 May 2020.
Are there any tax considerations?
To assist shareholders, a general description of the UK tax treatment is available here.
Will I still receive my final dividend?
Subject to shareholder approval, Quilter is expected to pay a final dividend for the year ended 31 December 2019 to shareholders on Monday 18 May 2020. You will receive the final dividend on your Odd-lot Offer shares providing you still hold your shares on the dividend record date, Friday 3 April 2020. For more information about dividends, please click here.