National Grid (NG) Rights Issue 2024 - Ireland Shareholders excluded

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OHSEE24

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As a longstanding NG shareholder, I was appalled to discover that shareholders who have a registered address within the European Economic Area (which includes Ireland) were restricted from participating in the Rights issue. Because of this blatant discrimination of 'EEA' ordinary shareholders, I was unable to purchase new shares as part of the rights issue, effectively diluting (due to the company's issuance of new additional shares) my existing shareholding.

For years, I have participated in the company's dividend re-investment programme in which shareholders receive additional shares in lieu of dividend payments.

I would have thought it illegal for any PLC (FTSE 100 member) not to treat all ordinary shareholders equally? I would welcome any advice on what I might be able to do to seek fairness?
 
OHSEE24, Like you I could not take part in the rights issue with my certificated NG shares,
But could take part with my shares held by a UK stockbroker in a nominee account, even with my Irish address.
This is what I found on the internet.

Your ii shares are held in a nominee account in the UK, so they qualify.
In the EU only a qualified investor (i.e. a professional) will be entitled to act.
 
I was in same boat, but my issue was that deadline was too tight and my share holding held with degiro. I could see the rights there but I was also not able to sell them, it kept giving me an error message. However are we not entitled to some cash when the unsold or exercised rights are sold on the market, I believe this happens after the closing date?
However on degiro email it said that if the rights were not exercised they would revert to null value. However surely if we were precluded in participating anyway being outside UK then we should be entitled to this residual value
 
My account with degiro, I see the rights were subsequently sold last week along with all the other residue unexercised rights. I saw the money was added to my account as sale of the rights however a day later it was all pulled back by degiro as " degiro cash sweep transfer ". Surely this is not correct that degiro are pulling this money out into their own fund. Is there a financial regulator that this can be complained to about?
 
I received a letter for payment of the rights that I was unable to take up.
They only have a form to fill in for bank details for a UK bank.
I have sent off an email to shareview to find out what can be done.
 
"degiro cash sweep transfer" is the terminology used by degiro when they are transferring cash to your flatex bank account. It might take a few days for the transfer to show on your account.
 
S class said:
"degiro cash sweep transfer" is the terminology used by degiro when they are transferring cash to your flatex bank account. It might take a few days for the transfer to show on your account.
Click to expand...
That's great, thanks for that, but normally unallocated cash or dividends are left as cash in degiro account,
 
Degiro never credit the dividend on the day it is due, it's usually a day late. some times later than that.
2,500,000 clients, that's a lot of interest.
 
Just FYI, as a Davy customer I was able to partake in the rights issue, I even received a letter in the post from them advising me of my options - the default being to not act and ultimately have the share rights sold off. I'm not sure how the shares being held by Davy gave me that option as an Irish resident.
 
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