Northern 3 VCT - strange letter

[scotia]

I have received a letter from Mercia Ventures which includes a Replacement Share Certificate for my (multiple) current Northern 3 VCT share certificates.
It would appear to be a result of the change of share registrar from Equiniti to The City Partnership. I have had several other changes of registrar with other VCTs but none have affected Share certificates.
It would appear that Equiniti confirmed the number of shares, however they were unable (in a small number of cases) to provide the full list of share certificates to which these holdings relate. Hence Mercia Ventures has cancelled these earlier share certificates and has issue a new (single) Northern 3 VCT share certificate dated 10th December 2023. I have been advised that I may destroy my original share certificates.
Fortunately I have retained the original certificates along with the dated tax rebate certificates.
Are there any other Northern 3 VCT holders that have been similarly affected?

[oxmatt]

Yes - for all of Northern 1, 2 and 3.

Surname near the end of the alphabet.

[scotia]

Yes - for all of Northern 1, 2 and 3.

Surname near the end of the alphabet.

So far only the Northern 3 is affected in my holdings (I had 4 certificates). I also hold Northern 2 (in 1 certificate).
My surname is near the beginning of the alphabet.

[cprof]

NVT only for me ( I also hold 2&3). I was quite pleased that the replacement of 18 certificates ( result of frequent DRIS participation) reduced the size of my bulging VCT certifcate file (bulging, again because of DRIS). It is a real nuisance that DRIS participation is not possible from nominee accounts.

[Karellan]

I thought it odd too. I have had a new consolidated certificate for N1 and N2. I hold N3 too.

I have many VCTs whose registrar has changed and the old registrars certificate is all I have.

[UncleEbenezer]

I've had some replacement certificates in my time. In the case of Crapita Registrars (very likely re: Ventus), I had to jump through hoops to convince them the two shareholders with identical name, address date of birth, NI number and bank account were indeed the same person (me).

No more of that since the shares are held in a nominee account.

[Karellan]

The post around here is a bit slow so possibly I will get an N3 consolidation certificate from the new registrars.

I think that there has been a lot of change and consolidation in the registrars ( fallout from Woodford ? ). City partnership seems to have picked up a lot of new business and ComputerShare has most of what is left. I think Proven is still with Link. Its probably worth getting ones online representation of ones holdings checked and up to date just in case somebody manages to lose something else. I think that Computershare has recently improved their security and will probably require re registration.

[onslow]

Interesting - I never received the replacement share certs for my holdings in the 3 Norther VCTs.

Ive tried to deposit the certs & sell these VCTs with Jarvis, however of course they are saying I need to send them the new certs - which I dont have.

After speaking to the VCT and their new registrar apparently I need to pay a £25 fee per certificate as its considered that I've lost the originals, and thus need to fund replacements.

I'm tempted to actually make some noise and issue regarding this - they have unilaterally cancelled the certs, I haven't received replacement and if they insists on me paying the £75 I'll go to Small Claims Court to seek a refund along with any court costs. My issue is with the VCT as it was there decision to change registrars and ultimately reissue share certificates.

Thoughts?

[UncleEbenezer]

Thoughts?

Sounds like the kind of thing someone must've faced before.

Perhaps there might be similar stories out there if you google, or look around the websites of financial journos like Mr Lewis of Ms Somerset-Webb, or indeed TMF. And if not, maybe they'd take up your story?

[scotia]

Interesting - I never received the replacement share certs for my holdings in the 3 Norther VCTs.

Ive tried to deposit the certs & sell these VCTs with Jarvis, however of course they are saying I need to send them the new certs - which I dont have.

After speaking to the VCT and their new registrar apparently I need to pay a £25 fee per certificate as its considered that I've lost the originals, and thus need to fund replacements.

I'm tempted to actually make some noise and issue regarding this - they have unilaterally cancelled the certs, I haven't received replacement and if they insists on me paying the £75 I'll go to Small Claims Court to seek a refund along with any court costs. My issue is with the VCT as it was there decision to change registrars and ultimately reissue share certificates.

Thoughts?

Strange! I received the letter and a new share certificate for Northern 3. The accompanying letter indicates that only a certain number of Northern 3 certificates were affected - my inference was that a significant number were not affected and their original certificates were still valid.
I received no letter concerning my Northern 2 shares - so I assume they are still valid.
So my first guess at your problem is that your current certificates are still valid - and Jarvis are making a mistake. I know that you have consulted the VCT about certificate replacement, but have maybe not clarified that you still have the original certificates.
Alternatively, your original certificates may have been replaced, but have been sent to an old address.
The letter (dated 15/12/23) which arrived with my replacement certificate contained the following text:-

If you have any questions regarding your replacement share certificate, please contact Mercia via email at vctshareholderenquiries@mercia.co.uk

[Kidman]

I am a Northern VCT 3 shareholder who did not receive a replacement share certificate.

At present I am not considering selling my shares but am concerned that this could be difficult given the posts on this thread.
There must be many shareholders who have not received a new share certificate and don't read these posts. They could be in for a shock some time in the future.

Perhaps all of us who have any holdings where we have not received a new share certificate should be writing to the Registrar and Mercia asking them to clarify the position?

[scotia]

I am a Northern VCT 3 shareholder who did not receive a replacement share certificate.

At present I am not considering selling my shares but am concerned that this could be difficult given the posts on this thread.
There must be many shareholders who have not received a new share certificate and don't read these posts. They could be in for a shock some time in the future.

Perhaps all of us who have any holdings where we have not received a new share certificate should be writing to the Registrar and Mercia asking them to clarify the position?

I didn't receive a replacement certificate for my Northern 2 VCT - so I assumed it was OK. It's 5 year hold is up at the beginning of April, and my normal practice is now to shift such end-of-5yr-hold VCTs into non-certificated form with Hargreaves Lansdown. So sometime in early April I will find out if there is any problem. All of my Northern 3 VCT share certificates were re-issued as a single "new" certificate, but it replaces former components which were issued at various times, with the last one due to reach its 5 year hold next January.

[Kidman]

I logged in to the Northern VCT share portal and managed to get my way down to a list of share certificates. Not only did they match the ones that I hold but they were marked "live" which apparently means that they are still valid and should be accepted by any broker.

[scotia]

I am a Northern VCT 3 shareholder who did not receive a replacement share certificate.

At present I am not considering selling my shares but am concerned that this could be difficult given the posts on this thread.
There must be many shareholders who have not received a new share certificate and don't read these posts. They could be in for a shock some time in the future.

Perhaps all of us who have any holdings where we have not received a new share certificate should be writing to the Registrar and Mercia asking them to clarify the position?

I didn't receive a replacement certificate for my Northern 2 VCT - so I assumed it was OK. It's 5 year hold is up at the beginning of April, and my normal practice is now to shift such end-of-5yr-hold VCTs into non-certificated form with Hargreaves Lansdown. So sometime in early April I will find out if there is any problem. All of my Northern 3 VCT share certificates were re-issued as a single "new" certificate, but it replaces former components which were issued at various times, with the last one due to reach its 5 year hold next January.

Update - my Northern 2 VCT share certificate has been safely lodged with Hargreaves Lansdown. I have requested it be sold, and have been told there is no current market, but there will be a buy back in June or July. I have left it with instructions to sell at such an event. (I have done this with other VCT certificates in the past)