14 November 2005

Michael Howard helps constituent maintain share entitlement after redundancy

Folkestone and Hythe MP Michael Howard has intervened in the case of Mr C Greeley of Folkestone, Kent, to ensure he receives his entitlement from an employee share scheme.

Mr Greeley worked for P&O in Dover, and paid £50 per month into the P&O Steam Navigation Company Sharesave Contract, a scheme run by Computershare Investor Services. He was made redundant by P&O in January 2005, so contacted Computershare for a form to choose his share option. Computershare, however, replied that they had not been informed of his redundancy by P&O, and were therefore unable to supply him with one. This continued to be their reply until July, when Computershare claimed that they had in fact been informed of Mr Greeley’s redundancy in May, and had sent him the appropriate form to decide his share option, which was not received. Unfortunately, this change of stance from Computershare came just over six months after Mr Greeley’s redundancy, meaning that he was ineligible to take up his share option under HM Revenue and Customs regulations.

Mr Greeley then wrote to Mr Howard, expressing his disappointment, as he had paid a total of £1,300 into the scheme, and believed he was entitled to shares. Mr Howard therefore wrote to the Chief Registrar of Computershare, inquiring into the case. On 30th August, he received a reply from Computershare, informing him that they and P&O had been ‘able to agree a way forward which we trust Mr Greeley will find satisfactory’. This was the case, and Mr Greeley wrote to Mr Howard expressing his satisfaction with the help he received. ‘If it was not for you’, he wrote, ‘I don’t know what would have happened’. Mr Howard commented: ‘I was pleased to be able to help Mr Greeley with his employee share scheme. It is particularly worrying that, following redundancy, issues like this can arise, threatening extra hardship and distress. I am glad he is now receiving his entitlement’.