Somewhere along the way BH acquired a couple of small packets of shares. Big enough to not just forget about them, but small enough to be more bother than they were worth. So along with clearing junk out of the garage and clearing junk out of the attic, time to clear them away.
The smaller packet was to do with JP Morgan and was looked after by a company called Equiniti. The other had a Japanese flavour and was looked after by a company called M&G.
JP Morgan being a US bank started back at the turn of the nineteenth century. The Wikipedia article on the founder, at least on the basis of a skim, presents him in what was for me a surprisingly positive light. Then after various vicissitudes in the second half of the twentieth century, the bank grew to its present eminence. While M&G is a rather younger UK investment house which, as the Municipal & General Securities Company, may have invented the unit trust in the 1930's.
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| The first tranche of charities |
So I got onto Equiniti and created what I thought was a suitable account. The packet of shares was indeed there, on their computer, in two sub-packets. Connected to the right name and address. But o no sir, you can't sell them online. You have to print off some forms, fill them out and send them to us in the post along with the certificates. Which we did.
First, we get a letter back telling us that the smaller sub-packet worth £100 (say) would cost more to sell than it was worth. Would we like to contribute them to a charitable operation which sweeps up all these bits and pieces and somehow converts them into money? An operation called the Orr Mackintosh Foundation Ltd. Investigation at reference 1 revealed that in the year ending 31st March 2019, they made around 550 charitable donations to around 450 charities, totalling around £3.5m. Administration costs looked reasonable.
Part of the list of charities receiving larger donations is snapped above, a rather eclectic list including things like Bromley Cats Protection and the Cambridge University Boat Club. But there were plenty of more obviously worthy charities on the list and I suppose one is not going to please everyone.
So we said yes, filled out another form and sent it off.
Second, we get a letter back asking us to confirm that the Anne Beryl Chapman (say) on the form was the same as the Anne Chapman on the register. This we do. I associate to the last time we went abroad, when we were advised to make sure that the name on the aeroplane ticket was identical to the name on the passport. Because if they weren't you wouldn't be allowed on. Luckily, we got that one right.
After a few days, all the shares have gone from our shiny new account. After a few days more, a cheque arrives. BH braves the quarantine regulations and takes it into the bank. This despite allegations that one can pay a cheque into one's account using an app or possibly using the post. Allegations which we ignored.
Next stop, M&G. I can't remember whether we tried to create an account, but we did phone them up. You would like to sell your shares? No problem, you give me the word and it will be done.
So BH gave him the word, and in a few days a contract note turned up. And in a few days more, a another cheque. Another visit to the bank.
Funny how different companies have different ways. From where I associated to HSBC which I think of as being at the stuffy, pedantic end of this particular spectrum. But better that than sloppy.
PS: the new Blogger client and template continue to move about. Not yet stable products.
Reference 2: https://equiniti.com/uk/.
Reference 3: https://www.mandg.co.uk/.
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