Digital Shareholdings

No. Your ownership remains unchanged. Your shares will continue to be recorded in your name on the company’s share register, but ownership will be evidenced electronically rather than by a paper certificate.

You do not need to take any action now. Keep your paper share certificates safe until the transition date; do not send them to us or throw them away. If you use MUFG Investor Centre, you can prepare by checking that your contact and bank details are up to date.

No. You will not be required to use online services. You can contact us by phone or in writing to request a paper Digital Holding Confirmation (DHC), which confirms your shareholding at a point in time. Paper share certificates will no longer be valid after the transition, even if you prefer paper documentation.

Keep your certificates safe until the transition date, which is scheduled to take place by the end of 2027. The government will confirm the exact date soon. After that date, they will no longer be legally valid. You will not be required to keep them, but you may wish to retain them for your records.

Your existing payment instructions will not change. If you receive dividends by cheque, that will continue; if they are paid directly into your bank account, that will also continue. If you currently receive cheques, we encourage you, wherever possible, to register your bank details so dividends can be paid directly into your nominated account, typically on the dividend payment date. Electronic payment is quicker, more secure and ensures you can continue receiving dividends if you move address.

No. At this time, moving to a digital holding does not mean you must open a brokerage account or transfer your shares elsewhere. Your shares will continue to be recorded on the company’s share register.

No. There will be no onward charge to shareholders for the removal of paper share certificates (Step 1), and no fee to keep your shares in this digital format.

You can check and manage your shareholding online through MUFG Investor Centre. Alternatively, you can contact us by email, phone or letter. You will be able to download a Digital Holding Confirmation (DHC) through Investor Centre or ask us to send one to you. A DHC confirms the shares recorded in your name at a point in time; it is not evidence of ownership. Your ownership is evidenced by the entry on the digital share register.

You can continue to sell shares through our share dealing service or a stockbroker. After the transition date, you will not need to return share certificates and may not need to complete the associated physical forms. When you use our share dealing service, we can validate ownership against our records. A broker may need to check your holding with us before you transact, and the process may vary by broker. A broker may also ask to see a DHC, although this is not evidence of ownership. Your ability to undertake private sales or transfers will not be affected.

We will continue to maintain your shareholding securely on behalf of the company. Digital records help reduce the risks associated with lost, damaged or stolen paper certificates.

Paper share certificates will no longer act as valid evidence of ownership after the transition. Instead, your holding will be recorded electronically on the company’s secure digital share register, maintained by us as registrar. This is called a digital holding or ‘book-entry’ format. Your ownership remains recorded on the register as it is today, without the need for a physical certificate. The move away from paper certificates is known as ‘digitisation’ or ‘dematerialisation’.

The government has scheduled the removal of paper certificates for UK listed securities by the end of 2027.

This change is being driven by the UK Government, because moving to electronic shareholding aligns the UK with global best practices. It improves efficiency and security, reduces delays and the risk of lost documents, lowers associated costs and enables enhanced shareholder services.

The government’s plans aim to digitise the UK shareholding framework by eliminating paper share certificates and improving the intermediated system of share ownership. Removing paper certificates is Step 1 in the ongoing digital evolution of the UK’s capital markets infrastructure. Steps 2 and 3 focus on intermediation and remain subject to ongoing discussion and planning. More information about these later stages will be available in the future.