Halifax Building Society Windfall - Unclaimed Shares from Demutualisation

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Unclaimed Assets Search: Halifax Unclaimed Demutualisation Shares

halifax unclaimed demutualisation shares

Halifax Unclaimed Shares from Demutualisation

Halifax Building Society converted from member ownership to a stock company - a process called demutualisation - in June 1997. Qualifying Members were entitled to receive shares in Halifax plc, as a consequence of this demutualisation. To be eligible to make a claim, you must have had a mortgage or savings account continuously between 24th November 1994 and June 1997.

After demutualisation in 1997, savers or mortgage holders had three years to claim their shares. The shares were sold in 2001 for £8.34. Some 75,000 former members have until August 2010 to claim their share of the proceeds of sale - £158m cash - which is paid without interest, but does include associated dividends and other related payments.

After August 2010, Halifax has said it will retain the cash, although the House of Commons recently proposed that some portion of the £600m in benefits that have gone unclaimed by dormant building society members in the future go to a Central Reclaim Fund for disbursement to good causes.