Common use of Share Purchases Clause in Contracts

Share Purchases. 4.1 The share purchases under the Plan will be transmitted by us to one of our approved entities for execution. There are currently more than ten (10) approved entities and all of them have been selected by us because they have demonstrated that they have policies and procedures that enable them to deliver the best possible result for you, given the types of order and the market conditions involved. In particular, these entities will treat price and costs (total consideration) as the most important factors when dealing with or executing share purchases, although they may also take into account other factors such as speed, likelihood of execution and settlement, size or any other relevant considerations. These approved entities will normally execute share purchases on a regulated market but may choose to use other execution venues (including off-exchange dealers) where this is advantageous. We will monitor the performance of these entities and periodically review our internal arrangements and policies for dealing with share purchases under the Plan with a view to achieving the best possible result for you. You will find further information about these internal arrangements and policies (including a full list of our approved entities) on our website at: or you can contact us using the contact details in Section 1. Share purchases made on your behalf may be aggregated with share purchases made for other participants in the Plan, and this may work to your disadvantage in relation to a particular order, compared with the price you would have paid if your purchase had been made on its own. For all participants, shares may be bought in separate transactions and on different days, if need be. If it is necessary to buy shares at different prices, we will calculate an average price for all of them. You will receive the maximum whole number of shares it is possible to buy for you using your cash dividend plus any cash balance from previous dividend payments minus the charges described in these Terms and Conditions. Shares will be bought for you as soon as practicable on or after the dividend payment date. The shares bought for you under the Plan will be registered in your name and you will be sent a share certificate unless:  your shares are held in the CREST system. In this case, the shares will be credited to your CREST account; or  your shareholding is not registered in your own name but is held on your behalf (for instance, through a company sponsored nominee service). In this case, the arrangements for share issues will depend on the Terms and Conditions of that service. 4.2 We will send you a statement with full details of the share purchase no later than the first working day after we receive written confirmation that the purchase has been made. If applicable, we will also send you a share certificate. 4.3 The statement will show the price obtained and the intended settlement date. The settlement date is the date we have agreed with the relevant buyer of your stock in the market, i.e. the stockbroker, to complete the transaction. On this settlement date the transfer of your stock will pass through a commercial settlement system (e.g. CREST) under what is defined in the market as ‘delivery versus payment’. You should be aware that during this ‘delivery versus payment’ window any cash entitlement being paid to the stockbroker will not be protected by us as client money, as defined under the FCA’s rules. This process is normally completed during the same business day but will be no later than three (3) business days. Whilst we will notify you of the intended settlement date on your statement, it is possible that actual settlement may not occur due to circumstances outside of our control, e.g., if the stockbroker is unable to deliver the shares to us to satisfy your instruction. On settlement, our customer records will be updated to confirm your entitlement to the stock. 4.4 Very occasionally, we may decide that, due to market conditions following a particular dividend, we are not able to purchase shares for you under the Plan within a reasonable time. In such a case, we may forward the amount of the dividend to you in cash. Alternatively, if the entity used by us to make the purchase recommends that it be given more time to complete the order, we may allow this. 4.5 Our policy on correcting any shortfalls in money or assets held on behalf of customers 4.6 On a quarterly basis we will make available a statement within your Shareview Portfolio advising you of the cash balance held on your behalf. You will be sent an email to the address associated with your Shareview Portfolio to let you know when each statement is available and how to access it. If you hold your shares in certificated form you will continue to receive a purchase statement along with your new share certificate in the post after every eligible dividend. If you hold your shares in a Nominee Service and do not activate your Shareview Portfolio you will receive an annual consolidated purchase statement each year showing you the details of all eligible dividends received during the year. If you would like to receive your quarterly statements advising you of the cash balance held on your behalf in paper format, details of how to request this will be made available on your statement notification. You can also request more frequent paper statements, please contact us using the contact details in Section 1 for details of the charge for this service. If you need us to confirm your holding in writing or issue a duplicate statement at any time there may be a fee to pay. But you are welcome to check your holding at any time on our website at: