If you live in Scotland or the North of England, it is very common to find old Scottish Power plc share certificates in a family file. Like British Gas, this was a widely held privatisation stock.
However, if you look for “Scottish Power” on the stock market today, you won’t find it. It was bought in 2007 by the Spanish energy giant Iberdrola.
What Happened to My Shares? When the takeover happened in April 2007, shareholders were given a mix of:
- Cash: A lump sum payment (which might be sitting in an unclaimed account if you didn’t cash the cheque).
- New Shares: Shares in Iberdrola S.A. (listed in Madrid).
The “Foreign Share” Headache Because Iberdrola is a Spanish company, many UK investors didn’t know how to hold the shares.
- CDIs: Most UK shareholders were put into a “Corporate Sponsored Nominee” or held “CDIs” (CREST Depository Interests) so they could hold Spanish shares in pounds sterling.
- The Dividend Trap: Iberdrola dividends are paid in Euros (or converted to Sterling). If you haven’t updated your bank details since 2007, these payments have likely bounced and are accumulating in a dormant account.
Who is the Registrar? Even though it is a Spanish company, the UK share register (for the CDIs) is currently managed by Equiniti.
- Action: You can contact Equiniti to trace your old Scottish Power entitlement.
- Warning: If you hold actual Spanish share certificates (not CDIs), the process is much harder and involves Spanish administration. Divica can help you identify which type you hold.