QUESTIONS & ANSWERS
How does the service work?
We receive a list of unexchanged shareholders from the transfer or paying agent. We mail to all unexchanged accounts with an easy to understand one page letter and claim card. We research all bad addresses and deceased accounts and re-mail to new addresses. The holders are offered an 800 number to call our customer service representatives, who will walk them through the entire claims process and various options available to them.
At the conclusion of each program period, we batch up all claim cards and send them to the transfer agent keeper for debiting and mail the shareholders their stock or cash. We do not outsource for any component of the program, allowing us to have full command and control of the program.
My transfer agent handles this. Why do I need to hire The Altman Group to locate and encourage the shareholders to exchange?
It is accurate that transfer agents facilitate the great preponderance of exchanges. But the remaining shareholders are usually the hard cases - the ones that won’t respond no matter how many reminder mailings are done by the transfer agent. These holders will be a major focus of the program - the ones that need the most assistance in claiming their asset – and that is where our program will produce the most dramatic results. We generally achieve a 75% success rate from these remaining holders, effectively tying up all of the loose ends on the transaction.
How much does this service cost and is it mandatory that the unexchanged shareholders use The Altman Group?
The service is completely cost free to the issuer. The cost of the program is subsidized by the shareholders who participate in our voluntary program. Even after being located and/or contacted by The Altman Group, the shareholders always retain their right to exchange for free via the transfer agent.
What is the length of your program?
The program consists of three consecutive 5 week periods. We usually allow for a week in between program periods to allow for reconciliation with the transfer agent, updating and evaluating the response rates, and preparation for the next period. Given this schedule, the Program will last approximately 18 weeks from start to finish.
What do you need from us to get started?
An authorization letter to the transfer agent requesting the release of a list of unexchanged shareholders to The Altman Group with account number, name, last known address, taxpayer ID number, and asset amount, values and description.
Does the company review any documentation or communications to the account holder?
The company will have final sign-off on any and all shareholder communications, including the proposed fees of The Altman Group.
How secure is my shareholder data?
All shareholder data is loaded onto our secure SQL servers. Access to the data is limited as the telephone service professionals do not have access to complete social security numbers. All returned mail is shredded to protect the privacy and security of the shareholder. We are fully compliant with the Gramm–Leach–Bliley Act regarding the safeguarding of data.
Does my shareholder information get shared with any third parties?
All shareholder information is held in strict confidence with The Altman Group. Searches are done anonymously.