KPMG today confirms the launch of the Tesco compensation scheme and will be accepting claims until 22 February 2018.
The scheme was announced by Tesco PLC with the agreement of the FCA (under its statutory powers) on 28 March 2017, and relates to Tesco’s Trading Statement of 29 August 2014 regarding its profit outlook for 14/15. This outlook was corrected on 22 September 2014.
Investors who were net purchasers of Tesco PLC shares or certain Tesco listed bonds between 29 August 2014 and 19 September 2014 (both dates inclusive) are now invited by KPMG, as the scheme administrator, to make their claim through the online claims portal which can be accessed via www.kpmg.co.uk/tesco-scheme
Claimants have until 22 February 2018 to submit their claim. Claimants will lose any right to compensation under this scheme if they do not submit their claim by this date. For the purposes of this scheme, a net purchaser is broadly someone who purchased more shares or bonds than they sold during the period 29 August 2014 to 19 September 2014. A list of the relevant bonds can be found on the website.
Investors will need to make a claim themselves in order to receive any potential compensation. The amounts to be paid per net share purchase and per net bond purchase have been determined by the FCA. Each net purchaser of shares will be entitled to compensation of 24.5p per share purchased. Varying amounts are payable in respect of each relevant bond issue. Interest will also be payable at 1.25% per annum if the net purchaser is deemed under the scheme to be an institutional investor, or 4% per annum otherwise.
KPMG anticipates a large volume of claims will be submitted, particularly in the first few weeks of the scheme opening, and will endeavour to process claims as quickly as reasonably possible.
Important information for claimants:
Any person who believes that they are entitled to compensation under the scheme is advised to visit www.kpmg.co.uk/tesco-scheme for further details.
If, after reviewing the terms of the scheme, you believe that you are eligible to make a claim and wish to apply for compensation, please register your claim on the online claims portal, which can be accessed through this website. This is the most efficient and quickest way of lodging a claim and will lead to the promptest response.
Alternatively, potential claimants may also request a postal claims pack by calling our helpline on:
UK Freephone - 0808 164 6031
US Freephone - 1 833 253 5674
International - +44 (0) 203 554 0555
They can also write to KPMG LLP, PO Box 74451, London, E1W 9PB or download the claims pack from the website.
The Administrator shall write to all parties identified as eligible claimants shortly. Note that under the scheme, claimants are required to substantiate their claim and therefore, will need to consider their own position, under the terms of the scheme, before making a claim.
Eligible claimants can lodge claims independently through the online portal, and there is no need to appoint anyone to handle this process on your behalf. Please note that some brokers are assisting their clients with the claims process. If your broker has contacted you and you have agreed to them facilitating your claim, you do not need to take any further action until such time the Administrator writes to you providing you with log-in details for the claim portal.
Any claimants who have not received these details from the Administrator by 30 September 2017 are advised to contact our helpline.
For press enquiries only, please contact:
Gill Carson, Senior PR Manager, KPMG
Tel: 07768 635843
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.