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What do I do if my personal details have changed?

Please write to our registrar, Equiniti, as soon as possible.

What should I do with my share certificate(s)?

These are very important documents and are proof of your shareholding. They should be kept in a safe place. You will need them to sell/transfer some or all or your shares.

I have lost/misplaced my share certificate. Can I get a new one?
In most cases there is a charge to replace share certificates so we advise that you ensure you have looked thoroughly before requesting a new one.

Click here for further information on requesting new certificates and the associated fees.
I have more than one share certificate. Can they be combined?
If you have several Marks & Spencer share certificates we can combine these into one for you. Please send them to our registrar, Equiniti, together with a covering letter. There is no charge to private shareholders for this service. When sending your certificates you may prefer to send them by special delivery for added security.

Click here for the registrar's contact details


Why didn't I get my dividend tax voucher?
Shareholders who receive dividends direct into their bank account will receive a consolidated tax voucher in January giving details of both dividends paid during the tax year. We are able to send a tax voucher with the July payment if required, however this is not standard practice and shareholders need to notify the registrar if they require this.

Click here for the registrar's contact details
Why do I receive duplicate documents?
If you have more than one account on the share register you are likely to receive documentation for each account. These can be combined for you free of charge. Please write to our registrar, Equiniti.

Click here for the registrar's contact details
What do I do if a shareholder has passed away?
If you are administering an estate, you may need to transfer shares into the names of beneficiaries or sell the holding. The first step is to write to our registrar telling them what you are going to do. They will then place a temporary marker on the register to ensure that wherever possible, they do not issue further dividend payments or other correspondence in the shareholder's name. They will also send you the forms that you will need to complete.

Click here for the registrar's contact details
Where can I get a copy of the Annual report or Summary financial statements?

Our Annual report and Summary financial statements can be viewed online or down loaded in PDF format for printing. Although we encourage online viewing of these documents, a copy can be obtained by calling 0800 591 697.

Who are Equiniti?

On 1st October 2007 Lloyds TSB Registrars, our registrars for over 10 years, were acquired by the private equity company Advent International. Other than ownership, the only other major change that this brought about was that the business was renamed 'Equiniti' – all staff, systems and procedures remained as before with the business staying in the same location in Worthing, West Sussex.

More frequently asked questions

For further frequently asked questions on a variety of topics please go to our registrars website. To view this click here.

What has the Company announced?

The Company has announced that it is to engage in an ongoing and sustainable programme of returns of capital to shareholders. This year, the Board has decided that the Company will spend up to £150m buying back its shares during the next year, initially using shareholder authority given at the AGM.

What is a share buy-back?

The Company instructs its Stockbrokers to purchase the Company’s own shares in the market, which are then cancelled. This reduces the number of shares the Company has in issue and, as a result, existing shareholders will own a larger percentage of the company than they did before. The objective is to maintain our commitment to strong capital management disciplines and a strong balance sheet position whilst ensuring that shareholders are able to share in the surplus cash generated by the Company.

Why is the Company doing this now?

M&S is currently a cash generative business. In recent years much of the cash generated by the Company has been invested in upgrading our store portfolio and infrastructure. In the last 2 years the surplus cash we have generated has enabled us to reduce our net debt by almost £400m. Now that we have largely completed our capital investment programme, we are well placed to share the surplus cash we generate with our shareholders.

How does a share buy-back work?

The objective is to create shareholder value by improving the balance sheet efficiency (debt/equity ratio) and reducing the overall weighted average cost of capital. It also increases the earnings per share and indirectly creates value for existing shareholders by increasing the percentage of the company that they own, through there being fewer shares in issue.

I’ve heard you’re returning £150m to shareholders?

We intend to return up to £150m to our shareholders by buying back a quantity of our shares in the market and cancelling them. At the current share price (£570p as at 15 May 2015), the number of shares bought back would be approximately 26 million (around 1.6% of our issued share capital). Shareholders will not receive any money directly. However, they will own a larger portion of the Company than they did before.

When do I get my money?

The buyback is an operation that the Company undertakes through its Brokers, who repurchase its shares in the open market. As such, no cash is paid directly by the Company to specific shareholders. The repurchase and cancellation of the Company’s shares reduces its total issued share capital, which in turn increases the percentage of the Company owned by individual shareholders. No money is paid to shareholders.

Why didn’t you issue a special dividend?

We are committed to maintaining a disciplined approach to capital management and, while we are keen for our shareholders to share in our success, we must ensure that our programme of returns of capital to shareholders is sustainable. We consider that an increase in the dividend of 7.4% to 11.6p in conjunction with the share buy-back is in line with this approach, balancing the interests of our various stakeholders whilst allowing the Company to retain the flexibility to continue to invest in the business.

What effect will the buy-back have on the share price?

We are not able to comment on how the share price will be affected by the share buy-back as there are many other factors that contribute to fluctuations in the share price each day. However, we would not be undertaking the buy-back if we did not feel that it would create value for shareholders.

How is the buy-back being financed / where is the £150m coming from?

The buy-back programme is being financed by the Company’s cash surplus. It is intended that this share buy-back will be the first step in an ongoing programme of returns of capital to shareholders.

Will M&S be taking on more debt to pay for the buy-back?

The buy-back will be financed using the cash surplus generated by increased profitability and decreased capital expenditure.

Doesn’t the company have anything better to use this money for?

Following the recent programme of investment, we now have a stronger, more capable business. There is still more to do and we will continue to invest in the business alongside the buy-back as a key part of our three year plan. The ability to return this capital to shareholders is driven in part by the strong cash generation of the business that has resulted from the significant investment undertaken in recent years. The buy-back will enhance the Company’s balance sheet efficiency without constraining its future investment plans.

Is there a meeting of shareholders that I need to attend?

No. A buy-back of anything up to 10% of our shares in one year is within the routine authority sought from our shareholders annually at the AGM.

Don’t shareholders have to approve this?

Shareholders passed a resolution at the AGM in July 2014[15] approving a share buy back of up to 164.8m shares (10% of issued share capital).

How many shares will be bought back / are being purchased by the Company?

This will largely depend on the price paid for each share. However, shareholders gave authority for the Company to buy-back up to 10% of its issued capital (the industry norm) at the AGM in July 2014. This is 164.8m shares.

How much will be paid for these shares?

The Company will pay the market price for the shares. However, regulations state that the Company is not permitted to pay more than 105% of the average price calculated over the last five days preceding each purchase.

Will the EPS targets for the executive long-term share incentives be adjusted to take these events into consideration?

The Remuneration Committee will consider at each potential vesting of shares under the Performance Share Plan (PSP) whether there have been any events that give rise to a need to adjust performance conditions. These would include events that had a negative or positive impact on EPS. If alterations are fairly and reasonably required, the Committee can amend the performance conditions upwards or downwards. It is not possible to say in advance that a share buy-back programme will have a material impact on achievement of PSP performance conditions as it would need to be considered : (i) in the context of other events; (ii) against the extent of buy-back achieved in any period.

How will the buy-back be conducted?

A broker will be authorised to buy back shares in the market on the Company’s behalf.

Can I sell you my shares?

There is no mechanism in place for you to sell your shares directly back to the Company. Shareholders wishing to sell their shares will need do so through the usual channels.

What happens to the shares that are bought back?

It is our current intention to cancel shares that are bought in the market by our brokers.

Will shares be held in Treasury?

It is the current intention to cancel the shares bought back under the programme. Companies often hold shares in treasury to use for future obligations for company share schemes. M&S has sufficient arrangements in place to meet these obligations.

Will you be buying back shares during close periods?

If it is decided that the buy-back will continue during a close period we will make the necessary announcement via the London Stock Exchange (as required by Listing Rule 12.2.1R).

How will shareholders be affected?

By reducing the number of shares in issue, shareholders who retain their shares will own a larger percentage of the company than they did before.

Why isn’t the money being returned straight to shareholders?

We consider that the combination of a significant increase in the dividend and share buy-back achieves the restructuring of the balance sheet and capital efficiency that is optimum for the group and balances the interests of our various stakeholders.

Were any alternatives to the buy-back discussed?

We consider that an increase in the dividend of 7.4% to 11.6p in conjunction with the share buy-back is in line with our commitment to maintain a disciplined approach to capital management, balancing the interests of our various stakeholders whilst allowing the Company to retain the flexibility to continue to invest in the business. It is very common for companies to obtain from their shareholders the authority to buy-back shares in this way annually and to make use of such authority.

I am an M&S employee. Will I be affected by the buy-back?

The Company’s SAYE Schemes are not affected by the buy back.

How does this compare with previous corporate actions?

The company regularly reviews its capital structure to ensure efficient use of the balance sheet. Recent corporate actions were: 2007 - £593m returned through a share buy-back programme, utilising the authority granted by shareholders at the AGM in July 2007. 2004 - £2.3bn returned through a Tender offer. Some 28% of shares were bought and cancelled – the majority of participants would have been institutional investors. 2002 - £2bn returned by issuing B Shares to all shareholders valued at 70p each and consolidating the ordinary shares on a 17 for 21 basis. This reduced the share capital by 19%. The remaining B shares were redeemed in May 2006.

When did M&S last buy back shares?

Buy-back history Share Buy Back Under authority granted by shareholders at the AGM held in July 2007, the Company repurchased on the open market and subsequently cancelled a total of 136,643,168 at a cumulative cost of £592,930,230.68. Tender Offer Under authority granted by shareholders at the EGM held on 22 October 2004, the Company purchased, and subsequently cancelled, by way of Tender Offer, 635,359,116 ordinary shares at a cost of £2.3bn at a price of 362p, representing 27.9% of the issued share capital On-market buy-backs 2003/04 18,490,000 - cost of £52.9m - 0.8% issued share capital 2002/03 44,894,601 - cost of £141.7m - 2.0% issued share capital B Shares In March 2002 the new company was formed, Marks and Spencer Group plc, and we reduced the share capital through a Court-approved Scheme of Arrangement (Return of £2bn - 17 new ordinary shares and 21 B shares issued for every existing ordinary share). On-market buy backs 2001/02 21,446,162 - cost of £52.0m - 0.8% issued share capital 2000/01 10,619,272 - cost of £20.3m - 0.4% issued share capital

Will there be further buy-backs after this?

The Company intends to operate a sustainable programme of returns of capital to shareholders. Though this is to be achieved through a share buy back this year, the Company will retain the flexibility to keep the methods to be used in future years under review.

I am unhappy about the buy-back, who do I complain to?

Please write to Marks and Spencer Group plc, Waterside House, 35 North Wharf Road, London, W2 1NW Please mark your letter for the attention of the Group Secretary.

Why is M&S doing this now?

In 2016 we invited a number of shareholders to M&S’s Head Office for our very first Shareholder Panel, providing a platform for them to offer their views on the issues that are of most concern to them as investors, and to hear about how the Company is addressing these directly from members of the senior management team. This was hugely successful, and very well received by those who attended, and it was therefore decided to introduce a regular event and for which all registered shareholders can apply to attend.

Can I apply to join the panel by phone?
Applications to join the panel can only be submitted online.

Who has been sent the invitation to register?
All registered Marks & Spencer shareholders and those whose shares are held in the Marks & Spencer Share Service.

There is no set minimum shareholding that you need to satisfy in order to have been sent the invitation.

Why is the Company withdrawing the option to receive dividend payments by cheque?

M&S has for many years encouraged shareholders to have their dividends paid by direct credit rather than cheque as it is a more efficient, secure, and environmentally-friendly method of payment. Furthermore, our registrar, Equiniti, currently reissues around 12,000 payments a year to M&S shareholders who fail to cash their cheques before they expire, often incurring cheque reissue fees at the expense of the shareholder. As at June 2017, thousands of shareholders still had not cashed the cheques sent to them in respect of the previous two dividends in January 2017 and July 2016.

What is direct credit?

Direct credit is a commonly used means of payment whereby funds are transferred directly into the recipient’s bank account, rather than by providing a cheque that must subsequently be cashed. Over 147,000 investors in M&S already receive their dividend payments in this way.

Is direct credit a safe method of payment?

Direct credit is a more secure method of payment than cheques. It is used by most large organisations to pay, for example, employees’ salaries.

What are the advantages of direct credit?

With direct credit, dividends are automatically credited to your account as cleared funds on the day the dividend is paid, avoiding the delay associated with posting, depositing, and clearing cheques. It’s also safer because there is no risk of cheques being lost or stolen in transit (and the resultant cheque reissue fees). Finally, the reduction in printing, paper and postage supports the Company’s environmental objectives while also representing a cost saving.

What type of account can I have my dividends paid into?

You can have your dividends paid into any UK bank or building society account by direct credit.

What if I live outside the UK?

Although payment by direct credit can only be made into a UK bank account, you do not have to live in the UK and the account does not have to be your own; you can nominate a friend or relative’s account if you wish. If you would rather receive payments into an overseas account, you may be able to join the Overseas Payment Service provided by M&S’s registrar, Equiniti. The service is available to over 90 countries and there is a fee, but this is often less than paying a sterling cheque into a foreign bank account. For more information, visit shareview.co.uk/info/ops.

If I don’t receive a cheque, how will I know that my dividend has been paid?

You will be sent an annual consolidated dividend statement by post setting out details of all dividends paid to you in the previous twelve months. These statements are currently sent out in January each year. Alternatively, if you register for electronic communications at shareview.co.uk, you will be sent a notification by email on the day the dividend is paid.

What happens if I don’t provide my bank account details?

If you do not provide your bank or building society account details your dividend will be held in escrow by Equiniti on your behalf. You will still receive your annual dividend statement; however, you will not receive the money until your bank details are received, after which payment will be credited to your account as soon as possible. Please note that your dividends will not accrue interest while they are being held for you and there may be a fee for Equiniti to reissue payments.

How do I provide the registrar with my UK bank or building society details?

• By post: Simply complete the mandate form included with your July 2017 dividend cheque in the reply-paid envelope provided. • Online: You can provide and maintain your nominated account details via your Shareview Portfolio. Please visit shareview.co.uk for details on how to register. • By telephone: If you are a sole shareholder with 2,500 shares or fewer, you can provide your account details by calling M&S’s registrar, Equiniti, on 0345 609 0810 (from outside the UK, call +44 (0)121 415 7071). Lines are open 8:30am to 5:30pm (UK time), Monday to Friday (excluding public holidays in England and Wales).

Can I reinvest my dividends instead?

Instead of receiving dividend payments into your bank account, you may wish to build up your shareholding in M&S by using your dividends to purchase further M&S shares. The M&S Dividend Reinvestment Programme (‘DRIP’) is a convenient, easy and cost-effective way to do this. Visit shareview.co.uk/info/drip for more information and a DRIP application form. NOTE: If you are not eligible to join the DRIP, or you revoke your DRIP instruction, you will need to provide your bank or building society account details in order for future dividends to be paid to you.

What gives M&S the right to remove dividend cheques?

Under the Company’s articles of association, the directors have authority to determine the method by which the Company’s dividends are paid, including by direct credit. The directors believe that this change is in the best interests of both the Company and its shareholders.

Can I request that I continue to receive cheques?

No. From July 2018, M&S will no longer pay dividends by cheque.

When did M&S decide to stop providing cheques?

In July 2017, M&S announced that it would no longer provide cheques for dividend payments from July 2018. Details were set out in a letter sent with the July 2017 dividend to all shareholders receiving dividends by cheque.

I was selected for the Panel but am unable to attend a particular meeting – what should I do?

If you are a member of the Shareholder Panel and unable to attend a particular meeting during the year, please notify M&S as soon as possible by responding to the email you received inviting you to the event. This will not affect your membership of the Panel and you will continue to receive invitations to Panel meetings until its membership is again refreshed for the following year.

Is any assistance available for travel and/or accommodation costs for those selected to join the Shareholder Panel in a given year?

Reasonable travel and accommodation costs incurred by panel members will be reimbursed by M&S and assistance with arranging accommodation may be available prior to each meeting. Please submit any queries regarding travel and accommodation to M&S by replying directly to the email you will receive inviting you to attend the next meeting of the Shareholder Panel.

How long does membership of the Panel last?

Membership of the Shareholder Panel lasts for one financial year, from April to the following March, following which applications for membership are re-opened and a new group of shareholders is selected. 

What will the data I provide be used for?

Your data will be used for the purposes of contacting you by email should you be selected to attend the shareholder panel.

Additionally, the registration website asks if you would like your email address to be retained for the purposes of notifying you of future shareholder panels and/or any other shareholder engagement programmes. You will only be contacted about these if you indicate your consent by answering ‘yes’ to the relevant question on the site.

For more information, please refer to the terms and conditions on the reverse of the flyer enclosed with your dividend documentation, and those available via the registration website.

What if I change my mind after registering?
If you have submitted an application online but later decide that you no longer want to be considered, you can opt out by emailing MarksandSpencerSurveyOptOut@Equiniti.com
Why is the registration process only available online?

As part of M&S’s ambition to become a digital-first retailer, we have taken the decision that all applications for the panel should be submitted online and all correspondence relating to panel meetings will be by email.

The online process is a simple, cost-effective, administration-light method of extending applications to as many shareholders as possible, since the vast majority of people these days have email addresses. This allows us to communicate with panel members and keep them informed of the arrangements for panel meetings more easily and far more quickly than would be possible by post.

We are not able to accept applications by post. Having a separate, postal registration process would be impractical since all correspondence with panel members in relation to upcoming meetings is by email only.

Does this mailing/marketing not infringe the Data Protection Act?

This is not a marketing circular and the company confirms that there is no breach of the Data Protection Act.

Your data will only be used for the purposes outlined in the flyer you received, and will not be used to send you marketing material.

Please note that if no longer wish to be considered for the Shareholder Panel, you opt out by contacting MarksandSpencerSurveyOptOut@Equiniti.com.

How can I provide my bank details if I don’t have access to a computer?

You do not need a computer to set up or receive direct credit payments. You can provide the details of your chosen bank or building society account by completing the mandate form included in your dividend stationery and returning it to Equiniti. Alternatively, if you are a sole shareholder with 2,500 shares or fewer, you can provide your account details by calling M&S’s registrar, Equiniti, on 0345 609 0810 (from outside the UK, call +44 (0)121 415 7071). Lines are open 8:30am to 5:30pm (UK time), Monday to Friday (excluding public holidays in England and Wales).

What is a close period?

This is a period when certain people (e.g. Directors and the company itself) are not permitted to trade in the Company’s shares.

When are your close periods?

- Q1 (AGM) Monday, at least 2 weeks before AGM, the day of the Q1 announcement - Q2 + Half year : Monday following relevant half year end to announcement date. - Q3 (Christmas) Monday, at least 2 weeks before Christmas, some 4 weeks before Q3 announcement - Full year : following relevant year end to announcement date. Actual Dates Monday, 22 June to Monday, 6 July 2015 (inclusive) Monday, 28 September to Tuesday, 3 November 2015 (inclusive) Monday, 7 December to Wednesday, 6 January 2016 (inclusive) Thursday, 17 March to Tuesday, 17 May (inclusive)

Why have I not received my shareholder vouchers?

M&S has previously sent a selection of Spend and Save vouchers to our shareholders each year, as part of the January dividend mailing. 

However, we are undergoing a far-reaching transformation – and our ambition to become a digital first retailer is at the heart of how we are changing. This includes how we engage with our shareholders; ensuring that, as we change, we build long term shareholder relationships supported by accurate and informed communication. 

As part of our digital first plan, we have stopped the distribution of paper shareholder discounts and instead we will provide a unique discount code fully redeemable online for all shareholders signed up to Shareview by 5pm 24 February 2020.

Shareview is a secure internet based platform provided by Equiniti, our registrar, that allows you to manage your shares online and set up electronic shareholder communication. To register for Shareview, please click here.

How are attendees selected?

Panel members are selected at random each year to ensure fairness. The selection for 2020’s panel will take place following closure of the registration period on 29 February. Successful applicants will be notified by email and provided with further details regarding the arrangements for the panel shortly afterwards.


When do applications close?

The closing date for applications is 29 February 2020.

How to I register interest in the panel?

You can register your interest in attending the panel by going to https://surveys.equiniti.com/s/MarksAndSpencerRegistration2020/

and entering your details, including your name, shareholder reference number, and email address, by Saturday 29 February 2020.

What is the M&S Shareholder Panel?

At the AGM in 2016, the then Chairman, Robert Swannell, announced that M&S would be introducing a shareholder panel aimed at private investors.  The panel comprises a selection of private investors who are invited to M&S’s Head Office a couple of times each year to spend time with members of the senior management team and discuss a range of issues that are relevant to the business and to them as investors.  It also provides M&S with an opportunity to update panel members on our progress against our plans, and to obtain their feedback.

Details on how to apply to join the panel were included in the January mailing, alongside your dividend documentation and shareholder vouchers.

The closing date for applications is 29 February 2020.


When does the E-Comms discount code expire?

The code is valid until 25 May 2020.

Why do you need to have a Shareview account to get the E-Comms discount code offer?

At present, Shareview is the only method by which M&S shareholders can sign-up to receive electronic shareholder communications from the Company. The offer was designed to incentivise shareholders to sign-up to E-Comms.

Why does M&S want shareholders to sign-up to electronic communications?

E-Comms are the best way to keep our shareholders informed with accurate and up to date information about the Company. Those who are signed-up to E-Comms receive more than double the communications than those who are signed-up to receive communication via post. This is because electronic communications are faster, more sustainable, more cost-effective and align with the Company’s digital-first strategy.

Why have I not received my shareholder vouchers this year?

The Spend and Save shareholder voucher scheme was discontinued in January 2020.

Why was the shareholder voucher scheme discontinued?

The decision was taken to discontinue to the Spend and Save shareholder voucher scheme for a number of reasons including increasingly prohibitive print and mailing costs, declining redemption levels over recent years and an increased focus on M&S’ digital-first strategy, with which paper vouchers are not compatible.

When was the discontinuation of the Spend and Save voucher scheme communicated to shareholders?

Shareholders were informed of the discontinuation of the shareholder voucher scheme in the January dividend mailing, which is the method by which M&S has always sent out the vouchers themselves.

If shareholders hold in a third party ‘nominee’, they would not have received this (or any) communication directly from M&S as the Company does not have access to the names, contact details or shareholding details of anyone who holds shares through a third party.

The information was also publicly available on the corporate website.  

What is the E-Comms discount code valid for?
  • The E-Comms discount code is redeemable for a 10% discount on Clothing & Home items.
  • It is redeemable in the UK and online only at www.marksandspencer.com
  • The offer can only be used for one single transaction
  • The discount code can not be used in conjunction with any other offer except staff discount (which will be applied last).
  • The offer excludes schoolwear,  stationery,   cards  and  wrap,   Café  travel  mug,   made  to  measure   shirts,  made  to   order  suits,  charity   items,  sale  and   clearance  items,  tailoring   alterations,  ‘your  school   uniform’  service,  furniture   disposal,  repairs   services,    name   tapes,   Personalised   Cards,    Gift   Card/Vouchers,   M&S   Bank  products  or   services,  food,  flowers,   beers,  wines,  and   spirits. 
  • This information is also available in the Terms and Conditions in the email containing the discount code.
I do not want to sign up for E-Comms. How do I get my shareholder perks?

Unfortunately, following the discontinuation of the shareholder voucher scheme there are no more regular shareholder perks. 

In February 2020 a separate, one-off offer was made to registered shareholders (that is, those whose shares are registered in their own name) who signed up to receive electronic communications. This was not a replacement for the shareholder voucher scheme. 

For more information, please see the separate FAQ page for questions about the E-Comms offer.

I hold shares through a third party ‘nominee’ and this is the first time I have heard of the Spend and Save vouchers. Why did I not receive them in the past?

During the years in which the scheme was operated, M&S was able to post shareholder vouchers to all shareholders for whom we had an up to date name and address. As with all shareholder mailings, this information was obtained from our share register; specifically, information relating to those whose shares are held in paper certificated form or those who hold in the corporate sponsored nominee provided by our registrar, Equiniti.

It is important to understand that a decreasing proportion of private investors choose to hold their shares in certificated form, with many choosing to purchase through so-called 'nominee companies', for example high street banks, instead. A commonly overlooked consequence of holding shares in this way is that the name of the beneficial owner is not recorded in the M&S share register. Rather, it is the name of the nominee, which purchased and holds the shares on behalf of the underlying beneficiary, that appears on the register. As a result, M&S does not have access to the names, contact details or any information relating to the shareholdings of the beneficial owners of shares held in accounts with nominee companies.

However, we were keen to extend the scheme to as many private investors as possible. Each year, nominee companies were invited to participate in the voucher scheme and could do so in one of two ways - either by providing a list of the names and addresses of their clients who held M&S shares in one of their accounts, or by requesting a set number of vouchers to pass on to their clients themselves. Participation was entirely at the discretion of the individual nominee company and, while many did so, unfortunately some nevertheless chose to opt out.

If your shares are held in an account with a nominee company and you didn't receive the shareholder vouchers prior to their discontinuation in January 2020, it is likely that your nominee was one of those that chose not to participate.


Does this mean M&S is treating shareholders differently?

No. This discretionary offer was open to anyone who wished to participate, as long as they held at least 1 M&S share and had signed-up to receive E-Comms via Shareview by 5pm on 24 February 2020. It does not infringe on shareholders’ legal rights.

Is the E-Comms offer a replacement for the Spend and Save shareholder voucher scheme?

No. The Spend and Save voucher scheme was discontinued in January 2020 and there are no more shareholder voucher schemes. The E-Comms offer was a separate, one-off incentive to encourage shareholders to sign-up to receive electronic shareholder communications.

I hold my shares through a third party ‘nominee’. How do I get the E-Comms offer?

Shareholders were required to sign-up to electronic shareholder communications in order to receive the E-Comms incentive offer. If you choose to hold through a third party nominee and as a result have not signed-up to E-Comms via Shareview, you would not be eligible to receive the E-Comms offer.

I have signed-up to E-Comms via Shareview. When and how will I receive my discount code?

All those eligible would have received a discount code on 27 February 2020. The code was sent to the email address with which you registered your Shareview account. 

What is the E-Comms offer?

It was a one-off discount code being offered to shareholders who were signed-up to receive electronic shareholder communications (‘E-Comms’), via Equiniti’s Shareview service, by 5pm on 24 February 2020.