YOU HAVE CHOICES TO MAKE - 2018 SAYE PLAN (SHARESAVE) MATURITY 1 JANUARY 2021 - YBS Share Plans
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YOU HAVE CHOICES
TO MAKE
THIS IS BAILEY 2018 SAYE PLAN (SHARESAVE) MATURITY
1 JANUARY 2021
Sharesave Maturity 2021
DEAR COLLEAGUE,
I am pleased to confirm that your CVS Group plc SAYE Plan (Sharesave) will mature 1 January 2021
(assuming that all payments have been received by YBS Share Plans*).
In this brochure you will find everything you need to know, the choices available to you and how to
provide your instruction to YBS Share Plans.
Your
You don’t have to make your choice(s) straight away however; you will have six months from the Fixed Exercise Price
Maturity Date after which time your Option to purchase shares at the fixed Exercise Price will lapse.
It is your responsibility to monitor the price of CVS Group plc (CVS) shares before deciding whether
or not to purchase any, but at the time of producing this document, the share price as quoted on the
£12.87
London Stock Exchange was higher than the fixed Exercise Price of £12.87.
There is no guarantee that this will still be the case by the time you exercise your Options.
Please note that YBS Share Plans will not be able to advise you on the best course of action for you.
If you are unsure about purchasing shares or your tax position, you should consult an Independent
Financial Adviser.
* If you have missed any payments your maturity will be delayed by 1 month for every payment missed.
You have 3 choices...
...for up to six months...
1 2 3
Purchase & Keep Purchase & Sell Not Purchase Shares
Purchase the shares available at the fixed Purchase the shares available at the fixed Choose not to purchase shares and receive
Exercise Price and KEEP all or some of them Exercise Price and SELL all or some of them a refund of funds by bank transfer
and receive a share certificate via the share dealing service being offered
by Jarvis
WANT TO KEEP SOME OF YOUR SHARES AND SELL THE REST?
No problem. Just confirm the number of shares you want to keep and the number you want to sell when making your choices online.
You have 3 choices... REMEMBER! You don’t have to make up your mind straight away; you are able to purchase shares at the fixed Exercise Price for up to six months following the Maturity Date shown on your account online. Please note however that you will need to allow sufficient time for the processing of your instructions before your Option lapses and therefore it is recommended that you submit your instructions no later than 21 days prior to the Option Lapse Date which is also shown on your account online. Please note that if you decide to exercise your Option and purchase the shares, that the value of your shares and any income from them can go down as well as up and that you may not recover the amount of your original investment. Past performance is no indication of future performance. It is recommended that you monitor the price of CVS Group plc shares regularly before deciding whether or not to purchase shares at the fixed Exercise Price.
1 Purchase & Keep Purchase the shares available at the fixed Exercise Price and KEEP all or some of them and receive a share certificate If you select this choice, you will be using the savings in your Sharesave account to purchase the CVS Group plc shares to which you are entitled, and to keep them in the form of a share certificate; this is otherwise known as ‘exercising your Option’. When your share certificate arrives you have the choice to either hold on to the shares or to sell the shares. You’re able to use any broker of your choosing to sell the shares but details of the Jarvis ‘Dial and Deal’ service (for the sale of certificated shares) follow later in this document for your convenience. If you retain the shares, as a shareholder of CVS you’ll be entitled to receive dividends (if and when they are paid) and have the chance to vote on important issues at General Meetings. The exercise of share Options is an involved process and therefore it may take a little time for YBS Share Plans to complete this process with CVS and their share registrars. YBS Share Plans cannot be held responsible for any adverse movements in the share price during this period. Once the share exercise process is complete CVS registrars will issue you with a share certificate in your name. Please allow up to 30 days from the completion of the exercise process for receipt your share certificate.
2 Purchase & Sell Purchase the shares available at the fixed Exercise Price and SELL all or some of them via the share dealing service being offered by Jarvis If you select this choice, you will be using the savings in your Sharesave account to purchase and sell all or some of the CVS Group plc shares to which you are entitled, using the share dealing service being offered by Jarvis Share Dealing Services (‘Jarvis’). Jarvis will charge you a flat fee of £20.00 for the sale of your shares of which YBS Share Plans will receive a £12.10 share to cover their administration costs and this will be deducted from your sale proceeds before the balance is paid directly into the bank account you specify online; Jarvis do not offer cheque settlement. If you decide to sell shares using this service you can set a ‘Limit Price’, which is a minimum price below which Jarvis will not sell your shares. This does not mean that your shares will be sold at this price; Jarvis will sell at the maximum price(s) prevailing at the time the sale is placed in the market. Your limit order will be held for 10 business days. If Jarvis cannot sell your shares at or above your Limit Price within this time period, your limit order will be cancelled and you will receive a share certificate for the unsold shares approximately 14 calendar days later. Please refer to section 8 of the Jarvis SAYE Sale Facility Terms and Conditions for further details. Please take the time to read this document before proceeding with this choice.
IMPORTANT DATES
Purchase & Sell
YBS Share Plans close your Share- Date shares are expected to be If you would prefer to sell your shares via another broker of your own choosing please follow the
save account and transfers the sold by Jarvis (“Dealing Date”).
instructions under Choice 1 and make your own arrangements to sell your shares on receipt of your
Deadline for receipt of keep or sell balance to CVS to cover the cost of
share certificate.
Batch instructions at YBS Share Plans shares (‘Choice 2’ only)
Jarvis ‘Dial and Deal’
1 21 December 2020 4 January 2021 4 January 2021 If you want to purchase and keep your shares (see choice 1) with a view to selling them at a later
date, you can do so by making your own private arrangements with Jarvis (or any other broker of
2 28 December 2020 5 January 2021 8 January 2021 your choosing) on receipt of your share certificate. If you would like to take advantage of the servic-
es provided by Jarvis you can call them directly on 01892 700 849 and set up a Dial & Deal Account.
Jarvis will charge you a flat fee of £27.50 for this service.
3 5 January 2020 15 January 2021 15 January 2021
When will I receive the funds from the sale of my shares?
This all depends on the date you provide your instructions to YBS Share Plans – the sooner you
provide your instructions the sooner you should receive your funds.
Future batches will continue weekly after Batch 3 for the remainder of the 6 month exercise period.
The table left clarifies when YBS Share Plans need to receive your instructions for the first three
The proceeds from the sale of your shares should be in your bank account within 10-14 business days from weekly batches, when your Sharesave account will be closed and when the sale of your shares is
the date that the shares are sold. scheduled to take place.
Please note all dates are subject to change. YBS Share Plans cannot be held responsible for any changes to The first sale of shares following maturity is scheduled to take place on 4 January 2021 and
advertised dates which are outside their control nor any resulting loss. you will need to provide your instructions to YBS Share Plans no later than 21 December 2020 to be
included in this batch. Sales will be batched weekly for six months, the first three are shown left
for illustration.
3 Not Purchase Shares Choose not to purchase shares and receive a refund of funds by bank transfer You don’t have to purchase CVS Group plc shares. If you prefer, you can simply take back your sav- ings. If YBS Share Plans have bank details registered against your Sharesave account your savings will be returned to you by bank transfer. If we don’t have a record of your bank details, you’ll be asked to provide these when you provide your closure instruction online. For this choice only, call the YBS Share Plans helpline on 0345 1 200 300 and close your account over the phone. If you choose to close your account and take back your savings, you still retain the right to purchase shares at the fixed Exercise Price during the 6 months immediately following your Maturity Date. If you decide to follow this course of action you’ll need to call the YBS Share Plans helpline to make the necessary arrangements.
Made up your mind?
You now need to provide your maturity instructions using the secure online facility provided by
YBS Share Plans by visiting www.ybsshareplans.co.uk/cvs.
Once logged in...
You will need to register to view your account online before you are able to provide your instructions
(unless you have previously registered).
To register, you will need your Sharesave account number to hand and will be asked to provide some 1. Select the maturing account in the Account View section
security information. Registration will only take a few minutes of your time. Once registered your login
details will be sent to you through the post and you will then be able to provide your instructions. 2. Click on Closure Options
3. Make your choice and follow the onscreen instructions
BEFORE YOU LOG IN AND SUBMIT YOUR INSTRUCTIONS please ensure you have read all of the
information relating to your choices on the previous pages. You will receive email confirmation once you have successfully
submitted your instructions.
If you change your mind after you’ve submitted your instructions,
you can resubmit a new instruction online. Any change to your original
instruction is likely to delay the date on which your instructions can be
processed and will therefore delay receipt of your funds or shares.Important Information
Residual Balance - Charity Donation Dealing Restrictions Missed any payments or leaving
If you decide to exercise your Option to If you have been notified by CVS that you are CVS? If you are no longer an employee of CVS or
purchase the shares there will often be a cash subject to its employee share dealing rules, If you have missed any payments during the leave after the Maturity Date but before you
residue remaining in your Sharesave account. you must comply with the requirements of savings period (up to a maximum of 12) your have provided your maturity instructions, you
This is because it’s very unlikely that your sav- those rules and seek clearance in accordance Maturity Date will be deferred by one month may not be able to purchase the shares. This
ings will divide exactly by the fixed Exercise with the rules before proceeding with any for every payment that you have missed and will depend on your reason for leaving and
Price. You can choose to donate your cash transaction. All staff will be subject to the you will continue to have deductions taken the date on which you left.
residue to charity when providing general law regarding insider dealing e.g. from your pay until you have completed the
your instructions. dealing when in possession of inside three year savings contract. In these circum- If you are in any doubt about whether you can
information. stances you will have six months from the purchase any shares please contact the YBS
If you would like to donate this money to deferred Maturity Date (shown on your Share Plans Helpline on 0345 1 200 300.
charity (Yorkshire Building Society’s Charitable account online), in which to exercise your
Foundation), please tick the appropriate box Option and purchase your shares. If you are able to purchase shares, you must
when providing your instruction online. do so within 6 months of leaving CVS or with-
Any instructions received in respect of a in 6 months of the Maturity Date, whichever
To find out more about the work of the deferred maturity will be processed at the event comes first.
Charitable Foundation, visit first available opportunity following your de-
www.ybs.co.uk/societymatters/index ferred Maturity Date.What about tax? Under current legislation there is no Income Tax to pay as a result of purchasing your shares or taking your savings. You may however have to pay Capital Gains Tax (CGT) if you sell your shares at a profit (this is the difference between the cost of purchasing your shares and the price you sell them for minus any sale expenses). HM Revenue & Customs currently allows you to make a certain level of capital gains in each tax year without being taxed. If your gain (which must include any other gains you have made within the tax year) exceeds the annual exemption limit, you will have to pay tax on any gain above this limit. The CGT limit for the 2020/2021 tax year is £12,300. Further information can be found on the HM Revenue & Customs website (www.hmrc.gov.uk). If your total capital gains exceed the annual exemption amount in any single tax year, they should be reported to HM Revenue & Customs, whether you receive a tax return or not. You may however be able to minimise your liability to CGT by; selling some of your shares in one tax year and the rest in other tax years, by giving some of your shares to your spouse or civil partner for them to sell and set against their annual CGT exemption, or by transferring shares into a Stocks and Shares ISA (subject to applicable limits) within 90 days of the date your share Option was exercised.
What about tax? The sale of shares within an ISA is free of CGT. For the 2020/21 tax year the maximum value of shares you can transfer into a Stock and Shares ISA is £20,000 (this limit may change in future years). The value of the shares will be based on the market value on the date the shares are transferred into the ISA. If you’d like to follow any of the courses of action described above then please note you’ll have to choose to receive a share certificate (Choice 1) and make your own private arrangements on receipt. If you want to transfer your shares to a Stocks and Shares ISA you’ll need a Letter of Appropriation from YBS Share Plans to confirm the shares are being transferred from a Sharesave within the 90 day period permitted. You’ll need to forward this to your chosen ISA provider together with your share certificate. If you like any further help with these options, please call the YBS Share Plan Helpline on 0345 1 200 300.
General Information
No information contained within this maturity share dealing service, you should
document or any accompanying document seek the advice of a qualified Independent
should be taken as providing any advice or as Financial Adviser duly authorised under the
a recommendation to exercise or not to Financial Services and Markets Act 2000.
exercise your Option or, having exercised, to
Please remember that the price of shares,
sell or not to sell your shares – the choice is
and the income from them, can go down as
yours. Neither CVS, YBS Share Plans or Jarvis
well as up, and that you may not recover the
can advise you on the best course of action
amount originally invested. It is advisable to
for you in your particular circumstances.
keep copies of all documentation sent to YBS
Tax rules and legislation can change. Tax relief Share Plans and CVS in relation to the exercise
rules, which are referred to in this document of your Option as you may need to refer to
on page 8, are those enforced in the current this information when completing future tax
tax year (2020/21) and their application will returns.
depend upon your individual circumstances.
This Plan may use shares in the CVS Group
If you are in any doubt as to the legal,
Employee Benefit Trust (EBT) run by RBC,
financial or taxation implications (including
St Helier, Jersey. Yours details may be shared
any Capital Gains Tax considerations and the
with RBC for the purpose of share transac-
collection of such taxes) for you relating to
tions and dealings.
the exercise of Options, and/or the subse-
quent sale of shares, or the suitability of theContact Details
YBS SHARE PLANS JARVIS
The CVS Group plc Sharesave is administered by YBS Share Plans. If you have any queries If you have any queries about the sale of your shares or the services offered by Jarvis, you can
about your Sharesave account, you may contact them at: contact them directly at:
YBS Share Plans, Jarvis Investment Management Limited,
Yorkshire Building Society, 78 Mount Ephraim,
Yorkshire House, Tunbridge Wells,
Yorkshire Drive, Kent,
Bradford, TN4 8BS
BD5 8LJ
Email deal@Jarvisim.co.uk or by call 01892 700841
Or by calling the YBS Share Plans Helpline on 0345 1 200 300 Lines are open Monday to Friday 8am - 4:30pm. Calls may be recorded for training and security purposes
Lines open 9.00am-5.00pm Mon-Fri, 9am-1pm Sat excluding public holidays in England & Wales Jarvis Investment management Ltd is a member of the London Stock Exchange and NEX Exchange and is
authorised and is regulated by the Financial Conduct Authority
YBS Share Plans is part of Yorkshire Building Society. YBS Share Plans, Yorkshire House, Yorkshire Drive, Bradford, BD5 8LJ,
Tel: 0345 1 200 300 Fax: 01274 357 950. ybsshareplans.co.uk Registered Office: 78 Mount Ephraim Tunbridge Wells Kent TN4 8BS Registered No. 1844601 England
Yorkshire Building Society provides share plan trustee and administration services, including deposit taking, in the UK and subject to English law and
regulation. We are not responsible for share plan deposits held by local savings carriers outside the UK. Yorkshire Building Society is a member of the Registered VAT No. 680 0400 74
Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority.
Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Head Office: Yorkshire House,
Yorkshire Drive, Bradford, BD5 8LJ.
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