Unipart Case Study

• Fragmented Share Structure – While originally designed to reflect source and restrictions, three core share classes (A, D and E) had expanded into 42 sub-classes over 15 years due to successive awards and allotments.
• Duplicate Holdings – Individual shareholders appeared multiple times across different classes and holdings, creating fragmentation and inefficiency.
• Operational Risk – The scale and manual nature of the register made it difficult to manage, increasing exposure to errors.
• Barriers to Liquidity – The structure made it impractical to facilitate any internal share trading, despite a desire to do so following a 16-year gap, reconciling fragmented holdings across multiple entries was unworkable.
• Operational Inefficiency – Shareholders were unable to access the online portal Shareview to update their shareholdings and were required to rely on a postal system which was time consuming for Unipart, Equiniti and the shareholder. It was an administrative burden but also resulted in the register not being as up to date as it could have been.
• Shareholder Friction – Missing share certificates and complex ownership records – especially in cases involving deceased estates – created significant delays and demands on company resources.

1. Register Simplification

The objective was to eliminate manual risk, streamline operations and create a single, reliable source of truth.

• Simplified Share Classes – Reduced back to core classes (A, D and E), with each shareholder holding a single consolidated entry per class.
• Consolidated Certificates – Shareholders issued with one certificate per class, replacing fragmented holdings.
• Digital Enablement – Shareholders given access to EQ’s Shareview portal to manage their holdings directly, significantly improving accessibility and control.
• Operational Efficiency – Queries redirected to EQ’s dedicated teams, reducing internal administrative burden.
• Enhanced Support Infrastructure – Updated shareholder webpages and FAQs provided clear guidance and improved the overall shareholder experience.

2. Reintroducing Share Trading

With a clean and consolidated register, Unipart was able to re-open a share dealing facility for the first time in over 16 years.

• Structured Dealing Window – Shareholders were invited to buy and sell shares following a General Meeting announcement.
• Improved Reconciliation – A single-entry register enabled straightforward trade matching and settlement.

Simplified, Future-Ready Register

The register is now fully managed on EQ’s platform, delivering
a secure, streamlined and scalable solution.

• Stronger Shareholder Engagement – Almost 20% of shareholders registered for Shareview, with significant early adoption following the restructure.
• Increased online engagement – Shareholder digital first adoption with demographic changes being completed online increasing from 0.4% to over 2%.
• Digital First Adoption – increased elections to receive electronic communications from less than 10% to over 22%.
• Reduced Internal Burden – The majority of queries are now handled by EQ, enabling Unipart teams to focus on higher-value activity.
• Positive Stakeholder Response – A well-received General Meeting attracted 61 attendees, reflecting renewed shareholder engagement.

Revitalised Internal Market

• Broad Participation – 3,400 shareholders were offered the opportunity to trade shares.
• Updated Valuation – Shares were priced at 57p (1 August 2025), compared to 41p in November 2009 – the first valuation update in over a decade.
• High Engagement – Over 11% of shareholders participated, with 24 new investors entering for the first time and nearly 400 shareholders being able to sell some or all their shares.
• Meaningful Market Activity – The dealing window generated over £500,000 in trading value, successfully reactivating the internal market.
• Repeatable Process – The company was able to establish this as a repeatable process.