On 27 June 2019, Unilever announced that the board of the NV Trust Office has resolved to terminate the former depositary receipt holder structure of Unilever NV. At the time of the announcement, a limited number of depositary receipts ("Non-Book Entry DRs") are outstanding in respect of which the bearer certificates (the “Bearer Certificates”) issued by N.V. Nederlandsch Administratie- en Trustkantoor, the predecessor of the NV Trust Office, have not been handed in.
In accordance with articles 5 and 13 of the trust conditions of the NV Trust Office, during a period of two years after the date of the announcement (i.e. through 27 June 2021) holders of Bearer Certificates may cancel their Non-Book Entry DRs by exchanging their Bearer Certificates for Unilever PLC ordinary shares, free of charge. With such exchange, the holders will also receive an amount equal to any dividends paid on the relevant underlying former Unilever NV ordinary shares and/or underlying Unilever PLC ordinary shares in the five years previous to such exchange of the Bearer Certificates.
During the above-mentioned two year period in which exchange of Bearer Certificates can take place, the NV Trust Office shall not be dissolved and the trust conditions of the NV Trust Office will continue to have effect. Upon the expiry of such two year period, the NV Trust Office shall sell the Unilever PLC ordinary shares for which no Bearer Certificates have been submitted for exchange (the “Remaining PLC Shares”).
Any such sales shall be executed via trading on the relevant stock exchange and the proceeds thereof will be given in consignment (in consignatie) to the Dutch Ministry of Finance for the benefit of the relevant holders of Bearer Certificates. Holders of Bearer Certificates have thereafter no claim whatsoever towards the NV Trust Office. It should be noted that the aforesaid does also mean that as from the moment of consignment, any right to dividends paid on the underlying former Unilever NV ordinary shares and/or the underlying remaining PLC shares in the five years previous to the consignment, shall expire.