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FAQ

Answers to frequently asked questions for former shareholders of Puget Energy common stock:

General Questions

     

  1. Why is my Puget Energy stock no longer listed on the NYSE?

    As a result of the merger with a group of long-term investors (Puget Holdings), Puget Energy is no longer a publicly traded company. All Puget Energy common shares were liquidated on Feb. 6, 2009 when the common stock was delisted from the New York Stock Exchange.

  2. Can I exchange my Puget Energy common stock for shares in the new company?

    No. Puget Energy is now a privately held company with no publicly traded common stock.

  3. What happens to my Puget Energy common stock?

    Under the terms of the merger agreement, all outstanding shares of Puget Energy (NYSE: PSD) were converted into a right to receive $30 per share in cash, without interest. Within four weeks of the Feb. 6, 2009 closing of the merger, you should have received at your addresses of record, either a:

    • check for your shares at the merger consideration price ($30 per share) for “non-certificated shares” (also known as "electronic" or "book-entry" shares), OR
    • Letter of Transmittal with instructions on how to exchange your stock certificates (physical shares) for the merger consideration price

  4. I did not receive my merger consideration check or Letter of Transmittal. What should I do?

    If your shares are held in a “street name” or brokerage, you must contact your broker directly to receive your $30 per share. Your broker will handle the exchange for you. Otherwise, please contact Wells Fargo at 1.877.262.8260.

  5. The shareholder is deceased. How do I have his/her liquidation and dividend checks reissued?

    Please contact Wells Fargo at 1.877.262.8260.

  6. I have an address change. Whom should I contact to update it?

    Please contact Wells Fargo at 1.877.262.8260.

  7. Will I still get a Form 1099 for this year?

    Yes. Wells Fargo will send to your address of record a Form 1099 DIV, as well as a Form 1099 B as a result of the merger consideration payment.

  8. Whom do I contact for additional information?

    Please contact Wells Fargo at 1.877.262.8260.

  9. What is the background information of the court notice I received in the mail?

    In early 2009, former shareholders of Puget Energy stock received a court notice in the mail about the settlement of a class action lawsuit. The lawsuit was filed in October 2007 upon our initial announcement regarding the merger with our current investors.

    The complaint challenged Puget Energy to disclose additional information. In February 2008, the parties and Puget Energy reached an agreement to settle the lawsuit. Under the terms of the settlement, our company agreed to some revisions in the language of the February 16, 2008 proxy statement to shareholders.

    On April 16, 2008, Puget Energy shareholders voted to approve the merger, which was completed February 6, 2009.

    The court notice was part of the legal process for holding a hearing to allow the Superior Court of the State of Washington at King County to approve the settlement. The notice described the settlement and the approval process. The court approved the settlement on August 21, 2009. The settlement does not require former shareholders to take any action.

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Exchange of Shares

  1. I have Puget Energy common stock certificates.  What can I do with them?

    You can exchange your certificates for $30 per share by providing the certificates to Wells Fargo along with a completed Letter of Transmittal. You should receive a Letter of Transmittal from Wells Fargo within approximately 10 days after the merger closing date. If you did not receive a Letter of Transmittal, please contact Wells Fargo at 1.877.262.8260. Wells Fargo representatives will also be able to assist you if you have questions about the Letter of Transmittal.

  2. I had Puget Energy common stock certificates but cannot locate them.  What do I need to do to get my $30 per share?

    Any certificates that have been issued must be presented to receive the merger consideration payment for your Puget Energy shares. If a shareholder of record who holds certificated shares does not have his or her stock certificate(s), they can report them as lost on the Letter of Transmittal. Additional information about lost certificates is also provided on www.wellsfargo.com/shareowner_services; please access the FAQs section and then click on the link to “General FAQs” followed by “How do I report my certificates as lost?”

    Wells Fargo will mail a Letter of Transmittal to the shareholder’s address of record, approximately 10 business days after the merger closing date. If you do not receive a Letter of Transmittal, please contact Wells Fargo at 1.877.262.8260. A fee and/or additional paperwork may be required for you to receive the merger consideration payment for your lost stock certificate(s). You will be notified in writing by Wells Fargo if anything additional is needed.

    For questions on how to complete the Letter of Transmittal please contact Wells Fargo at 1.877.262.8260.

  3. How quickly will I receive my $30 per share if I submit my stock certificates?

    You can expect to receive payment about 10 business days after Wells Fargo receives the following:

    • your stock certificates, AND
    • a properly completed Letter of Transmittal

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Dividends

  1. Will I still receive dividends?

    No. On the merger closing date, all common shares were acquired by Puget Holdings. A special pro rata dividend will be paid (on a separate check) to shareholders of record as of the close of business Feb. 5, 2009. Payment of this special dividend is in addition to payment of the current quarterly dividend of 25 cents per share, declared Jan. 6, 2009, on Puget Energy’s common stock, payable on Feb.15, 2009, to shareholders of record as of the close of business Jan. 21, 2009.

  2. I have not received my dividend checks, whom do I contact?

    Please contact Wells Fargo at 1.877.262.8260.

  3. Can I receive dividends if I purchase shares in the new company?

    No. Puget Energy is now a privately held company with no publicly traded common stock.

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Dividend History

  1. How can I find out the dividend payment history for Puget Energy common stock?

    Puget Energy’s dividend payment history including those paid by its predecessor companies can be obtained by visiting our Cost Basis Information page. 

    Please note: The information in Puget Energy’s dividend payment history does not constitute tax advice. It does not purport to be complete or to describe the consequences that may apply to particular categories of stockholders. You should consult your own tax advisor as to the particular tax consequences to you of the distribution, including the applicability and effect of any federal, state, local and foreign tax laws.

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Stock Purchase and Dividend Reinvestment Plan

  1. How can I find out the “cost basis” for Puget Energy common stock I acquired through the Stock Purchase and Dividend Reinvestment plan?

    Please go to our Cost Basis Information page. 

    Please note: The information in Puget Energy’s Stock Purchase and Dividend Reinvestment Plan history does not constitute tax advice. It does not purport to be complete or to describe the consequences that may apply to particular categories of stockholders. You should consult your own tax advisor as to the particular tax consequences to you of the distribution, including the applicability and effect of any federal, state, local and foreign tax laws.

  2. I don’t have complete records for shares acquired through the Stock Purchase and Dividend Reinvestment Plan. Whom should I contact?

    The record keeping function for Puget Energy and its predecessor companies’ Stock Purchase and Dividend Reinvestment Plan were maintained by several record keepers. Contact information for these record keepers can be found in the Historical Records for Puget Energy and Predecessor Companies section of the Contact Information page.

    Note: The Stock Purchase and Dividend Reinvestment Plan began in 1975; the first dividend reinvestment took place on Nov. 15, 1975.

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