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inflationbuster

le_loup wrote: »

Who are Eros? Why are they no longer on Crest? What is your complaint?

Story so far:-

EROS use to be listed on AIM then got moved onto NYSE last year. Late last year l have a position l can no longer buy or sell. So my complaint was when will l be able to trade it and they have just fobbed me off by telling me l can't with no ETA when l can.

So l complained and asked that l wanted to complain to the FOS.

l also asked l wanted the stock transferred to another broker for free and they said they wouldn't do it for free (assuming that l couldn't be bothered to take up with the FOS as l could then trade it on IWeb for example).

masonic

inflationbuster wrote: »

Anyone know my rights here?

Eros had a US IPO and once listed on the US NYSE, delisted from FTSE AIM.

They provided this information in 2013. Seems there was ample warning this was going to happen and this is no fault of your trading platform.

inflationbuster

masonic wrote: »

Eros had a US IPO and once listed on the US NYSE, delisted from FTSE AIM.

They provided this information in 2013. Seems there was ample warning this was going to happen and this is no fault of your trading platform.

III allows you to trade international stocks. I had the chance to buy and sell via the NYSE for a while.

This is what they said a while back,

Your account has been credited with 1 new A share in exchange for every 3
existing shares held in
Eros International. The new A ordinary share ISIN is IM00B86NL059.

The shares are currently suspended from trading on the London Stock
Exchange. The shares are expected to trade on the New York Stock
Exchange, and we are currently in discussion with our international custodian
regarding this. We will advise you whether we will be able to offer a trading
platform for the shares in due course.

Nothing from them to warn me l won't be able to trade them whatsoever.

masonic

inflationbuster wrote: »

III allows you to trade international stocks. I had the chance to buy and sell via the NYSE for a while.

From the link I posted:

Shares held in CREST. If any Eros Pre-IPO Shares are held in CREST, they must be withdrawn from the CREST system by effecting a Crest Stock Withdrawal prior to them being available for sale on the NYSE. If the shares are held directly in either the name of the holder or in a nominee name, the registered holder must contact Eros’ Registrar, and instruct their appointed broker or nominee to withdraw the shares from CREST. The shares will then be held in certificated form on the Jersey register. At this stage the registered holder will need to complete a Registry Removal Request Form which will allow the holder to transfer the shares from the Jersey register to the U.S. register.

So I read that as involving a stock withdrawal to certificate form and subsequent transfer to the US register. Surely you don't expect III to waive their usual charges in this case? Corporate actions such as this are part of the risks of investing directly in equities and it is your responsibility to have an awareness of what is going on within the companies in which you are invested.

inflationbuster

masonic wrote: »

From the link I posted:

So I read that as involving a stock withdrawal to certificate form and subsequent transfer to the US register. Surely you don't expect III to waive their usual charges in this case? Corporate actions such as this are part of the risks of investing directly in equities and it is your responsibility to have an awareness of what is going on within the companies in which you are invested.

Thanks l appreciate your replies. <snipped rest of message>

masonic

inflationbuster wrote: »

Thanks l appreciate your replies. However it was trade able for a while via NYSE, which is what l don't get and they told me they are still working on it but don't know when it will be tradeable again. Now they've just point blank told me it's no longer tradeable.

Have you read the document in the link I provided above? The answer to that is in there too...

In order to ease administrative burdens on our shareholders as we transition to a sole U.S. listing, we will maintain the CREST share facility for a period of time following our delisting from AIM. Shareholders who do not want to trade their A ordinary shares immediately can therefore continue to hold their shares through CREST for a period of time following our delisting from AIM. However, we reserve the right to close the CREST facility in the future in order to reduce administrative costs.

inflationbuster

masonic wrote: »

Have you read the document in the link I provided above? The answer to that is in there too...

Thanks for your help, really appreciate it. Having checked the iWeb platform they seem to allow EROS trading. Looks like i'll need to transfer it out.

jimkenyon

Finally totally free of III. Best of luck to those that remain.

le_loup

jimkenyon wrote: »

Finally totally free of III. Best of luck to those that remain.

Are you feeling warm and positive about the rest of your life now? I know I did.

planteria

they've messaged to tell me that they overpaid me, and have deducted £10 from my cash:(