Sharesave maturity

Dempseyh

Hi all, My sharesave scheme matured today, I sent my request letter off mid March to to buy shares and immediately sell, can anyone tell me how long before I receive the money? Should I be expecting a txt or email with details of the sale price etc as I had to enter my contact details into the sale execution letter

ermine

Dempseyh wrote: »

Hi all, My sharesave scheme matured today, I sent my request letter off mid March to to buy shares and immediately sell, can anyone tell me how long before I receive the money? Should I be expecting a txt or email with details of the sale price etc as I had to enter my contact details into the sale execution letter

Depends on the specifics of your scheme but when I've done this in the past you usually get the money a couple of weeks after the sale, because these are big schemes where a lot of sale instructions are aggregated to reduce costs. They seemed to be on T+10 settlement, but I guess it's specific to the scheme.

And yes, you do get confirmation of the sale date/time point, the share price you sold at, commission etc, usually just after the sale executes, so before you receive the money

Dempseyh

Thanks for the reply that's put me more at ease, I put a min sale amount on the instruction but the shares didn't drop below that amount yesterday.

Dempseyh

Got a brief letter today saying they had been sold and "total credit due on the settlement date 4/4/14" does that mean when the money should be in my bank?

Snooping4Value

Give it up to a week or so for the funds to come through. Mine took that long because the broker was waiting for the Sharesave bank to send the share cert across.

You could check maybe a few days after the 4th if you want.

fozzeh

ermine wrote: »

Depends on the specifics of your scheme but when I've done this in the past you usually get the money a couple of weeks after the sale, because these are big schemes where a lot of sale instructions are aggregated to reduce costs. They seemed to be on T+10 settlement, but I guess it's specific to the scheme.

And yes, you do get confirmation of the sale date/time point, the share price you sold at, commission etc, usually just after the sale executes, so before you receive the money

'Usually' they are all sold on the day they mature, schedules are ready and the dealing team has been instructed. 90% will be sold on the day of maturity, the rest on the day after. If the sale is likely to influence the price of the shares on the open market, they are staggered over 3-4 days and an average price taken. This will only happen on the massive companies who like to sell the shares (BT used to be a sucker for this, as did CPW). That's for big companies anyway...smaller ones may be a bit more picky about it (and I mean smaller smaller, companies).

Contract notes have to be sent within 1 working day of the deal.

If yours were received and sold on 01/01/14, you should be getting your funds today by CHAPs (or next week if BACs). Quick ring to whoever deals with it should clear it up.

Dempseyh

We have been told to expect the money on the 14th, seems like a long time as the shares were sold on the 1st