Stock Broker unable to sell shares

xylophone

https://www.youinvest.co.uk/our-services/international-dealing

https://www.youinvest.co.uk/market-research/TSE:CIA

Thickie

As the matter is still not resolved I would rather not say at this point I would add, however that I have dealt with them for many years and not had a problem previously which is making this even more infuriating.

Whilst their tardiness may well be of benefit at the moment things can and do change, we have been unable to access the money for the last 2 years and we still have not been able to secure a sale.

kidmugsy

You've not really told us their explanation of their inability to sell the shares. What did they say?

What did the ombudsman say by way of explanation for his inaction?

BlackBird75

This is a strange tale.

Apodemus

BlackBird75 wrote: »

This is a strange tale.

Yes, and I hope that the OP sticks with us, so that we can get to the bottom of it!

I once had something similar, where I put a small sum into a broker’s “speculative play” recommendation... scroll on a couple of years and the overseas company had been taken over a couple of times, as had the UK broker. The broker’s Ts&Cs had changed considerably with each take-over and they now said that they couldn’t manage that share. I ignored it all and eventually closed the nominee account, which forced them to close out the position (I already had the Ombudsman on-board with another issue which was why I was closing the account and this may have helped focus their minds on getting rid of me!)

dunstonh

Unless we know the reason they have given for not being able to sell, we can't really help you.

Linton

In the absence of further info from the OP there may be an answer here...


https://tsx.com/news/new-company-listings?id=125


Shares in Champion Iron Mines Limited were replaced by shares in Champion Iron Limited in 2014 after a merger. Perhaps the OP still has shares in the old company.

Thickie

Thank you for your comments.

We were originally told that the shares had been delisted and moved to the Australian market.

We were told that they were working with an Australian company to sell the shares.

Then we were told that the problem lies with the Canadian Registras providing conflicting information.

Then we were told they had another Australian firm who should be able to trade them.

The Ombudsman was more concerned that we closed the file and gave as his reason that they were still trying to sell the shares.

Then we were told that they can't move them cross border.

We did have another broker that thought he would be able to trade them but he came back yesterday to say he couldn't, with no real explanation.

When we spoke to our broker yesterday they say we need a broker with DTC.

To add insult to injury when we went to the Ombudsman they offered £100 as compensation in full and final settlement, an offer we did not accept and yet they have transferred £100 to our account. Our shares in this stock alone are worth in excess of £50k . With all the misinfomation and poor service that has gone before it just makes you think they are trying to wiggle out of something.
Any advice would be very welcome, thank you

Linton

Thickie wrote: »

Thank you for your comments.

We were originally told that the shares had been delisted and moved to the Australian market.

We were told that they were working with an Australian company to sell the shares.......

That would tie in with my theory - the merger in 2014 was with an Australian Company, Mamba Minerals, which renamed inself Champion Iron. It may be significant whether your shares are in Campion Iron Mines or Champion Iron. The former being the old company and the latter the current one.



You could try the phone numbers given in: http://www.championiron.com/investors/

Thickie

We emailed Champion Iron a couple of months ago and the reply we got was that the shares are on the Canadian Share register, they think the best way to go is to sell them on TSX. He added that he found it hard to believe that our brokerage firm could not do the trade. He didn't see any need to involve the Australian market, although that was something that could be done but he would think that our broker would be clueless as to how to go about this.