Stock Broker unable to sell shares

Linton

I believe that if you do hold the old shares (or your broker believes you hold them), perhaps because of an error in 2014, you wont be able to sell them on the TSX as they have been delisted. You would need to get them converted to the new ones.


PS all this is just a theory. It could be wrong!

Thickie

Thank you. I'll try to get the information as to which company the shares are in.

At the risk of sounding stupid would you know who would be able to convert them into the new ones should they be in the old company - I would have thought that that should have been done at the time of the merger/buy out?

Thank you so much for your help

Linton

Thickie wrote: »

Thank you. I'll try to get the information as to which company the shares are in.

At the risk of sounding stupid would you know who would be able to convert them into the new ones should they be in the old company - I would have thought that that should have been done at the time of the merger/buy out?

Thank you so much for your help

Conversion would be the responsibility of Champion Mining, or their registrar who you could contact via the companny.

Thickie

Thanks.

Would appear that this isn't the problem, looking on our account with the broker the shares are listed as with Champion Iron Ltd - the new company name.

xylophone

https://www.investsmart.com.au/shares/asx-cia/champion-iron-limited

Champion Iron Limited (CIA, formerly Mamba Minerals Limited) is an iron development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Quebec. Their flagship projects are bloom lake and fire lake project

https://www.marketwatch.com/investing/stock/cia?countrycode=ca

Champion Iron Ltd. engages in the production, exploration, and development of iron ore properties. Its portfolio includes Bloom Lake and Consolidated Fire Lake North. The company was founded on March 31, 2014 and is headquartered in Sydney, Australia.

Is the problem that the stock is not available as a CDI?

https://www.youinvest.co.uk/faq/what-cdi

https://the-international-investor.com/international-stockbroker-list

Thickie

Thank you. It looks like that maybe the case, not that they have said as much. But that said there has to be some way to trade these shares. They are still showing in our account with a value, if they can't be traded then surely they have no value.

Thickie

Just to get this straight in my head can anyone tell me are DTC and CDI basically the same thing but covering different territory?

Many thanks for your help

xylophone

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.

http://www.championiron.com/frequently-asked-questions/

The shares are traded on the Canadian and Australian markets.

If you look click on full list of markets here

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

you will note that there is no CDI restriction on dealing on the Australian market - is selling on the Australian market the way to go?

Otherwise, how about contacting the Daily Telegraph's Jessica

https://www.telegraph.co.uk/money/jessica-investigates/contact-telegraphs-consumer-expert-jessica-gorst-williams/

or even Money Box?

https://www.bbc.co.uk/programmes/articles/5bgYZ85HX7TzCbQwQZzhWdh/contact-money-box

Thickie

We spoke to youinvest today, they can't trade the shares. They said they weren't CDI. The original broker has told us we need a broker that is DTC.

xylophone

https://en.wikipedia.org/wiki/CREST_(securities_depository)