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Unable to transfer Australian shares - Help

pedgepuk
Posts: 111 Forumite


In 2016 a UK AIM listed company was acquired by an Australian company which delisted in the UK and then listed the newly allocated shares on the Australian stock exchange. These shares are being held under Halifax Sharedealing Services who do not trade on the ASX exchange, and now I need to trade some of the shares. I opened a share dealing account with IG.com who trade on the ASX and so I proceeded with a transfer of my Australian stock from Halifax SD to IG.
Unfortunately IG now say that the transfer cannot proceed since the stock Halifax hold for me is within a CHESS (Clearing House Electronic Subregister System - Australia) platform and the CREST (Certificateless Registry for Electronic Share Transfer - UK) platform is incompatible.
I'm struggling to get answers from both brokers and they simply say I need to find another UK broker who trades on the ASX exchange. I can't see how I can open a share dealing account in Australia since I need to be an AUS resident, which I'm not. I've also searched for answers but unable to find a solution.
Can anyone please assist?
Many thanks
Unfortunately IG now say that the transfer cannot proceed since the stock Halifax hold for me is within a CHESS (Clearing House Electronic Subregister System - Australia) platform and the CREST (Certificateless Registry for Electronic Share Transfer - UK) platform is incompatible.
I'm struggling to get answers from both brokers and they simply say I need to find another UK broker who trades on the ASX exchange. I can't see how I can open a share dealing account in Australia since I need to be an AUS resident, which I'm not. I've also searched for answers but unable to find a solution.
Can anyone please assist?
Many thanks
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Comments
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Ask Halifax to certificate the shares, then register them with IG assuming they can handle certificated ASX shares?
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I have a similar problem. Halifax holds my shares and they don't trade on the Australian market. I can't find a UK/Australian broker that will deal with the relatively small number of shares I have (just under 3000). I've contacted Computershare Australia, but they seem to think my shares are still listed on the UK AIM market — they're not. I have found out that the SRN is what Halifax calls an Account Code, which I have, but they can't provide me with a share certificate. I'm getting increasingly frustrated and I really, really want to sell my shares. Has anyone got any other ideas please?0
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Saxo Bank ?0
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Hi
I have the same problem with a company that took over an AIM listed company in 2016. The shares are held with Halifax who say they can’t trade them. Has anyone been successful in resolving this issue please.0 -
Devonhenry said:Hi
I have the same problem with a company that took over an AIM listed company in 2016. The shares are held with Halifax who say they can’t trade them. Has anyone been successful in resolving this issue please.0 -
I suspect this relates to a company called Universal Coal being taken over by Terracom. Because this was a mandatory corporate action share holders weren't allowed to vote nor were they given any prior notice that this was about to happen. HSDL's response along with the financial ombudsman has been poor to say the least, I had no idea that I could end up with shares that I can never sell and I can't even close my account!
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whataloadofbankers said:I suspect this relates to a company called Universal Coal being taken over by Terracom. Because this was a mandatory corporate action share holders weren't allowed to vote nor were they given any prior notice that this was about to happen. HSDL's response along with the financial ombudsman has been poor to say the least, I had no idea that I could end up with shares that I can never sell and I can't even close my account!
Could Halifax have an Australian share certificate issued which you could then try to sell? IIRC there have been some threads where people found Australian brokers to sell their certificates in NAB Bank and/or Commonwealth Bank. You would at least then be able to close your account.
https://www.reuters.com/article/business/australias-terracom-closes-uk-based-universal-coal-acquisition-idUSKBN21D3UN/
https://www.interactivebrokers.co.uk/en/trading/products-exchanges.php#/contractdetails/212756788/STK
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whataloadofbankers said:Because this was a mandatory corporate action share holders weren't allowed to vote nor were they given any prior notice that this was about to happen.0
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Hoenir said:whataloadofbankers said:Because this was a mandatory corporate action share holders weren't allowed to vote nor were they given any prior notice that this was about to happen.
"After receiving more than 92% of Universal Coal shareholders’ votes on the takeover bid last month, the Australian coal miner is entitled to proceed with a compulsory acquisition."
https://www.mining-technology.com/news/terracom-implement-compulsory-acquisition-procedure/
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