Need Help On Selling Canadian shares

redddevil

BuyCurious said:

I expect your research will have covered things like this that my brief effort to help has stumbled on, but in case not...

I found the notes on here about making DRS transfers interesting:https://webfiles.thecse.com/Emergia_Inc._Statement_-_Amended.pdf?wKcT_FA50iNF_R11f1q8kA6K2bk5IRsS=

Which leads to this list of CDR participants that might be able to help: https://www.cds.ca/participants/participant-services/participant-list

I didn't check them all but most seem to be Canadian.  However there a few US bodies that might be more used to multi-national transactions.

Thanks for that. I am aware of the DRS option. It doesn't help with any of the UK brokers and as it involves shelling out for a signature guarantee (over and above the cost of sending off the insured share certificates) I'd need to know it gave me an advantage with a Candian bank/broker to see if it was worthwhile.

As you say the CDR participants are generally Canadian  so it looks as if I may have to  bite the bullet and see how easily or otherwise I can deal with a Canadian institution from here.

DRS1

redddevil said:

BuyCurious said:

Did you see Interactive Investor's page on TSX trading? https www.ii.co.uk investing-with-ii/international-investing/markets/canada

[Mangled link as I'm a newbie]

They're happy to take your cash to invest it but they can't sell the certificated shares.
I've also tried Interactive Brokers, Charles Schwab, Hargreaves Lansdowne, AJ Bell, IG, Saxo and eToro......

Is the issue with the "certificated shares" bit rather than the Canadian bit?  As I said you could send them the certificate so they can dematerialise the shares putting them in your online account and then sell them?  It must be worth asking if they can do it that way.

redddevil

DRS1 said:

redddevil said:

BuyCurious said:

Did you see Interactive Investor's page on TSX trading? https www.ii.co.uk investing-with-ii/international-investing/markets/canada

[Mangled link as I'm a newbie]

They're happy to take your cash to invest it but they can't sell the certificated shares.
I've also tried Interactive Brokers, Charles Schwab, Hargreaves Lansdowne, AJ Bell, IG, Saxo and eToro......

Is the issue with the "certificated shares" bit rather than the Canadian bit?  As I said you could send them the certificate so they can dematerialise the shares putting them in your online account and then sell them?  It must be worth asking if they can do it that way.

Their response was "Unfortunately, we can only lodge share certificates for UK companies listed on the London Stock Exchange with ISIN codes starting with 'GB'. We also are unable to recommend other providers.

" which is pretty unequivocal.

redddevil

Hoenir said:

At the time of the takeover there were two options for Canada Life shareholders. Either cash or Great-West Lifeco shares. As always is the case in such circumstances. The onus is firmly on the individual shareholder to chose the most suitable option for their circumstances. As you've now found out, ownership of stock on a foreign exchange is fraught with challenges if you are a non resident. 

Have you tried either Redmayne Bentley or IG ? Both have international offices.

It looks as if Redmayne Bentley may be able to do this (for a price but that's OK) so thanks for that suggestion. I'll post back here if all goes through smoothly.

redddevil

Just to confirm that Redmayne Bentley were able to get this done for me very efficiently for a fee of £200 which seems reasonable to me. Thanks again to Hoenir for the advice.

Tirian

Interested in this as I have inherited shares in SunLife Canada from a Canadian citizen (who did not know that they owned them ...).  Fortunately I don't have any need to sell them at the moment, but it would appear that there may be a similar challenge if and when I do.  

Ever since I inherited them, I have also been receiving unsolicited mail from an in-house investment firm for some rich person's private family office, offering to buy them from me at something like a 40% discount on the listed price.  So clearly not only is this a common issue, it's one that some unscrupulous people are very keen to make fast buck from ... no idea how they even got my details, I have to say as I have never made any enquiries anywhere about selling them.

redddevil

Tirian said:

Interested in this as I have inherited shares in SunLife Canada from a Canadian citizen (who did not know that they owned them ...).  Fortunately I don't have any need to sell them at the moment, but it would appear that there may be a similar challenge if and when I do.  

Ever since I inherited them, I have also been receiving unsolicited mail from an in-house investment firm for some rich person's private family office, offering to buy them from me at something like a 40% discount on the listed price.  So clearly not only is this a common issue, it's one that some unscrupulous people are very keen to make fast buck from ... no idea how they even got my details, I have to say as I have never made any enquiries anywhere about selling them.

Yep, looks like you will have the same issues as they're listed on TSX too. Might be easier/cheaper  if they're electronic rather than certificates like mine were. Either way I'd be happy to recommend Redmayne Bently as they made the whole process very straightforward.

wmb194

I drafted this and didn't post it but I might as well. Looks like Canada uses the same medallion system as the US.


https://medallionguarantee.co.uk/medallion-services/

Share Data says it offers Medallion stamps for US and Canadian shares:

https://www.sharedata.co.uk/a-guide-to-medallion-signature-guarantees/#:~:text=Understanding%20the%20endorsement%20guarantee%20vs,the%20nature%20of%20the%20transaction.

Another possible option, seems expensive though:

https://www.findersinternational.co.uk/our-services/medallion-signature-guarantees/

Redmayne Bentley offers/used to offer US medallion stamps so if they're also valid in Canada it would definitely be worth contacting.

https://www.redmayne.co.uk/

wmb194

Tirian said:

Interested in this as I have inherited shares in SunLife Canada from a Canadian citizen (who did not know that they owned them ...).  Fortunately I don't have any need to sell them at the moment, but it would appear that there may be a similar challenge if and when I do.  

Ever since I inherited them, I have also been receiving unsolicited mail from an in-house investment firm for some rich person's private family office, offering to buy them from me at something like a 40% discount on the listed price.  So clearly not only is this a common issue, it's one that some unscrupulous people are very keen to make fast buck from ... no idea how they even got my details, I have to say as I have never made any enquiries anywhere about selling them.

They probably found your details on the share register.

Tirian

wmb194 said:

They probably found your details on the share register.

I kind of assumed something like this must be the case.  I didn't realise that my address details would be publicly available there though ...