Need Help On Selling Canadian shares

Tirian

redddevil said:

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.

Excellent, I will prob look into that.  I was going to keep them as the dividend payments seemed reasonable.  But by the time the Canadian witholding tax has been deducted, and then the UK dividend tax applied it's basically pointless.

redddevil

Tirian said:

redddevil said:

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.

Excellent, I will prob look into that.  I was going to keep them as the dividend payments seemed reasonable.  But by the time the Canadian witholding tax has been deducted, and then the UK dividend tax applied it's basically pointless.

My GW shares were paying around £1000 a year in divis after WHT so have been good in that respect but I'm now of an age where I have to be careful about leaving behind anything that might be awkward for someone else to sort out (never mind that it was hard enough for me!). 

wmb194

Tirian said:

redddevil said:

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.

Excellent, I will prob look into that.  I was going to keep them as the dividend payments seemed reasonable.  But by the time the Canadian witholding tax has been deducted, and then the UK dividend tax applied it's basically pointless.

You can offset some proportion of the Canadian dividend tax against UK tax. You'd need to find out what that is - it might be in the UK/Canada tax treaty - but there might not be any more to pay.

Induna123

You're not the only person in britain to have had this problem. I'm in exactly the same boat. I acquired shares in Dundee precious metals inc listed on the TSX via a special dividend back in 2011 and have been stuck with them ever since. I ran in to the same road blocks as you. No UK broker wants to touch them. My own broker sent me the paper certificates as they don't deal with the,. Computershare is only a transferring agent, not a broker so they can't help either. Every few years I get the motivation to try and sell these and then give up after hitting a brick wall. hence the reason why I came across this thread. I note you said you had some luck with Redmayne Bentley. I emailed them last week and haven't heard anything. Did you contact them by phone? What exactly did you have to do? Did you need to send them the certificates?

redddevil

Induna123 said:

You're not the only person in britain to have had this problem. I'm in exactly the same boat. I acquired shares in Dundee precious metals inc listed on the TSX via a special dividend back in 2011 and have been stuck with them ever since. I ran in to the same road blocks as you. No UK broker wants to touch them. My own broker sent me the paper certificates as they don't deal with the,. Computershare is only a transferring agent, not a broker so they can't help either. Every few years I get the motivation to try and sell these and then give up after hitting a brick wall. hence the reason why I came across this thread. I note you said you had some luck with Redmayne Bentley. I emailed them last week and haven't heard anything. Did you contact them by phone? What exactly did you have to do? Did you need to send them the certificates?

I filled in a form on their website I believe. I did need to send them the certificates and an upfront fee of £200 but they explained the process fully before any of that. Not sure if the fee was related to the value of the sgares (c £29k in my case). They needed the certificates so they could convert them to electronic shares held by their USA office and progress from there.  I have the email address of the guy who I dealt with if that would help you?

Induna123

yes please, or message me privately if you don't want to share it on this forum. I note they have different offices around the country, I'll contact the nearest one to me, whether it makes a difference or not I don't know. I'm happy to pay £200 if it means i can sell them, currently worth around £6.5k in my case.

redddevil

He's currently on annual leave so got an automated reply. 
The office phone number is [Removed by Forum Team]

Induna123

That's OK. I emailed their Market Harborough office today and got a reply with some forms to fill out. See if this chimes with what you had to do.

Basically they sent me a form to print out, fill in and post back to them along with the share certificates.

The form is to set up a stock dealing portfolio which they charge a quarterly fee of £25. A bank statement from the last three months. Also a stock transfer form to sign and a transfer fee of £200 along with the share certificates.  They also said they charge an administration fee of £160.00 + VAT. "We will raise our invoice once the shares have been sold, this fee will be taken from sale proceeds."

Is this what you had to do?  Did you close the portfolio after you had completed the sale? 

redddevil

Sounds similar but there was no mention of the £160 + VAT nor any obvious sign of it being taken from the proceeds.
They set me up an a/c accessible on their MYRB site before I sent the certificates off but that's maybe just that office's sequence of doing it.
I haven't closed the portfolio but maybe I ought to if they're going to want to charge me for it (they haven't yet).
The £200 is shown on MYRB as a dematerialisation fee - basicaly making the physical certificates into an electronic holding.

Induna123

Hi. I've activated the portfolio with Redmayne Bentley about 3 weeks ago now. I've been advised it could take 6 to 8 weeks for the transfer to go through. A question i wanted to ask is the proceeds you spoke of. Was this the expected amount you calculated before the sale? Was there any commission charged on the currency exchange?