Carnival shares, transfer to NYSE - complications?

HarryIb

Today I've been informed that the proposed transfer of my Carnival plc shares to the US market, as a result of the abandoning of the UK entity in favour of the US entity, will not now take place — because it's going to cost (Carnival Corp) too much! Apparently I can still transfer the shares to the NYSE, but this will cost me in commission and other fees. I need the shares to qualify for Carnival cruise benefits as a shareholder. Has anyone else been informed about this issue, and what might one cost effectively do about it?

Thanks.

tigerspill

I also have Carnival shares. I have received the Onboard Credit previously. If nothing is changing, why is there a need to do anything?

wmb194

https://forums.moneysavingexpert.com/discussion/6669890/carnival-shares-transfer-to-nyse-complications

How were you informed? It looks like the cancellation of the London listed shares and unification of the two companies into a Bermuda based, NYSE listed company occurred on 07/05/26. I cannot see that anything has changed.

https://www.investegate.co.uk/announcement/prn/carnival--ccl/carnival-corporation-plc-completes-unificat-/9558001

https://www.investegate.co.uk/announcement/rns/carnival--ccl/cancellation-carnival-plc/9556757

https://www.investegate.co.uk/company/CCL

HarryIb

Here's the message I've just received from Interactive Investor (my emphasis):

Update on plans to migrate Carnival shares to the US Market

We recently issued a Corporate Action notification to you in which we indicated that Carnival plc and Carnival Corporation were proposing to unify into a single entity under Carnival Corporation Ltd and to re-domicile from Panama to Bermuda.

The plans also involved the company cancelling the listing of the Carnival plc shares on the London Stock Exchange and the issuance of UK Depository Interests (DIs) representing the Carnival Corporation Ltd shares. Our intention, as communicated to you at the time, was to transfer the shares over to the US market, since this was the new primary listing for the company. Unfortunately, due to the costs involved this has not proved to be possible. Instead, we have credited your account with the DIs which can be sold through ourselves on the International section of the London Stock Exchange.

If you wish to purchase additional Carnival Corporation Ltd shares you will be able to do so on the US market, however if you wish to transfer your existing DIs to the US market you will need to contact us to request a cross-border transaction be carried out. This will be subject to fees and taxes, the cost of which will depend on the number of DIs you wish to move.

tigerspill

https://forums.moneysavingexpert.com/discussion/comment/82012411#Comment_82012411

I received the notification of the CA. But I was informed that I didnt need to do anything with the existing shares (I boutht 100 shares specifically for the cruising perks). It looks like these cruising perks are unaffected.

I am not sure exactly what you are trying to do, or why?

However, knowledge in these matters is limited and I am going on the information I have received through the platform with which I hold these (Fidelity).

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82012411#Comment_82012411

It's Interactive Investor that doesn't want to do it, not that Carnival has cancelled its plans.

For ease of continued ownership, DI's are usually better. It will mean they're listed in London and will probably trade in sterling and attract UK dealing costs. You just need to check with Carnival that they will fulfil the share ownership requirement to receive its perk.

I cannot see the DI on the LSE's website: does II give you a ticker symbol?

kermchem

I hold my Carnival shares in my SIPP with AJ Bell. They have simply changed from 100 shares priced in GBP into 100 priced in USD. There has been a recent discussion on one of the cruise forums that since the company is resident in Bermuda rather than the US then some of the issues with Brits holding US shares don’t arise.

HarryIb

Thanks for all the comments. At the moment my DI holding - ticker 0EV1 - in ii is fixed, in that no transactions are possible. I assume the price of the DIs will vary exactly in relation to their price on the NYSE? As pointed out, I just need to check whether Carnival Corp. accept evidence of the DI holding as qualification for the benefits - benefits which I have to say, are excellent.

marlot

My holding is with SW. They seem to have registered them on the NYSE as they said they would.

CARNIVAL CORP LTD COM USD0.01 (CCL)

Shimrod

https://forums.moneysavingexpert.com/discussion/comment/82012572#Comment_82012572

My shares are within a Barclays ISA -they are also registered on the NYSE. I'm guessing this means we now need to complete a W-8BEN form.

marlot

SW asked me to complete a W8