I have an issuer-sponsored holding of shares listed on the Australian stock exchange, which I would like to sell. I live in the UK.
I have contacted the company who currently manage the holding, and they are able to sell the shares on my behalf by following a process involving forms being sent back and forth to Australia via snail-mail. They will then settle with a cheque in AUD which will then need to be negotiated by my bank in the UK. They will not accept email or fax instructiins, and will not pay me the proceeds other than with a cheque in australian dollars, again sent via snail-mail.
They mentioned that I *may* be able to find a broker to act on my behalf, and that they would need to confirm identity, transfer the holding, and convert it from issuer-sponsored to CHESS before selling.
My question - does anyone know of a broker who can do this for reasonable cost and have proceeds transferred to my UK bank account, preferably without the need for weeks of sending forms back and forth to australia?
TIA,
Phil
I have contacted the company who currently manage the holding, and they are able to sell the shares on my behalf by following a process involving forms being sent back and forth to Australia via snail-mail. They will then settle with a cheque in AUD which will then need to be negotiated by my bank in the UK. They will not accept email or fax instructiins, and will not pay me the proceeds other than with a cheque in australian dollars, again sent via snail-mail.
They mentioned that I *may* be able to find a broker to act on my behalf, and that they would need to confirm identity, transfer the holding, and convert it from issuer-sponsored to CHESS before selling.
My question - does anyone know of a broker who can do this for reasonable cost and have proceeds transferred to my UK bank account, preferably without the need for weeks of sending forms back and forth to australia?
TIA,
Phil
