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What can I do about shares owned in a company that cancels it's LSE listing?

by pknibbs 23 October 2009 |

8 comments | Love

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I own shares in a company that recently cancelled it’s listing on the London Stock Exchange. I had no intention selling at the time so I wasn’t too worried, I’ve subsequently found out though that if the company doesn’t re-list on the LSE that I have in effect lost my money … is this right? My broker cannot sell them for me, what are my options?

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410

manzanilla posted
I assume it doesn't have a listing anywhere else?
you now have shares in an unlisted company.
what is the company? Do you have a significant holding? did the comapny delist because it had major problems?
manzanilla
Posted on 23 October 2009 | Love 0 loves Report
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pknibbs posted
The company is listed on the NYSE
Posted on 23 October 2009 | Love 0 loves Report
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Ed Bowsher posted
If the company is listed on the NYSE, it should be fairly easy to sell them. Do you have the shares in certificated form? If yes, many brokers should be willing to sell if you have the certificate.
If you hold the shares in a nominee account, it still should be possible for your broker to sell them. The NYSE is hardly an obscure exchange. Which broker are you using? Why do they say they can't sell them?
Ed
Posted on 23 October 2009 | Love 0 loves Report
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pknibbs posted
I hold them in my Motley Fool Share Dealing Service ISA, I do have the option to get them in certificated form but that seems to be a faff, as you say NYSE isn't an obscure exchange, indeed I hold shares in my ISA from NYSE, NASDAQ and LSE.
Have I been given duff info? I was told when I asked "have I lost my money?" that basically unless they re-list on the LSE that I had.
Posted on 23 October 2009 | Love 0 loves Report
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MikeGG1 posted
No, as long as they have a listing somewhere, they can be traded. And cross-border trading is getting easier. That is why many companies are de-listing from their secondary markets.
Any decent broker will sell or buy for you on the main international markets. Many of them do it through an associated company in the appropriate country.
Mike
Posted on 23 October 2009 | Love 0 loves Report
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manzanilla posted
If you take them in certificated form, it means removing them from your ISA. I think the only alternative to doing this will be to transfer the ISA to a broker that can trade on NYSE (er that would be most of them!). Selftrade or TDWaterhouse shgould be fine, to mention two cmmon private investor brokers
manzanilla
Posted on 23 October 2009 | Love 0 loves Report
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Golfnut posted
Stuart Watson here from The Motley Fool. I'm a bit surprised our Share Dealing service doesn't allow you to hold the NYSE-listed shares for this company in your ISA. It might be worth calling them again on 0845 609 0006 to double check. If that doesn't help, you can contact us at UKWebFool@fool.co.uk and we can chase it up with Halifax Share Dealing, who run the back end of the service.
Hope that helps.
Posted on 26 October 2009 | Love 0 loves Report
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pknibbs posted
Right, I've been in touch on 0845 609 0006 to clarify matters. I've been told the company are only now listing on the Eire stock exchange and my only option is to take ther certificates.
Posted on 28 October 2009 | Love 0 loves Report

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