Australian stock market - brokers?

[ollyh1988]

Hello - Hoping someone might have some advice on the below please?

Been dabbling a little in share dealing using an ISA share dealing account. One of the companies I have shares in (Stellar Diamonds) has been taken over by an Australian company (Newfield Resources). I've just tried to sell the shares I have but the bank behind the ISA account cannot carry out the transaction as they do not deal with the Australian stock market. They've told me I need to find a broker who deals in this market so they can set up the trade. So, does anyone have any advice or referrals? It is not a massive sum of money so trying not to pay big additional costs in getting these shares sold.

Thanks!

[williaa68]

Interactive investor do aussie shares

[keith333]

T D Waterhouse handle Aussie shares too.

[bogie]

I have the same problem with the NWF shares that were originally STEL

Over the last 4 months Ive tried all the common trading platforms and so far no-one can take the transfer in, regardless of if they support trading in Aussie shares.

The platforms like HL, II etc all support buying new NWF shares, but not the transferred ones. Something to do with the way the transferred shares are held in a different Aussie electronic system to the usual system (CREST) used by all the UK brokers.

SO you end up stuck where the current broker (where you had the STEL shares) holds them but cant sell them for you and no-one else (so far) will take them.

Last resort is to try opening an account with an Aussie based broker directly, but the process appears quite lengthy if you are not a resident.

https://www.commsec.com.au/support/frequently-aske...

[emicen]

williaa68 said:

Interactive investor do aussie shares

keith333 said:

T D Waterhouse handle Aussie shares too.

TD Waterhouse became TD Direct Investing which became Interactive Investor.

[ollyh1988]

bogie said:

I have the same problem with the NWF shares that were originally STEL

Over the last 4 months Ive tried all the common trading platforms and so far no-one can take the transfer in, regardless of if they support trading in Aussie shares.

The platforms like HL, II etc all support buying new NWF shares, but not the transferred ones. Something to do with the way the transferred shares are held in a different Aussie electronic system to the usual system (CREST) used by all the UK brokers.

SO you end up stuck where the current broker (where you had the STEL shares) holds them but cant sell them for you and no-one else (so far) will take them.

Last resort is to try opening an account with an Aussie based broker directly, but the process appears quite lengthy if you are not a resident.

https://www.commsec.com.au/support/frequently-aske...

Drat... I will try contacting a few different brokers and see if they have any advice, but by the sounds of it you've already been down this route. I suppose the current broker has no obligation to try to get this resolved..? Turns out to be an even worse investment than I first thought!

[sas62]

bogie said:

I have the same problem with the NWF shares that were originally STEL

Over the last 4 months Ive tried all the common trading platforms and so far no-one can take the transfer in, regardless of if they support trading in Aussie shares.

The platforms like HL, II etc all support buying new NWF shares, but not the transferred ones. Something to do with the way the transferred shares are held in a different Aussie electronic system to the usual system (CREST) used by all the UK brokers.

SO you end up stuck where the current broker (where you had the STEL shares) holds them but cant sell them for you and no-one else (so far) will take them.

Last resort is to try opening an account with an Aussie based broker directly, but the process appears quite lengthy if you are not a resident.

https://www.commsec.com.au/support/frequently-aske...

Got exactly the same issue with Canadian shares held with Computershare. Can't even bank the dividends as my bank wont take foreign cheques for let that £100 quid or so.

[bogie]

ollyh1988 said:

bogie said:

I have the same problem with the NWF shares that were originally STEL

Over the last 4 months Ive tried all the common trading platforms and so far no-one can take the transfer in, regardless of if they support trading in Aussie shares.

The platforms like HL, II etc all support buying new NWF shares, but not the transferred ones. Something to do with the way the transferred shares are held in a different Aussie electronic system to the usual system (CREST) used by all the UK brokers.

SO you end up stuck where the current broker (where you had the STEL shares) holds them but cant sell them for you and no-one else (so far) will take them.

Last resort is to try opening an account with an Aussie based broker directly, but the process appears quite lengthy if you are not a resident.

https://www.commsec.com.au/support/frequently-aske...

Drat... I will try contacting a few different brokers and see if they have any advice, but by the sounds of it you've already been down this route. I suppose the current broker has no obligation to try to get this resolved..? Turns out to be an even worse investment than I first thought!

No its not your current brokers fault. Now its up to you to find someone who will take them. Ive tried all the big 4 UK so far. I think the shares are in the Aussie "chess" system and the UK uses "CREST" as far as I can figure out.

Tried contacting the company secretary but they dont have any idea either, just refer you to ring around UK brokers.

I do intend to hold the shares a while yet, want to see what happens when they get the mining project underway properly...so no rush. Im passively trying to find a broker that can help

[Pommy]

Can you open a Commsec acct here in Oz, transfer the shares to within that acct, sell out then use hifx to transfer the money to the UK?

[bogie]

Pommy said:

Can you open a Commsec acct here in Oz, transfer the shares to within that acct, sell out then use hifx to transfer the money to the UK?

thats exactly what im looking at next if the current provider im trying cant take them. Its a bit of a long winded process to get a Commsec account for non Aus residents, but might be the only option

[bogie]

Apparently http://www.arnold-stansby.com/ are able to sell the NWF shares. Havnt tried them yet myself, just waiting on another transfer to go through (or not) first.

[ollyh1988]

bogie said:

Apparently http://www.arnold-stansby.com/ are able to sell the NWF shares. Havnt tried them yet myself, just waiting on another transfer to go through (or not) first.

That's potentially great news - thanks for the info!

I might sit on them until the start of the year and see if there are any signs of improvement - I'd be selling at a loss right now anyway.

[bogie]

ollyh1988 said:

bogie said:

Apparently http://www.arnold-stansby.com/ are able to sell the NWF shares. Havnt tried them yet myself, just waiting on another transfer to go through (or not) first.

That's potentially great news - thanks for the info!

I might sit on them until the start of the year and see if there are any signs of improvement - I'd be selling at a loss right now anyway.

Redmayne Bentley just came through for me and took my old STEL/NWF shares through and kept them in the ISA

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

[ollyh1988]

bogie said:

ollyh1988 said:

bogie said:

Apparently http://www.arnold-stansby.com/ are able to sell the NWF shares. Havnt tried them yet myself, just waiting on another transfer to go through (or not) first.

That's potentially great news - thanks for the info!

I might sit on them until the start of the year and see if there are any signs of improvement - I'd be selling at a loss right now anyway.

Redmayne Bentley just came through for me and took my old STEL/NWF shares through and kept them in the ISA

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

Bogie,

Sorry for the delay in reply - but that is great news! I'll get on to them tomorrow and see if I can do the same.

Thanks for your help and info, and fingers crossed for the stock!

Olly