How to sell shares on LSE when I have the original paper certificate?

[RJV]

Hi all, am hoping someone can assist with this issue.

When I left my long term Australian employer in 2008 I was issued with a (paper) share certificate for just over 10,000 shares (BP plc) which are listed on the London Stock Exchange. I'm wanting to sell these now (value about AU$80,000) but its proving very difficult because of the paper certificate …. the shares are not held "electronically" on trust with a broker. If they were then the sale becomes much easier.

I contacted ANZ Share Trading here in Melbourne and they are unable to help (I reckon they can, but they are not interested in helping).

I contacted a UK broker directly who required that I send the certificate, statutory declaration, and an enormous amount of certified ID and other documentation to them and they could then sell the shares for me but only if they could make payment into a UK bank account in my name (which I don't have, and cannot get). So this was of no use.

I also contacted Capita Asset Services in the UK who play a role in managing BP plc's share scheme. They could not assist but did give some useful advice - see email appended below.

Can anyone give me some pointers please on how to sell these shares, or perhaps point me to an Australian broker who will genuinely assist?

Thanks in advance.

It is our understanding that many overseas banks and stockbrokers first require the shares to be held in electronic form (CREST) before they can be sold. Unfortunately, as registrar, we do not offer this service. Many overseas stockbrokers or banks offer this service and will have representation in the UK via a Custodian or Nominee arrangement, or via Euroclear to help them facilitate this; therefore your stockbroker or bank in Australia should be able to liaise with a UK contact to transfer the shares to electronic form (CREST).

 

[ROE]

Not sure but maybe contact the electronic share registry like CPU who maybe able to help
they should be able to take your certificate and convert to electronic holding

 

[RJV]

Not sure but maybe contact the electronic share registry like CPU who maybe able to help
they should be able to take your certificate and convert to electronic holding

Thanks. If by "CPU" you mean "Computershare" it doesn't appear that they can help, as thy limit themselves to selling "Australian issuer-sponsored shares", see here :

https://www-au.computershare.com/investor/trade

This is really frustrating - I own an AU$80,000 parcel of shares which "the system" conspires to make it impossible to sell. Do I have to fly to the UK and visit the London Stock Exchange to get this done?

 

[skyQuake]

Thanks. If by "CPU" you mean "Computershare" it doesn't appear that they can help, as thy limit themselves to selling "Australian issuer-sponsored shares", see here :

https://www-au.computershare.com/investor/trade

This is really frustrating - I own an AU$80,000 parcel of shares which "the system" conspires to make it impossible to sell. Do I have to fly to the UK and visit the London Stock Exchange to get this done?

Computershare are a global registry. Do give them a call, what you want from them is not the share sale (although it might be possible), but a transfer from paper cert to electronic.
UK opens around 7pm AEST if you want to call their offices directly

Check out https://www.halifax.co.uk/sharedealing/getting-started/how-to-sell-shares/Default.asp

 

[Tightwad]

i'm in a similar situation with TSM delisting here, seems they have a local broker that they've organised to deal with them. I'd looked at organising it previously and it was a nightmare - accounts difficult to set up, huge amounts required, companies not wanting to deal with non uk etc. the best solution may be to try and find a local broker who will go in to bat for you.

this was one i looked at as a maybe https://djcarmichael.com.au/stockbroking/international/

 

[RJV]

Computershare are a global registry. Do give them a call, what you want from them is not the share sale (although it might be possible), but a transfer from paper cert to electronic.
UK opens around 7pm AEST if you want to call their offices directly

Check out https://www.halifax.co.uk/sharedealing/getting-started/how-to-sell-shares/Default.asp

Thanks for the lead. I will call them.

From reading their web site I expect they can help - set up an account, and then convert paper to electronic, and then even sell the shares. But where the process tends to fall over is that the proceeds of the sale can only be withdrawn into a UK bank account - which I don't have and can't get. So one is left with funds in an overseas "broker account" which cannot be withdrawn. These hurdles are aimed at money laundering, but get in the way of the honest punter who is stuck with a paper share certificate.

I'll contact Halifax (and Computershare) to see what I can learn.

 

[AndrewParkinsonBurrell]

Hi all, am hoping someone can assist with this issue.

When I left my long term Australian employer in 2008 I was issued with a (paper) share certificate for just over 10,000 shares (BP plc) which are listed on the London Stock Exchange. I'm wanting to sell these now (value about AU$80,000) but its proving very difficult because of the paper certificate …. the shares are not held "electronically" on trust with a broker. If they were then the sale becomes much easier.

I contacted ANZ Share Trading here in Melbourne and they are unable to help (I reckon they can, but they are not interested in helping).

I contacted a UK broker directly who required that I send the certificate, statutory declaration, and an enormous amount of certified ID and other documentation to them and they could then sell the shares for me but only if they could make payment into a UK bank account in my name (which I don't have, and cannot get). So this was of no use.

I also contacted Capita Asset Services in the UK who play a role in managing BP plc's share scheme. They could not assist but did give some useful advice - see email appended below.

Can anyone give me some pointers please on how to sell these shares, or perhaps point me to an Australian broker who will genuinely assist?

Thanks in advance.

It is our understanding that many overseas banks and stockbrokers first require the shares to be held in electronic form (CREST) before they can be sold. Unfortunately, as registrar, we do not offer this service. Many overseas stockbrokers or banks offer this service and will have representation in the UK via a Custodian or Nominee arrangement, or via Euroclear to help them facilitate this; therefore your stockbroker or bank in Australia should be able to liaise with a UK contact to transfer the shares to electronic form (CREST).

RJV,
There are 3 brokers in Australia who I know of who can help you out.

We can at Burrell Stockbroking in Brisbane, Fortrend Securities in Melbourne or Pritchards in Newcastle if it is a UK stock.

Good luck.

Andrew

 

[Lizziet]

Hi all, am hoping someone can assist with this issue.

When I left my long term Australian employer in 2008 I was issued with a (paper) share certificate for just over 10,000 shares (BP plc) which are listed on the London Stock Exchange. I'm wanting to sell these now (value about AU$80,000) but its proving very difficult because of the paper certificate …. the shares are not held "electronically" on trust with a broker. If they were then the sale becomes much easier.

I contacted ANZ Share Trading here in Melbourne and they are unable to help (I reckon they can, but they are not interested in helping).

I contacted a UK broker directly who required that I send the certificate, statutory declaration, and an enormous amount of certified ID and other documentation to them and they could then sell the shares for me but only if they could make payment into a UK bank account in my name (which I don't have, and cannot get). So this was of no use.

I also contacted Capita Asset Services in the UK who play a role in managing BP plc's share scheme. They could not assist but did give some useful advice - see email appended below.

Can anyone give me some pointers please on how to sell these shares, or perhaps point me to an Australian broker who will genuinely assist?

Thanks in advance.

It is our understanding that many overseas banks and stockbrokers first require the shares to be held in electronic form (CREST) before they can be sold. Unfortunately, as registrar, we do not offer this service. Many overseas stockbrokers or banks offer this service and will have representation in the UK via a Custodian or Nominee arrangement, or via Euroclear to help them facilitate this; therefore your stockbroker or bank in Australia should be able to liaise with a UK contact to transfer the shares to electronic form (CREST).

I'm in the same position. I've been going in circles for 2 months now. I set up a UK Investorcentre account as per UK Computershare's advice only to find out that I can't trade myself as I'm not a UK citizen. I've been in contact with 2 Australian sharebrokers who gave me different advice. One suggested that I convert my paper-based shares to electronic shares. Computershare UK advised me this evening that I cannot convert my paper-based certificate shares to electronic format as BHPBilliton PLC do not permit this. Any further suggestions would be appreciated! Thank you.

 

[AndrewParkinsonBurrell]

I'm in the same position. I've been going in circles for 2 months now. I set up a UK Investorcentre account as per UK Computershare's advice only to find out that I can't trade myself as I'm not a UK citizen. I've been in contact with 2 Australian sharebrokers who gave me different advice. One suggested that I convert my paper-based shares to electronic shares. Computershare UK advised me this evening that I cannot convert my paper-based certificate shares to electronic format as BHPBilliton PLC do not permit this. Any further suggestions would be appreciated! Thank you.

Lizziet, once you are tipped out of an employee share scheme trading your shares is very difficult. I think if employees were advised of just how difficult it would be they would just sell them in the employee scheme while they still have the chance.
At some point in time in the future, ComputerShare may open up a share sale facility similar to the one they currently have operating in Australia, but until that time the only two ways I know you can sell your shares are: a) If you happen to be in the UK for a holiday/work a local broker may sell your holding for you, or b) Sell them through a nominee account via an Australian broker (I have listed the few firms who I know can do this above).
Whatever happens, do not lose your paper certificate as you will need the physical certificate to actually sell the shares & it is a massive pain to replace it.

 

[Lizziet]

Lizziet, once you are tipped out of an employee share scheme trading your shares is very difficult. I think if employees were advised of just how difficult it would be they would just sell them in the employee scheme while they still have the chance.
At some point in time in the future, ComputerShare may open up a share sale facility similar to the one they currently have operating in Australia, but until that time the only two ways I know you can sell your shares are: a) If you happen to be in the UK for a holiday/work a local broker may sell your holding for you, or b) Sell them through a nominee account via an Australian broker (I have listed the few firms who I know can do this above).
Whatever happens, do not lose your paper certificate as you will need the physical certificate to actually sell the shares & it is a massive pain to replace it.

Thank you, Andrew. I actually saw your post last night , after I posted this, and have contacted the firms you listed, including Burrell this morning. They were really helpful and I'm on track now, so thanks for the recommendation.

 

[Meagan]

I am in the same boat with BHP shares. how did you go about selling them?
How did you get the share certificate? when would you have received this, as I don't remember getting one through the employer share scheme?

 

[marknelson5001]

Thank you for this. I am in the same boat as Lizzie re my BP shares. I have contacted over 20 UK stockbrokers and Australian stockbrokers - Commsec is my Australian trading account - since March and have been unsuccessful in selling these shares. Link Asset Services - the BP Registrar in the UK - absolutely REFUSE to help Australian shareholders. And Link Market Services in Australia only help current BP Australia employees. I wonder how many other Australian BP shareholders who are no longer working there have been screwed? I shall contact the 3 Australian stockbrokers and hope to be able to sell these damn shares and not have to deal with BP or their registrars ever again.

 

[AParkinson MORGANS]

If you want to talk about certificated shares held on a foreign exchange & whether you can sell them, give me a call on (07) 3114 8640. Andrew Parkinson (Now at Morgans)