| Need broker for 1-off sale of certificated US stock [message #373471] |
Mo, 13 März 2006 10:10 |
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Hi,
I have some shares in IBM that I acquired as an employee some time
ago, and I'd like to get rid of them. Unfortunately when I left the
company, rather than putting my shares in their electronic nominee
system they sent me a certificate - it states on it "This certificate is
transferable in New York."
I can send this certificate to then in New York and they'll lodge the
shares in the system, then I can sell them easily. Getting the
certificate there is not without risk though - it appears to be
my sole title to the shares and if it gets lost in the mail / fedex /
whatever it's going to cost me dear. I can insure the shares for 3%
of their value... but by the time I've done that and paid for fedex
etc. I might as well have just found a UK broker who will take the certificate
off my hands and do the deal for me.
So, my question is - can anyone recommend a UK broker / sharedealing service /
whatever who will happily take my N-Y IBM share certificate and do the deal for
me, and at a fair rate?
Many thanks,
Sarah
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| Re: Need broker for 1-off sale of certificated US stock [message #373482 ] |
Mo, 13 März 2006 12:54 |
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Bitstring <441536ff$0$6983$ed2619ec [at] ptn-nntp-reader02.plus.net>, from
the wonderful person SarahR <sr [at] ingenotech.com> said
>Hi,
>I have some shares in IBM that I acquired as an employee some time
>ago, and I'd like to get rid of them. Unfortunately when I left the
>company, rather than putting my shares in their electronic nominee
>system they sent me a certificate - it states on it "This certificate is
>transferable in New York."
>
>I can send this certificate to then in New York and they'll lodge the
>shares in the system, then I can sell them easily. Getting the
>certificate there is not without risk though - it appears to be
>my sole title to the shares and if it gets lost in the mail / fedex /
>whatever it's going to cost me dear. I can insure the shares for 3%
>of their value... but by the time I've done that and paid for fedex
>etc. I might as well have just found a UK broker who will take the
>certificate off my hands and do the deal for me.
>
>So, my question is - can anyone recommend a UK broker / sharedealing
>service / whatever who will happily take my N-Y IBM share certificate
>and do the deal for me, and at a fair rate?
When I had some similar (but not IBM) US shares I found the simplest
thing was check my yellow pages for a local broker to whose office I
could hand deliver the shares. If you start into discount brokerages you
have the same 'how to get it to them safely' problem. Plus most US share
certificates require you to sign them ('with your full name') effecting
the transfer, which you really don't want to do before posting. You may
even need to get the signature witnessed, I can't remember (I sold mine
back in 1999/2000 when the prices were stupid).
Get a quote, at least, from someone you can visit in person. If it's
outrageous (more than 3% iirc .. US shares DO cost more to sell because
of the hassle you described) or if you don't like the bid/offer spread,
then walk away.
--
GSV Three Minds in a Can
Contact recommends the use of Firefox; SC recommends it at gunpoint.
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