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HI the Big Easy. thanks for the clarification. Yes I will call II, I see no reason why they can't transfer to ASX on lifting of the suspension- they offer trading on that exchange, but i reckon it will need to be requested- ill share what they say next week regards
Hi Swify
As far as I know, you can hold any shares that are listed on an (HMRC) Recognised exchange, UK or foreign, (ASX and AIM are both recognised exchanges) in both an ISA and SIPP. I think before the AIM became a recognised exchange in 2013, you could maybe only hold AIM shares which had a second, dual listing on a recognised exchange, but that hasn't been the case since 2013.
As far as what II will do with your holding, I can only suggest you do what TITM and I have with AJ Bell - ask them.
Hope it works out OK for you.
ATB
TBE
I believe these stocks only qualify for SIPP status if the company itself is dual listed. On delisting, you still own the shares, and you can request a transfer back to AIM once they re-list in June- but it is not a given that they will. Therfore, my question/concern is whether the ISA I have (with interactive Investor) also automatically converts the shares to the ASX once the suspension is lifted? Does any one know, or have the same worry ?
Not mentioned in the communique draft I was sent. I guess they might, but more likely you would have to request the shares to be converted - but honestly don't know. I suppose my main concern was that my share ownership was preserved, and accessible.
TBE
And if the new 'renamed' company is listed again on AIM in June/July, will AJ Bell migrate your shares back?
Final comment from me (then I can go back to being a Watcher).
I can see no reason why these ASX shares cannot be held in ISAs or SIPPs. Some providers don't let you, but it's fine with HMRC. With AJ Bell, it seems only to mean you can't trade them online - only by telephone, which I'll live with.
Cheers
TBE
Further to TITM's post, I have now had this from AJ Bell, being a draft of what they are proposing to send to clients;
?Further to our previous communication, we have received an update regarding the Red Emperor Resources delisting event.
The listing of Red Emperor Resources will continue on the Australian Securities Exchange and is not affected by the cancellation. Your shares will be converted to the Australian share register and will be tradeable once the suspension is lifted on the Australian Securities Exchange.
You can expect your accounts to be credited upon receipt.?
No mention of being unable to hold in SIPPs or ISAs (where mine are), but I guess if necessary, it would just be a case of opening a trading account to house them (?). Not too fussed re tax implications - when you've paid 45p for some of them, the chances of the consolidated shares reaching 45 x 7.14 = £3.21 are, well .....
My average is actually a tad below 4p, but if the new shares ever get near 30p, I'd be delighted to exit before profit. :-)
TBE
Nice one TITM - that's more than I've been able to glean from AJ Bell.
not that the half mill of shares I have are now worth that much .......
TBE
Yes, and they will send a clarification update at some point as yesterday's afternoon update was not mentioning the conversion to ASX.
TITM
HI TITM nice job...did they give you that in a secure message ie in writing ? Cheers
Afternoon,
I have been liaising with AJBell Corporate action team and they have now confirmed that they will be moving all
clients on the platform across to the new listing automatically.
So no action is needed from us and they will convert the LSE:RMP into ASX:RMP.
Thanks
TITM