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Red Emperor Resources NL- Consolidation and Delisting
Your holding of****** Shares held within your Stocks & Shares ISA
Red Emperor Resources NL shares are currently listed on both the Alternative Investment Market (‘AIM’) in the UK and the Australian Stock Exchange. At present the shares are suspended from trading on both exchanges so they can’t be traded. The company has announced it is going to cancel the AIM listing on 19 May 2021 and just retain its Australian one.
Conversion to Australian shares
We’ll automatically convert your current holding into the Australian shares so you can sell them when the Australian suspension is lifted.
To do this we’ll need to transfer the shares to our global custodian (HSBC) – we’ll do this from 14 May. The shares will continue to show in your Hargreaves Lansdown portfolio, but as the underlying custodian will be HSBC, or a sub-custodian of HSBC, there are certain implications you should be aware of:
We’ll only allow sale instructions and you’ll be unable to buy more of these shares.
You’ll only be able to sell your shares over the phone by calling our Dealers on 0117 980 9800. We’ll convert the proceeds from Australian Dollars into Sterling, subject to the prevailing exchange rate at that time and our standard currency conversion fees.
The following three charges will be applied to a sale:
Our telephone commission of 1% of the proceeds, subject to a minimum of £20 and a maximum of £50.
Our Australian Broker (DBS Vickers) will charge you 0.35% of the proceeds subject to a minimum of AUD200 (approximately £112 at present)
HSBC will charge you a transaction fee of £15.
The shares will be held with our third party custodian, HSBC, who may in turn hold the shares through a sub-custodian in the home country of the investment. The settlement, legal or regulatory requirements that apply to the shares may differ from those applicable in the UK. Your investment may not benefit from the same protections in the event of the insolvency of the third party that may apply under UK law. A more detailed explanation of these additional risks is provided in section A25 of our terms & conditions, which are available at hl.co.uk/terms-and-conditions
The company has proposed a 14 for 100 consolidation, effective around 8 June 2021. Any shares you own at this time will therefore be replaced on a 14 for 100 basis. The company will also be changing name to Future Metals NL.
Sale Opportunity
You’ll be able to sell the shares once the Australian suspension is lifted and the transfer to HSBC is complete, which is likely to take a number of weeks, although we’ll work to ensure it is concluded as quickly as possible.
We recognise the charges detailed above are considerably higher than those for selling the existing shares. We’ll therefore offer you a chance to take part in a bulk sale facility, in which we’ll waive the three charges detailed abov