Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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How does the transfer work?
There's no mystery here. If you own a share, you own a share, wherever it is traded. Here in Canada, we trade US and Canadian exchanges like they are local. Many shares are cross listed. I can buy on the TSX and sell on the NYSE within seconds. When IRL was listed on 3 exchanges, I could have bought on TSX and sold on AIM or BVL within seconds. It's a non issue technically. The reason you don't normally go globe trotting on a trade is because your broker will bend you over in transaction fees and you are taking on unnecessary forex risk, settling in other currencies. If I buy IRL on TSX in $CAD then sell MIRL on AIM in GBP, I'm now long GBP. If I want to spend my money, I have to buy $CAD. Another cost. If a stock is only listed in one place, then you can trade it if you own it. You are in UK. Call up your broker and ask what it costs to trade shares on Toronto Stock Exchange or TSX Venture (where it will most likely get listed, Canada's version of the AIM but significantly less reputable, the true wild west of stocks). If you don't like the number he gives you, go shopping and transfer your account. I'd expect to hear something on the order of 50 quid. I used to trade a few AIM stocks and was paying $80 CAD but that was years ago. Things should be better now. There are brokers here in Canada that can get you done anywhere in the world for less than $20 or $30 usually. I've hear HSBC sucks but is cheap. I'm sure UK is better since we are so backwards here. Your biggest problem stew is you are going to have $CAD when all is said and done. OR if you stay long, this is really all non-issue. You own the shares, you keep the shares. Risk is Fryer Fuc% dilutes us.
"When IRL was listed on 3 exchanges, I could have bought on TSX and sold on AIM or BVL within seconds. It's a non issue technically." That is all very well Eljay, if your broker trades on these markets. Many UK brokers, such as Lloyds/HBOS do not offer trading on the TSX. So in this event you would need to transfer your shares to a broker who does, as I have explained in a couple of earlier posts.
You should get a new broker that doesn't suck. Lloyd's/HBOS obviously suck. Don't do business with people that suck.
"You should get a new broker that doesn't suck. Lloyd's/HBOS obviously suck. Don't do business with people that suck." Barclay's Bank also does not offer foreign trading. So that is two major British banks that will not let you trade on TSX. Most people do not wish to trade on foreign exchanges, so do not look for this when they open an account. It is only when something like this happens that they suddenly need to. So great advice Eljay! I am sure it will be really appreciated by those who like me have been caught out.
Biggest isn't always best. Usually never is. Same is true in Canada. Smaller brokers are cheaper and have more options. The biggest drawback is their marketing isn't so slick to con you into thinking you are getting less than what you paid for.