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At this current time, what will be will be. If you’ve got funds available, do some research and buy some NCCL. That should hopefully cheer you up within the next two to three weeks! :-)
10 weeks have now elapsed since being admitted to trading. Todays IG response 'we are chasing it' lol. Even Newfield Resources company secretary is receiving no assistance from IG to solve this issue.
Expect this to drag well into August at least.
Sorry for the late response. The answer is we don’t its all down to the broker. InAJ Bells case when I last spoke to them they said it is likely to take months.when i probed them there was no definite answer but they said call again August if they hadn’t all ready been converted..
I raised complaint with FCA about the length of time its is taking for IG to get their finger out - 10 weeks today they got admitted to trading and still no time limit in place for a resolution. Would suggest you do the same today as only with others reporting the issue would they take notice.
Highlight IG state 'Your shares are held in a segregated client accounts under nominee arrangements with approved custodians. This means that they’re easily identifiable as client assets and, as with cash, IG and its creditors don’t have any charge, liens, or rights of set-off or retention over them' and 'You authorise us and any sub-custodian to hold or transfer Instruments (or entitlements to them) to a securities depositary, clearing or settlement system. Instruments that cannot be settled through a central securities depository system may be held overseas by a third party (including custodian, sub-custodian, registrar, bank, intermediate broker, or settlement agent) in the name of IG Markets Limited or a third-party nominee. Details of the name that an Instrument is registered in are available on request.'
However upon asking who is the custodian you get get a brick wall. Be proactive otherwise we will still be awaiting well into Autumn.
Just spoken to them again now and was told that nobody should have said that the process takes 2-3 weeks as the corporate actions team have stated that the DEMAT process actually takes 4-8 weeks.
This would take us up to the 10th August. Considering making a complaint to the financial ombudsmen but not sure whether it'll just be a waste of time and increase my stress levels.
The most frustrating thing about IG is how they claim to be chasing every day but yet have no real update from the custodian since the 14th June. How can you possibly chase for this long and get no reply? Surely they can give us that the DEMAT process was started on XX date and is currently X weeks in and how much work is left to do.
Anybody with barcs ? You should have received a corporate action today explaining the situation, can anybody explain it to me please !!?
IG to assist - likely to be August for next update, resolution still miles away from being resolved
traderjack , thanks for your response . So how do we change them to electronic shares.
has anyone received any credit or free trades or anything for the complete lack of assistance whilst awaiting their stock from any broker?
IG todays response: 'still chasing it daily' they claim - sack their custodian I say for the incompetence and the could not care less attitude.
I think you mis-understood AJ Bell....They will sell all your holding but it will cost a little more. They will however, only allow you to trade with the ASX as a purchase with a minimum investment of 10k...
AJ Bell have not got the ability to trade the NWF shares as of yet and in my previous posting the shares are NWF provisional shares. this is because they have been sent over and are registered as paper shares so for some unknown reason they can’t trade them. These paper shares and to be converted into electronic shares (their words) before you or I can instruct them to sell....
Called AJ Bell today, they said they would only deal for me if my holding was over £10K . I only have 62,853 stel shares. Any body know who else i can try.
At least the NWF SP is doing ok!
my response from Ig was different (depends who you speak with determines what reply you get)
the last update we had was 9 June 2018 from our custodians in Australia - we are still chasing it daily
looks likely this will drag on into August - unbelievable
Here’s the content of the last email I received from IG last Thursday. I was getting a bit terse with them, so I asked the three following questions seeking yes/no answers;
“Apologies for the inconvenience caused and delay in posting these shares.
Have IG’s custodian in Australia now received the paper certificates from the Ireland office? -- Yes, our custodian in Australia received the paper certificates.
Has the DEMAT process actually begun?--Yes, DEMAT process has already been started but it consists of all clients shares certificates which is genuinely taking a lit bit more time.
If it has begun, the anticipated timescale for the process is between three to six weeks?- This, we are not sure of the timescale on how long does the DRF team takes to complete the DEMAT process.”
Barcs told me they can't be in an isa, as it's an overseas company !
the other lot seem fine
Going to give barclays what for..... can only use equinity if you wish to do through an isa
with messages for the last month.... I have mine with AJ Bell... creditation to my Sipp account was completed without a problem.. As I was looking to gain a quick profit this has been put on hold because of conversion from a paper share to a computer share. This has no timescales I was told and could take several months to convert and be tradeable online.. I asked for a more definite idea of timescale and the best they could give me was within six months... Hey ho..
Thanks peaky, yeah they told me "computer share". Not heard of them but got the number. Will update also....
sorry equinity
just spoken to barclays. This certificate should allow you to trade but barclays wont as we all know as asx. for the first time they have provided me with people to go to. They may have absurd rates so dont kick off, just trying to help. Aquinity and share center. Progress at last! Will update as and when.
Got the same document from Oz after I posted on Friday, gonna call IG today and see if they can help.
Will update later on what they say.
I got an email from DeGiro today with an update. Here's what it stated:
"An update on this case.
We've been in touch with our prime broker requesting info again today. Even though the delay has been for longer than two months, they can still not confirm a day the shares will be paid.
Again our apologies, but except chasing there is not much more we can do at this point."
At least now they are keeping me posted and I don't have to chase them so happy about that :)