RE: Bits and Bobs................15 May 2024 14:28
AJ Bell is the 24th May. Plus they say we can keep in ISA which is contrary to HL. Which one is true?
The delisting from the London Stock Exchange (LSE) was approved at the meeting held on 13 February 2024, and is expected to become effective on 24 June 2024.
Your shares are currently held as Depositary Interests (DIs) in the UK Settlement System, CREST. The company has announced that following the delisting, there will not be a facility in place for the Depositary Interest holders to continue to hold their shares within the CREST system and trade on the Frankfurt Stock Exchange.
As a result, if you continue to hold your shares as of market close on 24 May 2024, your holding will be automatically converted into ordinary shares to be held with our International Custodian, Clearstream. These shares will be traded on the MDAX segment of the Frankfurt Stock Exchange. Please note, the process of trading shares held in Clearstream is via Telephone dealing and will incur a GBP25.00 dealing charge per trade.
If you wish to sell your shares in the market instead, you may do so until market close on 24 May 2024. If you choose to retain your DIs and have not sold them by 24 May 2024, we will automatically convert them into the ordinary shares to be held with our International Custodian, Clearstream. You will not incur any charge for the conversion of the DIs into the ordinary shares.
Please note, AJ Bell will place a block on trading of TUI AG shares on the London Stock Exchange with effect from market close 24 May 2024.
From 28 May 2024, we will initiate the process of withdrawing your TUI AG Depositary Interests out of CREST and converting them into TUI AG ordinary shares to be deposited with our International Custodian, Clearstream. This will allow you to continue trading in your TUI shares on the Frankfurt Stock Exchange.
Therefore, you will not be able to trade your shares in TUI AG from 24 May 2024.
Please note, this is a lengthy process and the registrar, Link Group, has advised that this could take up to 2 weeks to complete. Therefore, by commencing the conversion process on 28 May 2024, it allows sufficient time for us to process the transfer of any remaining shares to Clearstream before the delisting becomes effective.
Trading in the ordinary shares will commence once we have received confirmation that the shares have settled within the Clearstream system. Further updates will be released once this has been completed. The Tui shares will continue to be eligible to be held in an ISA or SIPP following the transfer to the Frankfurt Stock Exchange.
Therefore, prior to the LSE delisting taking effect, you have the following options:
- You may sell your shares prior to market close 24 May 2024.
- You may retain your shares in your account and have them automatically converted into ordinary shares held in Clearstream and traded on the Frankfurt Stock Exchange.
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