RE: Another broker receives shares?19 May 2022 19:17
Time for a broker change.
HL confirmed they now have the certificates which they have sent to the registrar to be converted into electronic form. Because they are a large broker with more holders it may be the reason why it is taking so long. It may be tomorrow they go live, but there again maybe not..
More importantly for me was the very weak explanation as to why HL did not pass on the corporate action. Basically their default was to receive the new distribution of stock. This is a direct quote from from the conversation “we were only able to chose the default. We didn’t have the option to give a secondary option in cases like this so we just went with the default option for our clients.” The fact that only 3% of stock was converted to cash suggested “perhaps we weren’t the only broker that was unable to facilitate the corporate action”. Well they bl**dy should have been able to facilitate it, Barclays, Halifax, HSBC, Interactive Investors, & Fidelity were all among the brokers that were able to.
The reason I have pursued it with HL is that I don’t want to be excluded from any future potential corporate actions in relation to ORPH and the spin outs. I have been with HL for a long time but time to review my situation.
I very much hope we don’t go down a similar route with the other spin offs, because regardless of HL’s inadequacies, it has been a very cumbersome process. Anyhow the sun is shining time for a large G&T!