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Protecting your Junior Shares


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Hi all, I recall a discussion on this subject that I participated in a while ago but for some reason I cant find it so I'm starting a new thread.

 

If you have not distanced yourself from financial agents then you have a financial death wish (Jim Sinclair 07/10/08).

 

Re: Jim Sinclairs continuing comments to distance yourself from financial entities and make sure you have a personal book entry at the transfer agent etc:

 

How are those of you based in the UK with canadian junior shares protecting yourself? I have mine (currently) in a nominee account with a well known execution only online broker.

 

Reading the terms and conditions the "protection" is almost non-existant, and has actually really worried me, which is what Jim Sinclair is trying to get through to people.

 

So my question is have you "protected youself"? And if so what did you do? Did you swap brokers? If so, who would be suitable? Did you manage to get a book entry even though you have a nominee account (which I would have thought is not possible)

 

If you haven't, why not? Are you going to?

 

I am really struggling with what options I have with this so any advice or comments would be gratefully appreciated by myself and, I assume, by lots of others on here.

 

Kind regards,

 

G.I.

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Hi all, I recall a discussion on this subject that I participated in a while ago but for some reason I cant find it so I'm starting a new thread.

 

 

 

Re: Jim Sinclairs continuing comments to distance yourself from financial entities and make sure you have a personal book entry at the transfer agent etc:

 

How are those of you based in the UK with canadian junior shares protecting yourself? I have mine (currently) in a nominee account with a well known execution only online broker.

 

Reading the terms and conditions the "protection" is almost non-existant, and has actually really worried me, which is what Jim Sinclair is trying to get through to people.

 

So my question is have you "protected youself"? And if so what did you do? Did you swap brokers? If so, who would be suitable? Did you manage to get a book entry even though you have a nominee account (which I would have thought is not possible)

 

If you haven't, why not? Are you going to?

 

I am really struggling with what options I have with this so any advice or comments would be gratefully appreciated by myself and, I assume, by lots of others on here.

 

Kind regards,

 

G.I.

 

Which broker?

 

Usually you simply request your broker to issue/send you a share certificate they will charge you for this should be in their T&C's cost usually around £15.You will revieve a certificate in the post.

 

If they are unable to do this transfer your nominee shares to another broker who can.

 

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Which broker?

 

Usually you simply request your broker to issue/send you a share certificate they will charge you for this should be in their T&C's cost usually around £15.You will revieve a certificate in the post.

 

If they are unable to do this transfer your nominee shares to another broker who can.

 

Thanks for the reply Quark but I have already tried to get share certificates and this was the reply I recieved hence the concern:

 

As Canadian shares have to be held electronically, we are not able to arrange for share certificates to be sent to you.

 

Do you own canadian shares Quark? If so can you recommend a broker that will allow for the share certificates to be delivered as most don't allow it.

 

 

 

 

 

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TD Waterhouse!

 

Any other suggestions?

 

Strange they have Canadian offices.Have you rang them to query this?

 

I would ring around as many brokers as possible ask them if they accept nominee holdings and if they will convert to certificates.

 

You have probably already done this though ?.

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Ps although J.S says to take delivery I believe the UK laws are different to the US as regards nominee accounts .

 

Also I think the problem may be in that the Junior companies Registrar will be offshore maybe that is the problem?

Try finding out where the companies Registrar is domiciled and then try contacting them? :(

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Strange they have Canadian offices.Have you rang them to query this?

 

I would ring around as many brokers as possible ask them if they accept nominee holdings and if they will convert to certificates.

 

You have probably already done this though ?.

 

They are essentailly a Canadian firm, Toronto Dominion! So yeah, I was surprised to!

 

Not rang them yet, but have received the above reply via email. Therefore, I think it's wise to call them tomorrow to verify.

 

Secondly, I have not rang round any other brokers yet, but have searched online and they all seem to be similair, i.e. nominee accounts that you cant distinguish who actually owns what??

 

I was hoping this thread would throw up a short list of candidates to call tomorrow.

 

Any idea's?

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Ps although J.S says to take delivery I believe the laws here are different to the US as regards nominee accounts so I would not be too worried.

 

Also I think the problem may be in that the Junior companies Registrar will be offshore maybe that is the problem?

Try finding out where the companies registrar is domiciled and then try contacting them? :(

 

TDW's Terms:

 

any investments held on your behalf may be pooled with those investments

of other customers. This means that your entitlement may not be individually

identifiable on the relevant company register, by separate certificates or

electronic records (other than ours, where they will be identifiable) and, in

the event of an unreconciled shortfall caused by the default of a custodian,

you may share proportionately in that shortfall;

 

So Quark, looking at your reply and the T&C's above all in all it may be a pointless exercise?

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