Ok guys, after yesterdays announcement I've been looking over some of the information LionGold sent us on selling the shares on the Singapore SX and it might not be as hard to sell as their paperwork makes it look. Their paperwork makes it look like you must register with the SGX, get a bank account with one of their approved banks and do all this other junk unless you can find a broker to do it all for you which will cost you a fair bit in fees. I am with etrade so I shot them an email to tell them what was happening and I enquired about their global shares trade platform.
Their email was quite long so in summary this is what you can do if you are with etrade or have an online trade platform that can sell global shares.
1) Wait until LG issues you the LG shares. They will do this electronically and will also issue (snail mail) you a physical share certificate which is your evidence of owning the shares.
2) etrade offers this: Mail in your original share certificate from LG and they will do the electronic registration for you so your shares appear on the etrade platform where you can buy/sell as per normal.
3) Sell your LG shares (if you want to) for slightly higher than normal etrade fees.
The process takes about 4-5 weeks from the time you receive the certificate to get them to appear on your etrade account and it will cost you $50. Once they are there, selling them should happen as quick as selling shares on the ASX (I'm guessing). That seems a lot easier than creating bank accounts with a Singapore approved bank like Citibank (with monthly fees), registering the SGX, registering for electronic linking in Singapore.
Hope this helps those who were getting a bit confused.
SBL Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
