Thanks for adding your experiences, a lot of it makes sense with what a couple of the phone operators at commsec international securities have said. Please note the concern is not with buying and selling US listed shares, but specific to the merge situation with AKE and what needs to happen if one elects to receive their holding in US listed shares, or what to do later on in converting CDI to US shares. So whatever I have written has been about that and not referring to trading US listed shares in general.
I have been told conflicting things each time I have called to commsec international securities, the number if anyone would like to call them is 1300 361 170
One operator (I think the 2nd last I spoke to) did tell me about the migration (which is related to Pershing I suspect and now changing to an "interactive broker"), and he specifically said to me that once that was all sorted in approximately a couple weeks or so, that US shares coming from whatever share registry NewCo uses will then be able to be instructed to be transferred across to a commsec international share trading account (previously via Pershing on behalf of commsec?). So if NewCo share registry just assigns some preferred broker in the US to hold your shares until they receive your instruction, I don't know but that is along the lines of what this operator described to me.
In my last post before this I have described exactly what was said to me this morning when I enquired for the 4th time. It sounds like Commsec is possibly looking to do these transfers themselves in near future without the involving a partner broker? I really don't know what it is meant to mean.
Apologies if my posts have confused people but I am just trying to find out what I can about something that is unknown to me and help others with reporting what I have received. It doesn't help when I am getting different answers to the same questions and possible misunderstandings with what is being said.
I am thinking for the time being, should the merge proceed it is just going to be easier to receive CDI's and then deal with converting later if I want to. Receiving CDI's is not a concern to me right now, also, their liquidity will be somewhat irrelevant if I plan to convert them to US shares.
AKE Price at posting:
$9.25 Sentiment: None Disclosure: Held
