Hey all,
So I purchased a number of shares in AVZ (which has now delisted) through IG Markets as my broker. I was new to investing when I set this account up and really didn't understand that IG works on a 'custodial' arrangement - which from what I can tell means IG owns the shares, not me.
While I understand that - if you owned shares in AVZ when it delisted, you still own those shares, I'm struggling to find any information on what it means under a custodial arrangement. It's not a small amount of money I had tied up with AVZ when they delisted, and I really don't have any idea what is going to happen to it, or if I'll even see any of it again.
The announcement from the company which contains the FAQ only briefly has this to say about it:
When speaking to IG, I basically just get redirected to their run-of-the-mill information page about it, which really doesn't offer much information at all, bar this:
"For share trading, there is no option for clients to close off their positions as the market is not trading. The shares will remain in the account until it resumes trading/ are confirmed worthless/ liquidation is completed/ shareholders have been paid out."As AVZ have presently stated they have no intention of returning the shares for public offer, still hold value, aren't being liquidated and are still trading off-market, I really just don't know where my holding fits into all this.
Any help appreciated.
Thanks.
