I hold an account with CMC they have definitely told me I have...

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wilby

62 Posts.

23/10/23

08:49

Post #: 70476914
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Originally posted by bmfjch: ↑

BoroBoy, I also heard that because Commsec have changed their international broker arrangements that things are basically on hold for 4-6 weeks (indicatively timing only and subject to change at the whim of Commsec?). However, Commsec may have been able to directly convert them to ADSs via a broker transfer form involving BNYM, HSBC (local Aust. bank for the share deposit) and Commsec (international broker). This is outside the free conversion facility and should be able to be done in the future too (at a cost). I think it’s worth rechecking this with Commsec and getting the right person on the phone/email. (It might be a little more painful with a SMSF but I’m double checking this in writing with my SMSF broker CMC. If I get a timely response I’ll let you know).

Another option is finding a helpful alternative broker, and I saw on another thread someone used Moomoo (but I haven’t checked this with Moomoo).

I believe if you use the conversion facility the ADSs will be registered via Computershare - Investor Center America. (They won’t appear in your IC Australian account though). IC America should also be able to facilitate trading the ADSs on the NASDAQ. This might also allow you to transfer them to another broker too. (Hopefully there might even be a little more detail provided on this soon).

This is my very limited understanding, so please check this all with your broker and Kazia.

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I hold an account with CMC they have definitely told me I have to use an American Broker . Once that's done I assume I may be able to transfer them to my CMC international account .I cannot really get a clear answer though on the process and they will not recomend a broker

KZA Price at posting: 9.0¢ Sentiment: Hold Disclosure: Held
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