Overseas shares with Access

[stimpy_bum]

Just wondering if anyone out there has shares in "safe custody" with Access...and whatthey are doing about the state of their shares??
It's great the trust account thing will be resolved but I am sure there are people like myself who don't know what's going to happen to shares that relly belongs to me but I can't trade/or get to them at the moment....any thoughts??

[Benlamnz]

yeah bummer. I think you really need a lawyer or accountant for that because this will probably rank very low on the liquidators' priority list. Just look at the speed (more like lack of it) they are going with paying us out. Which reaffirms my fear of the custodian arrangments.

[stimpy_bum]

I have already got my lawyer to send a letter to the liquidators...I just wanted to get a feel of how many people as in the same situation as myself....at the time I thought it was a good idea as it gave me flexibility to trade easily without having to present a share certificate for these oversea shares....what a piss-er that Access turned into custard!!

[Fondos]

Stimpy, I am in the same boat.

Always been a bit wary of financial strength of NZ companies so have about 80% of my portfolio weighted in US/UK stock.
It is ironical, all shares doing well at this moment, only problem dont know if I will ever be in the position to sell the script & realise a hard earned profit on what I thought were my shares, in my name, held in trust by a broker now liquidator.

I know some people will probably think it reckless to allow someone to hold your shares in trust but i thought the risk was outweighed by the hassle of having to wait for the physical delivery of script (once had to wait 6 months for some UK shares-wanted & needed more flexibity than that to trade.) thought Access was the answer.

How wrong I was.

Sent an 5 e-mails to liq. have received no reply to date. Read the Liquidators report but gave no specifics on our situation.

Just have to keep trying.

Fondos.

Fondos which overseas broker were access using for your trading. Overseas shares will probally held by them not access

[Fondos]

ENIGMA - thanks for the reply.

They did tell me & it is one of the major banks - I think it is Westpac but not 100%.

I know I was'nt getting any discounted brokerage rates. Are you saying that likely they could be sitting in some international custodian nominee a/c like hopefully Westpac Custodian Nominees Ltd or similar.

I hope so.

If this is the case, I wonder what/if any claim the liquidator would have over this international account ???.

[Enumerate]

I have a holding of UK shares, bought through Access, held in a UK nominee company.

I have a letter confirming my holding from Access.

As far as I am aware - the Liquidator has inheireted the trustee relationship previously conducted by Access.

I have contacted the Registrar, in the UK. They indicate that the shares are not held in my name - but are likely to be held in a nominee company.

The Liquidator cannot claim assets held in trust - as far as I am aware. They do have a duty of care to make sure the correct people are assigned the correct holdings.

I have requested the assignment of my shares to my name (3 times now, via eMail). Nothing has been forthcoming.

I am putting it in writing - along with sending my BNZ Trust A/C letter.

[marcus_milo]

Enumerate, wouldn't you be better to contact the nominee company directly and ask their opinion. If in fact they are the registered holder of the shares in the UK, then Access is out of the picture. I am not sure how this works, but the relationship may actually be with you and the nominee company (they must have some record that you are the true owner of the shares), and Access only managed that for you. The nominee company may be happy to move that management relationship to another broker (the one you will replace Access with).

Just a thought...

[kiwi2kiwi]

anyone BNZ client place an order to buy NZ shares on black friday 3 sept, now you have no money and no shares like myself? Please help!!

[Benlamnz]

Kiwi2kiwi:

have you check with computershare re holdings? And whats the amount shown on the letter you receive from the liquidators? Don't worry too much at this stage because as long as you have proof of the trade they will pay you, its not a first in first serve thing.

[kiwi2kiwi]

Yes have been to Computershare and BK, no stock, BNZ say they cant help, I also got no letter on Friday. I am a bit surprised that this topic has just gone flat. I spoke to a NZX guy today who said I should get my money back, but who is paying the bills at present? BNZ

[kiwi2kiwi]

Have just called the Liq. who for some reason had decided to post the form out to my NZ address (I live in Germany) and they confirmed the missing amount. Shame about the trades though I waited for months for that trade. The world is again a lovely place. Sorry to steal your thread Stimpy.

[Enumerate]

Marcus_milo - problem is I don't know the name of the broker or the nominee company.

I doubt they would deal with me directly, they would have to go back to the Trustee (now the Liquidator) to action any changes on the registration status of the shares.

Anyone know who the Access UK broker is?

What about other countries?

[Benlamnz]

Liquidator should know. Since they already have enough on their plate, they should be more than happy to provide clues for you to sort this out yourselves. With a bit of luck you may even be able to sort these all out yourselves without having to hire a lawyer. It's a matter of matching the shares in custody with you.

[stimpy_bum]

I had my lawyer draft a letter to the liquidators claiming the shares don't know if anyone else has done so, I just thought it best to do something proactive rather than leave it with the liquidators.....I'm just so anixous about this as it's all my life's savings....I am pissed.

[stimpy_bum]

Kiwi don't worry about stealing the thread the more information we share the better mate....don't know what you can do about the missing money and shares...that's a bummer!!

enumerate Write to the nominee company you will probally find that they are in your name there. Just like NBNZ was talking about for their sharetrading system

[kiwi2kiwi]

I JUST WANTED TO BRING FINALITY TO MY PROBLEM; I didn't get an e-mail on Friday like 90something% of people, and I had traded some 10K worth on Black Friday, no money no shares, I was worried that BNZ had overlooked those who had traded Friday (or had overseas shares, except ASX as the NZX is in bed with them) as they were the minority, and that they only would do the minimum necessary to save face. Again, if they hadn't bailed out those who had outstanding trades/shares with the initial "agreement" with Liquidators then they never intended to come to the rescue (of those who held some shares either NZX of overseas holdings. That would put me and others like me as an unsecured creditor standing in line with BNZ but without the legal firepower that the BNZ has.

I had called the BNZ/NZX/Liqu. repeatedly but all were unhelpful, until last Monday I reached the right person (at Liq.) who could confirm my holdings and sent the correct e-mail/forms out to me.

If you have no word buy now from the Liqu. that you are covered then you probably are not, and as an unsecured creditor, competing with the BNZ and co. for your funds. It's my suspicion that members of the BNZ, NZX and Liqu. sit around smokey rooms late into the night drinking screwdrivers, and are now preoccupied, not with returning Access client trading (share) shortfalls, but carving up the assets (SHARES=ASSETS of Access Brokerage now in Liquidation) therefore recouping the losses. Sorry.

[Enumerate]

Phoned the Liquidator, this morning.

Apparently a letter was posted yesterday to all those who have shares held in trust.

Can't confirm the details of what is in the letter - the woman I spoke to couldnt verify I was on the list to recieve it.

Anyone who gets it ... please post :)

[stimpy_bum]

Just received an email from the liquidators informing me to get in touch with First NZ Capital Securities about my overseas shares...hope all of you who were like me got the same message. I think this is good news...I have yet to print the message out and read it thoroughly. Good Luck people.

[Enumerate]

Here are the options:

We are advised your options are as follows:

· You may elect to retain your shares in custody at First NZ Capital
Custodians Ltd through a National Bank of New Zealand online share-trading
account. You must register (or already be registered) as a National Bank of
New Zealand online share-trading client. Clients who are already registered
with National Bank Online Share Trading can login via
http://shares.nationalbank.co.nz and enter their holdings transfer request
via the Trading section. If you are a National Bank customer that is
registered for Internet Banking, logon as usual to National Bank Internet
Banking and select the trading option, follow the registration process and
then enter you holdings transfer request via the Trading section.
Alternatively you may complete the attached transfer request (Attachment 1)
and return to First NZ Capital.

· You may elect to retain your shares in custody at First NZ Capital
Custodians Ltd through a full-service account at First NZ Capital
Securities. There is no charge to open an account although administration of
your custodial assets will incur an annual charge of 0.25% of total asset
value per annum. Should you wish to pursue this option please contact Rachel
Smith at First NZ Capital (+64 4 474 4400, rachel.smith@fnzc.co.nz) and client
agreement documentation will be sent to you for return to First NZ Capital.

· You may elect to have your securities registered directly into your
own name. You should be aware that physical registration can result in
delays should you wish to sell your investment at a later stage. There is a
charge of NZ$100 to cover First NZ Capital's costs for issuance of each
certificate for overseas-registered securities (excl. Australia), subject to
stock-specific restrictions. Should you wish to pursue this option please
complete Attachment 2 and return to First NZ Capital together with a cheque
to cover the total sum.

· You may elect to transfer your shares into a custodial account
provided by another company or broker. There will be a First NZ Capital
charge of NZ$25 per electronic transfer of holding or NZ$100 per physical
certificate requested. Should you wish to pursue this option please instruct
your agent accordingly, complete the attached transfer request (Attachment
3) and return to First NZ Capital together with a cheque to cover the total
sum.