Dual listed companies - NZX and ASX

[Snoopy]

Is that to say you can buy dual-listed shares on the NZX, and then sell the same shares as their ASX equivalent - and vice-versa? What's the process for doing this, as a retail investor?

I've noticed a big difference in liquidity between NZX and ASX for the mid-cap dual-listed shares. For example, MFB was very lightly traded on the ASX before they delisted there, and spreads were huge. If you got stuck with such a holding, you might prefer to sell it on the other exchange.

The Australian system is a little different to NZ. Over there you have 'issuer registered shares' and 'broker registered shares'. Brokers only sell shares on their own register in Australia. That is different to New Zealand where any share on the issuer register can be sold by any broker.

I remember I got miffed a few years back (before they delisted in NZ) by the Telstra NZ share register sending me one of those Oz market buyback documents, set up for ASX investors. NZ investors always lose if they fill in these forms, because any money received from capital sales in this way legally has to be declared as 'dividend income' in NZ. Yet there was no advice given that NZ investors should not fill such forms out, and stating they would get more money by simply selling those same shares on market.

IIRC, as a result, I wrote to the Telstra registry in NZ, asking them to transfer my shares to the registry issuer holder in Australia. Cost was a sheet of paper and a postage stamp. I believe the next step would be to ask the issuer register in Australia to transfer their holding to the Australian broker register of my choice. However I haven't done this yet. Perversely, I have had mail from the registrar (Computershare Australia), claiming that they can sell by shares up to a certain dollar limit (AUD75,000) without going via an Aussie broker. I haven't followed that up. Interested to hear from anyone who has!

SNOOPY