Wednesday 23rd January 2002 3 Comments
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A: As you don't specify how many 'a few' is I will give you several options and you can pick which one sounds the best and cheapest option for you.
For starters, to sell your shares you will be required to provide your FIN and Shareholder numbers. If you are not a client of the broker you are selling your shares through, they will require some proof of who you are. Your FIN & holder number prove you own the shares - they just want to make sure it's you selling them. Brokers are required under NZSE Members Rules & Regulations to do this so please don't be offended. If the shares are held in someone else's name, you will have to provide proof that you are selling these shares on their behalf.
If you have more than one parcel of shares i.e. some Contact shares in your name and possibly some in your wife's or children's names, then the best thing to do is to combine them into one holding before you sell them so you don't pay brokerage on each sale. You can arrange this by contacting the registry concerned and asking for Transfer Forms, then transferring the shares into one person's name. There is no charge for doing this.
Various brokers charge different amounts, depending on the value of the transaction. Shop around for different prices. You can expect to be charged brokerage on each share holding that you decide to sell.
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