PNGX BSP Shareholders to trade on ASX
BSP Financial Group Limited (BSP) has confirmed in an announcement that BSP shareholders can migrate their holdings, or part of their holdings of BSP shares to the ASX and trade their shares on the Australian Stock Exchange (ASX) Market.
BSP Financial Limited Group CEO Robin Fleming said, “since BSP’s listing on the Australian Stock Exchange (ASX) in May, we are now pleased to announce to our shareholders that they can trade on the ASX market.”
In order to move shares across to ASX, BSP PNGX shareholders are required to fill in two mandatory forms; the PNG Registries Shunt Form and an IRC Tax Clearance Form.
Fleming explained the process of shunting or moving shares.
Saying: “the migration or shunting process refers to the movement of issuer (BSP) shares from PNG sponsored sub-register –PNG Registries to the issuer’s AUS sponsored sub register (Link Australia),” said Fleming.
“Once the forms are filled, submitted and they meet the requirements, which would normally take six (6) days in total, your shares will be transferred to Link Australia and held in preparation for trading on the ASX,” explained Fleming.
Fleming further went on to explain that while the shares are with Link Australia, it will take a further ten (10) working days for the shareholder to receive their Security-holder Reference Number [SRN]. The SRN is needed to trade the shares on the ASX.
“The ten (10) days taken to receive the SRN will reduce to one (1) day for subsequent shunts and trades, given that the shareholder’s AUS stockbroker has on hand their SRN and can convert the shares from the issuer-sponsored sub register,” added Fleming.
BSP is further advising shareholders without an established Australian based stockbroker account that wish to migrate and trade their shares on the ASX to contact JMP Securities (https://www.jmpmarkets.com/), a Port Moresby based stockbroker.
“In coming months, BSP is expecting to see more BSP shares traded on the ASX after the announcement,” concluded Fleming.