Forum Archive Index - November 2001

["Kevin Barclay" <kw.barclay@paradise.net.nz>]

About 6 weeks ago I purchased some Botry Zen shares via Access Brokerage. I
received a contract note for the purchase & my trading account was debited
on the day for the cost of the shares. Now, 6 weeks later I have found that
the shares are still not registered in my name. The relevant registry (BK)
had received nothing from Access Brokerage, so I rang them. The nice people
at Access have told me that they have not "received" the shares from the
selling party yet, and are unable to complete the transaction until this
occurs (informal market remember, although I don't quite understand how this
process works).

Question: who owns the shares at this moment? I don't have the money any
more, but neither do I have the shares registered in my name. Presumably the
seller will not get the money until they surrender the shares to Access (or
however it happens).

Also, what happens if (say) a bonus issue happened tommorrow. Who is
entitled to the additional shares?

Access have told me that this is the risk you take when dealing in the
informal market, however I always believed the risk was in terms of lack of
disclosure of items to the public by the company concerned, as opposed to
the risk of not being able to complete a transaction for an excessive amount
of time.

Can anyone shed some light on this for me please?

Thanks in advance
Kev.


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