Forum Archive Index - November 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Malcolm,

>
> Snoopy they are only doing what Telstra instucts them to do and
> Telstra seems to have screwed down the price it pays for the service
> as well. Had similar problems with both B K and computershare with
> other companies over dividend payments Both Carter Holt will only pay
> dividends in NZ dollars to those on NZ register and Australian dollars
> to those on Australian register. 
>

I think that is understandable as I believe most shareholders on the NZ 
registry would be New Zealanders and most shareholders on the Oz 
registry will be Australian.   If you don't like that and you are a New 
Zealander who wants Australian currency, there is nothing to stop you 
going onto the Australian registry.    In the days of internet it really isn't 
a problem, as we can all readily buy and sell shares in Australia.

What I am objecting to with BK, is that information was knowingly sent 
to New Zealand shareholders that was IMO badly misleading.  There is 
no excuse for that.    An Australian company might not be expected to 
know the intricacies of every other country's tax laws.   But surely BK 
registries should be familiar with their own home country tax laws.   
IMO it was negligent of BK not to point out to Telstra that the Telstra 
documentation was badly misleading.

>
>Where choice of currency etc would be
> very beneficial to shareholders of dual listed shares. 
>

You have that already.   Just write to the existing registry and ask them 
to transfer your shares to the other.  It will only cost you a 40c stamp.

>
>Tower had a bad
> problem with the Australian equivalent of B K registries somebody put
> the wrong letters in the envelopes to shareholders there was supposed
> to be different letters depending on size of share holding. They were
> supplied by Tower but postage, sorting & addressing were part of the
> registry service.
> 

So now you are blaming the registry, in this other case?    You admit 
that the registry can be responsible for mistakes?  I agree with you, if 
that is what you are saying.

SNOOPY


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