How do I sell shares?

Wednesday 23rd January 2002 3 Comments

Q: I have a few shares with Auckland Airport and Contact Energy. I want to sell them, but I'm not quite sure how. What is the easiest, quickest and cheapest way to sell them?

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.

Comments from our readers

On 30 March 2012 at 9:39 pm Kevin L. said:

i normally trade via ASB securities, so i can sell thru another broker as long as i have my FIN handy?

On 2 April 2012 at 9:47 am The Editor said:

Kevin- you do not have to sell your shares through ASB, if you sell through anyone else you will need to supply your CSN (common shareholder no.) as well as your FIN- proof of ID and bank account details would also need to be supplied.You are welcome to sell your shares with us here at IRG Equity ph.0800 474669.

On 29 July 2013 at 12:34 am dot falconer said:

Want to know if its a good time to SELL shares in Allied Farmers