CRH: Degiro Transfer to LSE

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Blunderbuss

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Evening all,
I have a holding of CRH shares (broker account, not share certificates) on the Degiro platform. I had assumed that the delisting and transfer process would all be automatic. However, I'm concerned after receiving the below message from Degiro. I confirmed acceptance of the terms and am currently awaiting update. Just wondering if anyone can shed light on this?? I'm a bit worried by the last line, "if the transfer is possible". If the transfer is NOT possible, where would that leave me?

Here's the email text:

"Through this e-mail, we inform you about the suspension of CRH PLC (IE0001827041) on the TDG market where you have a position.

For this matter, DEGIRO can facilitate the transfer of your holding from TDG to LSE, where the products are still trading, at a fee of 25 EUR per position.

A stamp duty of 1.5% of the value of the position may apply.

The internal deadline to submit your request is set for the 20th of November, 2023 at 11:00 GMT.

If the transfer is possible, the position will be moved to LSE. Be aware that this conversion can take up to 3 weeks."
...

At present, my shares are not tradable.

Thanks for reading!
 
My experience with Degiro is that they are good at dealing with issues regarding non trading shares.
I had shares in China Telecom and China Mobile on NYSE.
Both of these shares were blocked from trading by Trump.
Degiro were able to transfer the China Telecom shares to Frankfurt exchange.
The China Mobile shares could not be transferred but they managed to sell them.
The Degiro 25 euro fee applied to the share transfer.
I would assume that if your CRH shares cammot be transferred Degiro will arrange to sell them. The process might take several months.
The stamp duty for buying shares in LSE is 0.5%.
I also had CRH shares with Degiro in ISEQ. These were automatically transferred to LSE without any stamp duty or Degiro transfer fee.
 
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Unfortunately I find myself in the same boat having missed the initial email from Degiro regarding moving the CRH shares from TDG to LSE. I am equally concerned about the status of my CRH shares particularly as there has been a significant increase in value of the shares since the revised listing. For information I received this update from Degiro on Thursday last 30th of November which gives me little comfort.

“Thank you for contacting DEGIRO.
Unfortunately, we are not able to process late requests at the moment.
I can confirm to you that there will be a second round of conversion; however, at the moment, I am not able to provide the exact date.
Should you wish, I am able to contact you on your registered phone number once we launch the second round. An email will also be sent.
If you have any further questions, you can also take a look at our new help desk . If the answer to your question is not listed here, please do not hesitate to contact us.”
 
It might help to understand the Tradegate issue if someone could explain how exchanges such as Tradegate, Frankfurt Stock Exchange, and Lang & Schwarz work. They let you trade a wide range of shares and bonds, but I don't think they are "official" listings of the securities. You could trade CRH on them, but I don't think CRH had any role in creating those listings, unlike their official primary and secondary listings. Are the shares purchased there any different than ones purchased on the primary listing exchange (including the ownership, how it is recorded in the share register, etc.)?
 
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Many thanks for your input. However just to clarify. No one is questioning the integrity or role of CRH in the trading of the shares on Tradegate. In both instances the CRH shares were purchased through the Degiro online trading platform who in turn had used Tradegate platform to trade CRH shares prior to their recent delisting. The issue on hand is the manner in which Degiro has handled clients investment in CRH shares since they were delisted. At the moment the CRH shares in both these cases remain on the Degiro platform “untradable” to the investors and awaiting a resolution by Degiro.
 
Unless I'm mistaken, there was no action I could have taken to avert this situation. Given that there is no point in having untradable shares, why then did Degiro not transfer all holdings automatically to LSE?
 
Inistioge104 said:
No one is questioning the integrity or role of CRH
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I was actually suggesting that perhaps the transfer happened more seamlessly for people who bought the shares on the ISE because it was one of CRH's official primary listings and so CRH might have arranged the transfer, probably including paying any necessary fees. If CRH has no involvement in trading of their shares on the likes of Tradegate, as I suspect, then maybe there isn't much they could do to assist with the transfer from there.
Blunderbuss said:
why then did Degiro not transfer all holdings automatically to LSE?
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Probably because there is a cost involved in doing so, and DEGIRO cannot charge investors for that without their consent.
 
Blunderbuss said:
Unless I'm mistaken, there was no action I could have taken to avert this situation. Given that there is no point in having untradable shares, why then did Degiro not transfer all holdings automatically to LSE?
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If you did as requested in the original email from Degiro dated 14th of November (below) it appears there was no other action you could have taken. If you did comply with this instruction you should have received a confirmation from Degiro. Be aware they also mentioned in this email "this conversion can take up to three weeks". As I mentioned I myself missed this initial email and am now awaiting an update from Degiro regarding a "second round of conversion". I agree with your comment regarding Degiro's failure to automatically transfer all the CRH charges from TDG to LSE as we would not find ourselves in the current dilemma.



Extract from DEGIRO EMAIL OF 14th November 2023

In order to have your instructions recorded successfully, we kindly ask that you fulfill all of the following instructions:

  • Please send an email to [email protected] from the email address which is registered to your DEGIRO account, stating your username and your clear instructions to transfer your position and acceptance of fees.
  • Your instructions must be submitted prior to the aforementioned internal deadline.
When your instructions have been received, we aim to send you a confirmation within the following 24 hours. If you have not received this confirmation, please contact us as soon as possible in order to have your request recorded.
 
basilbrush said:
I was actually suggesting that perhaps the transfer happened more seamlessly for people who bought the shares on the ISE because it was one of CRH's official primary listings and so CRH might have arranged the transfer, probably including paying any necessary fees. If CRH has no involvement in trading of their shares on the likes of Tradegate, as I suspect, then maybe there isn't much they could do to assist with the transfer from there.

Probably because there is a cost involved in doing so, and DEGIRO cannot charge investors for that without their consent.
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Once again to clarify no one is questioning the role or integrity of CRH on this issue. The problem lies entirely with the Degiro on-line trading platform and their handing of the delisting of the CRH shares on TDG.
 
I wonder whether the reason why Tradegate suspended (not delisted) CRH is because the market maker/liquidity provider/specialist they had for it only works with stocks that have a euro reference market (just a guess), so now they need to find a new one to fill that role for the LSE or NYSE reference market. In that case maybe it will eventually start trading again on Tradegate, so people who bought it there could avoid the cost of moving their holding to another exchange if they are willing to wait. That's probably a high risk bet, though, and I don't know what would happen if you ignore the Degiro deadlines.
 
Either way, there has been no contact from Degiro on the possible Tradegate scenario outlined above.

Almost 3 weeks now and still no transfer to LSE!
 
For the record I had a phone call from Degiro on Monday last 11th of December asking if I still wished to proceed with the transfer of my CRH shares from TDG to the LSE. I confirmed I did and was advised my request was noted and would be actioned in due course. However when I requested a specific time scale they could not provide any clarity. We live in hope but not a very satisfactory position to be in, in the circumstances. Confirming I missed the original email and deadline for the first round of transfers and I am part of what Degiro regard as the “second round of conversion”.
 
For info latest response received from Degiro today.

"Thank you for contacting DEGIRO.

The relevant department has already initiated the conversion with our custodian.

Conversions are a time-consuming process; however, we aim to complete it as soon as possible.

I will contact you once this procedure is completed.

If you have any further questions, you can also take a look at our new Help Desk. If the answer to your question is not listed here, please do not hesitate to contact us."
 
I'm not sure of your own status. Whether you responded in time to the original Degiro email regarding moving the CRH shares from TDG to LSE or if you like myself you missed the original email and are part of the "second round of conversion" Regardless, I would strongly recommend that you rattle the cage with Degiro and send them an email [email protected] requesting the status of your CRH shares. They are very proactive in responding to email queries.
 
Latest Update. My CRH shares have just been updated on my Degiro portfolio and are now appearing as listed on the LSE Exchange and are now tradable as such. I hope you arrive at the same conclusion sooner than later. Over and out.
 
I had my stock with DeGiro before they delisted from Dublin on the ISE. They converted them to the LSE without asking me and say that they cannot move it to the NYSE (no reason provided) which was my preferred exchange. I have tried contacting both Computershare US who say that they cannot help me and the CRH IR team who have not responded at all. Any ideas on how to get them moved to the NYSE so I can sell them?
 
Inistioge104 said:
Latest Update. My CRH shares have just been updated on my Degiro portfolio and are now appearing as listed on the LSE Exchange and are now tradable as such. I hope you arrive at the same conclusion sooner than later. Over and out.
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Transfer has been done for me now too. I don't think there was are charge or stamp duty for it either! Many thanks to all for your comments.. onwards and upwards for Cement Roadstone Holdings!!
 
As my late mother use to say a problem shared is a problem halved. We can now relax and enjoy the Christmas break.
 
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