Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to Wasron,jfgw,Rhyd6,eyeball08,Wondergirly, for Donating to support the site

CREST transfer for VCTs with changed names

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
equinox
Posts: 2
Joined: August 11th, 2023, 7:13 am
Has thanked: 3 times

CREST transfer for VCTs with changed names

#609105

Postby equinox » August 15th, 2023, 9:33 am

I am looking to transfer some of my older VCT holdings to x-o in order to sell them in any upcoming buybacks.

Some of these VCTs have had their names changed since I bought them (in some cases multiple times! e.g. Elderstreet -> Draper Esprit -> Molten Ventures). For the CREST transfer form, should I be putting the current name of the VCT (which won't match the certificate) or the original one that is on the share certificate? Or should I put both somehow? I obviously want to make sure there's no confusion in the transfer process.

Kidman
Lemon Slice
Posts: 443
Joined: November 6th, 2016, 1:10 pm
Has thanked: 22 times
Been thanked: 136 times

Re: CREST transfer for VCTs with changed names

#609234

Postby Kidman » August 16th, 2023, 10:51 am

The CREST transfer form should show the current company name (only).

The receiving broker can see that the company numbers will be the same and they have lists of changed names.

scotia
Lemon Quarter
Posts: 3569
Joined: November 4th, 2016, 8:43 pm
Has thanked: 2377 times
Been thanked: 1949 times

Re: CREST transfer for VCTs with changed names

#609342

Postby scotia » August 16th, 2023, 3:43 pm

equinox wrote:I am looking to transfer some of my older VCT holdings to x-o in order to sell them in any upcoming buybacks.

Some of these VCTs have had their names changed since I bought them (in some cases multiple times! e.g. Elderstreet -> Draper Esprit -> Molten Ventures). For the CREST transfer form, should I be putting the current name of the VCT (which won't match the certificate) or the original one that is on the share certificate? Or should I put both somehow? I obviously want to make sure there's no confusion in the transfer process.

I have carried out such transactions with Hargreaves Lansdown, and each time I have entered the name on the share certificate. E.G. I had two separate, but still valid, collections of Amati VCT 2 shares certificates (the older name) , and Amati AIM VCT shares certificates (the newer name). I submitted two transfer forms, one for each collection, using the name on the certificates. The summation of both appeared in my HL account with the new name.

equinox
Posts: 2
Joined: August 11th, 2023, 7:13 am
Has thanked: 3 times

Re: CREST transfer for VCTs with changed names

#609458

Postby equinox » August 17th, 2023, 9:58 am

Thanks both - appreciate the information (even if conflicting!)

Hopefully that means that it should be fine regardless of which name is used. I may just put both on the form to be clear anyway. I had tried contacting x-o directly to confirm but they told me to contact the VCT registrar (who in the case of Computershare told me it was the responsibility of the broker...)

Kidman
Lemon Slice
Posts: 443
Joined: November 6th, 2016, 1:10 pm
Has thanked: 22 times
Been thanked: 136 times

Re: CREST transfer for VCTs with changed names

#609463

Postby Kidman » August 17th, 2023, 10:18 am

I have always done one CREST form with just the current name regardless of how many previous names there were.
I based that on the information provided at the time of name change which goes something like "we have changed the company name but your old share certificates are still valid". In other words the old certificates are valid to reflect your holding with the new name.
Another point is that your dividends, if any, will show a holding solely in the current name and that is what one is transferring.

I had one case, and only one in 60 years of certificated investing, where I was sent stickers to put on my certificates but that was a change in nominal value rather than a change of name. I didn't stick them on before the certificates were replaced by new ones due to a group holding company change!


Return to “Venture Capital Trusts (VCT's)”

Who is online

Users browsing this forum: No registered users and 37 guests