Photo credit: BSP
BSP Financial Group Limited (BSP) has confirmed that BSP shareholders can transfer all or part of their BSP shares to the ASX and trade them on the ASX Market.
BSP Financial Limited Group CEO Robin Fleming noted that since the company's listing on the Australian Stock Exchange (ASX) in May, stockholders have been able to trade on the ASX market.
BSP PNGX shareholders were needed to complete out two necessary documents in order to transfer their shares to ASX, according to Fleming: the PNG Registries Shunt Form and an IRC Tax Clearance Form.
He said that the shunting or migration procedure refers to the movement of issuer (BSP) shares from PNG Registries to the issuer's AUS sponsored sub-register (Link Australia).
“Once the forms are filled, submitted and they meet the requirements, which would normally take six (6) days in total, your shares will be transferred to Link Australia and held in preparation for trading on the ASX,” he said.
It will take another 10 working days for the shareholder to acquire their Security-holder Reference Number [SRN] while the shares remain with Link Australia, according to Fleming.
To trade shares on the ASX, you'll need your SRN.
“The ten (10) days taken to receive the SRN will reduce to one (1) day for subsequent shunts and trades, given that the shareholder’s AUS stockbroker has on hand their SRN and can convert the shares from the issuer-sponsored sub register,” he said.
BSP is also recommending shareholders who do not have an established Australian brokerage account and want to migrate and trade their shares on the ASX to contact JMP Securities, a Port Moresby-based stockbroker.
“In the coming months, BSP is expecting to see more BSP shares traded on the ASX after the announcement,” Fleming said.
Reference: Post-Courier (5 October 2021). “PNGX BSP Shareholders To Trade On ASX”.
