BSP says shareholders can transfer shares to ASX

BANK South Pacific Financial Group Ltd (BSP) says its shareholders can migrate their holdings, or part of their holdings of BSP shares, to the Australian stock exchange (ASX) and trade their shares on the ASX market.
Group chief executive officer Robin Fleming said since BSP’s listing on the ASX in May shareholders could now trade on the ASX market.
In order to move shares across to ASX, BSP PNG’s stock exchange (PNGX) shareholders were required to fill in two mandatory forms: the PNG Registries Shunt form and an Internal Revenue Commission tax clearance form.
Fleming explained the process of shunting or moving shares saying: “The migration or shunting process refers to the movement of issuer (BSP) shares from PNG sponsored sub-register – 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 days in total, your shares will be transferred to Link Australia and held in preparation for trading on the ASX.”
He said while the shares were with Link Australia, it would take a further 10 working days for the shareholder to receive their Security-holder reference number (SRN).
The SRN is needed to trade the shares on the ASX.
“The 10 days taken to receive the SRN will reduce to one 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,” Flemming said.
He said BSP was expecting to see more BSP shares traded on the ASX in coming months.