Selling Shares Ireland - Davy

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Bronte

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I need to agree to sell some shares.

100 Shares in Bank of Ireland

9000 shares in Legal and General

1500 in Pennon

1000 in National Grid

1000 Shell

Aparently in Ireland Davy is who does this. Where can I easily check the price for selling per share today? (it's very complicated how they put the prices in
pence)

- Davy have set fees. I've been advised this is the way to go. Any opinions?
- Sometimes shares are not worth selling, so better to give to a charity?

Missing Share Certificates

Apparently for this we need a 'lost certificate indemnity' . What is this for and is it costly. The brochure I've been sent from Davy is 43 pages long. Even if I read it I'd be lost.
 
Davy is just one of several stockbrokers.

In what form do the shares currently exist? By that I mean are they held in the form of physical paper certificates?

How the shares are currently held, will determine how they can be sold.


For example, I hold the few shares I own not in physical form, but in a DeGiro stockbroker account.

Therefore, as they exist electronically, I simply log in to my DeGiro account, and sell them at the touch of a button.
 
I'm executor/administrator but have a solicitor.

My understanding is that they are physical paper shares. They would not be held electronically. But we don't have the actual certificates. Probably got dumped.

BofI/L&G and Pennon are 'own-name' shareholdings. Whatever that means.

National Grid and Shell are 'with Davy' I guess that means they were purchased via Davy or are held with Davy. I'm not good on shares. But I need to understand how to sell them as cheaply as possible and apparently in Ireland it's Davy for this.

I think the BofI are worth so little it's just a waste of time even dealing with them.

We need to amend the shares and they will be deposited to an account in electronic format to be sold. The solicitor has forwarded me the email from Davy but it's very complicated to understand. Initially the solicitor suggested putting the shares into the names of my siblings and I which I thought was a crazy idea (not happening, I just want this over ).

There is no mention of dividends either. There were dividends and dividend cheques. Also probably thrown out. (very long story).

So regretting agreeing to do the estate.
 
Bronte said:
So regretting agreeing to do the estate.
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This sounds very messy alright.

Would phoning Davys be of any use. Presumably this must happen quite a lot and they may be able to give you some practical advice about what needs to be done.
 
Bronte said:
National Grid and Shell are 'with Davy' I guess that means they were purchased via Davy or are held with Davy. I'm not good on shares. But I need to understand how to sell them as cheaply as possible and apparently in Ireland it's Davy for this.
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If these two shares are currently held in a Davy stockbroker account, it should be (relatively) easier to sell them.


Bronte said:
We need to amend the shares and they will be deposited to an account in electronic format to be sold.
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I belive this is known as "dematerialising" the shares.
 
The UK government announced in 2022 that they would be digitising paper share certificates and ceasing the issuance of new paper share certificates. Once a death has been recorded, you'll be able to sell share certificates after they have been transferred into your name (or the name of the executor).
 
Hello,

I would give Davy's a call, on +353-1-679-7788 and ask to speak to their Vulnerable Customer / Client Services Team.

They should be able to help clarify exactly what they hold, how they can assist you with selling the shares, along with their requirements, to grant you access to any shares held etc.
 
Any shares held in paper may no longer be valid. There may have been stock splits/takeovers etc

I used to work in a back office of a stockbroker and we would frequently get share certs in from executors to dematerialise.

You need to check with each registrar whether or not the certificates are valid. There may be more. There may be dividends held or uncashed dividend cheques.

Davy may hold some in safe custody in paper form although this is unlikely as all brokers started moving away from this when shares began to be held electronically.

It is likely that the shares in Davy are held in ‘nominee’ which means they are held electronically in Davys name but allocated to a client account.

Step 1. Ring Davy and ask to speak to a broker or someone in their client services who will investigate the accounts for you. You will need to proved them the death certificate and whatever else they require to allocate you as executor on the account.

Check with them whether they will investigate the existing share certs for you with the relevant registrars. I used to do this all the time for clients at no cost but they would then be transferred to nominee and held on account. (Acc fees and sale fees normally covered the cost)

There is a cost involved for indemnity fees. Davy will tell you over the phone what theirs are. It may be more for foreign or restricted shares (used to called medallion guarantee which is much more cumbersome)

Step 2. If Davy won’t do above you will have to check individually with each registrar.
 
Protocol said:
If these two shares are currently held in a Davy stockbroker account, it should be (relatively) easier to sell them.
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Yes this is apparently easier, they just need an electronic confirmation that I am me, OR a certified copy of a photocopy of my passport (not an electronic copy of my passport signed by the solicitor !)

For the 2 non Davy UK shares there might be a problem if the shares are worth too much, that I may need a UK grant.
So I'll check this with Computer Share for L& G, and MUFG for Pennon ..... Bank of I should surely be easy !
 
@Bronte I am currently an executor with Kerry group shares to sell for the estate. They are registered with Kerry group and so I will be transferring them to a broker to sell them. Any dividends that are left unpaid are still owned by the estate until you get probate. After probate they will become owned by those receiving the shares. My tax advice I have received is to sell the shares within the estate first and not distribute them. Have you got an accountant to help you close up affairs, this would be helpful. Solicitors are not tax advisers and will tell you that.
 
Just a note to say that any dividends are Income and subject to income tax. The estate may need to make a final tax return
 
I’m executor (actually administrator, we have the Grant) ) . Shares are being sold. As executor I want rid off, not transferring into beneficiaries names, too messy. In any case there is maybe a massive tax bill as deceased played silly beggars with the systems.

Solicitor forwarded me the email Davy sent them. Just trying to figure it out. I like to understand things.. plus trying to keep costs down. Yes aware revenue may demand an income tax return …
 
Bronte said:
Solicitor forwarded me the email Davy sent them. Just trying to figure it out. I
Click to expand...
Take a screengrab of it and up load it to AI (Claude is my preference) ask for a clear breakdown of it in plain English.
 
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