Bigchick wrote:jerry wrote:[quote=obiero][quote=Bigchick][quote=obiero]www.use.or.ug stopped looking at the share coz I sold at exactly the wrong time!!
Thanks Obiero.
My next problem is how to sell.I bought this shares using some elses name.You remember those multiple accounts for maximum allocation stories.
I was refered to Cfc hapo Kenyatta Ave and was given a long procedure of get a passport, Affidavift etc etc.
Cost of passport is like 10k so it did not make sense then.
Somebody advise me on steps to take move the same to my name and all the details about dividends for all the years that have past.
Big chick,
According to USE rules, the current owner of the shares is the legitimate owner and hence is the one that can issue sale orders. Two options I can think of are as follows;
Option 1
I assume that you have an SCD account for Uganda. If no, first open one. If yes, apply in writing to the CEO of the USE, through your broker, requesting a private transfer of the shares from the current owner to yourself. You require signed affidavits by both yourself and the current owner of the shares affirming that indeed the purchase of the shares was done by you even though you used someone else’ account. You need to complete SCD form 7, provide identification and photo ID etc.
Option 2
Have the current owner sell the shares and give you the proceeds. I assume this shouldn’t be difficult given that you trusted them enough to buy shares using their account. BTW, they should be able to refund the dividends paid in prior periods. Note that it is also easier for the current owner to follow up on these dividends as opposed to you doing the follow up.
Note that with regards to brokers, I would not expect SBG Uganda to help you as their focus is 99% on institutional clients and little or no involvement with retail clients. Nevertheless, the procedure is what it is and I suggest you follow it to the letter to avoid future inconvenience.
With regards to ID, if you already have an SCD account, you can provide whichever ID you used when opening the account. Hence it does not have to be a passport.
Hope that helps