Hi there
Kaspi (ISIN: US48581R2058) is currently dual listed on the LSE (UK) and the Nasdaq (US).
Trading 212 has both the LSE and Nasdaq listing available to trade separately.
I own Kaspi shares with Trading 212. I orginally purchased them on the LSE listing (so they are held in Euroclear).
Kaspi recently announced they will delist from the LSE this Friday (23rd March 2024) and hence will only be tradeable on the Nasdaq listing going forward.
Here is the official PR from the company: London Stock Exchange | London Stock Exchange
Here is an excerpt from the PR:
How are Kaspi’s ADSs listed on the London Stock Exchange different from its ADSs listed on Nasdaq?
The ADSs listed on London Stock Exchange and Nasdaq are the same security with the same CUSIP and ISIN.
Former holders of Kaspi’s Regulation S GDRs are reminded that in connection with the company’s recent US initial public offering and listing on the Nasdaq Stock Market (“Nasdaq”), Kaspi amended the terms of, and renamed, the outstanding Regulation S GDRs so as to designate them as ADSs. Therefore, holders of Regulation S GDRs currently hold ADSs.
I hold ADSs currently trading on the London Stock Exchange. How do I convert my position to hold ADSs trading on Nasdaq?
The ADSs listed on Nasdaq clear through the Depository Trust Company whereas the ADSs listed on the London Stock Exchange clear through Euroclear/Clearstream.
Investors can continue to hold their ADSs in either Clearstream or Euroclear. However, to trade their ADS position on Nasdaq investors will need to transfer their position to the Depository Trust Company to satisfy the settlement of the trade.
To do this, simply contact your broker and request to realign your position in the ADSs from a custodian account in Euroclear/Clearstream into a custodian account in DTC for trading on Nasdaq.
Do I need to sell my ADSs trading on the London Stock Exchange and separately buy ADSs trading on Nasdaq in order to convert my position to hold ADSs trading on Nasdaq?
No, the ADSs currently listed on the London Stock Exchange and the ADSs listed on Nasdaq are the same security. We advise you contact your broker and request they assist you in transferring your position in the ADSs from a custodian account in Euroclear/Clearstream into a custodian account in DTC if you wish to settle a trade on Nasdaq.
As you can see in the link and text above, the official Q&A from the company says that brokers should be able to facilitate the transfer for the holders of the LSE listing from Euroclear to DTC, so that existing holdings can sell/trade their shares on the Nasdaq Listing. The FAQ says that holders should contact their broker to request them to transfer the shares from Euroclear to DTC.
I contacted Trading 212, however Trading 212 have unfortunately not yet confirmed to me that they will transfer my shares post-event from Euroclear to DTC (even though IBKR should know at this point whether they will be transferring clients share holdings from Euroclear to DTC).
Hence I am desperately asking for help here - please could someone kindly advise me whether my Kaspi shares will be transferred from the UK LSE (Euroclear) listing to the US Nasdaq listing (DTC) after the delisting from LSE is completed on Friday. If Trading 212 will not be able to transfer my shares from Euroclear to DTC, then I need to sell them asap (by Friday). There is only one day left!!!
Thank you in advance.