Investing

Selling DRS Shares?

  • Last Updated:
  • Aug 21st, 2013 10:07 pm
Tags:
None
Deal Fanatic
User avatar
May 9, 2009
7135 posts
3737 upvotes
Montreal

Selling DRS Shares?

I'm a total newbie to this and a little confused on how to proceed. Any help would be appreciated.

I currently have several hundred shares that I received after exercising some stock options through work. When I exercised the options, I chose to sell to cover. I thought the remaining shares would end up in my employee share plan account with Computershare but instead, they are held separately as DRS shares.

Now, I would like to sell some shares. My understanding is that I cannot sell directly through Computershare and that I need to go through an "investment dealer" and complete a "Securities Transfer Form". This is where I'm a little lost.

Is an investment dealer another term for a stock broker? Can I just open an account with Questrade or another online broker and sell the stocks through there?

Thanks!
2 replies
Member
Apr 14, 2008
258 posts
28 upvotes
Toronto
You'll have to open a trading account somewhere if you don't have one already. Transfer Agents (Computershare) won't sell your securities for you. Once your account is open you should be able to just sign a stock power of attorney / securities transfer form and give that, together with your DRS statement to the broker. That should be sufficient for them to credit your account. You might want to ask around to see what the cost would be. Questrade charges $200 to deposit a certificate and they might consider DRS shares to be the same.
Deal Fanatic
User avatar
May 9, 2009
7135 posts
3737 upvotes
Montreal
Stylz68 wrote: You'll have to open a trading account somewhere if you don't have one already. Transfer Agents (Computershare) won't sell your securities for you. Once your account is open you should be able to just sign a stock power of attorney / securities transfer form and give that, together with your DRS statement to the broker. That should be sufficient for them to credit your account. You might want to ask around to see what the cost would be. Questrade charges $200 to deposit a certificate and they might consider DRS shares to be the same.
Thanks! I just poked around and saw that Questrade charges $100 for a DRS deposit. I'll check around for lower costs.

Top