One of our most popular requests is to sell IAG shares; here’s a bit of history and some clear instructions on how you can sell your IAG shares.
How most people got their IAG shareholding
Most IAG shareholders obtained their shares through the demutualisation of the NRMA Insurance business in July 2000, which resulted in a return of shares to the members of NRMA.
NRMA then went on to change its name to Insurance Australia Group Limited on 15 January 2002, with an ASX ticker code of IAG, which is still carries today.
If you own IAG shares, then of course you own a little bit of IAG, and you are entitled to share in profits (dividends). The problem for many though, is their IAG shareholding is not that material, coming in at only a few hundred shares. This in turn means dividend cheques are hardly worth the time and trouble to bank. As a result, you may want to sell IAG shares.
Are you wondering what you paid for your IAG shares?
If you ‘acquired’ your shares through the NRMA Demutualisation, you can download the ATO Tax Information Sheet (March 2001) (85kb .pdf). Basically, IAG shares issued to you as a result of the demutualisation of NRMA Insurance Limited are taken to be acquired on:
- 19 June 2000; at
- $1.78per share.
At the time of demutulisation, NRMA members where offered the opportunity to purchase an additional 181 IAG shares. If you took this up, you are taken to have acquired them on:
- 8 August 2000 at
- $2.75 per share.
Of course, if you bought your IAG shares on market (on the ASX) or through an off market transfer, you would have to refer to the contract note to get your cost base.
How do I sell IAG shares?
It is dead easy to sell your IAG shares – just use our inline submission process and we can process your sale without opening a share trading account.
It is handy if you have your SRN handy. This is found on your IAG Holding Statement or Dividend Statement – it starts with an ‘I’.
How do I get the IAG sale proceeds?
Once you sell IAG shares into the market (at the prevailing price), we will send you a contract note which will detail:
- How many IAG shares you sold;
- The price the shares were sold at;
- Brokerage fee that was payable;
- The net $ proceeds payable to you.
This money will be deposited into your bank account, or we can send a cheque if it suits (fee applies).
How long does it take to sell IAG shares and get my money?
Using our Express Share Sale Service, your sale can often be processed the same day (if you get your submission in by mid-morning).
Standard ASX settlements processed are such that the money will be in your account on T+3, which means the date you traded, plus 3 business days. There is no way to speed this up, it is standard ASX procedure.