One of our most popular requests is to sell IAG shares. Following you will find some history of how many people came to own their IAG shares, plus some clear instructions on how you can easily 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. As a result, you may want to sell IAG shares.
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 the demutualisation, NRMA members were 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 to Sell IAG Shares?
It is simple to sell your IAG shares – just use our online share sale process and we can process your share sale without the need to open a share trading account.
You will need your Security Reference Number (SRN) in order to sell your IAG shares. This can be found on your IAG Holding Statement or Dividend Statement that you received from the companies share registry (Computershare). SRNs starts with the letter ‘I’ (yes the letter, not a number 1). You can find more information on Holding Statements here. If you don’t have any documents that show your SRN, we may be able to conduct an electronic SRN search for you.
How Do I Receive the IAG Sale Proceeds?
Once we sell your IAG shares (at the best available market 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; and
- 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?
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+2, which means the date you traded, plus two business days. Allow one extra business day for banking and it means you will normally receive the funds on the 3rd business day following from the day you sold your shares. There is no way to speed this up, it’s standard ASX procedure.
For more information on how to sell your IAG Shares, see our how to sell shares post which introduces the share sale process and provides links to other posts we have with further information about selling shares.
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