ITX --> JPJ ConversionJust heard back from my broker (BMO Investorline) about the conversion process. Here's what they told me:
1. You will have to pay the UK Stamp Duty which is 0.5% of the value of the shares being convert, and the Duty must be paid in Pounds.
2. The conversion process for the shares will take a couple of months. We do not have definitive timeline beyond that. The client should contact their Investor Relations Department for a more exact estimate.
3. There will be a fee to trade the shares as they trade in a Foreign Market. To buy and Sell in UK market, minimum commission of $150CAD and $125CAD will be charged respectively.
4. You would have to call in and speak to an agent to trade the shares.
Originally they had said conversion would take a couple
weeks, not months, so I'm inclined to believe months is a mistake.
The new bit for me is the Stamp Duty - 0.5% isn't a huge amount but it's right off the top of any return I was expecting... I'd have to be comfortable that the price gap would be there for some time in order to start this process.