Unwanted shares put to good use
A new service allowing unwanted shares potentially worth tens of millions of dollars to be sold at no cost and the proceeds donated to charity has been launched.
The NZX, investment and brokerage house JBWere, and shareholder services firms Computershare and Link Market Services launched Shares for Good in Auckland this morning.
The companies say small parcels of shares are frequently ignored by investors and more than 135,000 parcels in New Zealand have a value less than $500.
Shares for Good can take these shares, sell them and will then funnel the proceeds to selected charities with anonymous crime tipline Crimestoppers the first chosen charitable recipient.
Broker JBWere has donated its services to administer the sale of the shares, waiving all fees and costs for share parcels donated to Shares for Good.
Shares for Good will accept share donations of any size. Shareholders interested in donating need to go to sharesforgood.com and complete a donation form giving authorisation for their shares to be sold.