Follow-up On STNG Shares not Received from TD BrokerI reached the TD Broker help desk to follow-up on the STNG spin-out shares that I qualified for but did not receive in my TD account.
(I had AMK shares as of close of business on February 24 and sold them the following day on February 25th so they should have received the STNG distribution according to the AMK February 16th news release.
The TD agent investigated and said that their "Plan of Arrangement" date for the distribution of the STNG shares is March 3rd so I therefore do not qualify for the spinout STNG shares.
I then called Kelvin Burton at AMK to see if I was misunderstanding something and he confirmed the Feb 24th end of business date was correct and he explained the distribution process to me.
Kelvin indicated that the Venture Exchange determines the Stinger and New AMK shares and who they go to based on ownership at the effective date of Feb 24 end of business.
through arrangement with AMK.
AMK engaged the transfer agent to create the shares, how many and to whom and distribute to the brokers (like TD).
The brokers (eg TD) were expected to proceed with the distribution as delivered to them by the Transfer Agent.
The correct distribution was provided to TD (and I was qualified to receive the STNG shares) and it appears that TD then create a new effective date of their own and revise the distribution (to March 3 in this case).
As a result of TD creating their own distribution date (not published anywhere), I and several others who sold AMK shares on Feb 25th did not receive the distribution of STNG shares we were entitled to.
I guess I will be back on the phone to TD Broker (1 - 2 hour wait to reach an agent) and see if I can get them to understand their "Plan of Arrangement Date" isn't real.