GREY:AVNDF - Post by User
Post by
trismigistuson Apr 04, 2013 11:21am
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Post# 21210523
Just Talked To Investor Relations
Just Talked To Investor Relations Potentially agravating news here.
It is conceivable that US holders (including me) might not get their shares coverted for nearly a week.
Just got off the phone with a lady from investor relations and although she could not say for sure what will happen this time she does recall that back in 2010 when Midnight Oil became Pace their new shares began trading on like July 5th and many shareholders did not get their conversion done until July 11th. This may not be the same issue though, so we can't say for certain it will take that long since this merger and stock conversion is simpler than the one they had back then.
On the other hand since we in the US had to get our shares from the pink sheets we may still find ourselves getting substandard service from whichever clearing houses are responsable for doing the paperwork that has to be done before transfering the new shares to all the various brokerage firms we shareholders do business with. Delays may vary by brokerage firms as well.
In the end its not Spyglass's fault. They did their part. They contracted with one Clearinghouse and that Clearing house parces it out to all the secondary clearing houses. It is in the hands of the clearing houses and brokerage firms and evidently it will play out with some people getting it done before others based on who your broker is and which clearing house your broker works with.
We are at their mercy.