RE:RE:Stop Crying!!!!!!As I have previously stated, I am a beneficial shareholder since my shares are held by RBC Direct Investing. Those of you who use a discount broker as opposed to a full service broker are in the same boat. You cannot file a Notice of Dissent until the shares are in your name. This means you must move your account(s). If your shares are in a registered account, such as an RRSP or a LIRA, moving them triggers a tax event. The bulk of my investment is in such accounts. Also, moving them is a process that takes weeks, not days. I paid my lawyer to find out if there is a way to dissent while being a beneficial holder. There is not.
Let's say that you do undertake the process, set up new accounts, pay the taxes, etc. and file your dissent. By law, RIO must acknowledge your dissent and respond. RIO can then make a suitable offer or if not, that leaves court or arbitration, which can take years. RIO has stated that excluding Pentwater and SailingStone, no dissent notices have been received. Little wonder. However, I do know of someone who recently did file his Notice since he was not a beneficial holder. Will follow his result. He does expect to rack up legal expense which he may be able to recover if the outcome is favourable. Upon legal advice, I decided not to proceed, the main barrier being the tax event trigger.