Strathcona Resources Ltd T.SCR

Finally a reply from Strathcona

[pierrelebel]

Three days later:

"Regarding fractional shares, Pipestone’s management information circular dated August 25, 2023 states “in calculating such fractional interests, all Pipestone Shares registered in the name of or beneficially held by such holder thereof or their nominee shall be aggregated.” Beneficial owners are aggregated through CDS (Clearing Depositary Services) and therefore paid as one holder. Any further rounding is between CDS and the brokers, and ultimately up to the brokers on how they allocate the shares to their underlying clients. We encourage you to contact your broker for any discrepancies resulting from their allocations."

Frankly that sounds like BS to me. Pass the buck when you do not know how to correct a problem.

[Seppelt]

Today I received exactly the same message. Copy and paste. This is not what I expected but at least there is a reply. Again, my broker, TD, said that the fractions will be paid in cash. Will see.

[Vesuvious]

I got paid cash for my fractional shares in my 2 accounts and they were both less than half a share, Nice surprise. $ 27.00 is more than 1 share in the states.

[PabloLafortune]

I have it in 3 accounts and have received nothing but I'm not calling - I'm going to let it play out to see what they do on their own...

[tylerreddick]

Talked to broker at length. It seems the wording in the Strathcona filing is vague, at best. Broker said that the half-share thing wasn't for individual shareholders, but the total number of shares they were given to divide among their clients. I guess the broker figures it is easier to pay our the cash for any partial share, rather than do it the way the filing said. I suppose that makes

[uncutgems]

as I said earlier civilized nations pay fractional shares in Cash. This is a good sign.

[PabloLafortune]

Received the fraction in cash from TD today without prompting them. I can safely conclude everybody who's with TD has been taken care of. 

[tylerreddick]

Yeah, got my cash for shares today as well, and they even screwed us on that conversion. The whole market is nothing but a den of thieves.

[Seppelt]

I see a credit of $21 + change for .75... It's roughly based on about $28.30 per share. Whatever, the matter is closed...  I haven't touched this stock until now but for starters will probably buy a small odd number of shares to round up my total. 

[TimeBuilder]

Also with TD  also got our cash balance due with NO fight...Oct 17th... Thank you to ALL that Helped..... Will still hang onto our shares just to see what happens in the future of SCR  No sense selling at a loss at this point in Time..Regards to ALL holders, TimeBuilder

[pierrelebel]

Two weeks later.... finally got a call from CIBC (after six emails) confirming that one share was misssing and will be deposited "soon" into my account.  Also, the spokeperson from CIBC advised that all other CIBC clients who were owed a share (fractional share over 0.50) will have the share deposited in their account "soon". If you deal with CIBC and were shortchanged

[PabloLafortune]

Its a CIBC problem. Haven't received my extra share or the balance in cash from them either (already got it from TD).  

[uwebb429]

> I was told that no Canadian bank would give cash for fractional share in this specific case CIBC finally deposited $17.72 into my account yesterday. CIBC did not follow the agreement but at least they paid me for the fraction of a share they rounded out of my account. Thanks Pierre for complaining to CIBC.

[tylerreddick]

CIBC has got to be the very worst bank on the planet. My parents had accounts with them and had nothing but problems. I eventually had to go in and tell the bank manager that he just lost their accounts, which amounted to a considerable sum. I hate all banks, but hold particular contempt for CIBC.

[pierrelebel]

We also finally received cash "in lieu" of fractional shares on Friday: $8.99 in my wife's account and $21.64 in mine. Three weeks! And the so-called specialist was wrong as CIBC paid cash "in lieu" of fractional shares. And I am still unhappy with the management of Strathcona for ignoring and walking away from the issue.  They clearly are not ready to act as a

[Seppelt]

It was the management of Pipestone who wrote in its circular how fractional shares will be handled. They've been a public company long enough to understand how it's normally done. For instance. that it would be unfair to shareholders with .49 fraction vs .50 who would gain an extra share. Not sure if the management of Strathcona had a big say in this but paying fractions in cash makes more

[uncutgems]

putting that language in the circular was amatuerish at best. At worst it was malicious and dangerous. These people were bunglers every step of the way. Failing "up".

[PabloLafortune]

It took CIBC 3 weeks vs 1 for TD.  Classic CIBC - their motto should be "We eventually get it right". I exited my SCR even though its tremendously undervalued. First, no float. Second, I cant reconcile "welcome new shareholders" and "low ball offer". My brain keeps telling me those two phrases are not compatible with each other.