DTC eligiblility
I realize others have posted responses from Scottrade, but there's a phrase in the response I got that I'm hoping someone here can clarify for me:
According to the information we have, the common shares will be restricted until April 16, 2007. As such they will not be DTC eligible at this time.We will credit your account with these shares and warrants once we have received them from DTC.
Is this particular support person inferring that we shouldn't expect our shares to post to our accounts until April 16th, at the earliest?
Anyway...
Here's the entire email I got from Scottrade:
Dear <>,
Thank you for your email.
First of all, let me assure you that Scottrade has not participated in naked short selling, nor do we engage in this type of activity.
Below is the information we have to date on the spin off securities.
Equitable Mining 29454W--10-9 (EQBM) is spinning off shares and warrants
of Soma Petroleum Ltd (SOMA). For every 50 shares of EQBM,
shareholders will receive 1 share of SOMA , 1 warrant expiring
3/31/07, & 1 warrant expiring 6/15/07. The Record Date for the spin-off
was 12/1/06.
The terms of the warrants are.
1 Wt plus 3.00 = 1 SOMA (expiration of March 31, 2007)
1 Wt plus 2.00 = 1 SOMA (expiration of June 15, 2007)
According to the information we have, the common shares will be
restricted until April 16, 2007. As such they will not be DTC eligible
at this time. We will credit your account with these shares and warrants
once we have received them from DTC.
Please let us know if you have any additional questions.
Sincerely,
Don Simon
National Call Center
Scottrade, Inc
www.Scottrade.com
www.ScottradeElite.com
