Bestway Vote for Reverse Split Passed
Bestway (BSTW) held its shareholders meeting on May 23, 2005. The vote regarding the reverse stock split was passed at the meeting. The company also announced that the reverse/forward stock split became effective upon their filing on May 24, 2005. This is good news. Shareholders with less than 100 shares will receive $13.00 a share in cash.
Based on my past experience, I expect to receive the cash in about a week. When the cash hits my Coverdell ESA, I’ll update you on the status of this real money portfolio.
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Can you just buy the shares in your account? That is, are they in street name? This is the most onerous part of these types of transactions. It’d be great if you could just buy the shares and wait. I’m still not exactly sure what the process of getting them registered in your name entails and how to go about it. My broker told me all I have to do is send a letter requesting the same and it will be done free of charge. It’s 2 weeks or more I am still waiting, nothing has changed. How long does it usually take for this process of having the shares registered in your name take? What’s the best strategy for doing this?
You can just buy Bestway shares in your brokerage account, since their last SEC filings indicated that they expect to treat “street name” holders the same as holders of record.
Getting delivery of shares requires you to contact your broker and have the shares transfered to your name. You are lucky that your broker doesn’t charge for stock certificates. Mine does. One thing to note that you shouldn’t ask for delivery of share if they are held in an IRA or Roth IRA account since that will be considered a withdrawl.
I do think it take several weeks to receive delivery of shares. I cannot really tell if this is the best strategy, given your situation. Good luck with everything.