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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Wednesday, May 28, 2008
Artha Announces Historical Uranium Resources in Wyoming
Comtex
VANCOUVER, BRITISH COLUMBIA, May 28, 2008 (MARKET WIRE via COMTEX) ----Artha Resources Corporation (TSX VENTURE: AHC) is pleased to announce that the company has recently acquired and reviewed significant historical data on its DCB property located in the southwestern Powder River Basin. The Powder River Basin is a prolific uranium camp and host to three producing uranium mines including the Smith Ranch/Highland, owned by Cameco and the Christensen Ranch mine, owned by Cogema. The basin is also actively explored by several junior mining companies, a few of which have advanced roll front type targets in the permitting stage.
The DCB property was originally named the LO project and was last held under a joint venture agreement between Texas Eastern Nuclear, Pioneer Nuclear and Nuclear Exploration Co. Exploration drilling began on the LO property in 1968, and by December 1976 approximately 1,146 holes were completed for a total of 493,264 feet. Using this data Nuclear Exploration Co. published a geological report on the LO project dated January 1977. This report identified a uranium resource of 462,048 tons at a grade of 0.063% U3O8 containing 585,167 pounds of U3O8. The report also noted that ten different sandstones containing roll front trends had been mapped and that 40 to 60 miles of uranium bearing trend remains to be explored.
Artha is not treating historical estimates at DCB as current mineral resources as they have not been classified according to CIM resource categories and are non National Instrument 43-101 compliant and therefore these historical estimates should not be relied on. While there are no resources established under the current National Instrument 43-101, Artha considers the historical data to be substantial and relevant as it will be invaluable to guiding further exploration and resource definition.
Roger Motten, P.Geo is the qualified person under NI 43-101 responsible for the technical information in this news release.
Artha Resources was founded by a team of mining industry professionals with a proven track record in project generation, exploration, mining and finance. The team's primary goal is to build Artha into a world class uranium company, focused on the development and mining of economic deposits.
On Behalf of the Board of Directors,
Todd McMurray, President and Chief Executive Officer
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Contacts: Artha Resources Corporation Todd McMurray President and Chief Executive Officer (604) 648-1530 Website: www.artharesources.com Progressive IR Barry Tomlinson (604) 689-2881 Email: barry@progressive-ir.com
SOURCE: Artha Resources Corporation
http://www.artharesources.com mailto:barry@progressive-ir.com
Copyright 2008 Market Wire, All rights reserved.
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