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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.
Home / Markets / Industries / Industrials
Wednesday, July 02, 2008
General Moly Receives Second $50 Million Payment from POSCO
Comtex
LAKEWOOD, Colo., Jul 02, 2008 (BUSINESS WIRE) ----General Moly Inc. (AMEX: GMO) (TSX: GMO) announced that, on June 30, 2008, it received the second contribution installment from POS-Minerals Corp, a subsidiary of POSCO, of $50 million to continue development of the Mt. Hope project. The second contribution payment was received before quarter end, and will be reflected in the Company's second quarter financial statements.
Under the Mt. Hope joint venture agreement announced in December of 2007, POSCO is required to pay $170 million to General Moly for its 20% ownership of the Mt. Hope project. POSCO's third contribution installment of $70 million, plus a catch-up contribution of 20% of capital expenditures from January 1, 2008, is due upon receipt of permits, which is currently expected in mid-2009.
General Moly is a U.S.-based molybdenum mineral exploration and development company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world's largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the next decade. For more information on the Company, please visit our website at http://www.generalmoly.com.
Forward-Looking Statements
Statements herein that are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, the Company's ability to obtain required permits to commence production. For a more detailed discussion of risks and other factors that may impact these forward-looking statements please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-KSB, as the same are amended from time to time, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.
SOURCE: General Moly Inc.
General Moly Seth Foreman, 303-928-8591 (Investors) sforeman@generalmoly.com or Greg McClain, 303-928-8601 (Business Development) gmcclain@generalmoly.com http://www.generalmoly.com info@generalmoly.com
Copyright Business Wire 2008 ********************************************************************** As of Saturday, 06-28-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 04-17-2008 for GMO @ $9.86. As of Saturday, 06-28-2008 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-13-2008 for PKX @ $131.95. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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