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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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Friday, July 25, 2008
Sirit Inc. Notice of First Quarter Results Conference Call
Comtex
TORONTO, Jul 25, 2008 (Canada NewsWire via COMTEX) ----Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency identification ("RFID") technology, will host a conference call on Tuesday, August 5, 2008 @ 10:00 a.m. (EST) to discuss its fiscal 2008 second quarter financial results. Norbert Dawalibi, President and CEO and Anastasia Chodarcewicz, Vice President Finance and CFO, will review Sirit's financial and operating results.
A question-and-answer session will follow, at which time the operator will direct participants as to the correct procedure for submitting questions. Sirit will report its financial results via news release prior to market opening on Tuesday, August 5, 2008.
<< ------------------------------------------------------------------------- DATE: Tuesday, August 5, 2008 ------------------------------------------------------------------------- TIME: 10:00 a.m. (EST) ------------------------------------------------------------------------- WEBCAST: A live audio Webcast of the call will be available at www.sirit.com. The Webcast will be archived on this site for 90 days. Please connect to the Web site at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the Webcast. ------------------------------------------------------------------------- TAPED REPLAY: 1-877-289-8525 or 416-640-1917 - Available approximately 1 hour after the call and then until Tuesday, August 12, 2008 at midnight. ------------------------------------------------------------------------- REFERENCE NUMBER: 21279165 followed by the number sign ------------------------------------------------------------------------- >>
About Sirit
Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) technology worldwide. Harnessing the power of Sirit's enabling-RFID technology, customers are able to more rapidly bring high quality RFID solutions to the market with reduced initial engineering costs. Sirit's products are built on more than 14 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are compliant with global standards. Sirit's broad portfolio of products and capabilities can be customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Near Field Communications, Inventory Control & Management, Asset Tracking and Product Authentication. For more information, visit www.sirit.com.
SOURCE: Sirit Inc.
Anastasia Chodarcewicz, Vice President Finance and CFO, Sirit Inc., (416) 367-1897 x227, achodarcewicz@sirit.com
Copyright (C) 2008 CNW Group. All rights reserved.
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