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  • sunrisepop46 sunrisepop46 Aug 12, 2004 10:02 AM Flag

    B shares activity report YTD

    Anyone going to the class B meeting?Three Questions have to be made.Whats the fastest way to convert to A shares.If we want to sell our Shares why dont we geet the price we sell it at,NOT the end of day price.ONLY Mutual Funds work that way.Can we put a Limit sale on our stock and get the price we WANT.DANNO,yep worked in the Nwspaper.I bet I worked with you.Small world.Do you still wear a Funny hat?

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    • Pop, I can answer two of your questions. The fastest way to convert your B-1 shares is to offer up for conversion, without specifying a price. Your shares are then offered for sale to other employees for three business days at the closing price of the stock on the day Wachovia received your conversion request. If no buyers are found in three days, they are converted to A shares.
      You can specify a price to sell at, but then there is a ten day offering period to find another employee buyer. But most importantly, the ten days don�t start counting until the NYSE price hits your specified price! Not sure if that is closing price, or if it just needs to reach that point in the course of the trading day. But ten days!!
      So here is the question. Even though the company says they have no plans to buy employee shares after the lock-up period expires, would they step in and start buying if there is a massive conversion to A shares pending and they feel they will lose those precious 10/1 voting shares even faster than they imagined?
      Oh, I forgot, they�d never mislead us!

      • 1 Reply to s5tuck
      • tuck,Thanks.I really wonder if what there doing is Legal.These our not there shares like before.There ours.What gives them the right to put any kind of restrictions on these shares.Just think.We had a company growing at 20% a year with a nice Dividend.With the 5 year plan,it would have been close to that.At these prices I think were now losing money from BEFORE WE WENT PUBLIC.For something that was suppose to be a Stable investment,it looks like another leg fell off that Stole they always talked about.Just the volume everyday makes things Scary.There hasnt been any Trading Volume on this stock from the start.

 
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