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OGE Energy Corp. Message Board

  • trapper702002 trapper702002 Jul 3, 2013 3:02 PM Flag

    Stock Split Complaint with Transfer Agent

    Don't know how many others are affected. I have monthly plan with Computershare to withdraw an amount of money from my bank account and make monthly purchase of OGE shares. From my contacts with Computershare yesterday and today, the following info has been received: Computershare in June received money transfer from bank on 17 June. They made June monthly purchase of OGE shares on 3rd Friday (21 June). As a result they claim those shares acquired by the 21 June purchased were not countable towards the split because 18 June had been established as the cutoff date. As a result, the shares purchased of OGE by Computershare for customers are not countable for splitting and those shares thusly not split, were purchased in the $65+
    amounts and not split. This problem has to be the result of careful planning or lack of planning by OGE/Computer so that surely thousands of shares will go lacking the split and OGE or Computershare will pocket the profits. Or it could be simple oversight and merits the earliest possible correction. I think this is a matter that the highest of authorities in OGE and Computershare should address without delay. Any others with comments are encouraged to contact OGE/Computershare for a fair resolution to this problem. I will plan to remove my OGE shares and perhaps others from my Computershare account if this topic is not addesssed with suitability transparency.

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    • I don't know why people use computershare. If what you describe truly happened, I would call a local TV news station that has a consumer story/help desk. Get them involved and see how quickly it gets resolved.

      Then switch/transfer to a retail brokerage like Schwab or Fidelity. Send your cash monthly there and buy when you want to.

      I recall a news story where Mother had XOM shares at computershare, Daughter could not access account when Mother passed. CS was claiming some old law from the 1930s. Took consumer news guy to sort out so daughter could get her Moms money. Dump ComputerShare.

    • Seriously? Do you really think what you are describing would be allowed to happen? The rule is simple. If you paid the pre-split price, then you get the split shares. If you paid the post split price, you don't get the split. But there is NO zone in the middle that allows stockholders to get screwed.

      • 1 Reply to tulsatemp
      • Tulsatemp: Very Serious and it has happened. I have spoken to the account manager and so far, no
        positive results in my favor. Wonder how many others may have have lost shares due to Computershare
        interpretation. I will write letter of concern to senior management at Computershare, OGE, and copy to SEC if no favorable response received by 10 July. If anyone has info or similar problem, recommend posting on OGE message board.

 
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