I previously owned SIRF stock, and now it has converted (at least my e-trade account) to this pink slip stock. Is this an american version of SIRF? Is it going to be traded on the nasdaq eventually? Can someone explain. I may also note that I had SIRF stocks in scottrade and they still haven't converted to anything.
We SiRF holders all got screwed; that's the explanation.
SiRF was purchased by Cambridge CSR Corp, an English outfit, which gave you .7401 shares of the pinksheet version (I guess an ADR of sorts) for each share of SiRF you unfortunately held.
In some smart brokerages, like Ameritrade, they cashed out options and didn't fool around, they just gave you the new stock; unfortunately, Scottrade doen't always issue the shares until they receive them which is who-knows-when.
Is CSR a good bet? Dunno, but they stupidly let the SiRF stock listing expire. If the English pound rises, CSRXF goes up; but there is a lot of competition in the GPS market.
Scottrade converted the shares to CSR.XF yesterday. Actually a month ago my 500 SIRF shares were converted to 370 SIRF.C1 shares, then yesterday they became 370 CSR.XF, closing today at $7.00. Not sure what the cost would be to sell now, whether it's traded OTC or needs to go to the London exchange. I'll wait til things settle down. Thought about selling before the conversion, but the bid seemed awful low.
SIRF was merged (aquired) by CSR.L which is listed on the London exchange. It trades in Pence which is 10x the British Pound and can be quoted on Yahoo Finance page. The translation by a new york bank placed shares of CSRXF.U in my Scottrade account on 07/31/09 which can be tracked in Yahoo as CSRXF.PK denominated in dollars.When the CSR.L closed on Friday, the converted price from Pence to dollars was $7.07 while in my Scottrade account it was displayed as $7.00 which would indicate to me that someone is charging 1% to handle the transactions. I would like to hear the thoughts of others.