It's Sep 15th and I've just now heard about this "Rights" mumbo-jumbo.. So I find I have 45 "Rights" sitting in my Tradeking account with a value of $0, and from I read the expiration to redeem these rights for common stock is tomorrow. Does this mean I've missed out on the ability to buy 9 shares at $265, and my 45 common shares are now just diluted? This seems rather unfair for those us are long-term sit and hold investors...
Please tell me if I've got anything wrong as I don't have access to the details of this Rights Offering as I've been out of the country for the last month+. Thanks
I learned my lesson on this too. I opened my mail last Thursday to find this notice....I had 24 hours to respond to my broker. The date of the notice was like 10 days earlier but somehow it took that long to get to me in the mail.
I immediately switched my account so I get EVERYTHING electronically. This should help avoid this problem in the future. I almost missed out on 5 grand worth of "benefit" had I delayed in opening my mail that day
Thanks for the replies guys, especially the heads up that the expiration was 5pm on the 16th. In the end I was able to call my broker in time, and exercised my right to purchase the 9 shares. But you're right, it is a lesson to learn about not checking-in on with my stocks more often.
Rights expire today and unless you can act quickly you have been screwed with the dilution. You can buy your 9 shares at 265 and they are approximately 415 in the mkt today and unless the offering is extended, you have had a learning experience about being away and not having someone watch your portfolio for this type of corporate event.
I don't see a any problem. You can either use the rights to buy more shares or sell them . They
are supposed to expire 5 pm Sept.16. I couldn't afford to buy more so sold all my rights for
around 30.90 each. I had no problem doing it myself in my Fidelity account on my laptop.
Whatever you do don't do nothing.
Too late to sell the rights for sure. You MAY or may not be able to still exersise them.
The cutoff date is supposed to be monday at 5pm NY time but I just tried to give my instructions to Fidelity and their system wouldnt let them.
Ive got active trader pro alerts that say the cutoff is 9/16 so I had darn well better be able to.