I may be wrong and either of us may doubt it. I recall there are preferred AOBI shares owned by one or more insiders that have lots more voting power than the 73.55% of common share holders we both may think are not insiders. The 73.55% common stock shareholders ("estimated" by Yahoo) have between zero and O control I opine.
Their goal was no more than 300 share holders. At some point in their early November 501:1 reverse split plan AOBI stated based on current shareholder accounts they expected a number I recall as being in the vicinity of 240 or so. So you may be a bit more rare than you thought. Fortunately or unfortunately, depending on your level of optimism or pessimism, no one will be stuck with fewer shares than your holding of one (1).
That's my meager understanding. There might be a charge by your "brokerage" firm for handling the "paper work" and your new 1 share holding of "strange" AOBI stock in your account. As I recall it's about time for AOBI to execute their 501:1 reverse split if their plan can officially be executed.
If you have less than 501 shares you will get 50 cents/share. If you have 501 shares you will (whether you like it or not) get 1 new share. If you have 5011 shares you will get 10 new shares and 50 cents for the one share over 10 X 501. . AOBI is not offering to buy your holdings at 50 cents a share. Their intent is reduce the number of shareholders to less than 300 and also escape detail financial reporting.
As another faithful poster stated AXN is traditionally used, ---yes, but sometimes it is "off" and it could bite the dust any day. I post seldom regarding Air Lease (NYSE), -symbol is AL. AL is a solid companay with hardly any posting/message traffic (AOBI gets more posts than AL by far). Air Lease symbol starts with A as does AOBI and then has goes an L, reminding all posters here that for the most part AOBI can go to L.
The share price has doubled in a year. Which of your other stocks can say that?. Maybe price will get back to 11 in another couple of years. Seems like a solid company and an expanding company to me with a few major major hiccups that were experienced by quite a few very decent Chinese companies that were attacked by short sellers and the general malaise of China in recent years..
AL is only 2.5 yrs old and came to market at about 26 with bright prospects, fair evaluations and savvy management. That's only a 30% "jump" in 30 months with king size dips in between and relatively low volume on 100 million shares. 75 million shares are owned by institutions (57m) and insiders (18m) so that puts a good floor under the price I believe. I bought in Feb 2013 based on the earnings/sales growth forecast and expanding popularity of airplane leasing and global air travel. I am hoping for "steady as she goes " now that the stock has moved to a more respectable level; no significant corrections expected unless we have significant damage to S&P 500. A rising tide lifts all boats; --plus clear skies elevates all airplanes. (Disclaimer: if I was as smart as I seem I'd be a whole lot richer).
Yesterday I had 3440 sh AOBI in a Scottrade acct. Today I decided to buy 100 share to give me over 3505 shares which will provide a full 7 new shares after the 501: 1 reverse split. No bid and ask prices are quoted, but the individual trades do show and the stock was about 26-28 cents this morning with 20,000 sh trades at the time. I put a limit order in for 100 at 30 cents or less. About a 1/2 hour later at 13:58 and 6 seconds the buy limit order went through at 30 cents as part of a (larger) 250 sh trade. Since I couldn't buy/sell AOBI online with Scottrade (no retail bid and ask prices are posted on their trading site) I had to use a real person to execute the trade. Scottrade's transaction fee for a person assisted transaction is $32 + 1/2% commission on the $30 stock purchase. Scottrade also stated they expected another $20 fee would be charged to my account WHEN AOBI reorganizes and does the 501:1 reverse split. Online trades via Scottrade are only $7.)
(I post this since others might want to see how one buys/sells a few shares before the 501:1 reverse split: at least thru Scottrade. Also one other poster here described rounding up his share count recently by buying 100 shares for 35 cents with a limit order of 50 cents. I don't think he had to pay such a large transaction fee)
Ditto. I can round up to 7 new shares if I buy 100 shares. Kindly state what price, spread and commission you believe you paid to get this $30 worth of AOBI (100 X $0.30=$30.00) (Soon to be worth $50. ???)
These folks seem to know finance and liability/asset ratios. More power to them to get money ($700 Million) this week while it's still cheap and also take advantage of their improving credit rating. --Such a small group of employees in control of such a large bunch of assets. Hoping for longevity of the key personnel.
Where is it stated you must you must own a given number new shares to "stay in the company"?. ---Those being currently forced out have 500 shares or less. I too have 6 shares; which granted will likely be tricky to sell in the coming months. After a few more years maybe we will get a 101:1 forward split.
AOBI's 41 page Transaction description dated a few days ago describing the cashing out of shareholders having 500 shares or less states the number of shareholders is expected to drop from 359 to 111, with inside ownership going from 22% to 29% of the common. Following the expected 501:1 reverse split the SEC Edgar recorded document states the common stock may or may not trade on the pink sheets depending solely if any market maker(s) want to buy/sell/trade in a stock with so few shares and with so little information released. That is --maybe it will be on the pink sheets and maybe it won't. I now understand "going dark". I am guessing there will be a dealer or two since not that much will have changed from trading the stock in the past couple of years. We just won't see any more 200, 300, 500 share trades hardly ever. However, 1 share might trade for a price of $250. Your order to buy/sell a round lot of 100 shares might come to total $25,000. There will only be about 70,000 shares outstanding with almost a 1/3 of those owned by insiders. As they say in French "that's life".
I went through most of the new quarterly report and understand the 501-1 reverse split. (I previously experienced the 2-1 reverse split). I did not notice the "complete liquidity for certain stock holders". That answered a question regarding how I would ever sell my 1 new share from an IRA account and my 6 new shares (not quite 7) in a taxable account. Quite a novel experience over my several AOB/AOBI years. I never expected I would be one or 300 or so"owners" of a company; particularly a Chinese company registered in my state of Nevada. Last week NY Times was critical of states Delaware, Wyoming and Nevada allowing corporations registered in those states to keep information on company ownership so very secret.
Does anyone have an educated guess on how communications with the surviving 300 +- stockholders will be accomplished and the kind of information required to be provided???