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Re: hankmanhub post# 153346

Monday, 01/15/2018 4:08:43 PM

Monday, January 15, 2018 4:08:43 PM

Post# of 696924

So why are they actively seeking our proxies that they do not really need?


Another possibility (and perhaps a bit more realistic) is that they have a potential quorum issue. Or at least being safe to avoid one.

Normally the issue is avoided because brokers can vote uninstructed on the "routine" question of approving the accountant. This single vote is enough to create the majority of shares needed for a quorum.

But, the rule looks like it says brokers can only vote such if the shareholders were given 15 days notice to reply to a proxy.

NYSE Rules governing proxyies

1) a request for voting instructions and, as to matters which may be voted without instructions under Rule 452, a statement to the effect that, if such instructions are not received by the tenth day before the meeting, the proxy may be given at discretion by the owner of record of the stock; provided, however, that such statement may be made only when the proxy soliciting material is transmitted to the beneficial owner of the stock or to the beneficial owner's designated investment adviser, at least fifteen days before the meeting. When the proxy soliciting material is transmitted to the beneficial owner of the stock or to the beneficial owner's designated investment adviser twenty-five days or more before the meeting, the statement accompanying such material shall be to the effect that the proxy may be given fifteen days before the meeting at the discretion of the owner of record of the stock; or



[And yes, NYSE rules do govern because they are rules placed on their members for all stocks]
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