Helpful info about the NOBO list!!
Thursday, January 19, 2006
NOBO List - Important Information - Remove Yourself Now !
If you own stock that is held with a brokerage firm, your stock is held in street name. Street name is the name given to securities held in the name of a brokerage. Registered shareholders are individuals or institutions that have physical possession of their shares. Typically, street name beneficial owners are not identifiable. However, a public company may be able to identify a portion of the “street name” population by obtaining a listing of Non-Objecting Beneficial Owners (“NOBO” list).
Issuers request a "NOBO" List from ADP, a NYSE public company that has signed contracts with many of the brokerage firms in North America to send proxy materials to shareholders. Many small cap companies work with scandalous stock promoters that regularly request these "NOBO" lists to see who owns the stock. Would you want someone seeing your bank account? Then, you shouldn't want to give someone the ability to know how many shares you own of a given security. It is simply nobody's business except your own.
We have good news for you. Becoming an Objecting Beneficial Owner ("OBO") is easy. Being an Objecting Beneficial Owner simply means that the next time a query is placed to ADP by the public company, your name will not be on the list. This will not affect your ability to receive proxy materials. It simply means that your position in the security will be guarded information. Simply, contact your broker and tell them that you would like to become an OBO. Chances are that the broker does not do it often unless he has other customers who read Small Cap Stocks Blog. The great news is that the paperwork is simple and will take all of about 60 seconds to complete.
Most institutions are OBO's. You should be one also.
Anything UP today??
