BrianB
Recycles dryer sheets
WFC Preferred "L" voluntary call
This message popped up in our Fido account today:
Do I understand this correctly: They want to exchange my (2) shares of WFCPRL now worth $2962 total for (12) shares of WFC now worth $666 + $42 cash = $708 total?
Since this is a voluntary action, it makes no sense. Are they looking for [-]idiots[/-] less-knowledgeable investors with this offer? Is there something going on that I am not aware of?
BrianB
This message popped up in our Fido account today:
Dear Account Owner(s),
Why are you receiving this letter?
We're letting you know that a security you hold in your account is affected by a voluntary corporate action event. If you choose to participate, you must contact us to provide instructions. If you choose not to participate your account may still be affected.
Account: XXX-XXXXXX
Corporate Action: NON-EXP CONVERT
CUSIP: 949746804
Security Description: WELLS FARGO CO NEW PERP PFD CNV A
Quantity: 2.00000
Fidelity Cutoff Date: NONE
Because some offers may have multiple cutoff dates, the "Fidelity Cutoff Date" represents the next deadline during an active offer to ensure your participation. This date may also be different from the offer's security or market expiration dates.
01/10/22 11:20:38
Each Wells Fargo preferred share is convertible into 6.3814 common shares of Wells Fargo & Company (Cusip 949746101).
Holders who convert are required to surrender their dividend payment when
converting between the bond dividend record and payment dates.
Fractional shares will be paid cash in lieu.
What does this mean for you?
Because a corporate action may materially change a company's structure, it potentially affects their financial situation,
stock price, and stock performance -- and possibly your investment mix, so it's important to carefully review all the
outlined terms.
Do I understand this correctly: They want to exchange my (2) shares of WFCPRL now worth $2962 total for (12) shares of WFC now worth $666 + $42 cash = $708 total?
Since this is a voluntary action, it makes no sense. Are they looking for [-]idiots[/-] less-knowledgeable investors with this offer? Is there something going on that I am not aware of?
BrianB