But in monthly and annual reports to investors, PIMCO provided other, misleading reasons for the ETF's early success and failed to disclose that the resulting performance from the odd lot
strategy was not sustainable as the fund grew in size," the SEC states.
Applications for converting odd lots
into full shares will be accepted from next Wednesday through Aug.
With respect to the Portfolio Securities, as to fractional shares and/or odd lots
of securities and/or amounts attributable to any cash position (including short-term non-equity securities), the Fund will (a) pay cash for fractional shares and/or odd lots
of securities and/or amounts attributable to any cash position (including short-term non-equity securities); (b) round off (up or down) odd lots
or fractional shares so as to eliminate them prior to distribution; or (c) pay a higher pro-rata percentage of equity securities to represent such items.
The SEC seems to be reviewing whether or not PIMCO improperly priced odd lots
of non-agency MBS so that BOND could have had an unfair performance advantage.
The BDI platform offers access to one of the largest odd lot
fixed income liquidity pools with over 100 broker dealers contributing their municipals, corporates, agencies, treasuries and CD inventory.
Throughout its history, the Company has focused on serving non-commodity niche tubing markets by providing high quality stainless-steel tubing in odd sizes, odd lots
, and non-traditional grades, and delivering orders with short lead times.
In accordance with the terms of the offer to purchase, Central Vermont first purchased shares from holders of odd lots
Selling odd lots
of shares will likewise become easier," says Jouni Torasvirta, President of Helsinki Stock Exchange.
The number of shares expected to be purchased and the proration factor are preliminary, and subject to verification by the depositary of the proper delivery of all shares tendered and not withdrawn and the number of odd lots
included in those deliveries.
If the number of shares properly tendered is greater than the number sought, purchases will be made on a pro rata basis, except for odd lots
Eligible Convertible Preferred shareholders who would like to accept the offer must tender all odd lots
of Convertible Preferred Stock that they own.
00 will have approximately 64% of their common shares bought back at the purchase price, subject to adjustments for odd lots
and to avoid the creation of fractional common shares and to avoid the creation of odd lots
as a result of proration.