Attention, those of you who own ArcelorMittal SA (MT): MT has undertaken a plan to raise $3 billion in capital to pay a portion of its outstanding debt. As part of this plan, new stock rights have been issued, under the symbol MTWS. If you currently hold MT in your brokerage account, you will have received a quantity of MTWS rights in the account holdings equal to the number of shares that you own in MT.
On Trade Day, you should sell the MTWS rights at the market price. To accomplish this, you will enter a stock order form to sell the rights; simply make sure to enter the correct ticker symbol and quantity listed in your account holdings page.
If you are using a TradeKing brokerage account, you can simplify the process by going to the Holdings section of your account, hovering over the blue arrow next to the MTWS position on the right, and clicking the “Trade” link. This will automatically populate an order form to sell your holdings. You will just need to select the market price to sell at, and then preview and place the order.
Lattco PRO / Lattco AutoPilot Clients: After you have completed the sale of your MTWS rights, please contact us at 1-888-6SNIDER or firstname.lastname@example.org, so that we may make adjustments to your MT position to account for the proceeds of the sale.
All other clients should reduce each purchase on their Individual Stock Purchase Record by the proceeds you receive from selling MTWS. Once you make the adjustments, you can follow the standard Snider Investment Method trading procedures on the MT shares.
Please note that this sale will not affect the ability to trade the Snider Method with MT; on Trade Day, you should proceed as normal with your trading of MT after making the adjustments.