February 20, 2019 
 Wednesday 
 
 

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Topic:
Stock exchange listing

       

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 By bluejay

06/15/2002  12:55AM

Management's decision to open up a book market of buy and sell orders on the website is the best they could have done following the temporary suspension of OAU, not delisting, on the old PSE. Shareholders interests are best served by participating on current bids and offers on an exchange or on the company's book market. The OTC market, especially for a stock like OAU which is usually thinly traded. does not let you participate on the bid and offer side. For example, if the OTC market is 60 cents bid and offered at a dollar you would never buy it at 60 cents or sell it at a dollar. This is because the OTC market maker sells in front of you or buys in front of you. In the opinion of some professional traders it's a scam market. On the other hand, the Canadian exchanges don't really have a market maker stepping in front of you. If you go to http://www.canada-stockwatch.com and pick a stock like G for GoldCorp the bids and offers are displayed (time delayed from 15 to 20 minutes) with size and the member bidding or offering identified. Current quotes can be accessed on a monthly basis from a quote vendor. This is visibility. You can easily check time and sales because the trading is done is one place. In the OTC market for lightly traded issues it can be a nightmare. Recently Original Sixteen to One was quoted in the pink sheets where it can still trade and what came back for a quote request was unacceptable. The market quoted back was less than a penny bid and no offer. This is no more than a license to steal stock from a potential seller unfamiliar with the X-Mart on the website. A bid was soon put in at 50 cents to keep the guy honest. I have noticed that E.TRADE is a member of the Canadian exchanges. If they are members you can enter orders and get quotes from them here in this country. As far as exposure is concerned in this country management has done a good enough job in getting the word out with limited funds but exposure on a Canadian exchange gets interest focused on OAU from the Canadians and the Europeans. That smells like potential buying interest to me. There are more private placements being done up in Canada in precious mineral stocks than people are aware of. If anyone has a question on trading volume that the Canadians do just compare trading in ABX, AEM(AGE), MDG(MNG) and PDG to name a few on the TSE to the NYSE. The currency exchange rate might be fun to figure out. Try checking your exchange rates in the paper and applying them to converted Canadian funds from U.S. funds. An advantage to listing in Canada would be, even if you are holding a U.S. stock, to be invested in Canadian funds. Canada and Australia are known by some as being natural resource currencies and if gold decides to move higher the Canadian currency will probably do better than the Dollar. As everyone is aware the company has been regulated far in excess of what a reasonable person would feel is just. If the old PSE people don't want a small historic gold company's listing with them, then so be it. That's their loss not ours. Their gripe is that the stock sells for under a buck, so what? Everything is traded in pennies today anyway. The truth of the matter is that their jobs are on the line with this foul market . Their position should be trying to list as many natural resource companies in precious metals as fast as is possible, not in delisting one of their last ones. Does anyone ever wonder what happened to the small mining companies in this country. They have been regulated out of business as well as the exchanges they traded on like the Salt Lake Mining Exchange and the Spokane Stock Exchange all in the name of investor protection. Anyone that reads the papers must know the regulators failed us with Enron and the many companies that conspired to cheat the citizens from the state California out of their hard earned money. We are all being eaten alive by inflation that doesn't exist according to the powers in charge. We can buy lotto tickets, we can go to the track and we can gamble at casinos but we are not permitted to easily invest in speculative mining ventures in this country. Most major mining companies today started out as grass roots operations with little or no regulations years ago. Our grandfathers in the mining industry were permitted to ruin the environment for the sake of supplying gold and silver to war efforts as early as the Civil War. Why do any shareholders of any mining companies have to be responsible for the clean up? Why shouldn't the government be forced to take responsibility for the after mess that they condoned through their inaction as caretakers for the environment? If, let's say, 2000 people in this country follow OAU, how many more would start following it if the stock were exposed to the Canadians and the Europeans and others via Canada? Years ago I remember when gold was trying to get to $1000 an ounce and this country's OTC markets and exchanges couldn't supply the gold stocks people wanted so the buyers invested millions through the Canadian exchanges. The market places down here were so jealous that a campaign was started to attack the Vancouver Stock Exchange. Our thinking has been moulded by the brokers that have financial interests on the exchanges and in the OTC market. The campaign called certain people crooks on the Vancouver. Sorry, we have real crooks here that like to steal money from shareholders big time. An ironic twist to the company's X-MART is that they might have more orders on the company's book than were in the specialists book in San Francisco.
 By AuHound

05/15/2002  3:27AM

FYI:

Several posts have asked why OAU is no longer traded. OAU was suspended (pending SEC approval of delisting) from trading on the Pacific Coast Exchange (PCX), along with 3 others, for not maintaining the minimum price of $1.00 a share. This requirement of nearly every US exchange is basically a very arbitrary way to limit access and make US stocks seem better than foreign stocks. If you look at the London or Sidney or CVX exchanges, you will find that a good portion of stocks are traded int the cents rather than Euros or A$ or C$.

As to the timing, it was the day before PCX switched to exclusively computerized trading. Nearly all trading was already done via computer as nearly all shares are cross listed on other exchanges with PCX acting as an after hours trading floor and, like Chicago, specializing in options not listed elsewhere on cross listed stocks.

There were only 28 stocks (including OAU) that were exclusively traded on the PCX, and these were the only remaining ones traded on the floor rather than on the current computer system. It was just simpler to suspend OAU on March 21 than bring it over to the computer system on March 22.

As to trading OAU on the Toronto Exchange. Toronto is at least accessible by net stock quote sites - but lists in C$ instead of US$. Not quite what one wants to know. It will not happen anyway as the requirements for Toronto are almost like the NYSC. That is why they changed the Vancouver Stock Exchange into the Canadian Ventures Exchange. Canada needed the equivalent of the original NASDAQ. That is about the only place OAU will currently qualify for in Canada.

As to trying to relist on the PCX, why? It is a waste of time to file suit with very limited funds (even though Pro Se is usually better done than law firm filings, something I know from experience). It would leave OAU unlisted for a very long time during litigation, and even if successful, has the problems listed in my earlier posting (the next one following).
 By AuHound

05/15/2002  2:56AM

Dear Mr. Miller:

I do not feel bad about 16 to 1 loosing it's listing on the Pacific exchange as it was never a good place to list. Not one of the stock listing services such as Yahoo Finance or AOL Quotes would access any stock listed exclusively on the Pacific Exchange, and most brokers would not track anything on it either due to higher commissions. What is the use of having it listed if the listing can not be accessed? I think one main reason for the lack of trading volume in OAU is it simply was impossible to access for most investors unless they went to your web site and found out it was actually listed. Remember that only 27 stocks (including OAU) were unique to the Pacific Exchange, not making it worthwhile for any automated quote system to access them.

Now, as to where to list. DO NOT list on a Canadian exchange. The most logical one the Canadian Ventures Exchange (CVX) is again another exchange that is not accessed by most Net stock reporting services. Much worse, it is not accessed by the majority of brokerages. When I tried to have my broker at Prudential get some CVX quotes, I was told that no broker in the SLC office had subscribed to the option of accessing CVX quotes as Prudential did not trade in CVX shares, even though they trade in most foreign exchanges. Again, what is the use of being listed on an exchange that no one can access or trade on?

NASDAQ: This was originally just a computerization of the old pink sheets. Unfortunately, they have totally forgotten their roots and have since imposed requirements almost as stringent as the NYSC. This is such a disaster to small companies they set up the "NASDAQ Small Caps" listing for companies who do not qualify (mainly because of low share prices) for main NASDAQ listings but who want to avoid the "stigma" of the NASDAQ BBS - the Bulletin Board System is really the current remaining equivalent of the old pink sheets and serves very adequately for making a market. The only real stigma is that there are no real listing requirements other than at least one broker - somewhere - makes a market in that stock, and thus it attracts companies who do not file annual reports, fraudulent companies, etc. so it is a buyer beware type of listing. As nearly every active stock trader realizes this, it just means a bit more due diligence. As long as OAU continues to meet SEC reporting requirements AND produces hard copy reports and mantains a web site, I do not see any reason for not listing on the BBS. You can try for the "Small Caps" listing part of NASDAQ, but I do not know what the requirements are - it is certainly much simpler to list on the BBS - unlike listing on "Small Caps", that can be done without any formal exchange approval.
One advantage of BBS over Canadian - all listings are fully accessible by every brokerage, traded by every broker, and listed on every Net stock reporting service. For those reasons, I would personally prefer BBS listing to the old Pacific listing.

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