Oil Search in Pink

[katytrader]

For those trading in US accounts, Oil Search has been trading in the over-the-counter, aka pink sheets, with symbol OISHF.  Average volume over last 10 days reported as 801 shares, 503 shares over last 90 days.  Those are share volumes in units, not thousands.  I leave it to your imagination as to what will happen if US shareholders, with 8.05 the number of IOC shares now in hand, try to use this exit point.

katytrader

Fidelity's international trading specialist told me that when the OSH shares land in my account I have several options.

I can trade OTC online during USA trading hours in USD.  We didn't get into details.  Low volume and price ratio is a concern.

I can call them and trade OTC the old fashion way at a higher commission all in USD.

I can call them and trade on the AUX during AUX trading hours, again at higher commission.  The trade is in Aussie currency and then converted to USD.

   The first option is essentially what I was referring to.  The second is a manual version of the first with the same problem:  low volume and high spreads.  I don't know about commissions, but I suspect that the commission calculator starts anew for each day your fill is only partial.

The last alternative wasn't told to me the last time....several years ago.... that I inquired.  No telling what they will do on total transaction costs, but this will pale in comparison to the depressing effect of so many millions of shares ready to be sold.  If Botten can convince institutions to mop up this much new paper, he is far, far better than anyone has ever thought, save, perhaps, the Botten family..

. Per Fidelity fees via the manual approach would be fixed at $80 ish USD vs. online at 7.95, that is if you could trade it all in one day.

   Thanks.  Do you know if Oz shares are marginable?

[Kaliboo]

For those trading in US accounts, Oil Search has been trading in the over-the-counter, aka pink sheets, with symbol OISHF.  Average volume over last 10 days reported as 801 shares, 503 shares over last 90 days.  Those are share volumes in units, not thousands.  I leave it to your imagination as to what will happen if US shareholders, with 8.05 the number of IOC shares now in hand, try to use this exit point.

katytrader

Fidelity's international trading specialist told me that when the OSH shares land in my account I have several options.

I can trade OTC online during USA trading hours in USD.  We didn't get into details.  Low volume and price ratio is a concern.

I can call them and trade OTC the old fashion way at a higher commission all in USD.

I can call them and trade on the AUX during AUX trading hours, again at higher commission.  The trade is in Aussie currency and then converted to USD.

   The first option is essentially what I was referring to.  The second is a manual version of the first with the same problem:  low volume and high spreads.  I don't know about commissions, but I suspect that the commission calculator starts anew for each day your fill is only partial.

The last alternative wasn't told to me the last time....several years ago.... that I inquired.  No telling what they will do on total transaction costs, but this will pale in comparison to the depressing effect of so many millions of shares ready to be sold.  If Botten can convince institutions to mop up this much new paper, he is far, far better than anyone has ever thought, save, perhaps, the Botten family..

. Per Fidelity fees via the manual approach would be fixed at $80 ish USD vs. online at 7.95, that is if you could trade it all in one day.

   Thanks.  Do you know if Oz shares are marginable?

. No I don't know