FAQ: The Published SEC List of Beneficial Owners

Published on March 10, 2016 16:15

Q

Why are the number of shares allotted to me different from the number of shares from my Membership account?

A1 Short answer:

"The allotments currently listed on the Edgar Site are incomplete, partial allotments only, please disregard the share totals listed there until the process is completed after May 1 2016"

A2 More detailed answer:

"Shares are being issued from each certificate, based on consolidated membership positions (including all nominee accounts) on a pro rata basis. Once all certs are issued and split, the number will match the total consolidated allotments per the master member list. Shares of each of the certificates being split are being allotted on a pro rata basis, therefore the positions can only be calculated in reverse by understanding what accounts have been consolidated."

"The Current SEC list contains the pro rata allotments for all of the intended Beneficiaries on the master members list as is legally required under SEC Rules. Any Intended beneficiaries who have not claimed their shares by completing the sign up will be struck from the register in amended filings on or shortly after May 1 2016. Only at that time will these lists accurately reflect the actual aggregate final Beneficiary positions, and then only when the allotments under each certificate are added together for each consolidated beneficiary account."

"As the current list represents all intended beneficiaries, including any nominee accounts they hold, all beneficiaries should disregard any positions reflected in these filings as none of these allocations are final until after amended final lists are filed after May 1 2016."

Q

Why has Legacy released the names of the intended beneficiaries of the Trust to the SEC.

A

It is legally required that the trustee disclose the names of the beneficiaries. As the Trustee holds the shares for beneficial owners rather than for their own benefit, failure to submit this required information within the required timelines would be a breach of SEC rules and would cause serious problems for both the trustees and the ultimate beneficial owners.

* SEC means the United States Securities and Exchange Commission.