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URL:  https://boards.fool.com/fuskie-who-has-never-heard-of-s-company-34068361.aspx

Subject:  Re: Yum Brands tender offer Date:  11/22/2018  10:40 PM
Author:  JeanDavid Number:  279203 of 280472

Fuskie
Who has never heard of s company pressuring shareholders to round up to a minimum number of shares...


Fuskie is right.

Unless the person has the stock certificate(s) in hand, the issuing company has no idea who really owns the shares. All shares not registered in the name of the owner are, in fact, owned by Cede and Company, most likely in round lots. When a brokerage client purchases a stock, the brokerage house might just notify The Depository Trust & Clearing Corporation (DTCC) of the purchase because the DTCC is the clearing house for all stock (and bond) transactions. Then the DTCC would just change an entry on their books, making the brokerage house the beneficial owner of the stock instead of the previous brokerage house. All the certificates owned by Cede and Company are presumably in their vault at 55 Water Street in NYC.

All this complexity is to make it possible to execute trades more quickly, without messenger boys on bicycles riding all over Manhattan on bicycles, delivering certificates as they did before 1999 when this system was set up.

So the company never heard of the O.P.

might because if one client of a brokerage were to buy shares of a company and another one sell the shares, the brokerage house might consolidate the two transactions and do just one action with the DTCC.
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