4/20 IS NOT A SHARE RECALL "EVENT" READ ON TO LEARN THE FACTS
OK I am going to try one more time to stop the spread of misunderstanding on this sub. Even Pixel in a recent tweet got this wrong.
**What is a share recall?**
This is very simple. When a lender gives somebody a share to short they retain one very important right. At anytime they can ask the person who borrowed the share to return the share. Now remember this is a ***right not an obligation***.
**What is the 4/20 date?**
This is simply the date by which all registered owners (typically institutions) and beneficial owners (typically retail) must be recorded so they can vote in the AGM. That is it. It is **NOT** a share recall date no such thing exists.
**OK so where does the confusion come from?**
It is correct that if your shares are on loan (registered or beneficial owner) you cant vote. So if you want to vote you have to make sure your shares are back in your account by that date. Now for retail if you are on margin then yes typically your shares are on loan but you don't have the direct right to recall them.
What you have to do is make the account you are using is a cash account and make any lending programs are turned off.
And yes I saw the TD email doing the rounds, this even shows customer service reps don't get it. What the person I assume meant to say was all shares have to be recorded on the 20th and if those shares are on loan they must be recalled by this date.
But let me reiterate on the 20th all shorts are **NOT** going to be forced to return shares. Remember what happened last year? Yes that's right no institutions voted, why? Their shares were on loan and they never recalled them!
EDIT:
I was asked by some posters to point out that if some of the large lenders did indeed recall to allow them to vote then yes this indeed could be a significant event.