Repost of the message I just posted on another board:
Re: PGRI/TDYH ... --
Is it time to worry yet?
My expectations are based on RAME acquisition history – almost identical “blank check” deal in the same sector. RAM Energy Resources (Tremisis Energy at that time) filed Definitive Proxy Statement on 4/18/06 and announced closing of merger on 5/8/06:
secfilings.nasdaq.com
NASDAQ-CM&coname=RAM+Energy+Resources%2C+Inc%2E&LogoPath=&pageName=Real-Time%20SEC%20Filings&SchPara
m=&SortBy=receivedate&AD=D&StartRec=21&EndRec=40&Fuzz=
It’s 3 weeks total.
Now, counting 3 weeks back from August, 29 (expected closing for PGRI/TDYH deal) we will get August, 8. Give them 3 more days for delays – Friday, August, 11. This day is marked in my calendar as “start worrying” day. I don’t like how PGRIW is traded lately… and TDYH is kind of cheap for this stage of the game. OTOH, Mr. Kostiner bought another 2,000 shares today.
Don’t know… Sent email to Platinum’s IR today, may call them tomorrow if don’t get any response.
P.S. Kostiner’s interview on CNBC Closing Bell with Maria Bartiromo about energy hedging strategy: platenergy.com
P.P.S. Well, I deleted my post to add this immediate update: decided not to wait till tomorrow and just called IR (Alan Katz). Didn't expect to reach him at this time, but was transferred to his cell phone, so we had a little conversation:
Q: Is everything OK?
A: Absolutely! Some delays are caused by SEC requiring that we disclose any possible risks to our shareholders. Not sure if we can hold the meeting on August, 29. But, in this case, it would be no problem to move it to early September. Both Platinum and Tandem are very committed to this deal.
P.P.S. Now I can confess that I was the buyer of that block of PGRIW @ $0.84 at the close (min of the day). Maybe it wasn't that stupid after all. :) |
