Anthony, I am interested in a class action suit against REIC, but not sure how to go about it, thought I would post here. News came out on Friday about a buyout offer at $1.80 a share, stock was .30 or so then. 500k traded that day. NExt day only 50k or so traded, almost all sells. Seems fishy for a stock with a $1.80 offer out there. I called the company and IR, and was not happy. The company President basically told me he had no idea about the offer, just what he was faxed as he is not in the talks. Then TODAY a news release comes out saying they are making an acquistion of their own, being financed by a NEW stock offering. I company issuing MORE stock is NOT going to get acquired. I think the first release was a way to sell stock before the news hit about the new issue. Also, today the Bid had 4 MMs over .25, and on 1 trade they ALL moved down. NO buys today at all. The IR guy told me volume was coming in, and not to worry at all this week. Well, he is full of crap.
Any thoughts on this would be great. Thanks. I posted the news below for you.
Friday September 17, 1:54 pm Eastern Time
Company Press Release
REII Inc. Announces Consideration of $8 Million Offer
NAPLES, Fla.--(BUSINESS WIRE)--Sept. 17, 1999--The board of directors of REII Incorporated (OTC BB:REIC - news) is presently considering an offer of $8 million for the company which equals about $1.80 per share for all the outstanding shares of the company.
REII Incorporated (Formerly BAP Acquisition Corp.) has 20,000,000 shares authorized with 4,655,000 shares outstanding. REII Incorporated is the parent company of Ricketts Enterprises International Inc.
The offer includes all outstanding shares of the company as well as all outstanding debts and agreements, which includes options on 18 income properties, as well as the first refusal of a software company.
The board of directors do not require the approval of the shareholders to accept this offer, however the board of directors have passed a resolution that all shareholders will be notified before a final acceptance.
This offer expires Sept. 25, 1999.
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Contact:
American Venture, Naples
John Dennee, Investor Relations, 716/670-9642
Wednesday September 22, 11:40 am Eastern Time
Company Press Release
REII Announces Acquisition of Computer Sales and Services Inc.
NAPLES, Fla.--(BUSINESS WIRE)--Sept. 22, 1999--REII (OTC BB:REIC - news) has entered into an agreement to purchase Computer Sales and Services Inc., a Rochester N.Y. based computer hardware and software company.
A company for a combination of cash and stock totaling $750,000.00 (Seven Hundred and Fifty thousand dollars). The Company plans to finance the acquisition with the proceeds of a planned regulation D-505 stock offering.
Furthermore REII has requested and granted an extenuation to accept the tender offer which was announced September 17, 199 to October 15, 1999
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Contact:
REII, Naples
Garfield Ricketts, 941/261-3396 |
