rolatzi: PGOGY calculations:
<<Where did you get the number 129.18?>>
See Calling Notice For Extraordinary General Meeting, Page 2/13, which states: "As set forth in more detail in Section 3 of the Prospectus, the Existing Shareholders of PGS, will receive, without any payment, 800,000 New Shares of the Reorganized PGS, equalling 4% of the share capital of the Reorganized PGS. Thus, for each 129.18 Existing Shares, the Existing Shareholders as of the Effective Date, will receive one New Share in the Reorganized PGS. The transfer and receipt of such New Shares will not require any specific action by the Existing Shareholders."
Your 16,000 shares, if you take no action, will get you 123 (you lose the .858 fractional shares) New Shares at no cost to you. It will also give you the right to purchase 696 New Shares (you lose the .64 fractional shares) @ $14.17 each. You would then, by exercising your option to purchase 696 New Shares, have a total of 819 New Shares (123 at no cost + 696 purchased from rights offering).
OR, you can elect to buy or sell existing shares to deal with the fractional shares issues as follows:
By selling 110 existing shares, leaving you 15,890 shares, you will still receive 123 New Shares at no cost, and pocket the money received (less commission). This option will allow you to buy 691 New Shares (you lose the .85 fractional shares).
By buying 19 existing shares, giving you 16,019 shares,, you will receive 124 New Shares at no cost. This option will allow you to buy 697 New Shares (you lose the .467 fractional shares).
I chose to sell odd-lot shares in two of my three accounts, and didn't bother with the third account because of the commission costs. Hope the above explanation helps.
Good trading!
Bernie |
