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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Bernie Diamond who wrote (26541)10/21/2003 4:55:42 PM
From: mabiba  Read Replies (1) of 206085
 
A few more info on PGO:

I called Investors Relation in Houston (Suzanne McLeod at 1-281-589-7935) and got some clarifications:

1- To exercise the rights, I will not need to receive/send any paperwork myself. All I need is instruct my broker. I feel better on this point as there is no round-trip by snail mail with my broker.
2- The new shares will initially trade over the counter, so there is a problem with brokers like Datek. They will apply later on for listing on a more “respectable” exchange.
3- The effective date/time is 05-Nov at 10:00 AM ET. If I want to be able to exercise my offering rights, by this TIME, I must:
A- Have my broker execute my instructions
B- Be an effective owner, hence buy at least 3 days before that (assuming I wanted more shares).

Conversely to point “B” above, I think the current shares will loose value 3 days before Nov 05, so one wanting to sell should do so by that earlier deadline. I wonder what will be the action close to the last minute. Will some well-connected people be able to take advantage of knowing exactly when actually is the last minute? By comparison, I would be too scared to trade too close to the limit since this is still fuzzy to me.

4- I also had some questions about the Tax status of the re-org, but I did not get a direct answer. Instead I was referred to Section 10 of the prospectus, more precisely page 80 for US tax payers.

I hope this helps… please feel free to comment!
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