Hmmm... decidedly, not much comments on PGO, the one-time darling of this board!
Anyway, some might still be interested in my feedback: Because of the deadline that Datek/Ameritrade gave me for exercising rights, I decided Thursday to sell 85% of my position, which basically covered all my costs, and I kept 15% which I exercised. My mental cost basis hence is now around $12 per future new share. I think I will still do well on those.
And this way, I don’t have to record a tax gain for now, if I account properly for shares sold.
I sold 15% in the morning from a limit order the night before at $1.32 that got executed rapidly since PGOGY opened at $140 or so (in hindsight, I should have raised it given the early action in Oslo!)
Then I watched the price go up to $1.52 and drop to $1.48 where I sold the rest.
I was amazed to see the price staying at 1.48 +/- 1 cent for hours while millions of shares got traded! I don’t have access to premium info to tell, but suspect that one or a few big sellers had millions of shares to sell at 1.48
Well, I do feel much better now! I got my money back and kept a small investment that I am very comfortable with.
If some people are still in the process to sell or exercise, I’d like to know… |
