Bill and fellow DLOV followers:
The reverse split was announced today. Looks like some didn't like going through the split. So we dropped down to 1/8. This is my first reverse split. Heard many negatives about such a split. But, since I'm long with this stock, I'm really not concerned as long as it goes up really, really big some time before the end of the millenium. Bill, what's your take on this ? Time to buy more now or wait for the split to happen. Could this announcement cause the stock to go down any further:
Tuesday February 17, 3:46 pm Eastern Time
Daleco holders approve reverse split
WAYNE, Pa., Feb 17 (Reuters) - Daleco Resources Corp said Tuesday its shareholders approved a board proposal for a
10-for-one reverse split of the company's common shares.
The effective date for the reverse stock split is Feb 17, the company said in a news release.
Daleco said the split will keep it in full compliance with recent changes to the Nasdaq requirements and allow it to maintain its listing on
the NASDAQ market.
Additionally, the company said it had completed the first phase of its Austin development program.
As planned for in Phase I, seven wells have been refracted and three horizontal wells have been redrilled, resulting in a 400 percent
increase in oil and gas production levels. The next phases of the program call for the reentry and/or drilling of an additional 22
horizontal wells.
Daleco Resources is a natural resources company with holdings in oil and gas, timber, and precious minerals. |
