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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme
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To: Andrew H who wrote (482)5/28/1998 2:52:00 PM
From: Ray Emery  Read Replies (1) of 8798
 
Andrew,

What happened with MIDL ha absolutely nothing to do with p&d. Grant you it may look that way on the surface, but what actually happened was an imbalance between MIDL and MIDLW with arbitrage taking place. At the same time there was heavy accumulation of MIDLP because, if the P is in your account by a certain time you are given a dividend of 1 share of P for every 2 shares that you already owned. Now that that deadline is past the price of the P dropped.

So, for the past few days I have been accumulating the P and Now I have, or will shortly have, 1.5 times the number of shares in my account. Each share of P will convert to 35 shares of common in October of this year, except for the dividend shares which will convert to 35 shares of common in October of 1999. The average mean share cost of the common that I will get from the conversion of the P is around $.50. Not bad when the price of the common right now is 1.125.

Ray
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