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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper
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To: Dave Gore who wrote (2104)6/1/1998 4:56:00 PM
From: Ga Bard  Read Replies (1) of 4142
 
Ok Dave I will try one more time...

1.) there is a forward split coming into the P instead of a dividend
2.) it is a 3:2 which means you will have 3 instead of 2 on the x date
3.) there to my knowledge or as of close today no x date established
4.) the dividend is being implemented as a split for tax reasons also
5.) because they could not issue a dividend with a different legend on a free trading stock unless they set up a new ticker and market.
6.) They could not issue restricted stock on a free trading stock.
7.) They apparently did not want to make another market for the differrent legend so the dividend had to have the same legend (conversion date) as the existing. SEC rule.
8.) Apparently since there was no advantage in the legend they made it a split to save shareholders money on taxes
9.) According the SEC rules if you buy before the x date is established which as of today is not you should get the dividend.
10.) If you sell prior to the x date you will not get the dividend.
11.) All MIDLP is convertible automatically in Oct 1998 regardless of existing or new shares coming into anyones account..

Now unless I am missing something here that is my take ...

The key point here is the x date until it comes through then the split has not happen yet or be activated. I could be wrong through.

GB
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