Does anyone on this board venture an opinion on QNET? I find history of the company and the recent press interesting, to say the least. For example, on Jan 4th at 11:49, they issued this release:
"Quest Net Corp. Announces Hiring of Paul Zeller and
Intends on Filing Full Nasdaq Registration"
biz.yahoo.com
>>>advise and prepare the
necessary documents for a full registration with Nasdaq and locate qualified underwriting firms for a
secondary IPO of the Company. >>>
This sounds a little confusing...if an IPO is an Initial Public Offering, then how do you have a secondary IPO?
(reminds me of some girls claims in high school...[like a virgin?])
And how do they do this? >>>Quest Net Corp. intends to file a memorandum of registration with Nasdaq as soon as it is feasible.<<<
Have they considered communicating with the SEC? That might be a good first step!
On Jan 4th, at 12:03PM, they announce:
"Quest Net Board of Directors Approve
Dividend"
biz.yahoo.com
>>>Jan. 4, 1999--Internet service provider Quest
Net Corp.'s (OTC BB:QNET - news) Board of Director's voted to issue a dividend to all
shareholders of record as of Jan. 6, 1999. Shareholders will receive three additional shares for every
share held on the record date<<<
Then, on Jan 4th, at2:51PM,
"Quest Net sets one time stock dividend ".
>>> said
Monday it will issue a stock dividend to its shareholders of three
shares for every one held.
The dividend pay date has not been set, but a company spokesman told Reuters the shares should be
distributed three or four days after the Jan. 6 record date.
The company said the stock distribution was approved by the board as a way to thank shareholders
after a profitable second half of the year.<<<
Now, on Tuesday January 5,at 7:30 am, they clarify things...
biz.yahoo.com
"Quest Net Stock Board Of Directors
Approves Dividend"
>>>Board of Director's voted to issue a dividend to all
shareholders of record as of January 6, 1999. Shareholders will receive three additional restricted
shares for every share held on the record date.<<<
Bet some traders wished they had disclosed that on Monday! Now, they tell you they are restricted, but not for everyone!
... there's more...
>>>Rule 144 (d)(3)(1) provides that securities acquired from the issuer as a dividend shall be deemed to
have been acquired at the same time as the securities on which the dividend was paid. Shareholders
who provide an Opinion of Counsel stating that the initial securities have been held for at least two
years may have the restrictive legend removed pursuant to Rule 144 (k) and will be issued new
shares without restriction. Shareholders who have held the initial securities for at least one year may
resell the dividend shares pursuant to Rule l44 (e)(f)(g)(h) and (i). An opinion of counsel will also be
needed. If you are unsure as to compliance with Rule 144, please discuss this with your broker or
securities attorney. <<<
So, If you are and insider who has held the shares, you can go ahead and sell...but if you bought on the initial press release, you now find out you will be holding a cert. for sometime.
Finally, they are nice enough to advise shareholders of the following fact/or opinion
>>>The market price of the Company's common stock will not be reduced due to the dividend, as it
would have been if the Company had declared a stock split. The market price of the stock will rise
or fall due to natural market forces. <<<
Wow, nice to know that!
Please read these releases and check the web site for a clearer picture...
Company web site: ipquest.com
Be sure to check the press releases, they're great...and the financial footnotes.
|
