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To: Bernie Diamond who wrote (26541)10/21/2003 4:55:42 PM
From: mabiba  Read Replies (1) | Respond to of 206084
 
A few more info on PGO:

I called Investors Relation in Houston (Suzanne McLeod at 1-281-589-7935) and got some clarifications:

1- To exercise the rights, I will not need to receive/send any paperwork myself. All I need is instruct my broker. I feel better on this point as there is no round-trip by snail mail with my broker.
2- The new shares will initially trade over the counter, so there is a problem with brokers like Datek. They will apply later on for listing on a more “respectable” exchange.
3- The effective date/time is 05-Nov at 10:00 AM ET. If I want to be able to exercise my offering rights, by this TIME, I must:
A- Have my broker execute my instructions
B- Be an effective owner, hence buy at least 3 days before that (assuming I wanted more shares).

Conversely to point “B” above, I think the current shares will loose value 3 days before Nov 05, so one wanting to sell should do so by that earlier deadline. I wonder what will be the action close to the last minute. Will some well-connected people be able to take advantage of knowing exactly when actually is the last minute? By comparison, I would be too scared to trade too close to the limit since this is still fuzzy to me.

4- I also had some questions about the Tax status of the re-org, but I did not get a direct answer. Instead I was referred to Section 10 of the prospectus, more precisely page 80 for US tax payers.

I hope this helps… please feel free to comment!



To: Bernie Diamond who wrote (26541)10/24/2003 3:09:59 PM
From: Bernie Diamond  Read Replies (1) | Respond to of 206084
 
PGOGY New Shares via Brown @ Co:

FYI I spoke to Matt (1-800-822-2021) at the Brown & Co. Reorganization Dept. and he took my instructions to purchase the New Shares. There will be no written confirmation of my instructions and was told to jot down his name and the date/time I spoke to him as confirmation, since the telephone call was recorded. He was fully knowledgeable regarding the PGOGY reorganization plan.

The Rights Offering is downloadable at:

pgs.com

Good trading all!

Bernie