Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (1272)	12/10/2009 3:18:56 PM
From: Glenn Petersen	Respond to of 3862

Pacific International Group Holdings LLC, which already owns a 49.7% interest in Platinum Energy Resources, Inc. (stock symbol: [t]PGRI[/t]), has announced a tender offer for the remaining shares: Pacific International Group Holdings LLC Commences Tender Offer to Acquire All Outstanding Shares of Common Stock of Platinum Energy Resources, Inc. Press Release Source: Pacific International Group Holdings LLC On 1:41 pm EST, Thursday December 10, 2009 LAS VEGAS--(BUSINESS WIRE)-- Pacific International Group Holdings LLC announced today that it is commencing a cash tender offer for all of the outstanding shares of common stock of Platinum Energy Resources, Inc. (OTCBB: PGRI - News) for $0.50 per share in cash. This price represents a premium of approximately 66.7% compared to the $0.30 closing price on December 9, 2009, the last trading day prior to the date Pacific announced its intention to make the tender offer. Pacific currently owns approximately 10,977,141 shares of Platinum common stock, or approximately 49.7% of the outstanding shares of Platinum. If the tender offer is consummated and all shares of Platinum are validly tendered, or a sufficient number of shares of Platinum are tendered to allow Pacific to consummate a subsequent short-form merger under Delaware law, Platinum thereafter will be a wholly-owned subsidiary of Pacific or another affiliated entity. In addition, if the purchase of shares of Platinum pursuant to the tender offer results in fewer than 300 holders of record of Shares, Platinum may file a Form 15 to evidence the termination of Platinum’s duty to file reports pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended, as soon after the consummation of the tender offer as the requirements for deregistration are met. Pacific is making its offer to purchase directly to public shareholders to acquire the portion of Platinum it does not already own by means of a tender offer. The transaction will be financed with cash on hand. The tender offer is scheduled to expire at 5:00 p.m., New York City time, on January 11, 2010, unless the tender offer is extended. Pacific’s obligation and right to purchase shares at the expiration of the tender offer is subject to the satisfaction of several conditions, including the waivable condition that there shall have been validly tendered and not withdrawn before the tender offer expires shares that constitute, together with the number of shares of Platinum currently owned by Pacific, at least two-thirds (2/3) of the outstanding shares (excluding shares held in treasury) immediately prior to the expiration of the Offer. PLATINUM’S SHAREHOLDERS SHOULD READ CAREFULLY THE TENDER OFFER STATEMENT AND OTHER DOCUMENTS WHEN THEY ARE AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. INVESTORS MAY OBTAIN A FREE COPY OF THE TENDER OFFER STATEMENT AND OTHER DOCUMENTS AT THE SECURITIES AND EXCHANGE COMMISSION’S WEBSITE, WWW.SEC.GOV. IN ADDITION, SHAREHOLDERS WILL BE ABLE TO OBTAIN A FREE COPY OF THESE DOCUMENTS BY CONTACTING PACIFIC’S INFORMATION AGENT, BNY MELLON SHAREOWNER SERVICES, BY TELEPHONE (TOLL-FREE) AT 866-277-8134. <snip> finance.yahoo.com