posted
ESHI E & S Holdings, Inc. Common Stock TRLL Trilliant, Inc. Common Stock 4-1 F/S; Payable upon Surrender of Certificates
EUPA EUPA International Corporation Common Stock EUPI EUPA International Corporation New Common Stock 1-7,999 R/S; Shareholders with less than 7,999 shares will be cashed out ($0.40/sh)
VDYI Voice Diary Inc. Class A Common Stock VCDY Voice Diary Inc. New Class A Common Stock 1-11.1 R/S
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Hey Mag, any idea on the logic behind the EUPA R/S? I mean, I've seen cases where companies want to cash out small holders, but if someone had 12,000 shares at .40, that's $4,800. Post split, I'd imagine they'd be rounded down to 1 share, at a supposed price of $2,800 per share, but I'd guess it won't ever trade that high, so that trader is down like 50% because of this, right?
Also, was there a play here to buy like 7500 shares at .35 for $2,625 and get cashed out for .40 per share or $3,000? for a quick $375?
I was busy at work today and didn't check the splits until now.
Just seems like a weird split.
Posts: 5502 | From: Southeastern PA | Registered: Jan 2006
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posted
Interesting questions which I am only speculating when I say that I think they are trying to get rid of current shareholders; perhaps they are going to go private soon. As far as a play yeah it sounds like there was a play here but I didn't find any filings? I may be wrong, but I beleive that the owners of less than 7,999 shares may have to go through a cert exchange; meaning owners would have to wait for paper certs, then sign them back to the broker which takes a long time and ties up a lot of trading capital. Cert processing what a nightmare; LOL... Just my opinion of course; I would be interested to hear from someone who played this.
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posted
Okay thanks fo rthe info. Yeah, I finally found somethign that said they were going privte, but wasn't really aware of the cert exchange process. I was just assuming that basically this morning you'd have .40 for each share in your account. Kinda glad that I didn't try to play it then. Not wort the time and effort, most likely
Posts: 5502 | From: Southeastern PA | Registered: Jan 2006
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posted
I think that's what happens when this occurs; with the cert proccesing and all, but I could be wrong... Bob Frey would know... your inbox is full again... got UNTF shares this AM in 1 account..Holding...
-------------------- ^..^ Posts: 3015 | From: New York | Registered: Jan 2004
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posted
Just cleared my inbox. crazy how high the UNTF bid has come up today. Sadly I sold at 1.26. Good luck to you, i hope it keeps going up!
Posts: 5502 | From: Southeastern PA | Registered: Jan 2006
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posted
Just reading through a couple of filings for "Going Private Transactions". The ones I looked at required cert exchange although I am unsure if this is true for all of these transactions. ie. EUPA, Perhaps not? Eupa filing reads Certificates. Stockholders should not send stock certificates to the Company at this time. After the Split is effected, stockholders will be notified about forwarding certificates and receiving payment, and, if applicable, replacement certificates. I guess you would have to play it to really know for sure... below are excerpts from the ones I read...
If you are a Cashed Out Shareholder with a stock certificate representing your cashed out shares, you will receive a transmittal letter from Teltone as soon as practicable after the Effective Date. The letter of transmittal will contain instructions on how to surrender your existing certificate(s) to the Company's transfer agent, Mellon Investor Services, LLC (the "Transfer Agent"), for your cash payment. You will not receive your cash payment until you surrender your outstanding certificate(s) to The Transfer Agent, together with a completed and executed copy of the letter of transmittal. Please do not send your certificates until you receive your letter of transmittal.
AND
Amendment with the Secretary of State of Texas. The Reverse Stock Split will become effective on the date the Certificate of Amendment is issued by the Secretary of State of Texas (the "Effective Date").
As soon as practicable after the Effective Date, each holder of an outstanding certificate theretofore representing Old Common Stock will receive from the Company instructions for the surrender of such certificate. The instructions will include a Letter of Transmittal to be completed and returned to the Company with such certificate or an affidavit of lost certificate. As soon as practicable after the surrender to the Company of any certificate which represented shares of Old Common Stock (or affidavit as to loss), together with a duly executed Letter of Transmittal and other documents the Company may specify, the Company shall deliver to the person in whose name such certificates have been issued, (i)certificates registered in the name of such person representing the number of full shares of New Common Stock into which the shares of Old Common Stock represented by the surrendered certificate shall have been reclassified, and/or (ii) cash for fractional shares. Until surrendered as contemplated by the preceding sentence, each certificate which represented shares of Old Common Stock shall be deemed at and after the Effective Date to represent the number of full shares of New Common Stock contemplated by the preceding sentence.
For the purpose of determining ownership of Old Common Stock at the Effective Date, shares will be considered to be held by the person in whose name those shares are registered in the stock records of the Company, regardless of the beneficial ownership of those shares. No service charges, brokerage commission or transfer taxes shall be payable by any holder of any certificate which prior to the approval of the Reverse Stock Split represented any shares of Old Common Stock, except that if any certificates for New Common Stock are to be issued in a name other than that in which the certificates for shares of Common Stock surrendered are registered, it shall be a condition of such issuance that (i) the person requesting such issuance pay to the Company any transfer taxes payable by reason thereof (or prior transfer of such surrendered certificate, if any) or establish to the satisfaction of the Company that such taxes have been paid or are not payable, and (ii) such surrendered certificate shall be properly endorsed and otherwise in proper form for transfer, or the holder will supply a duly executed affidavit of lost certificate.
No certificates or scrip representing fractional shares of New Common Stock shall be issued in connection with the Reverse Stock Split. Instead, shareholders holding a number of shares of Old Common Stock not evenly divisible by one thousand, and shareholders holding fewer than one thousand shares of Old Common Stock, upon surrender of their old certificates will receive cash in lieu of fractional shares of New Common Stock. The price payable by the Company for fractional shares will be determined by multiplying the fraction of a share of Old Common Stock by $3.89, the fair market value of a share of Old Common Stock.
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posted
Thanks Mag, good info there. I didn't notice this one until well after the close, but I'll probably take a shot at the next one if i notice it before the close. What the hell, it's only money, right? Posts: 5502 | From: Southeastern PA | Registered: Jan 2006
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