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Author Topic: FRGN
keithsan
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POS won't let me buy 499 shares, been on the ask and above for 3 hours.

anyways. they are doing RS then a FS anyone with less than 500 shares gets paid .97 per presplit share.

woulda been a nice quick couple hundred bucks but no luck.

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blue_in_MI
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keithsan, have been in and out of FRGN a few times for mild profits. the thing about the 499 share deal is, i'm not sure if it's still possible to get it, i couldn't tell from the edgar online documents about the effective dates. the vote to do the wacky RS/FS was approved about 5 weeks ago, strikes me as possible that they've already done it, but - i dunno.

the other thing with FRGN is of course that they just got delisted recently, for being absurdly late. my guess is that they don't want to fork out the $ to stay on the OTC and are resigned to being on the pinks.

kind of a strange and interesting company. they were doing quite well actually if you look at their financials and balance sheet, then the RS/FS and the delisting. wacky day for it - some trades went through at .20 last week, and today a few hit at .70. i'm too scared to touch it anymore, i admit, but - good luck if you do.

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blue_in_MI
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yeah keith i think this one's already over and done with, so probably good you didn't get a fill today...

---

FragranceNet.com, Inc. (OTCBB: FRGN) ("FragranceNet") today announced that effective at 5:00 P.M. on August 4, 2005, it completed a one-for-five hundred reverse stock split of shares of FragranceNet's common stock (the "Split"). In connection with the Split, which was approved by the holders of a majority of FragranceNet's outstanding common stock entitled to vote at its special meeting of stockholders held on August 1, 2005, each stockholder of record at the effective time of the Split received one share of FragranceNet's common stock in exchange for every 500 shares held by such stockholder immediately prior to the Split. A cash payment of $0.97 per share will be made in lieu of the issuance of any fractional shares to persons who would have held less than one whole share of common stock in any discrete account after the Split.

At 5:01 P.M. on August 4, 2005, FragranceNet completed a five hundred-for-one forward stock split by way of stock dividend.

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T e x
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Blue, that's a PR, right? doesn't address the ex-date: as you know, lottsa companies screw that up. Keith found another play like this a while back, and it took a bit of doing to make the broker and TA understand they owed us the shares...lady in compliance argued with me till I offered to send her the link.

In a few minutes, *she* called me, apologizing...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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keithsan
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today was last day to buy. mm's wouldn't let me buy LOL scumbags.

blue, i dont trust or even read pr's that closely. I go buy dates figured this was good for a couple hundred got the feeling mm's own a bunch and didn't want me to steal it. I was above the ask and at the ask on anoter account all afternoon......
Here's the exact announcement:
"09/12/2005 03:28:45 PM|NBB|FRGN|FragranceNet.com, Inc. Common Stock|||09/13/2005|||1-500 R/S followed immediately by 500-1 F/S. Payable Upon Surrender. Cashout of shareholders holding less than 500 shares at $0.97 per pre-split share. New Symbol (FGNT)

FGNT will be the trading symbol beginning tomorrow. FRGN will be all done. Therefore today was last day.

If I have time I'll pop a better link to the info.

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blue_in_MI
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interesting, huh. i wonder if FRGN purposely reworded their previous PR to make it sound like it was too late to get in, and thus they'd have to pay out less.

is really strange btw that FRGN picked .97 as the cashout price, why not .65 or around where they were trading in early august? seems like they must have known that a lot of people would try to nab a quick couple hundred bucks by picking up 499.

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keithsan
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I assume they hoped for a run on the pr so they could dump some shares and then maybe pull out of the deal.

I'm not sure though, don't know much about the company just saw some free money but I wasn't allowed to pull the trigger.

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T e x
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ya, have seen it both ways: 1) company flat out confuses record & ex dates or 2) makes announcement, then reneges on split or, what was that one, keith--"binding contract"? lol...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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keithsan
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these days nothings binding [Frown]
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blue_in_MI
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especially with pink sheets
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blue_in_MI
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ha ahaha, pfft - nice opening spread for FGNT: .30 x 4.30 !!
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blue_in_MI
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just plain weird, i don't get it. yesterday am the spread opened for FRGN at .20x.51. this morning, it's now .45 x 4.30.

maybe i'm missing something, but - i don't see a single thing that's changed with this company overnight, except for the symbol (now FGNT).

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T e x
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maybe I'm missing something...doesn't the $4.30 price reflect the r/s?

I'm showing sales from .2 to .7--on 0 volume....?

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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keithsan
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the price reflects all the less than 500 shares that were bought out....

RS was a match with a bunch of shares removed.

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blue_in_MI
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no trades today, but - bid crept up all day, spread ended the day at .55 x 4.30. clearly i highly doubt anyone would pay 4.30, but - still am amazed why the bid would keep creeping up so much. yesterday am the spread was .20x.51, can't understand why would have jumped so drastically on no news. just plain weird, at least to me.
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blue_in_MI
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over 30k shares traded today, hit 1.10.

honestly, i simply don't get it. i liked FRGN (now FGNT) back in the .40's when it looked like they were going to file, did a few mild swings on it. they never filed, busted back to the pink sheets.

they were trading at .20-.30 range awhile ago, nothing has changed that i can see, no news - no nothing. now suddenly trading over a buck, a 5-bagger off recent lows.

hard to figure, i don't get it. what am i missing?

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