Act Teleconferencing Inc (fka ACTT)

[Cassandra]

The way the ACTT "going private" transaction happened intrigues me as I have not previously encountered such a situation in my years of doing DD research on penny stocks.

I started reviewing the ACTT SEC filings to gain an understanding but since you've obviously done a lot of DD research on this, I'm hoping you can cut down the amount of time it would take me to go through the filings as well as learn about the statutes used. Can you provide summary of what happened?

ACT Teleconferencing filed a Schedule 13E-3 on 6/7/2007 that started the "going private" process:
http://www.sec.gov/Archives/edgar/data/918709/000119312507134906/0001193125-07-134906-index.htm

That filing offered to buy the stock only from shareholders who held less than 99 shares and offered a cash price of $5/share when the stock was trading at only $.07 or so. The goal was to get the number of shareholders below 300 and then to deregister the stock. About 4000 shares were tendered and the stock was subsequently deregistered, but the remaining common shares continued to be tradeable, even though the company then apparently considered itself to be a private entity.

However simply deregistering a stock does not make it a private company -- it simply means that the company is no longer required to file periodic reports with the SEC like most PK stocks.

All SEC filings for ACTT:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000918709&type=&dateb=&owner=exclude&start=0&count=40