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The 18 month period has now passed after the PDEP merger. If funds remain in the escrow account, we should be receiving them soon. Does anyone have any info on this? I emailed the company a few times and got no response.
BUX
Hey LANDBARRON, are you still out there. As I read the email PUREDEPTH sent you the 18th month of the indemnification period ends SEPTEMBER 24TH and we should be paid whatever remains in the fund, up to .012 a share. I sent management several emails trying to find out how much remains in the fund and got no response. We should all hassle them until we get answers.
Hey guys, does anyone have any updates or info on the money we are still owed from the PDEP merger? They withheld over a penny a share from the purchase price to indemnify Delphi. Those funds were supposed to be paid out to shareholders if the money wasn't lost in claims paid out against PDEP.
Contact your Broker and ask them to find out. Or, call the company.
I had 2500 shares in this. How are we supposed to get paid the $0.44?
Yes, Thursday morning, i guess they had 122 mill shares outstanding and 9.5mill in debt. Did you look at that other ticker.
Yes, Thursday morning, i guess they had 122 mill shares outstanding and 9.5mill in debt. Did you look at that other ticker.
I was paid on Friday. What about you? I wish I knew what the indemnification claims are and how likely it is that money will be drawn from the escrow account to satisfy those claims.
I finally got this email,
My apologies for not responding earlier but we were following up on this.
The per share merger consideration of approximately $0.044775 per share, of which approximately $0.011912 per share will be deposited into escrow to secure the Company’s indemnification obligations. The escrow is for the satisfaction of indemnification claims by Delphi, and if any amount remains in escrow on the 18th month anniversary of the closing which occurred on March 24, such amount (as reduced for any pending indemnification claims) will be released to the record holders (in this case DTCC/Cede & Co.)
PureDepth had outstanding indebtedness and other liabilities in excess of $9.5 million which had to be paid at closing which reduced the merger consideration accordingly. The outstanding shares at closing was approximately 122 million not 69 million.
Only record holders (in this case DTCC/Cede & Co) were able to exercise appraisal rights. The DTCC, has completed and returned the letter of transmittal to the paying agent, and the funds have been remitted to the DTCC. The DTCC will remit the funds to its participants and the participants will then remit funds to the beneficial holders. PureDepth is not able to provide the timeline for payment, as it depends on the DTCC and the participants. Unfortunately PureDepth does not have any control over this process or the timing thereof.
Regards,
Michael Laycock,
CFO & Company Secretary
PureDepth Incorporated Limited
PDEP: Revised Announcement: PureDepth was acquired in a cash merger that was effective March 23, 2016. PureDepth shareholders will receive approximately $0.04775/share as part of the merger, of which approximately $0.011912 per share will be deposited into escrow to secure PureDepth’s indemnification obligations under the Agreement and Plan of Merger.
Finra deleted symbol:
http://otce.finra.org/DLDeletions
congratulations again. patience pays
It was an odd deal. If you did some digging, you could find that the merger was done and mandatory, yet the stock was still trading far below the merger price. I am surprised they let it trade this long.
BUX
I can't believe i missed this back in march. kicking myself now. should have bought 100k at least
So they finally halted the stock. I still haven't gotten paid. Has anyone else?
congratulations buddy. big reward !
I hope your still holding, it looks like your getting .44 cents per share in Merger
PDEP: PureDepth was acquired in a cash merger that was effective March 23, 2016. PureDepth shareholders will receive approximately $0.44775/share as part of the merger, of which approximately $0.011912 per share will be deposited into escrow to secure PureDepth’s indemnification obligations under the Agreement and Plan of Merger
FINRA deleted symbol effective 9:02 A.M. May 19,2016:
http://otce.finra.org/DLDeletions
Thanks,let me know what happens, I will call Monday also.
I had my broker call the transfer agent. They said that the deal was going through. No exact timing was given for payment, but they thought it would occur in a week or so. That was early last week, so hopefully we are getting close.
BUX
You have been in this stock for 10 years and the company won't return your emails? Hard to believe. Do what is best for you, but all of my research shows that this is a done deal. It is just a matter of when it gets funded. Hopefully we will get paid quickly. You would hate to sell out at .02 and then see everyone else get paid .035 a few days later, with another .011 payment still to come from the indemnification fund.
BUX
I don't know if I should sell or wait, I don't know if my shares are worth keeping, I can sell and go somewhere else, I have been with this company since they were .60 cents. Damb near 10 years.
I don't know if I should sell or wait, I don't know if my shares are worth keeping, I can sell and go somewhere else, I have been with this company since they were .60 cents. Damb near 10 years.
I don't understand the secrecy. The deal is done. Delphi is giving interviews about it.
Company won't respond to my emails, anyone else have any luck.
Company won't respond to my emails, anyone else have any luck.
You should ask the company to clarify this. I found it odd also. But I would imagine the $15 million represents the total consideration paid, which would include the purchase of common stock and any debt. There may be preferred shares as well. Since the company stopped reporting financials several years ago, we have no idea what the balance sheet looks like.
Bux
No what, the PR said they bought the company for 15 million.
The email from the company said they got 4 cents a share that is including 1 cent for indemnification obligations. .04×69000000 does not equal 15000000.
No. They sold the company. They may have increased the share count or added debt, which would have been paid off.
Have you tried to contact the company lately? It would be nice to have some answers.
Looks like 15 mill would put us at .20ish nothe .04 I don't get it. And it's still trading so does that mean they are keeping company intact?
More news about PDEP-
By Jeff Bennett Delphi Automotive PLC is rolling the dice on a New Zealand 3-D graphics company's ability to help enhance the gauges drivers use in their cars and pickup trucks. Delphi said Wednesday it paid $15 million to acquire PureDepth Inc., a company making graphics used in electronic slot machines and other devices. An auto parts giant once owned by General Motors Co., Delphi has been pivoting from a supplier of traditional car components to a creator of electronic systems and other technology needed to meet safety or emissions requirements. Delphi disclosed the acquisition alongside earnings. First-quarter profit more than doubled, and results outpaced analyst expectations. The PureDepth deal is the latest in a string of acquisitions or dispositions aimed at reshaping Delphi's business. Last year, the company dropped two divisions, invested in two companies and acquired three others -- including cable and connector maker HellermannTyton Group PLC. The moves reflect a wider trend among auto suppliers looking to provide auto makers with gadgets that make cars and trucks more tech savvy. Car interiors are becoming more digital and require significantly more sophisticated electronic controls, for instance, and car companies are racing to make electric vehicles and self-driving cars more feasible. Auto suppliers provide many of the parts needed to make these systems work. PureDepth approached Delphi two years ago to show what it could do with instrument clusters -- the panel on a dashboard that indicates speed or fuel levels, and also increasingly provides navigation or in-vehicle entertainment information. The meeting led to an initial partnership and an instrument cluster concept Delphi debuted at the Consumer Electronics Show in January. "The three-dimensional graphics we had at CES received more attention from our customers than any other technology that we showed," Chief Executive Kevin Clark said during an analyst conference call Wednesday. "You are going to see more displays. You are going to see more glass in cars. We're convinced of that." For the quarter, Delphi earned $425 million compared with $209 million for the same period a year earlier. On an adjusted basis, Delphi reported $1.36 a share, exceeding analyst estimates of $1.34. Revenue rose almost 8% to $4.1 billion. Delphi said much of the sales boost came from the business generated by HellermannTyton. The deal for HellermannTyton closed in December. Overall, the company booked $7 billion worth of new business during the first quarter which included winning an electronics contract for Fiat Chrysler Automobiles NV's Ram pickup truck. For the second quarter, the company expects operating income on an adjusted basis to be between $555 million and $585 million. Revenue is expected to be between $4.13 billion and $4.23 billion. Delphi said automotive production disruptions in the wake of the April earthquakes in Japan reduced revenue forecasts by $75 million. The company continues to monitor the situation but auto makers at this point see no long term impact and expect to recover the production they lost by the end of the year. Shares dropped almost 4% to $70.26 in trading Wednesday. Write to Jeff Bennett at jeff.bennett@wsj.com
Delphi announces the PDEP deal-
Delphi Automotive PLC said its first-quarter profit more than doubled as last year's moves to realign the company, combined with higher demand for its products in most regions around the world, bolstered its earnings power. The company continued its aggressive run on mergers and acquisitions by picking up New Zealand-based PureDepth Inc. which provides in-vehicle display technology. Terms of the deal weren't disclosed. The company operates a U.S. office in Redwood City, Calif. Last year, Delphi invested in two companies and acquired three others including two software makers. The results underscore how a steady march by Delphi to expand and bolster its electronics offerings is paying off. Many of the U.S. auto parts makers are on the hunt for more acquisition targets as they look to stay ahead of changing demand from their auto maker customers who want more cutting-edge technologies to improve everything from fuel efficiency to a consumer's driving experience. For the quarter, Delphi earned $425 million compared with $209 million for the same period a year earlier. Revenue rose almost 8% to $4.1 billion. On an adjusted basis, Delphi reported $1.36 a share, exceeding analyst estimates of $1.34. Delphi pointed to the financial boost it received from its acquisition of cable and connector maker HellermannTyton Group PLC. That acquisition deal closed in December.
Haven't heard anything.
Haven't heard nothing.
I heard the deal is done and money is being sent out. As of yet, I haven't been paid. How about you?
My broker said today that they can see that puredepth filed to a merger with the SEC, he said he does not know what the terms will be other than .044..... cents a share.
My broker still doesn't have any info. How about you Barron?
Company didn't respond to my email asking when this will be final, and if it is,when will brokerage firms get the instructions on what to do with shares.
Its crazy,
I don't believe its final because stock is still trading.
Still no updates? This deal is so small, Delphi could fund it with change they have under the cushions of the sofas in their headquarters. I am surprised we haven't received funds yet.
I didn't get a chance to call my broker, been in conference all day. Will try tomorrow.
Buxmaker, look at BIEL let me know.
Buxmaker, look at BIEL let me know.
Buxmaker, look at BIEL let me know.
Hopefully we will hear something Monday,
Any idea when the money will be paid out?
Ugh. What a joke. No wonder they kept the deal such a secret. Just as the technology was about to go from concept to commercialization. they sold out for $3 million?
This is what he sent back yesterday, I think they just gave up or got themselves a side deal.
Hi Danny,
It will come through your broker. All beneficial holders who purchased through a DTCC participant need to discuss the exercise of appraisal rights with his/her broker, as only record holders can exercise appraisal rights.
The per share merger consideration of approximately $0.044775 per share, of which approximately $0.011912 per share will be deposited into escrow to secure PureDepth’s indemnification obligations.
Any PDEP updates out there today?
Thanks. It is interesting that the shares are still trading. There is still time to get in or out. At this point no one seems to be doing much of anything. I guess the fact that the stock hasn't collapsed must mean the sale price is at least at current levels.
It was interesting to see that 500,000 share purchase a few weeks back.
Hopefully we will hear something soon.
Broker said that they should hear something by the end of the week.
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