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Probably , Sent an email to Mitch seeking clarification on this , Will let you know if I hear anything back.
They have been a lot more communicative lately, As long as you ask a specific question you will get an answer.
Some question can only be answered in a filing so you won’t get them to give you there recovery rate or anything ground breaking.
Go PCFG
Section 5 is what intrestes me
5. To conduct any other business properly brought before the meeting.
TJ , got an email from Mitch.
He said there would be no new information released at the meeting, The meeting is for the purpose of voting.
He said any information would have to be filled before the meeting .
A bit disapointed but this means a 10q friday or the 15th.
Hoping for friday.
Go PCFG
The Ex date was never changed,
From Mitch at PCFG in E-mail to me
"The Record date was Nov 1, I believe the shareholders of October 26th would get the dividend."
Ex-date is Oct 26th to take into account the 3 days to settel shares
Reply from Mitch on date of record
Hi Thomas,
The Record date was Nov 1, I believe the shareholders of October 26th would get the dividend.
Videotaping will not be permitted.
Regards,
Mitch
Mitch
2 questions for you
1) What is the office Ex-Dividend Date and was it affected by the stock exchange been closed by the storm ?
This is the only date of the four that directly affects investors, as it determines when the right to a dividend is no longer transferred with the sale of a stock.
2) Will you be videoing the Share holders meeting and posting it on the Web ,
a. Is videoing permitted
Look forward to meeting you on the 13th
Same here anyone got a L2 to share
15 min and no trades at all
Very starange
Go PCFG
The problem is we dont know what the Ex-Date is, I sent Mitch an Email today asking,
I only posted what I found by a quick serch on google,
Questions I have is will this one fall into the >25% rule
and when is the Ex-Date
Dividends of 25% or More of a
Company's Stock Price
Cash dividends of 25% or more of a company's stock price represent a fraction of one percent of all dividends paid and are handled quite differently from normal dividends. There are some similarities, however. Like normal dividends, unusually large dividends have a declaration date, a record date, an ex-dividend date and a payment date. Also, like normal dividends, the ex-dividend date for a dividend of 25% or more of a company's stock price is set by the exchange, not the company. Here's the big (and confusing) difference: While the ex-dividend date is indeed set by the exchange, it occurs not before the record date, but after. In fact, the ex-dividend date is not even before the payment date! By rule, the ex-dividend date is one business day after the payment date. (In such cases the term deferred ex-date applies.)
Here's the exact quote from the New York Stock Exchange Listed Company Manual: "When the distribution is 25% or more, the Exchange will defer trading the security "ex" until one day after the mail date for the distribution."
And Nasdaq Rule 11140(b)(2) states: "In respect to cash dividends or distributions, stock dividends and/or splits, and the distribution of warrants, which are 25% or greater of the value of the subject security, the ex-dividend date shall be the first business day following the payable date."
Although the wording is slightly different, the meaning is the same.
This can be very confusing, having the ex-dividend date after the payment date. To further confuse things, in such circumstances, any shareholders of record who sell their shares before a deferred ex-dividend date also sell the right to receive the dividend. This is not optional to the seller, it is mandatory. The right to receive the dividend is contained in an attachment to the sold shares and that attachment is called a due bill.
The payment of a dividend via due bills is quite unlike a normal dividend payment. Shares that are purchased after the record date but before the deferred ex-date (the due bill period) are traded with a due bill attached. The chain of events that begins on the payment date works like this: The dividend is first paid to the shareholder of record, then, on the due bill settlement date, which is commonly two trading days after the ex-date, the dividend is withdrawn from the account of the shareholder of record who sold the shares during the due bill period and is then paid to the shareholder who bought the shares during the due bill period.
The dividend is paid to all shareholders of record first because that is the only information the company has on who is eligible for the dividend. The due bills are then executed by the stock brokerages of the buyers and sellers during the due bill period. The company does not participate in the due bill process.
A very unusual circumstance, to be sure. But there are good reasons for such a procedure.
On big percentage distributions one of the reasons the ex-date is after the payment date is to prevent the chaos that would be triggered if the the ex-date was before the payment date as is normally the case. For example, if the ex-date was before the payment date for a stock that was selling for $21 and they paid out a distribution of $7, such a dramatic drop in price could potentially, and unfairly, trigger margin calls in margin accounts holding the stock. To the stock brokerage it would appear that the total value of the stock had dropped precipitously when in reality the dividend that had not yet been paid would make up the difference. By making the dividend payment before the stock price is adjusted down on the ex-dividend date, no margin call would be issued because the value of the account would not be unfairly compromised.
Another reason for the use of due bills with stock dividends, spinoffs and extra large cash dividends is that it allows shareholders to receive the full value of their holdings if they choose to sell during the due bill period. Otherwise they would have to wait the days or weeks between a normal ex-dividend date and the payment date.
Note: Although this page is an explanation of how cash dividend dates work, deferred ex-dates are also used, under certain circumstances, with stock dividends, spinoffs and warrant issues. With those types of distributions the 25% threshold is not a factor, as often times the value of a spinoff or warrant is not known at the time of declaration. However, any time a deferred ex-date is applicable, no matter if the distribution is in cash or securities, the deferred ex-date rules explained here, including the due bill process, apply.
To summarize, in cases of a deferred ex-date, stock traded between the record date and the ex-date trades with a due bill attached that specifies that the right to receive the dividend is sold with the stock. With electronic trading and electronic book entry accounting, due bills are rarely seen by stock investors today but they are noted on the trade confirmation slips.
The Purpose of the Record Date
With all dividends, the record date establishes that only the shares outstanding as of that date are eligible for the dividend. With normal dividends that is a moot point because the ex-dividend date, being two business days before the record date, has already established which shares (and which shareholders) qualify for the dividend. But in the case of a dividend of 25% or more of the company's stock price, the ex-dividend date is after the record date, usually many days or weeks after, so the company may, if it chooses to do so, issue additional stock after the record date but before the ex-dividend date without affecting the gross amount of the declared dividend. While occasions of a secondary offering during such a period are rare, there are many more instances of shares being issued through dividend reinvestment plans and through exercise of stock options and convertible securities.
In cases of a deferred ex-date, the only function of the record date is to determine on which shares the dividend is paid. Because of that -- and this is a critical point -- it is the ex-dividend date that determines who qualifies for the dividend, not the record date.
While initially confusing, there are valid, rational reasons why on big percentage distributions the ex-dividend date is after the record date and after the payment date. It doesn't happen often, but big percentage distributions don't happen often. That's why most investors aren't familiar with how they work.
More on Dividends
Contrary to a common misperception, the record date does not always determine which investor (the buyer or the seller) gets the dividend. It is true that with normal dividends the record date determines the ex-dividend date but that is not true for dividends of 25% or more of a company's stock price. Therefore, while it is often true that the record date determines which investor gets the dividend (indirectly by virtue of determining the ex-dividend date), it is always true that the ex-dividend date determines which investor (the buyer or the seller) gets the dividend.
3. Payment Date
This is when the dividend payment will be made. It is also set by the company.
4. Ex-Dividend Date
This is the only date of the four that directly affects investors, as it determines when the right to a dividend is no longer transferred with the sale of a stock. For this reason, it's also the date that causes all the confusion.
Contrary to another common misperception, the ex-dividend date is not set by the company. It is set by the stock exchange the company's stock is traded on.
To understand why it is the stock exchange and not the company that sets the ex-dividend date we have to first understand the process. If a company declares Thursday, the 7th, as the record date, an investor would normally have to buy the stock on Monday, the 4th, to qualify for the dividend because of the T+3 rule, which states that stock transactions must settle in three business days. (Settle meaning the payment must be delivered to the seller and the security must be delivered to the buyer.) From Monday, the 4th, count three business days to the settlement date (which is also the record date). Tuesday, the 5th, is one day; Wednesday, the 6th, is two days; and Thursday, the 7th, is three days.
Since Monday is the last day to buy the stock and qualify for the dividend, the next business day, Tuesday, is therefore the ex-dividend date. (Ex-dividend means without the dividend. )
If it's that simple, then why doesn't the company set the ex-dividend date? Because if the exchange is closed on any one of the three days immediately prior to the record date (in this example Monday, Tuesday, or Wednesday), then there are not three business days between Monday and the record date of Thursday. For example, if Monday is an exchange holiday, then the last day to buy the stock and qualify for the dividend would be the previous Friday, the 1st.
Only the exchanges can determine which days they are open, and therefore which days are business days (trading days) applicable to the determination of the ex-date in the case of normal distributions. That is why the exchange, not the company, sets the ex-dividend date.
The most reliable source for a dividend record date is the press release from the company itself announcing the declaration of the dividend. The press release will typically include the declaration date, the record date, and the payment date. Only rarely will it include the ex-dividend date, and when it does, it will have been established by the rules of the stock exchange, not arbitrarily by the company.
Knowing the record date, determining the ex-dividend date is usually straightforward. To determine the ex-dividend date, simply count back two business days from the record date. Once again using the previous example, the record date is Thursday, the 7th, so the ex-dividend date is Tuesday, the 5th.
The last day to buy the stock and qualify for the dividend is Monday, the 4th, the ex-dividend date is Tuesday, the 5th, and the record date is Thursday, the 7th.
But when counting back two days from the record date to determine the ex-dividend date, be careful of weekends and holidays! If the record date is Tuesday the 5th, the ex-dividend date is Friday the 1st, not Sunday the 7th. If the record date is Friday, December 26th, the ex-dividend date is Tuesday, December 23, not Wednesday, December 24th, because Christmas is not a business day. (Also, for foreign stocks, be aware of the holidays of the country in which the stock is primarily traded. For example, in Canada and Great Britain December 26 is Boxing Day, so would not be counted as a business day in those countries.)
There is another complication caused by weekends and holidays, and that is when the record date falls on a weekend or an exchange holiday. In such a case, the ex-date is sooner than it otherwise would have been. For example, if Friday is the record date, normally Wednesday would be the ex-date. But if Friday is an exchange holiday, the ex-date in that circumstance would be Tuesday. Record dates that fall on weekends are handled in a similar manner, but while a record date that falls on a Saturday would have an ex-date one day sooner than if it were on a weekday, a record date that falls on a Sunday would have an ex-date two days sooner than it otherwise would be. The purpose of advancing an ex-date in such circumstances is to assure that shareholders of record are established no later than the declared record date. The three day settlement rule still applies but because the exchanges are not open on holidays or weekends, the ex-date must be advanced for the trade settlement to be made before the record date, as the following Monday would be too late. It is not common that a record date falls on an exchange holiday or a weekend but it happens on occasion. The primary reason is that a few companies have a policy that the record date for their dividends will always be on the same date of the month in which they are paid, for example, the 15th. Of course the 15th (or any specific date) will not always fall on the same day of the week, so on occasion it will land on a Saturday or a Sunday.
No matter what day the record date falls on, to receive the dividend you must purchase the stock before the close of trading on the day before the ex-dividend date. The trade then settles, meaning the payment is delivered in exchange for the securities, three business days later, on the record date, and you become the owner of record.
Therefore, if you buy on the ex-dividend date, you won't get the dividend because the trade will not settle until one business day after the record date. Remember, ex-dividend means without dividend.
Conversely, if you sell either on or after the ex-dividend date, you will still receive the dividend because that transaction will not settle until after the record date.
Many investors wrongly believe you must hold the stock until the record date or payment date before selling in order to receive the dividend. That is not true. It is the ex-dividend date that determines which investor, the buyer or the seller, receives the dividend.
Note: The three day settlement period (T+3) does not apply to ex-dividend dates, as they are real-time dates - buy before the ex-date, you qualify for the dividend; buy on or after the ex-date, you don't qualify for the dividend.
Extended Hours Trading
Another area of confusion about dividend dates is how extended hours trading affects dividend rules. The answer to that question is a simple one: extended hours trading (both pre-market trading and after hours trading) does not affect dividend rules. The statement in the previous paragraph still applies: buy before the ex-date (no matter if in pre-market trading, regular hours trading or after hours trading) you qualify for the dividend; buy on or after the ex-date (whether in pre-market trading, regular hours trading, or after hours trading) you don't qualify for the dividend.
Dividends are Not Free Money
Another common misconception is that a dividend is free money. Many uninformed investors scramble to get into a stock before the ex-dividend date in the mistaken belief that they will somehow end up ahead for having done so. This is not true because on the ex-dividend date the previous day's closing price will be reduced by the amount of the dividend.* This is because the rights to the dividend are no longer transferred with the sale of the stock and since the payment of the dividend has reduced the net value of the company by the same amount, the net value of a share of stock is proportionally less. For example, a stock that pays a dividend of fifty cents per quarter and trades at $10.00 on the last trade of the day before the ex-dividend date will then have that closing price adjusted down at the open the next trading day (the ex-dividend date) to $9.50. The fifty cent dividend is no longer available to buyers on the ex-dividend date, so that amount is deducted from the stock's price. Theoretically, and indeed commonly in practice, the stock will not open at exactly $9.50, because market forces may drive the price higher or lower, but in any case, the dividend-adjusted price of $9.50 will remain as the basis upon which the daily change is calculated. If, for example, the opening price is $9.00, the daily change at that point will be down $.50. Indeed the price is a full dollar less than the closing price of the previous day, but because of the adjustment for the dividend, in reality the value has changed only fifty cents.
In addition, at the open on the ex-dividend date, all open orders will be automatically adjusted down by the amount of the dividend unless they have been placed with a Do Not Reduce restriction.
So, buying a stock before the ex-dividend date simply to capitalize on the (false) idea that a dividend is free money is nothing more than a beginner's mistake.
Normal Dividends
There are four dates related to the payment of a dividend/distribution, and without an understanding of each, the process can be very confusing. The four dates are:
1. Declaration Date
This is the date the company declares the dividend.
2. Record Date
This is the day a buyer of a stock becomes the registered owner; also called the Owner of Record. The buyer of a stock must be on the company's books as the Owner of Record to receive a normal dividend. The company itself sets this date.
Because of the T+3 settlement rule, stock trades must be settled in three business days, meaning that to be an Owner of Record, a buyer of the stock must buy the stock three business days before the record date.
Dont the shares have to clear to be on the reecord , Which means Monday would have been the day to buy , but since the market was closed they got screwed
Could be why there was low volume today as it wouldnt matter ?
More of a question than fact.
Go PCFG, See you all in Vages
Will do , I get in at midnight and am gone at 5pm, I am going to try and stay away from the tables or my trip could get very expensive.
Will see what we can get, Dont want to get trown out after forking out money to go.
Just got my tickets booked to this redo, Any one else going
I am plannig on driving up fron Phoenix , 6 hrs each way but i am going to be there, All i need is the venue
When the rockets finally fire it will go back to $0.5 very quickly,
I don’t think this is it, I expect we will be back in the .002’s EOD,
I have powder ready, was looking for $0.0023 but didn’t fill,
I would like temporarily drop lower to round out at 5million.
I bought the majority of mine at this level 2 years ago so I we are so much better off with all thats going on at the mine than before they announced the GEO tubes
Right here with you, Whats another $2k,
Good luck to us all
Go PCFG
Thanks , Haven’t had a chance to ready the mother ships Q10 yet, At least they were on time.
I looked at the satellite pictures on MapQuest and they are newer than on Google maps,
Much more digging at the mine site and 2 of the water ponds are full
Looks like the images on google earth are up dated, You can see a lot of work at the mine and at teh mill site you can see the g-tubs trenchs,
I havnt looked in ages so may not be new to some people
Go PCFG
Here we go , full release
Pacific Gold Corp. announced a progress update for its subsidiary Pacific Metals, Inc.
In a release on July 23, Pacific Gold said that on June 15 Pacific Metals was cleared from the SEC review of its Form 10 filing and is now a fully reporting company under the 1934 Securities and Exchange Act.
On July 20, the board of Pacific Metals agreed to a dividend of the outstanding shares of the Company on a one for one basis. The new issued and outstanding shares of Pacific Metals Inc. are 20 million shares all of which are owned by Pacific Gold Corp. Pacific Gold is planning a dividend of a portion of Pacific Metals outstanding common shares to shareholders of Pacific Gold Corp. in the fall of 2012.
Additionally, Pacific Metals has received the final version of its commissioned geologist report on the Graysill Mine project. The report contains sections including; location and access, production history, development of the Graysill mine, exploration history, geology of the area, ore genesis of the Graysill deposit, potential resources, along with various maps. The report also contains recommendations for the second phase of an exploration for the project, including sampling and drilling, as recommended by the geologist consultant. The recommendations are being studied by the Company for implementation as soon as practicable.
Pacific Gold Corp.'s business plan provides for the acquisition and development of production-ready and in-production mining operations. The company is focused on alluvial gold and base metals operations located in western North America. Pacific Gold Corp. owns four operating subsidiaries: Nevada Rae Gold, Inc., which owns and operates the Black Rock Canyon gold mine, located in north-central Nevada; Pilot Mountain Resources, Inc., which owns Project W, a tungsten-based deposit in Nevada; Fernley Gold, Inc., which has acquired exclusive lease rights to mine the Lower Olinghouse Placers in north-western Nevada; and Pacific Metals Corp., which owns claims in San Juan and Delores Counties, Colo., encompassing the historic Graysill Mine.
Mine still only has the one from the 23rd,
Scottrade always does this to mi, it says it has news but could be a few hours before I can ready it,
And yes I have hit refresh.
Just got a news update from scottrade, But as usual they dont have the full details yet, Anyone else got anything
Hopefully we will have pictures from ROBO's little trip sometime soon
you have to have your second cup of coffee first,
20 million dividend goes to PCFG , a Portion of that will then go out to the share holders,
Dont get me wrong its great news but wont be a one to one, that would be too many shares for a new company,more likly a 1000:1
Go PCFG
Good start to the week
go Pcfg
Anyone else just as an alert on pcfg. I'm not near my computer so I only get small bit of information on my phone
Well the good news is they haven’t shaken anything loose below 0.014,
Nobody selling for measly 40% profit when 700% profit is down the road.
Go PCFG
They are realy walking this down today on tiny sells.
Any one got the short numbersfor yesterday ?
I was hoping the volume today would be around 3m.
Very quite
only play pennies with what you can afford to loose,
Do I dare say it , Drag out the Rally monkey
Go PCFG
I didnt like teh 0.0122 so I brough it back up to 0.0139,
They are filling orders very fast
Go PCFG
As Monty python said “ always look on the bright side of life”
Go PCFG
I would say they are shorting the hell out of it to make that wall arounf 0.014,
Would love to see dividen news this week so they have to cover
Go pcfg
it says they were were working on the improvemtns, dosnt mean they didnt run the plan at some rate, we will have to wiat and see
Go PCFG
This is only from 12 days, We dont know what they got for the rest of the quater.
We will know in 5 weeks
Maybe PCFG will post there Q2 early and realy fry the shorties
PCFG #5 on the break out board, New eyes and more importantly cash
Go PCFG
Another 1m ask slap 4.5 for the first 30mins
Very nice,
Go PCFG
looks like our MM friends are getting ready to regroup,
3.2M in the first 15 minutes caught them off guard.
Let’s see how bad a shake is coming
Go PCFG