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if you stay out of the stock for 31 days you can write of the loss.
im not asking for huge profits. modest gains would be acceptable.
im asking for press releases that represent the truth.
instead of issuing more shares, they should use preferred stock. they have 19M shares that are worth 1=1000.
i don't believe that story for one minute. no long term investor is going to want common stock which has no bond terms!
a long term investors is going to want the security of the preferred stock. in the result of the companies failure, they would get their money first.
i don't think pgi knows how to use preferred stock as a bond for financing or they think us day traders are feeble minded goons who will believe anything.
1B shares of common stock is for one thing only if issued and that is to dilute the market and collect quick cash!
i was so pumped with this stock, but its turned out to be one huge disappointment after another. i wish they would run a quick p&d so i could get out. however, with all the lies they have told the public, the chances of that are slim to none.
they need to hire someone who can spell and construct a sentence. wow, that was embarrassing!
pgi is nothing, but never ending excuses. now the transport division, which mczeal said was the only profitable sector, has lost its contract because they don't have enough money to haul a measly 80 loads of fuel.
then to blame concerned shareholders who inquire about conflicting news and company events is totally lame!
this sounds more like a local mom and pop business, than the next BIG public energy company!
pgi could issue 1M shares of preferred stock to some large investor with a par of $1.00 and terms of interest & maturity date of like 5-8 years.
that would give them approx $1B dollars in equity to draw down on, plus they would probably have to give up some sort of stake in the power plant or the future ongoing proceeds.
i think the added shares were necessary to show that investors or bank that they have the availability of common shares to cover that deal.
jmo!
"Par value is the nominal dollar amount assigned to a security by the issuer. For an equity security, par value is usually a very small amount that bears no relationship to its market price, except for preferred stock, in which case par value is used to calculate dividend payments. For a debt security, par value is the amount repaid to the investor when the bond matures (usually, corporate bonds have a par value of $1000, municipal bonds $5000, and federal bonds $10,000). In the secondary market, a bond's price fluctuates with interest rates. If interest rates are higher than the coupon rate on a bond, the bond will be sold below par value (at a "discount"). If interest rates have fallen, the price will be sold above par value. also called face value or par."
ive clashed with him a few times too. i just don't feed him with more confrontation and he cools down. he is a smart guy though. his posts are true and very well thought out
rick is not gandy. you can cross that notion off your list. he's quite confrontational at times, but nonetheless, he is a share holder and pretty smart.
they have 19M shares of preferred stock. 1 = 1000 shares of common stock. they could never be over taken!
companies hold preferred stock for this reason. they also use it to obtain financing. preferred stock can be issued with terms such a convert rates, interest, par values, and maturity dates.
google preferred stock and educate yourself.
its not the 1B shares. its the fact that they made a decision and didn't tell the other share holders. they just assumed we were too stupid to find out.
this thing can't support the 890M shares it has on the streets now. i have no idea what they think their going to do with a billion more. a billion x zero is ZERO!
most multi billion dollar oil companies don't even have 1B shares on the streets.
and if they do a reverse split, then they are for sure nothing but a big fugin scam!
i dont care what anyone does. they can call the sec on me. i'll give them the number or email address.
when a company says they want to create transparency and files quarterly reports & documents when they don't have to. THEN adds 1B authorized shares without notifying the share holders, that is deceitful!
whoever doesn't like my words, needs to get over it! its the truth!
i'm not going to waste my time emailing them. their actions are a true sign of their management and the companies direction. i've just about had enough of the lies and deceit.
i can't believe pgi's just going to sit on this! i was expecting some sort of public explanation or even just the filing!
adding shares behind our backs makes pgi look really shady!
he's the president of pgi's janitorial service...
jus messin rick! :)
you are most likely right on! its not the time to buy. make rooney prove it by finding and committing the financing, the land, etc.
don't let this become another pay day for rooney!
no pay day for rooney!
no pay day for rooney.
make rooney prove it by finding and committing the financing, land, etc. don't become another bag holder!
the time will come to buy, but its not now.
no pay day for rooney!
i see! then they have that covered!
they can also use the 19M shares of preferred stock for financing. such as issuing 100K shares at a 1/100 convert rate to common stock, a set par value, an interest rate and maturity date. imo, this is why they authorized more shares of common stock. to use as financing.
this however, does not necessarily mean the common share holder is being diluted. the company has the option to buy back the preferred stock at or before maturity. usually the terms are 5 to 10 years and therefore the preferred stock holder/ investor is restricted.
the good news is, they now have an incentive to work towards moving the pps higher!
anytime they like, but i highly doubt those shares are meant for common share holders like us.
the majority shareholders only own approx 490M shares, so they have to be very careful not to allow other large companies or investors to take control. if any of that stock is used, its going to be issued to some large investor and be restricted or have terms.
that will be the death of them. they are holding on by a thin thread now. i know i will personally NEVER buy their stock again if they pull that bs! reverse splits have destroyed me and absolutely wasted my time on several stocks.
just because they authorized 1B shares does not necessarily mean they will issue them. they would be damn fools to put more on the streets at this time. not to mention, 1B shares at .01 is only worth 10M dollars!
they could be preparing for future financing if they the run into trouble in africa or on some other project. it would be a tragedy if they started a $650M power plant project and then ran out of money.
i'm quite sure whoever is funding that project or others are going to want preferred stock as collateral. and to issue preferred stock, you have to have common stock available to convert when it becomes due.
nevertheless, pgi has some explaining to do!
most multi-billion dollar oil companies don't have over 1B shares! many of them that we all know well have less than 500M
why the need for 2B shares? i could see adding 100M if they needed it for financing, but 1B??! wth!
if this is true, then they are a very shady group and it would explain all the selling.
the last 14C was filed 7 days after the board vote, so it still may be coming.
here's the PRE 14C filing from the last addition of shares. they have a majority vote with 51%, but they still have to disclose that to other share holders and the sec
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7711043
in order to increase the number of authorized shares, they would need to have a share holders meeting and approval. this meeting or proxy vote would be publicly announced, such as the way they announced the addition to 1B shares and the 3-1 split.
wouldn't they be required to file something and disclose the addition of shares to their shareholders? i know they are non reporting, but they still have to adhere to sec and gov regulations
maybe they're building it on a barge so if it doesn't work out, they can unhook the sum beetch and sail off into the sunset? :)
interesting
before you go, you better check into the place. there's a huge steel mill and nothing else but shacks. no micky d's down the street or holiday inn on the corner. http://www.panoramio.com/photo/52604658
and http://en.wikipedia.org/wiki/Ajaokuta
i thought it was a 1000MW power plant. this agreement says 500MW?
http://www.pgienergy.us/disclosure/TCN%20APPROVAL%20LETTER.pdf
the recent rig orders they have listed are probably close to $50M or more
be nice, but more so that they show some profits. if they doubled their gains in Q2, that would be huge. it would show growth and that's exactly what we want to see as shareholders
a great Q2 will send this thing flying. i hope they held back on disclosing the fuel deal closings for the Q2!!
Q2 = 4 days and counting! time to get in!
what's funny? i dont get it?
bgi's website
http://www.bgicontractors.com/