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The yahoo message boards are being shut down, I think.
A lot of nonsense has been posted there, but also a lot of good communication. I use about the same identity there.
If yahoo does shut down their Avanir message board, I hope the
group can stick together somewhere.
I don't know but next week will be VERY interesting. A LOT of things going on. Large short position, options expired, AVNR quarterly CC, Biotech Index suffle, this secondary finalized, etc.
I'm holding.
Ralph
Are the folloeing MM's at the $4.40 bid?
JEFF, ADAM, WEDB, SUMR, MERI
These are the guys trying to peddle the shares at $4.40. They have to maintain the market at this level until Monday.
The shorts will probably wait until Tuesday 11/23 to make their next move.
The $4.50 and $5.00 calls sure went to hell.
Ralph
Depends. Are the warrants void when ownership exceeds 20% or does ownership cap pertain to time of excercise? In the meantime, they only own 12.2% alowing them to buy another 7.5 million shares to stay under 20%. Remember they are sitting on
$42,000,000 from recent AVNR sales.
Ralph
It will be interesting to see what Clarus I does the rest of this week. Now with AVNR total shares outstanding going from 99,413,649 to about 120,000,000, Clarus can hold their 5,445,061 warrants exercisable @ $1.43 and add another 12,000,000 shares @ $4.40, doubling their investment. To excercise their warrants they have to stay under 19.99% ownership.
Ralph
Clarus has been very diligent with their filings.
Form 4 for:
10-8-10 and 10-11-10 sales filed on 10-12-10.
10-29-10, 11-1-10 and 11-2-10 sales filed on 11-2-10.
11-3-10 and 11-5-10 sales filed on 11-5-10.
All of the above plus 7-13-10, 11-8-10 and 11-9-10 sales covered with 13D filed on 11-9-10.
Ralph
Abreva and the magic mouse attracted me to AVNR years ago then I
lost my ass on the first FDA rejection. I'm back now at 4.90. I've learned to wait until after the event (FDA decision, qtr report,etc) to place my bet. Less risk but less return.
Good luck to all, Ralph
The buyer demanded the warrants ("negotiated sale"), as part of the deal to pay .22 for the common shares. Nothing was "given away".
The big loss was in the drop in the share price lowering the ERHE's market cap big time. We now own a smaller company. Does Dan the Man realize this?
Ralph
Hopefully .28 is not too far in the future. Someone may want to read the prospectus looking for extra protection the warrant holder may have. I thought I saw something about a "sudden event" that was discussed on this board.
Ralph
The warrant holder is under no obligation to excercise the warrants. When and if the warrants are excercised, it will be to ERHE's disadvantage. The warrants are in the money when the market price is over .28. Any shares obliged by ERHE to sell at.28 is ERHE's loss because they could get the higher market price at that time by selling in the open market.
I think there are other provisions in the prospectus giving the warrant holders additional rights. I only scannned the filing looking for the basic numbers.
As others have stated, the warrants were given as an inticement to buy the common at .22.
Ralph
Yes, I just copied it from the SEC filing (including the typo).
6,818,182 x .28 = $1,909,090
This is the amount ERHE receives if the warrants are exercised.
The amount the warrant holder makes will be the difference between .28 and the market price at the time of the excercise.
ERHE (us) gives up this same amount by having to provide the shares below the existing market price.
Ralph
We are offering 9,090,910 units, with each unit consisting of one share of our common stock and a warrant to purchase 0.75 of a share of our common stock (and the shares of common stock issuable from time to time upon exercise of the offered warrants), to institutional investors pursuant to this prospectus supplement and the accompanying prospectus. Each unit will be sold at a negotiated price of $ 0.22 . Each warrant has an exercise price of $.028 per share, and is exercisable immediately for a period of five years. The shares of common stock and the warrants will be issued separately but will be purchased together in this offering.
It looks like 6,818,182 warrants were "given" as an enticement to the buyer. The buyer has no further expense as he excercises the warrants or lets them expire in five years. He has other protections in case of "events" and I believe he can trade these in for common shares at equivalent value at any time.
I would like a warrant like this for every share I buy even at the going market price.
Ralph
Expect positive news tomorrow when our "institutional investor" comes on board with 9,090,910 new shares.
Ralph
ponzi, you'r just not going to get those shares at 22 cents!
Pay 24 now or more later.
Ralph
Probably someone placing a market order. These MM's (like all) are thieves.
Ralph
authorized capital stock. The number of shares of capital stock that a business may issue. Authorized capital stock is stated in a firm's articles of incorporation; changes in it may occur only if approved by the stockholders.
shelf registration A simplified method of registering securities that permits corporations to file a relatively uncomplicated registration form with the SEC and, during the subsequent two years, issue the securities. Shelf registration is supposed to provide more flexibility for corporations when they are raising funds in the capital markets.
above from "Wall Street Words".
Ralph
If SEO is "giving" cheap shares for $2 mil, it cost him $15 mil in market cap (his shares) and the company as a whole twice that much.
Ralph
Whoever obtains those shares on the 12th can sell them any place they want? I don't know how adr's work. Don't they need market
makers seperate from the current ones? It looks like management has gotten their reporting in order and are ready to go.
Ralph
Look for an AIM listing within the next two weeks. These shares
are probably for a couple of market maker's inventory to grease the wheels. Hopefully management is honest and hopefully they don't need the $2 million for anything and hopefully additional grease in the form of good news will be added. Keep the faith and hope for the best, or sell.
Ralph
Not $4 million, $2 million! The second $2 million will not be
received until the warrants are exercised within the next 5 years, maybe never.
Ralph
I wouldn't be suprised if we are trading on the AIM within two
weeks.
Ralph
Bovell said what?
Ralph
Call it a secondary offering because they can use the cash.
They're going into a new market(AIM) and can use the good news
to limit the number of new shares that are going to be issued.
Ralph
ERHE needs two things to list on AIM:
Shares to sell: Registration done.
Kickass news for decent share price: Pending.
Hopefully not that many shares will be needed to reach $50,000,000.
Ralph
Being a holder of more than 10% of the firm's stock, SEO has to file a Form 4 to report any changes in his holdings per SEC rules.
Ralph
From form 10-K/A filed 01/28/2010
Name and Address Shares of Common Stock Beneficially Owned(1) Percentage of Voting Power
Principal Shareholders
Chrome Oil Services LTD 200,285,727 27.7 %
c/o No 22 Lobito, Wuse II
Abuja, Nigeria
Chrome Energy, LLC 103,305,706 14.3 %
c/o No 22 Lobito Crescent, Wuse II,
Abuja, Nigeria.
First Atlantic Bank 60,641,821 8.2 %
4/6 Adetokunboh Ademola Street
Victoria Island, Lagos
Sir Emeka Offor 307,796,433 42.6 %
Directors and Named Executive Officer
Andrew Uzoigwe(3) 325,000 *
Howard Jeter(3) 325,000 *
Peter Ntephe(3) 388,889 *
All directors and named exectuvie officer as a group (3persons) 1,038,889 * %
Two form 3's were filed on 04/27/2010 showing Blair, Leslie and
Oviawe, Friday as owning no shares.
Ralph
The MM is still selling yesterday's cheap inventory?
Ralph
The next news out should be:
"The outcome of a similar dialogue between the contracting parties and the JDA on JDZ Block 2 is expected shortly."
Ralph
43,000 shares bought! That was a nice statement. Something happening this weekend?
Ralph
Here's the full link to LNG info:
http://www.icis.com/Articles/2010/01/04/9322467/Global-LNG-market-to-impact-US-natural-gas-market.html
Ralph
LNG market:
http://www.icis.com/Articles/2010/01/04/...
Ralph
I've been away. Seeing Rep William Jefferson's recent conviction, I'm just wondering about ERHC's investigation. I
came accross this site:
http://www.debeurs.nl/debeurs/discussies/onderwerp.aspx?Id=1122130&p=2
It details the congressman's dealings in Nigerea and shows
ERHC's Noreen Wilson's proximity to the action here in the States. I would think his conviction would end the government's interest in ERHC.
Ralph
I've been away for a while, but doesn't Chevron have 5 years
from discovery to disclose their findings even to the JDZ itself?
Ralph
I think Dr C got in with a bad business group and it's taking SIAM time to clean things up. SIAM probably told the good doctor to be invisible until then. My thinking is based on Dr Alex's reputation as a hard working, honest man.
Ralph
"Alcard" or Alcar?
So many choices!
Nice spread currently for the MM's. Some are making money here.
Ralph
Sales that hurt today (from ETrade chart):
260,000 @ 1:02PM
266,200 @ 3:03PM
482,500 @ 3:08PM
185,810 @ 3:39PM
Now that these are out of the way, what's next? It looks like shares were suddenly dumped and seller(s) wanted to dump the
price and not get best sale price.
Ralph
Holding my 95K div qualified shares.
Ralph
I've been gone for the last ten days.
Anything new? Is it worth going back to read the
posts here for the last ten days?
Thanks, Ralph
Anyone contact these people re ACMG lately?
Select American Stock Transfer Now Under New Management
TORONTO -- (MARKET WIRE) -- 05/07/2007 -- Select American Stock Transfer announced today a corporate restructure of its ownership and executive management following recent allegations involving a former client of the firm.
Select American Stock Transfer was acquired by FJ Consultants Inc., a consulting firm wholly owned by Jackie Rossel, who will take on the role of President at Select American Transfer effective immediately and whereby Mr. Nathan Rogers has resigned from all offices held at the company. The company has also begun the process of relocating its offices to the TD Canada Trust Tower on Bay Street in Toronto as well as changing its name to Fairross Stock Transfer Company. The move is expected to be completed within the following 3 weeks.
The company has also immediately implemented a series of new control and compliance measures to assure the utmost standards in securities transfer and registrar as well as the implementation of a secured online transfer platform, which will enable issuer clients to receive shareholder list, control logs and many other important reports on a real-time basis.
"We are very satisfied with the transition and we will continue to service our clients without any interruptions and with the superior customer service they expect," said Jackie Rossel, President of Select American Transfer. "We will be contacting all of our clients over the next 3 weeks to not only reassure them on a smooth transition, but to also begin a review of all outstanding files and pending issues," further added Ms. Rossel.
Important Information About Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.
--------------------------------------------------------------------------------
Contact:
Jackie Rossel
President
Jackie.rossel@fairrossstocktransfer.com
www.fairrossstocktransfer.com
It's trading already!
50k at .043