Grifco Inc (GFCI)

[best2listen]

Jtomm, not so sure,

I think they are in compliance with the announcement, but I don't see how GFCI can be trading ex-div either. What Grifco announced along with the "record date" was:

"The name of the issuer and title of that security, the amount to be paid or distributed, and the rate of the dividend or distribution"

and

"Details of any condition which must be satisfied or Government approval which must be secured to enable payment of distribution"

They can give notice to the NASD:

"...in no event later than the effective date of the registration statement to which the offering relates"

That's why I think they are in compliance - but IMO your point about the distribution date is still valid. The PR says "CTT and Grifco hope the distribution of shares will be completed by July 1, 2006". They say that buyers on May 1 get the dividend "for every 1 share owned of GFCI" but don't say whether the dividend will follow with a "due bill" if you sell your GFCI before the distribution.

This is the Pinks and maybe I'll learn something new from this as the information trickles out. IMO Grifco won't attract new investors if the story becomes too convoluted.

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