AI
Saturday, August 12, 2006 5:11:44 PM
From the PR:
Phoenix's Board of Directors has now clarified that the stock repurchase program encompasses the following components: (i) Phoenix shall repurchase up to one hundred million shares at a price of $0.03 per share of common stock, and (ii) all repurchases shall be effected in compliance with Rule 10b-18, promulgated under the Securities Exchange Act of 1934.
To participate, as an individual, you had to send your cert. I think that would make it a private transaction. I didn't see where that was not allowed. The PPS was above the buy back price when they made the offer... so it wasn't an attempt to raise the price
we also are adopting amendments to a number of regulations and forms to require disclosure of all issuer repurchases (open market and private transactions), regardless of whether the repurchases are effected in accordance with the safe harbor rule.
"Third it should not be done if the company has insider information not available to the individual investor."
I think they can probably get around this, for now, while claiming to be in the process of...
The buy back is not completed yet... so, no disclosure... yet.
They may skate on thin ice, but I highly doubt they are doing anything illegal.
Phoenix's Board of Directors has now clarified that the stock repurchase program encompasses the following components: (i) Phoenix shall repurchase up to one hundred million shares at a price of $0.03 per share of common stock, and (ii) all repurchases shall be effected in compliance with Rule 10b-18, promulgated under the Securities Exchange Act of 1934.
To participate, as an individual, you had to send your cert. I think that would make it a private transaction. I didn't see where that was not allowed. The PPS was above the buy back price when they made the offer... so it wasn't an attempt to raise the price
we also are adopting amendments to a number of regulations and forms to require disclosure of all issuer repurchases (open market and private transactions), regardless of whether the repurchases are effected in accordance with the safe harbor rule.
"Third it should not be done if the company has insider information not available to the individual investor."
I think they can probably get around this, for now, while claiming to be in the process of...
The buy back is not completed yet... so, no disclosure... yet.
They may skate on thin ice, but I highly doubt they are doing anything illegal.
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