I haven't been paying attention much here lately, but as I catch up on post I see a lot of questions of "when", "meeting", "announcements", "audit"......
I think stock holders are missing a very important paragraph of the Sept 07, 2017 PR and not really understanding.....
Management also announces it has entered into an agreement with a public company for the acquisition of Pilgrim's leasehold portfolio including our Oklahoma subsidiary. Due diligence of the transaction, including completion of the audit of financials, will be scheduled within 30 to 45 days to achieve a successful negotiation of a material definitive acquisition agreement. Under the terms of the Agreement, Pilgrim and its subsidiaries associates will be compensated with a combination of shares and convertible promissory notes, a transaction that will represent a controlling interest in the new company. Disclosure of the Reverse Acquisition will be announced as soon as it becomes available and SEC 8K is file accordantly. Additionally, Pilgrim Petroleum Board of directors and Preferred Shareholders are scheduled to meet on September 15th, 2017 to discuss and approve a dividend distribution to our common stock holders along with a buyback shares exchange. The declaration date, the ratio of the distribution, and buyback exchange will be announced after completion of the transaction.
Pilgrim has told you everything here- Break down this paragraph to its real meaning- ask yourselves a few question, or think realistically ....
1. Where is the LOI.
2. Due diligence....Google the definition.
3. Drop- "including completion of the audit of financials" Who cares...we know they have leases...or so are told!
4. The elusive RM, won't know until an 8K.
5. Directors meeting, to discuss, common stock holders- (How to screw)
6. Declaration date- if they are successful we will know how much we got screwed....and only after its done!!!
I think they locked up the share holders intentionally on the grey market so they have some bag money to deal with or show bank.
Information above may be speculative, based on mis-information, contain inaccurate data, be entirely tongue-in-cheek, depending on how much liquor I consume, how litigious and degree of stupidity / gullibility exhibited by the poster/reader I respond to.
