Solid after reading the update again, I see that they state it could take 14 days. Not sure if that is business days or not.
Update to shareholders
Friday, 06 July 2007
A2a dividend payment
The Board is concerned that a large number of US shareholders have contacted the Company, informing the Company that they are experiencing difficulty in finding a suitable facility to be able to trade a2a shares initially planned to be paid as a dividend.
The Board has taken serious notice of these comments, and has therefore taken the decision to issue the payment in the form of free trading Pink Sheet Petel Incorporated shares. These will issued at a ratio of 1 new Petel share for every 4 Petel shares held at the close of business 16th July 2007. A new record date is necessary In order to comply with NASDAQ regulations.
This replaces any previous dividend announcements relating to the issuance of a2a shares to Petel shareholders.
The appropriate paperwork will be filed with the regulatory body on Friday July 6th 2007. The Company is currently confirming the date that the new shares will be issued with legal counsel and transfer agent. It is anticipated that the process will take approximately 14 days.
David Morton, CEO comments “Closing the deal with a2a has presented significant challenges to the management team over the past few weeks. However, it is vital that we secure the future of a2a as their core product, CubeTV, underpins SexQube.TV. We really want to deliver value to our shareholders in recognition of their support thus far, so we feel that addressing the issues that have been raised in this manner has a benefit for everyone. Whilst we would prefer not to have issued a new record date, we must do so to comply with the regulations. We are working very hard to make all the necessary filings so that we can action the dividend at the earliest opportunity and focus our attention on the continued expansion and development of SexQube.TV.”
