Ok, so today's filing shows 74,911,470 shares outstanding. I hope that is before the 1 for 10 ACLY split, otherwise our 1 for 1711 ratio gives us PGPM holders (assuming 2 billion shares O/S) about 1.2 million shares out of 74,911,470, or a measly 1.6% ownership in ACLY before the dividend! Honestly, I really believe (yikes, I hope) today's filing doesn't account for the split. We should be owners of about 1.2 million out of 7.49 million shares of ACLY, or about 16% if you adjust for the recent 1 for 10 split in ACLY. BTW, if new shares are issued to complete the transaction we'd be 1.2 million share owners out of 8.69 million total, or 13.8% owners. I'm not sure. Anybody want to comment whether new shares will be issued for the 1 for 1711 exchange?
Now that it appears all the assets, including the $40 million lease, are rolled up into ACLY, we as ACLY shareholders arguably have a 16% ownership in the $40 million dollar lease on ACLY's books. Unless the upcoming dividend rewards PGPM holders with at least 50 percentage points more ownership of ACLY, we've gotten screwed to some degree. I remember someone writing about this subject before (downside maybe). The question is have we been a little bit screwed or alot screwed because the lease was ours to begin with (as PGPM shareholders). If it was passed off to somebody else only to be returned to us in the fractional amount of 16% then we've REALLY been screwed. Pinedo seems to be leading us to believe the dividend will make us whole again, but we must be at least 66% owners in ACLY to realize ownership of $40 million out of the $60 million in assets specified in today's filing.
Also bear in mind that we are still in the same situation as we were in 2006 when Pinedo said PGPM should be trading at 30 cents per share. That statement was based on an estimated value of the lease, not a real life bid from some company to buy the lease or from oil actually being pulled out of the ground and sold. ACLY is bid right where it "should" be so that it is at parity with PGPM right now. The trade at $5.25 was a single transaction for 100 shares and should be ignored. If you had to sell ACLY right now you'd have to sell at the current bid of 81 cents. That's what you can sell it for and that's what it is worth. A $500 purchase of PGPM at 0.0005 exchanged at 1711 for 1 ACLY share yields 585 shares of an 81 cent stock. That's $473.85 or actually a $26 dollar loss if you bought PGPM at 0.0005 and sold ACLY at 0.81 after the exchange (but before the dividend). The dividend is still unknown, so it hasn't been factored into ACLY's bid/ask yet. Actually I should say that the nervousness about the upside potential is reflected in the skittish offer that won't sell for less than $5 right now, but when more uncertainty is removed the spread will narrow and either the bid will move up or the offer will move down according to supply and demand, which will be driven by the perceived valuation as determined by any new information they provide us as to how the claimed lease value might actually be turned into real dollars.
Also discussed on the ihub board was the possibility that they might want to placate us with a lesser percentage of the $40 million lease, but reveal something from the black box that increases our share value, as an example, tenfold from today's prices. Who doesn't like a 1000% gain, but that doesn't change the fact that we need to be paid what is owed to us. I'll put up some numbers to illustrate the point in that person's original message (again, downside?). An investment of $300 in PGPM returns $3,000 from ACLY and that's a great gain based on what they might reveal in order to increase ACLY's value and therefore the stock price, but you SHOULD have gotten more shares in ACLY based on your PGPM ownership and rightfully should have made $6,000 but you're just happy about $3,000 and won't complain. You've still been screwed out of half the value you should have had, despite the 1000% appreciation on the investment.
We'll see how it turns out. I still think we don't have the information needed to make this stock run yet. Maybe some speculators will drive it up a bit for now, but we need more information and we need a fair and substantial dividend (LOL, I'm thinking masc will write "all is fair in love and war, and speculation is financial warfare"). Things seem to be happening faster. Maybe the ace up Pinedo's sleeve is a partnership with big oil for extraction on those properties, or an outright sale of the leases for cashola. At this point all we can do is speculate. Good luck.
penn_e_pincher
