Zion Oil & Gas Inc (ZNOG)

[bdahl385]

My broker is Fidelity where I held the ZN shares and rights. As posted earlier, they wanted $39 fee (commission) to exercise my rights on the 100 shares I held there. I have 4 separate acct's with them, been a customer for almost 20 years and the value is substantial. They offered me no discount or offer to waive the fee. I told the guy that $39 for exercising 23 shares is very steep. He replied that the rights are optional and I didn't have to exercise.

As far as how many shares you will get, the ZN PR says they were oversubscribed by roughly double, i.e. $37M were requested from the $18M ZN had offered. This should mean that you will get about 49% of the # of share you requested. Your unspent money will be refunded in short order.

From ZN's PR "The total available subscription of 3.6 million shares, for gross proceeds of $18 million, will be accepted by Zion and amounts for the unfilled oversubscriptions will be refunded as soon as possible. As detailed in the prospectus, oversubscription rights will be allocated pro rata in accordance with the number of basic subscriptions rights exercised. "