Date: Apr 18, 2011
3Power Energy Group Inc. (OTC:PSPW, PSPW message board) stock was rushed on Friday, instantly.
On no recent news and on a disclosed annual report with reported still undetermined plans for spending on plant and equipment, PSPW leaped up 28.12% to close at $0.82 per share.
Looks like some power other than the wind, the sun or the water was the main reason for shares' stir.
The power of "solar", windy and sometimes bringing waterworks stock alerts, along with some short positions, empowered the company's shares.
When investors were pricing the shares, the fourth possible "power" for the price increase of PSPW named "special meeting of shareholders" was already "switched off". The heating up and the bullish mood on the event reflected a much earlier shares' performance.
To vote the nomination of Mr. Durrant to the company's Board of Directors was the only purpose of the above mentioned meeting. As known, topics related to changes in the company's management body are discussed since this March when Mr. Olivier de Vergnies has resigned as a member of the Board of Directors of the company. Further more, before the aforementioned meeting, Mr. Durrant has served as a Chief Investment Officer, Acting Chief Executive Officer and a Chief Financial Officer of 3Power Energy Group Inc.
Though investors appreciated highly the vote, it was not able to evoke such a share price jump on Friday.
The same conclusion about the starring performance of PSPW can be made from some outlined company statements in its recently disclosed 10-K report. As of December 31, 2010 3Power Energy Group Inc. had only one employee, negative working capital and stockholders' deficiency of $3.3 million.
At that time, PSPW did not have:
- any customers
- commenced construction of any solar plants
- intellectual property
- revenues from operations
Even considering the development stage of the company and the negotiated by PSPW loan for $50 million last month, the reported by the company intentions still remain. They may raise not the share price, but questions.
Perhaps, not only as stated at the year end but also up to now, "the company has not yet determined its anticipated spending on plant and equipment". Further more, the prospective plans of PSPW are to "outsource most of the Company's operations to vendors who will work exclusively for the Company..."
Looks like if news and company reports were not able to empower the price of PSPW at the end of the week, hot stock alerts with "buy signals" were able to do it.
Do not believe a word I say, I am a mean old grumpy dummy who dislikes any type phony baloney. You want to make money, work for it, do your DD.
