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Thursday, April 28, 2011 2:30:47 AM
I have been informed that ACLY must settle its obligation to PGPM in order to complete an ACLY audit and to secure an ACLY underwriter for the Kumskaya Neft acquisiton.
Please understand that there are severe tax implications to PGPM with the settlement of ACLY's financial obligations to the company.
The only non-taxable event to PGPM would be the acquisition of shares of ACLY that are then distributed as a dividend to PGPM shareholders.
My preference is to accept a combination of cash and stock; however, ACLY at this time lacks the funds to provide cash to PGPM due to funding being needed to finalize the Kumskaya Neft acquisition.
This solution could ultimately result in continued cashflow problems for PGPM.
I am awaiting formal documentation as to the ACLY conversion rate with interest and the tax implications associated with the settlement.
Please understand that it is my duty as an officer and shareholder of PGPM to negotiate the best financial outcome for PGPM and its shareholders.
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