Regarding the Status of-the one-for-one ENTI-PTEL Share-Dividend...
From Post 4622 on the PTEL Board (the SUMMARY of the most-recent CEO-Podcast)...
PTEL CEO Anthony DiBiase speaking:
--- "Regarding the ENTI Corporate Action concerning the
Preferred Shares of PTEL, and their Distribution: People
are wondering "Where are my Shares," and so forth. As I've said
in many, many communications prior to this -- This is a unique
Corporate action, it's a unique Distribution. Unfortunately,
when things are unique, they're also complicated.
--- "This particular one -- which I wasn't even AWARE OF until
after I left Encounter -- requires the CEO (which is Thomas Hargis)
to physically instruct the Transfer Agent (T/A), about each and
every single issuance -- that's every single issuance! --
of these Pegasus Shares to Encounter.
--- "Now, we all know how many Shareholders we're talking about
here. We have over 3,000 individual Investors.
Fortunately for Encounter and for CEO Thomas, those 3,000 are
broken-up into approximately a little over 800 "Certs," which
means for example, if you're with E-Trade, a certain number of
"Certs" will go to E-Trade as ONE DOCUMENT -- as ONE "CERT."
--- "When E-Trade gets it, they will break-up that one "Cert"
into the Customers that they have for that Share-Dividend.
Therefore, Mr. Hargis actually has to instruct the T/A to
issue over 800 individual Issuances of Shares. I know that's a
mouthful, and it sounds complicated, but what I am trying to get
at is, it's a long process.
--- "I thought at first that it was as simple as just sending
the T/A a Spreadsheet with the right calculation of the
Conversion, which would work like "This specific Investor gets
x,xxx,xxx Number-of-Shares of PTEL." Unfortunately, it's not like that.
--- "Instead, Encounter has to calculate, for EACH ONE,
how many Shares they get, and has to instruct them IN WRITING.
--- "For example, Mr. Hargis would write: "E-Trade, per me, Thomas Hargis,
gets x-Number of Shares of Pegasus Tel Preferred "B" Shares."
He has to do that over 800 times! It takes a while, it's that simple.
--- "So, to answer your Questions, it's on the way. FINRA
has Approved it. Those of you who have contacted the T/A KNOW
that it's being processed. BE PATIENT.
--- "It IS NOT going to affect -- at all -- the Payable Date
of the Share-Dividend. That has already been set by FINRA.
--- "When you get those Shares, the six-month Restriction
STARTS FROM THAT PAYABLE DATE, and that's it. It DOESN'T MATTER
WHEN YOU RECEIVE YOUR SHARES FROM THE BROKER OR IN THE MAIL.
--- "So please bear with them; they are getting it done. I am
getting a lot of e-mails and Questions about it. I am doing
this Podcast (even though it is an ENCOUNTER Corporate Action),
because I know that Thomas has a lot going-on. If you feel that
this Podcast isn't enough to fill you in on what's going-on, I
recommend and I urge that you contact the T/A. The bottom line
is -- it's at the T/A and it's being processed, it's that simple."
AI
