ALY.. If you own ALY...... READ
Just got back from a nice day on the water... I think I have been misled on ALY... The shares were to of been sold for the account of ALY except for 1,000,000 shares and the proceeds were to be around 40,000,000.00 to ALY...Instead the following happened...This is disturbing because after a gross of 0.63 the proceeds are 9.12 and ALY will only receive 9.12 mil and any additional funds to ALY will come from the over allottment... Second how they were able to hold all other seed and early investors from registration must of been the same party line they gave me...I am sure that quick registrations of shares by existing shareholder will be made to keep peace and those shares could be placed on the market.. They as I probably will have the same attitude about ALY... IF ALY had to get rid of Spectrum as they said in thier previous press release and filing statement the other shareholders should of been made aware that the deal with Spectrum was changed back to the original... ALY might of had it's back against the wall but that gives no one the right to dismiss Existing shareholders for the benifit of PARTING shareholders.... As I was away all day this news came to me after 11PM...
Allis-Chalmers Energy Announces Pricing of Secondary Equity Offering
HOUSTON, Aug 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Allis-Chalmers Energy Inc. ( AMEX:ALY) today announced that it priced the public offering of 5,073,565 shares of its common stock at $9.75 per share. Of the shares to be sold in the offering, 1,000,000 shares will be sold by Allis-Chalmers Energy and 4,073,565 will be sold by Energy Spectrum Partners LP and other non-management stockholders. Allis-Chalmers Energy expects to receive proceeds of approximately $9.1 million, net of underwriting discount but before other offering expenses, which is intended to be used for general corporate purposes and may include acquisitions, capital expenditures and working capital.
The Company has granted Morgan Keegan & Company, Inc. a 30-day option to purchase up to an aggregate of 761,034 shares of common stock, solely to cover over-allotments....
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