Worthington Energy, Inc. (fka WGASQ)

[Long-vestor]

I don't think you understand the metrics of a reverse split Deep.

Deepthroat179
Saturday, September 01, 2012 11:22:45 AM
Re: westeffer post# 9287
Post # of 9469
The proposed increase in A/S is a necessary condition for the 10:1 R/S. without it the A/S would be 50mil with O/S less than 28mil, seriously reducing trading liquidity of the issue. Doubling A/S prior to R/S yields an A/S of 100mil post R/S which is quite reasonable actually.

Reveres splits never decrease the authorized, never. Except by special amendment which obviously they've got zero plans of doing such.. alternatively, special amendment to double it!??

It is moreover a recapitalization of the stock bank, where price is reset, and the ability to meet liability demands are enabled.
Currently more than half of the authorized is outstanding, and very likely on that,, they officer and directors are not in control.. They do not have a quorum to lead their company.. A hostile takeover is possible when this happens,,..
And, WGAS intention to double the authorized to a billion is otherwise a signal they are in deep do, do, and will require tremendous dilution at some point in time. It is distressing that they'd just hint of doing so. Because, 1 for 10 R/S and maintenance of a .07 too .10 share price or higher, (crossed fingers) would give them 573 million shares, outstanding of 27.30 million. Like that's not enough after multiplying the price by ten? If they expect to be making money they ought to be expecting the share Price to increase to some extend, claiming a rise, or decline depending on how you look at it, to only .02 negative EPS. Verses last years, what? .10-.11 negative..
Rising price such that you and others believe, 'like' .50 cents pre-R/S,?? at that you could count the 'share bank' at, in the least .20 PPS average declining, for 1 billion times that. for a total share bank value to dilute into of $200,000,000 or 1,000,000 million bucks without a Authorized increase.
So,
Now additionally, they've asked shareholders to double the authorized? For what means?? What do they intend to do will all those shares after kicking the price by ten??

Deepthroat179

Friday, August 31, 2012 6:20:23 PM

Re: xzx post# 9141

Post # of 9467

I represent one of the much derided convertible debt holders...

I have a vested interest in this operation succeeding and I, unlike other debt holders, am not interested in immediate sale upon conversion in order to realize the contracted 100% markup on investment. I hold over 1M shares privately and plan to convert just under 10% of the O/S with additional unspecified warrants and I do not intend to even think about selling until we hit 0.50pps(before R/S of course).

Here you've stated to own approximately 9.9% of the outstanding?
What's better a "guarantee of 100% return on conversion, so a 50% convertible discount too!?? IS THAT even legal!!!?? Hard street cash with a 50% conversion discout, is very nice, I wouldn't even think of converating at any time in the near future, untill a sense of stablity is realized, especialy considering the current agenda.



And you haven't a clue of just exactly how the metrics work in a R/S..
Nothing personal but,, ya got a lot of money on the line and do not seem to have a clear understanding of what WGAS is doing..
For my money, almost or up to, including privet shares 10% of a company,, I'd DEMAND to know every tiny step they do at any given moment!


Now they've clearly stated that you will not be a "9.9%" owner in the near future.


The only good part of this whole agenda,, R/S and ath increase is; the float will decrease tremdiously for a short period, which measn the price, market price> can or will move FAST..
hopfully the up fast..

However, that's some time aways, like 2-3 months from now..


;)

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