The PVEC $4 million "gift distribution" is claimed by the company to be even more generous than you think.
Supposedly if you are a holder of PVEC shares on 3/14/14, you will be eligible for this gift and will receive 1 Series C Preferred Share for every 175 shares of PVEC owned as of 3/14/14. Each Series C Preferred Share is claimed to be worth $.20 in cash or the equivalent in common shares.
You can sell your underlying PVEC common shares after receiving your Series C shares as there is no need to exchange them as you apparently believe. You can sell your existing PVEC shares for whatever you can get and still hold the Series C shares that the company claims will be worth $.20 in cash or the equivalent in common stock.
The company does not state in its PR if the choice to redeem in cash vs stock is up to the shareholder or the company.
IMO, the company will insist on redeeming the Series C stock in common shares which would have to be restricted under Rule 144 because PVEC stock is not registered with the SEC.
Recipients of the PVEC restricted common shares will have to pay for an attorney opinion letter to have the restrictive legend removed and will then have to find a boutique broker who accepts penny stock certificates for deposit and resale. Such brokers typically charge high commissions.
This "free money" offer is not what it seems and falls under the category of things that are "too good to be true,"
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