Historically UNGS has been nothing more than an entity that simply sells shares of stock. They dilute as they are doing right know. After a 300 to 1 R/S in August/September they reduced shares to 26 million. (Originally 3 billion shares OS if memory serves.) By November they were up to 284 mil OS. I can go back 3 more years if you like because the Andersons lacked performance then, all while giving themselves a salary of 250k. During the past year it has been impossible to sell Ungs stock, but they will let you buy all you want.
Since November they have continued to sell on a daily basis, but they have not updated their OS figure. It will be interesting to see the fourth quarter figures.
As of January the selling has continued and I am going to be surprised if they won't be up to a billion by now. Unfortunately we may not see those figures for quite sometime.
Keep in mind this is a oil company that has not produced. It is my understanding they were in the midst of a 400k lawsuit from one of the not to satisfied lease's.
Perhaps they came up with this new pot subsidiary to pay for the lawsuit.
The last sentence is a guess. All the rest is fact from what I understand. I hope I am wrong, but these are not at all performance driven individuals with any morality whatsoever.
Pennies is about hype, pumpers and fools and rarely about building a company. What a way to make a $$$$.
