Taking a small position now is smart. Well Dragonwing it seems the company was pretty ticked off at the transfer agent for screwing up the dividend filing. That’s a pretty serious screw up but, before you accuse the company of lying you might want to check all the facts. In the subsequent events section of the company’s last financial filings they explain the delay pretty clearly. It makes sense to me, I trade a number of pinky’s that use PST and they are all switching because of the high rates their being charged since PST’s been bought by a big transfer agency. They also complained about lack of service. I attached Item 6 of the financials for you to read. It seems that after the screw up they decided to revamp their whole arrangement which includes some new dividend processing program the company’s been talking about for the last couple of Q’s. I hope their successful because, if not they indicate they will switch transfer agents which, will take some time. I will agree with you that this is a pain but again not illegal. Under the rule, no company has to issue a dividend ever. They can also cancel announced dividends at any time until paid. Remember BP during the gulf oil spill. However, if PST is screwing up and is overpriced then switching is what I’d want my company to do, it’s the smart move. But, to be honest with you I’m confused about the complaints I hear on this board over the dividends. Everyone cries because their worthless then they cry because the company didn’t pay them out?? Personally, I’m kinda interested, I’ve never heard of a multi company divi. I would have to assume the divi stock from the other companies would be non-dilutive regardless of what happens with SYNJ capitalization. And their indicating divi issuances that will include 2 or even 3 other companies. I don’t know but, it sounds interesting . I guess we will see. Anyway. IMO, this is not a bad time to speculate on this stock. You can quietly take a nice position with very little risk.
Quote
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ITEM 6 4/4/11; Dividend Postponement and Transfer Agent Terms Modification;
On March 31st, 2011 the Board was informed by its transfer agent (TA), that their failure to properly file the dividend issuance notification with FINRA, would require the Company to delay its March 31st, 2011 dividend. As a result on April 4th, 2011 the Board passed a resolution charging the CEO with the responsibility of re-negotiating its entire TA service agreement. It was decided that the appointment of the next Record Date would be delayed until the TA agreement was settled. If unsuccessful, he was ordered to switch to one of the TA’s aggressively pursuing the Company’s business. It was resolved that the adjusted terms would need to include the fee structure for each specific dividend
issuance, monthly non-transactional service fees, the dividend certificate re-issuance and
restriction lift program and a “quality of service” commitment. Previous resolutions
declared that the Company would adhere to a strict but, expensive dividend issuance
schedule that called for a total of 8 dividends in 2011 alone. The feasibility of the program will rest essentially on the transfer agent expense. In order to reward our long term shareholders for their loyalty while we, as a company negotiate the recent adverse
challenges facing our business plan we intend to provide significant percentage
ownership to our shareholders by way of our dividend system.
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