Eligibility=different for each Reg. Class of restricted PGLC stock. In THIS particular instance, it's been further complicated by various brokerage houses who have THEIR rules which can be more stringent than the "basic set" set forth by the SEC regs. True Insiders have one set of criteria IF their shares are issued standard Reg 144.
The bulk of the 85mil shares float in stricted status under Reg 145 are not so visible nor so easily converted into "free trading status" by NON-INSIDERS, which is basically the rest of us, (Reg 145 shareholders).
The best word to describe the bulk of the Reg 145 restricted shares' elibility is "CONSTIPATED." To mix metaphors, they are "leaking into the market" by dribs and drabs due to the archane and cumbersome open window for 90days. (March 1 to June1= 90 days have elapsed it should be noted.) Now the Reg 145 stock selling window has closed and more $285 fees generated by T.D. Ameritrade CLIENTS as in my case, are assessed and due and payable to open a new 90 day window until all my 145 restricted shares are sold.
You can believe this: T.D. Ameritrade called their Reg 145 PGLC shareholders 6 trading days to demand a decision of sell or hold prior to the closure of the 1st 90 day sell-window as outlined above.
As a trader, I know what you are trying to determine. And you are smart to seek this information, and trade with it firmly in mind.
In this instance of so much of the float (approximately 45%) being Reg 145 restricted/annoyingly constipated shares, it is not able to be easily discerned when to time YOUR free-trading/buy lo-sell higher, trader flipping B/S before the true insider Reg 144 shares are dumped and the stock run down the flagpole again.
My way of dealing with all this Reg 145 shares has been to take delivery of my newly issued Reg 145 Restricted Shares, so that I at least had them out of the hands of the greedy T.D. Ameritrade corporate. Now, I can go shopping for less annoyance after the passage of time deemed appropriate to me.
This lack of consistent treatment of Reg 145 shareholders (the bulk of the float mentioned above) makes this a real coin toss. In my understanding of things back office/brokerage...the end of this 90 day FIRST WINDOW for sale of Reg 145 shares to be sold was the SOLE PURPOSE all the stops were pulled out and the HUGELY FORWARD LOOKING press release plus NO LESS THAN 3 PLANTED PUFF PIECES on Thursday and Friday were released.
Now, those who pridefully didn't sell in the 1st 90 day window will find it shut again, and more "do-over" contortionist behaviors on part of fee hungry brokerages to "shear'em again" Reg 145 shareholders who may be interested to sell.
Hope this helps.
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