GREY:LSTMF - Post by User
Post by
JohnDDon Mar 08, 2013 12:30am
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Post# 21097856
PBG buys $40 million worth of debt and shares of P
PBG buys $40 million worth of debt and shares of P Interesting that Petrobank purchased $40 million worth of Peterbakken shares and debt securities in early 2013. I find that interesting and clearly a strong show of support in the company. I can only imagine what would have happened to the share price of PBN if they didn' buy those shares....
Wonder how this will impact the share price on Friday?. I would think positively...
https://www.petrobank.com/files/3069.PBG_2013_03_07%20(year-end%20results).pdf
Our current capital resources are expected to be more than adequate for our planned 2013 expenditures while providing financial flexibility to pursue future THAI® developments and acquisition opportunities. In early 2013, we invested approximately $40 million of cash which is not expected to be used during 2013 in shares and debt securities of PetroBakken. The primary reason for this investment was to earn a reasonable return on capital in a company with an asset base, business plan and management team that was well known to Petrobank at the time of the investment. These securities were purchased for investment purposes and may be sold at any time. In addition to the PetroBakken shares received under PetroBakken?s dividend reinvestment plan in January from the December 2012 dividend, we now hold approximately $48 million of PetroBakken shares and debt securities based on historical cost. A committee of Petrobank executives and directors who are independent of PetroBakken has been formed, which approved the initial investment in PetroBakken and is authorized to direct the timing of any future acquisitions or dispositions of PetroBakken securities.
SUMMARY OF FINANCIAL