TSXV:PEC.H - Post by User
Comment by
Ethanbumon Nov 25, 2013 2:32pm
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Post# 21939283
RE:A million shares bought...
RE:A million shares bought...I had originally thought they would pay a decent price, but have long given up on that after 7 weeks of "quiet time" negotiations with Galp and the Portuguese government ended with nothing being done. IMO......... the CEO has an average buy price of 20c and not sure about all the directors, but i would assume theirs is some where near that........ so Galp obviously never offered anything close to what they wanted (assuming minimum 25c) and negotiations blew up and PEC put itself on the block....... so far a dilution PP has been the only option that has come up so far. Things aren't looking the best atm, but not a bad hold and hope for the best scenario here if you have a low buy in average. Maybe CEO and company will eventually cave to whatever Galp offered if nothing else comes along........ and with the tax pool loss that Galp could use to their advantage, maybe a 10-15c offer will eventually be had. That's a possibility, not a for sure thing anymore. Best of luck to the longs.