Platinum Energy Resources
Submitted by George on Fri, 2010-01-22 09:27
Tender Price:
$0.50
Ticker:
PGRI.OB
Last Trade:
$0.57
Tender Limit:
Unlimited
Method:
Tender Offer
Potential Gain:
-12.28%
Vote Date:
Jan 11 2010 - 17:00
Broker Held Shares:
OK Notes:
Source of funds: "We will need $5,546,810.50 to purchase all Shares not currently owned by us in the Offer and an additional approximately $256,000 to pay related fees and expenses. We intend to fund the Offer with our cash on hand, which includes cash and cash equivalents. Our cash and cash equivalents will provide adequate financial resources to enable us to make all payments under the Offer. The Offer is not conditioned on securing financing from any other sources."
What are the most important conditions to the Offer?
Our obligation and right to purchase Shares at the expiration of the Offer is subject to satisfaction of, or if permitted, waiver of, several conditions, including the waivable condition (the “Threshold Condition”) that there shall have been validly tendered and not withdrawn before the Offer expires Shares that constitute, together with the number of Shares currently owned by us, at least two-thirds (2/3) of the outstanding Shares (excluding Shares held in treasury) immediately prior to the expiration of the Offer. We estimate that, based on the number of Shares outstanding as of November 11, 2009, as reported in Platinum’s Form 10-Q (filed with the U.S. Securities and Exchange Commission (the “Commission”)) for the fiscal quarter ended September 30, 2009, 3,736,701 Shares not owned by us would have to be tendered in order to satisfy the Threshold Condition.
If the Threshold Condition is not satisfied, we will review our options. These include extending the current Offer, waiving the Threshold Condition and consummating the Offer, doing nothing, purchasing Shares in the open market or in privately-negotiated transactions, making a new tender offer or seeking to negotiate a merger or other business combination with Platinum. No assurance can be given as to the price per Share that may be paid in any such future acquisition of Shares or the effect any such actions could have on the trading price of the Shares.
The Offer is not conditioned upon any antitrust or other governmental approvals, consents or clearances. The Offer is subject to several other conditions. See “The Offer—Section 12—Conditions to the Offer.”
In the event that all of the conditions to the Offer have not been satisfied or waived at the then scheduled expiration date of the Offer, we may extend the expiration date of the Offer in such increments as we may determine until the earliest to occur of (i) the satisfaction or waiver of such conditions and (ii) our determination that such conditions are not reasonably capable of being satisfied.
Tender: You will have until 5:00 p.m., New York City time, on January 11, 2010 to tender your shares.
Final Results: 1/20/2010 - Pacific has accepted for payment all shares validly tendered and not withdrawn pursuant to its tender offer for all outstanding shares of common stock of Platinum. Pacific will purchase up to 90,707 shares of Platinum’s common stock, at a price of $0.50 per share, for an aggregate purchase price of up to $45,353.50.
SEC Filings:
Financing:
cash on hand
Phase:
Completed News:
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