Purchased Mercury Air Group
After having a limit order in for over a week, I was able to buy 300 shares of Mercury Air Group (MAX) today for my son’s Coverdell Education Saving Account (ESA). My original order was for 375 shares with a limit of $3.40. I could have bought up to 500 shares to qualify for this going private transaction cash tender offer of $4.00 per share, but I don’t currently have enough cash in this account.
After waiting a week, I adjusted my order to $3.45. Today the stock dropped down to $3.42 but my order still didn’t get filled. I couldn’t figure out why at first, but then I realized it might be because of my odd lot order of 375 shares. I adjusted my order to only 300 shares and that did the trick. My stock order was executed for 300 shares of Mercury Air Group at $3.45 a share.
As you can see on the current going private transactions list, the vote date for this proposed offer is on September 16, 2005. I was able to purchase MAX for just under 16% of cash out price of $4.00. If all goes well, I plan on making about $155 on this transaction.
I looked very hard at this one. The 22 Mil. debt and the top man making 1.5 mil a year was kind of worrysome.
George, thanks for sharing the potential issues for the odd lot order. I also learned a lesson today on trading odd lots.
As RFCG went up on the good news of their clinical trials I decided I may want to take profit now instead of waiting for the $0.35 cash payout. I put a limit order to sell my 1990 shares at $0.33. When I checked the price after coming back from a meeting, the bid/ask was 0.35/0.40 but my order was not filled. That’s when I rememberd your post here about the odd lots. I changed my order to sell 1900 shares at $0.35, it got filled instantly. Now I am holding only 90 shares for the cash payout. In this case, not quite understanding how odd lot works actually saved me some mony.
My limit of MAX 3.31 was filled for 3.30 at 500 share. First time I have gotten shares below my
limit.
Credit line increase gives more fuel for deal:
http://biz.yahoo.com/prnews/050909/clf515.html?.v=2
Mercury Air Group, Inc. Announces Consummation of Reverse/Forward Stock Split, Friday September 16, 8:19 pm ET
http://biz.yahoo.com/prnews/050916/laf073.html?.v=6
Thanks for the heads up Mat on the consummation of the reverse split for Mercury Air Group.
Pingback: Special Situations Real Money Port Update - Fat Pitch Financials
Pingback: Mercury Air Group Now Private - Fat Pitch Financials
Pingback: Cash Received for Mercury Air Group - Fat Pitch Financials
Pingback: Special Situations Real Money Port on Fire - Fat Pitch Financials