Buffalo Soldier
11-04-2011, 12:18 PM
Ok so I bought a few hundred shares of Open Range Energy (ONR) a while ago and I was profiting quite a bit. Bought shares at 1.23 and they were up to about 11.00 last week. Now the company has reorganized and the stock dropped to 2.16. It reads:
Open Range Energy Corp. announced that it has received shareholder and court approval for its previously announced plan of arrangement (the Arrangement), resulting in the reorganization of Open Range into a dividend-paying, publicly traded energy services company and a separate growth-oriented, publicly traded oil and natural gas exploration and production (E&P) company. The Arrangement was approved by 99.98% of the votes cast at a special meeting of Open Range shareholders and received approval from the Court of Queen's Bench of Alberta on October 31, 2011. The Arrangement is expected to become effective on November 1, 2011. The Arrangement results in the separation of Open Range's high-quality Deep Basin E&P assets from the rapidly growing and highly profitable Poseidon Concepts modular fracturing fluid tank rental business, which was previously operated through a wholly owned subsidiary of Open Range. Pursuant to the Arrangement, former shareholders of Open Range will receive one common share of the post-Arrangement Open Range (New Open Range) and 0.8839 of a common share of Poseidon Concepts Corp. (Poseidon) for each Open Range common share. The New Open Range common shares and the Poseidon common shares are expected to commence trading on the Toronto Stock Exchange on or about November 4, 2011. Until that time Open Range shares will continue trading as before, representing the combined assets of the two companies.
Does this mean i should see Poseidon shares in my questrade account automatically? cause for some reason i dont.
Open Range Energy Corp. announced that it has received shareholder and court approval for its previously announced plan of arrangement (the Arrangement), resulting in the reorganization of Open Range into a dividend-paying, publicly traded energy services company and a separate growth-oriented, publicly traded oil and natural gas exploration and production (E&P) company. The Arrangement was approved by 99.98% of the votes cast at a special meeting of Open Range shareholders and received approval from the Court of Queen's Bench of Alberta on October 31, 2011. The Arrangement is expected to become effective on November 1, 2011. The Arrangement results in the separation of Open Range's high-quality Deep Basin E&P assets from the rapidly growing and highly profitable Poseidon Concepts modular fracturing fluid tank rental business, which was previously operated through a wholly owned subsidiary of Open Range. Pursuant to the Arrangement, former shareholders of Open Range will receive one common share of the post-Arrangement Open Range (New Open Range) and 0.8839 of a common share of Poseidon Concepts Corp. (Poseidon) for each Open Range common share. The New Open Range common shares and the Poseidon common shares are expected to commence trading on the Toronto Stock Exchange on or about November 4, 2011. Until that time Open Range shares will continue trading as before, representing the combined assets of the two companies.
Does this mean i should see Poseidon shares in my questrade account automatically? cause for some reason i dont.