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I am a novice investor an need help. Could someone more knowledgeable read this and let me know what it is I should do if I some of this stock? thanks
Portage Resources Inc. Announces a Ten for One Forward Split of Its Issued and Outstanding Shares, and a Significant Share Cancellation - Yahoo! Finance
I'd buy(will) after the split too.
Keep in mind its cold ass winter down here so this is a decent buy too, at the moment. I bought another 75 grand yesterday.
iShares MSCI Chile Investable Market Index Fund (ECH) Stock Quote and Charts
On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders of Portage Resources Inc. (the "Company") will receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of Common Stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes.
The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011. The dividend to be paid to the shareholders of record is payable upon surrender. Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.
A 10 for one split when the price per share is under a dollar. That is weird.
If you are a novice investor you really shouldn't be playing in penny stocks, or be playing in precious metals either. If you don't know what a stock split is, you don't have any business playing in penny stocks in precious metals where the main mine is in a third world country with an unstable government
A forward split means they are giving you additional shares for the shares you have. Everyone gets the same deal, so essentially for every share you have worth 25 cents after the split you will have 10 shares worth 2 1/2 cents.
Thanks. I guess what I am more interested in is the particulars of this article and what it means for the shares I do own. Specifically this part of the article:
On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders of Portage Resources Inc. (the "Company") will receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of Common Stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes.
The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011. The dividend to be paid to the shareholders of record is payable upon surrender. Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.
My questions are what does a dividend in the form of 10:1 stock split mean in laymans terms? How does one find out who the transfer agent is and turn their shares in (mine are currently in a portfolio on etrade)?
Thanks. I guess what I am more interested in is the particulars of this article and what it means for the shares I do own. Specifically this part of the article:
On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders of Portage Resources Inc. (the "Company") will receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of Common Stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes.
The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011. The dividend to be paid to the shareholders of record is payable upon surrender. Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.
My questions are what does a dividend in the form of 10:1 stock split mean in laymans terms? How does one find out who the transfer agent is and turn their shares in (mine are currently in a portfolio on etrade)?
Call eTrade and explain the situation.
Tell them you want to surrender your existing shares to the transfer agent for the split.
They should do all the work.
Thanks. I guess what I am more interested in is the particulars of this article and what it means for the shares I do own. Specifically this part of the article:
My questions are what does a dividend in the form of 10:1 stock split mean in laymans terms? How does one find out who the transfer agent is and turn their shares in (mine are currently in a portfolio on etrade)?
Call eTrade and explain the situation.
Tell them you want to surrender your existing shares to the transfer agent for the split.
They should do all the work.
I thought I knew a pretty fair amount about the markets, but I've never heard of a stock split where it's not done automatically.
Call eTrade and explain the situation.
Tell them you want to surrender your existing shares to the transfer agent for the split.
They should do all the work.
I thought I knew a pretty fair amount about the markets, but I've never heard of a stock split where it's not done automatically.
It probably is automatic, but with a penny stock from a foreign country, who knows?
Let me know what your broker says. Call now.
My advice: Don't ask strangers on a message board about things that affect your finances. That's a fucking stupid thing to do.
If your stock is held by a regular US broker/dealer, they will take care of the paperwork for you.
I would still argue that investing in penny stocks in a silver mine in Peru not quite so intelligent as rolling crack into a $100 bill and smoking it, but YMMV.
If your stock is held by a regular US broker/dealer, they will take care of the paperwork for you.
I would still argue that investing in penny stocks in a silver mine in Peru not quite so intelligent as rolling crack into a $100 bill and smoking it, but YMMV.
I know I probably have a lot to learn about the subject. But as a novice I do know enough to not risk more than I am willing to lose. Thanks for the advice, but we're talking really small amounts of money of here. Btw, they do have holding in more than just Peru. They have claims all over the world including the U.S.
If your stock is held by a regular US broker/dealer, they will take care of the paperwork for you.
I would still argue that investing in penny stocks in a silver mine in Peru not quite so intelligent as rolling crack into a $100 bill and smoking it, but YMMV.
I know I probably have a lot to learn about the subject. But as a novice I do know enough to not risk more than I am willing to lose. Thanks for the advice, but we're talking really small amounts of money of here. Btw, they do have holding in more than just Peru. They have claims all over the world including the U.S.
Don't let the naysayers push you away from a potential good stock. With penny stocks, it's good to know their OTC listing level to know how reputable the company can be. They have 3 listing tiers: Pink, OTCQB and OTCQX. Pink is the lowest tier and those companies listed there don't have regular reporting to the SEC, so you really have no idea what the company is doing on a day to day basis other than what their press releases say. Those are the biggest risk because you're pretty much flying blind.
Your company is in the 2nd tier OTCQB, which regularly reports to the SEC but doesn't have any financial standards to remain listed, such as minimum share price, minimum market cap, etc. But you at least know what the company is doing so that when they put out a press release, it can be corroborated in their 8k report. They have audited 10q, and 10k reports so that you have confirmed financial numbers on the company. These things all cost the company a pretty penny, so you know if they're keeping up with their listing status they have enough money to put out on it. The crap companies that you can lose your ass on in literally a second are the ones in the Pink tier where they could simply be lying to you about everything.
You're at a much lower risk for being defrauded by companies in QB and QX. It's not "rolling crack into a $100 bill and smoking it".
I did some research on your company and I like them. If I was still trading stocks I would keep an eye on it for a buy point. From what I've seen in my penny trading, stocks tend to do pretty good with forward splits. It's the reverse splits you don't want to be caught in, because the penny companies that do them are usually pump and dump schemes that are looking to wipe out their share count and start a new pump and dump campaign. If you look at just about any penny stock chart after a reverse split you'll see share price immediately goes way up and then drops instantly because the shares weren't valued at that price regardless of decreased outstanding share count.
Right now your share price is dropping because your share count is being diluted pretty heavily by the forward split. That isn't necessarily a bad thing as long as your company is performing well. The bottom is probably somewhere around 3 cents if you figure the ratio of 10. That's where I'd be looking to enter.
www.otcmarkets.comI know I probably have a lot to learn about the subject. But as a novice I do know enough to not risk more than I am willing to lose. Thanks for the advice, but we're talking really small amounts of money of here. Btw, they do have holding in more than just Peru. They have claims all over the world including the U.S.
Don't let the naysayers push you away from a potential good stock. With penny stocks, it's good to know their OTC listing level to know how reputable the company can be. They have 3 listing tiers: Pink, OTCQB and OTCQX. Pink is the lowest tier and those companies listed there don't have regular reporting to the SEC, so you really have no idea what the company is doing on a day to day basis other than what their press releases say. Those are the biggest risk because you're pretty much flying blind.
Your company is in the 2nd tier OTCQB, which regularly reports to the SEC but doesn't have any financial standards to remain listed, such as minimum share price, minimum market cap, etc. But you at least know what the company is doing so that when they put out a press release, it can be corroborated in their 8k report. They have audited 10q, and 10k reports so that you have confirmed financial numbers on the company. These things all cost the company a pretty penny, so you know if they're keeping up with their listing status they have enough money to put out on it. The crap companies that you can lose your ass on in literally a second are the ones in the Pink tier where they could simply be lying to you about everything.
You're at a much lower risk for being defrauded by companies in QB and QX. It's not "rolling crack into a $100 bill and smoking it".
I did some research on your company and I like them. If I was still trading stocks I would keep an eye on it for a buy point. From what I've seen in my penny trading, stocks tend to do pretty good with forward splits. It's the reverse splits you don't want to be caught in, because the penny companies that do them are usually pump and dump schemes that are looking to wipe out their share count and start a new pump and dump campaign. If you look at just about any penny stock chart after a reverse split you'll see share price immediately goes way up and then drops instantly because the shares weren't valued at that price regardless of decreased outstanding share count.
Right now your share price is dropping because your share count is being diluted pretty heavily by the forward split. That isn't necessarily a bad thing as long as your company is performing well. The bottom is probably somewhere around 3 cents if you figure the ratio of 10. That's where I'd be looking to enter.
Thanks Paulie. Where is a good place to look for a companies OTC listing level?
