I see... 9:31AM Seven Arts Pictures confirms 1-fo
Post# of 144482
I see...
9:31AM Seven Arts Pictures confirms 1-for-70 reverse stock split effective at the opening of the markets on Tuesday, September 4, 2012 and announces dividend ( SAPX ) 1.10 +1.08 : Co confirmed today its 1-for-70 reverse split of its common stock that was effective immediately after the close of the markets on Friday. The new CUSIP number for the Company's common stock is 81783N 201. Seven Arts also announced that, subject to appropriate and required regulatory filings and approvals, it has declared a warrant dividend to those persons beneficially owning its common stock as of the close of the markets on August 31, 2012. For every ten pre-reverse split shares of common stock held as of such date and time, the holders thereof will be entitled to receive one warrant as a dividend. Seven Arts does not expect that a secondary market will develop for such warrants. The Company remains concerned with the heavy volume of reported trading in its common stock and believes it is primarily based on trading programs and other trading strategies, some of which may be improper. Accordingly, the Company's transfer agent will verify certain records at DTC and at other sources to ensure that this dividend is only received by persons who owned common stock at the close of the markets on August 31, 2012. The Company believes that the dividend of one warrant per share may provide certain economic value to existing stockholders during and immediately following the reverse split process and thereafter until such time as the fundamental growth and profits of Seven Arts are recognized by the public markets. Management remains optimistic regarding the results of operations for the fiscal year ended June 30, 2012, which should be reported by the end of September, 2012, and with the prospects of its motion picture and music businesses.
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