Amen Properties Announces Completion of Reverse Stock Split
January 13 2010 - 6:32PM
Business Wire
Amen Properties (Pink Sheets: AMEN) today announced that a
previously approved 1-for-100 reverse split of its common stock
will take effect at the start of trading on Thursday, January 14,
2010. Trading of AMEN’s common stock on the OTC Pink Sheets will
begin on a split-adjusted basis at the open of trading on January
14th. Amen’s shares will continue to trade under the symbol “AMEN”
with the letter “D” added to the end of the trading symbol for a
period of 20 trading days to indicate that the reverse stock split
has been effected.
As a result of the reverse stock split, every 100 shares of
AMEN’s common stock issued and outstanding immediately prior to the
effective time will be combined into one share of common stock.
Fractional shares will not be issued and stockholders who otherwise
would have been entitled to receive a fractional share as a result
of the reverse stock split will receive an amount in cash equal to
$4.00 per pre-split share for such fractional interests. The number
of shares of Amen’s common stock issued and outstanding will be
reduced from approximately 4,233,714 pre-split to approximately
42,300 post-split.
Letters of transmittal are expected to be sent to stockholders
by the company’s transfer agent, American Stock Transfer and Trust
Company, shortly after the effectiveness of the reverse stock
split. No action by Amen’s stockholders is required prior to
receipt of these letters.
The reverse stock split was approved by the non-unanimous
written consent of Amen’s stockholders on December 18, 2009. The
number of shares of common stock subject to outstanding stock
warrants and options or convertible securities, and the exercise
prices and conversion ratios of those securities, will
automatically be proportionately adjusted for the 1-for-100 ratio
provided for by the reverse stock split.
About Amen Properties:
Amen is a Christian corporation with a strategic asset – a net
operating loss accumulated during the Company’s “dot com” past
totaling $28 million which can be used to offset tax liabilities
arising from future earnings. Amen seeks to own strong
energy-related assets and businesses with earnings which can be
shielded from taxes via the Company’s NOL. Currently, Amen owns
business and assets which fall into two categories: Energy Services
and Energy Resources.
Energy Services: Priority Power (www.prioritypower.net)
Priority Power is an independent energy management and
consulting services firm whose sole purpose is to act as an
extension of our clients’ staff to mitigate the risk and overcome
the challenges associated with energy supply, information, and
demand management. Priority Power has 1,200 clients representing
over 7.1 billion kilowatt hours and $650 million in annual energy
consumption.
Energy Resources: Oil and Gas Interests
Amen owns royalty and working interests in over 1,200 properties
in twelve states through its ownership of SFF Royalty, LLC (33.3%
ownership) and SFF Production, LLC (79.1% owner), the entities
which own the interests formerly held by Santa Fe Energy Trust.
AMEN Properties (PK) (USOTC:AMEN)
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