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EnigmaDude (94.27)

What's up with Petrobank Energy?

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9

January 02, 2013 – Comments (10) | RELATED TICKERS: PBEGD , LSTMF

It seems that there is some price adjusting that needs to happen on CAPS but not sure what/how needs to happen.  Apparently Petrobank spun off a company called Petrobakken Energy.  From what I can tell, shareholders of Petrobank (PBEGF), now own shares of Petrobakken (PBKEF) after the spinoff.  My current score shows a -90% hit on the price of Petrobank. 

Can anyone summarize what is happening today with the share price and what should be reflected on CAPS?

10 Comments – Post Your Own

#1) On January 02, 2013 at 12:54 PM, L0RDZ (84.54) wrote:

Good luck  waiting  on  caps....

 

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#2) On January 02, 2013 at 2:16 PM, TMFDeej (99.40) wrote:

Happy New Year EnigmaDude.  How are you?  I hope that everything is going with in your world.

I would e-mail the CAPS folks using the "Contact Us" link at the top of the page.  I've found them to be very responsive whenever I bring a spin-off that's not being scored properly to their attention.  They will usually credit your pick with a dividend for the value of the division that has been spun-off.

Deej

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#3) On January 02, 2013 at 4:04 PM, LouPinella (< 20) wrote:

That's right -- they spun off 1.1 shares of PBKEF to each holder of PBEGF, so while yes the price of PBEGF did drop $11.26 (at market open), we should also get a "dividend" on CAPS. At 1.1 shares * $10.58 (current PBKEF share price), that's $11.64, so a small net gain, perhaps. We'll see how CAPS actually scores it!

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#4) On January 02, 2013 at 4:10 PM, EnigmaDude (94.27) wrote:

Thanks Deej!  I will email them about it.

And Lou, thanks for the details on the spinoff. I was having trouble finding any info on number of shares awarded. 

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#5) On January 03, 2013 at 10:54 AM, Biotechboy6 (< 20) wrote:

If you owned PBG you are getting more PBN shares: If you have 1000 shares you get 1,105 shares of PBN x $10.43 = $11,525 Plus 1000 shares of PBG x $1.02 = $1,020 Total value = $12,545 Which is $12.55 per original PBG share. There is no drop in price!!!!!!!

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#6) On January 03, 2013 at 11:01 AM, PinotPete (< 20) wrote:

I own some shares in a Scottrade account.  In the past, the new ticker would show up quickly.  Even today, I don't see the PBKEF replacement.  Is this normal or would a call to Scottrade be in order?

Thanks,

Pete

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#7) On January 03, 2013 at 11:52 AM, EnigmaDude (94.27) wrote:

Thanks all for the comments.  I'm guessing that some of the CAPS tech support folks are still out on holiday.  Hopefully next week they will make the appropriate adjustments.  I don't own shares in real life so not sure what happens in your Scottrade account but I don't think the ticker symbols changed (PBN and PBG are the tickers for the Toronto Exchange).  You should just see new shares of PBKEF show up in addition to the adjusted shares of PBEGF, I think.

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#8) On January 03, 2013 at 2:05 PM, PinotPete (< 20) wrote:

Nevermind - found a link that describes the share conversion process:

http://www.timescolonist.com/business/petrobank-spinoff-of-petrobakken-stake-completed-1.38451

 "Those shares should show up in our investors', our shareholders' accounts sometime probably next week. It does take some time for back offices to process the reorganization and get the new shares into new accounts," said Cheung [the CFO].

 

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#9) On January 03, 2013 at 6:00 PM, Biotechboy6 (< 20) wrote:

My broker said the shares will be issued on January 7. 

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#10) On January 14, 2013 at 11:26 AM, EnigmaDude (94.27) wrote:

Looks like this got fixed today (at least my start price was adjusted). 

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