In our commentary yesterday (June 26th) we highlighted items from the Preliminary Prospectus that Neptune has filed in regards to the pending stock and warrant dividend but a couple of key items remained unanswered.
We have been able to communicate with Neptune management, which is in Boston this week in a series of meetings with the investment and institutional communities.
1) Dividend Record Date: we cannot tell you the exact date but it will be announced "very soon".
2) The Dividend: one (1) Unit for each lot of approximately 24.90 Neptune Common Shares held. Each Unit will consist of one (1) Class A Share and two (2) Warrants. Each full Warrant entitles its holder to purchase one (1) Class A Shares at a price of $0.40 plus a transfer premium of $0.35 payable to Neptune upon exercise.
On this last point, it will be $0.40 to exercise the warrant PLUS a $0.35 payment to Neptune for a total cost of $0.75.
The Howard Group will keep you apprised of any further developments.