A couple months ago I posted about opportunities in going private transactions
. Erich left a comment that he was getting anxious
because there wasn't much information on the status of the transaction. Well, after an email to my brokerage firm, I received the following response:
...Thank you for your recent inquiry regarding Collins Industries. We will be submitting participation instructions on behalf of our clients who hold less than 300 shares. Participants will receive cash for their shares at a rate of $7.70 per pre-split share. After we submit instructions, your shares of COLL will receive a temporary ticker symbol. This symbol will be in place to identify your shares during the reorganization process. Cash will be deposited to your account once it is received from the transfer agent. If you require additional assistance, please contact us...
I also checked with Mellon Financial, the transfer agent for Collins Industry, and the man on the phone said the instructions for the cash out have been sent to stockholders/brokers.
When investing in these transactions, it's important to recognize that these are often small companies and there aren't a lot of press releases or news reports available. On the other hand, it's easy to pick up the phone and call the investor relations department at the company (or get your money's worth by asking your brokerage firm to do it.)
[Update 3/3/06: I checked my brokerage site this morning and I see the reverse split was completed. Now I just wait for my money.]For Additional Information: