the huge gainers by adding about 14.000% to its price. Along with the 9 million shares traded, this appeared to be a shocking move for TSAS, considering the fact that it has been trading low for years.The reason for the huge climb were the alerts on TSAS stock dividend, which came up on stockreads.com. These pointed out that last Friday TSAS surprised many on a reverse merger with a monster move. The news was featured in a few promotional websites, which apparently provoked traders’ attention.
According to the discussion on the investorshub.com message board, there are two hypothesis on the current up move. Some traders expect 50% retraction for TSAS, while others hope the stock will continue to run up. Anyways, while investors have been “manually” pumping the stock price, the next move of TSAS will be carefully observed.[BANNER]
The last news about Tenas came out last week, stating that on January 31, 2011 TSAS entered into an agreement to sell its majority shares with a buyers group and re-name the company PGI Energy, Inc. According to the announcement, Mr. Marcellous McZeal, Chairman and CEO of PGI, formerly Tensas, Inc. and the buyers group, have acquired approximately 75% of the outstanding shares of the company directly from Lloyd Broussard and Yvonne Hardy, majority shareholders holding 80% of the outstanding shares of common stock and 2/3 of the class B preferred stock. As a result of the agreement, TSAS will acquire assets under traditional debt, revolving credit facility, Limited Partnership, direct equity ownership of assets, special purpose entity to hold assets, with the company maintaining controlling interest or joint venture interest.
Due to the fact that Tenas has no business operations and the book value of its collective assets is nominal, it remains a “shell company” and keeps authorizing more shares of its common stock. However, as claimed by the company, the liquidity of TSAS common stock could be affected adversely by the increased number of shares outstanding after the stock dividend.
