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Dividend Distribution and Other Information:
FAQ
1.) What is the ratio of the distribution?
1,711 shares of Pilgrim for 1 restricted share of Arcland. Fractional shares will be rounded up to the next whole share.
Record Date: 10/28/2008
Payment Date: 11/04/2008
For example:
If a shareholder has one million shares (1,000,000) of Pilgrim, she/he will be entitled to 585 shares of Arcland (1,000,000/1,711=585 shares of Arcland)
Note: Note: Date of the actual deposit will be posted here soon as we get confirmation from Transfer Agent. The distribution is a FACT, but there was a delay with the Nasdaq announcement, declaration date. Pilgrim truly apologizes to its shareholders for any inconvenience this has caused.
2.) Will there be any restrictions on the new shares?
Yes, they are restricted shares.
The shares are restricted as defined in Rule 144 (a)3(i)
“
3. The term restricted securities means:
i. Securities acquired directly or indirectly from the issuer, or from an affiliate of the issuer, in a transaction or chain of transactions not involving any public offering”
Further information can be found at http://www.law.uc.edu/CCL/33ActRls/rule144.html
3.) Who is the paying agent for the distribution?
Transfer Online
4.) Has this information gone to NASDAQ for an ex-date?
The information has gone to Nasdaq. There will not be quoted ex.
5.) What happened to the buyback exchange?
Pilgrim was advised to hold on to this event to avoid more delay of the dividend distribution and provide the maximum benefit of the dividend to our shareholders.
6.) What is Arcland Cusip Number?
Cusip #039589205
7.) Is the stock distribution intended to be non-taxable, and taxable only if and when the new shares Arcland Energy would be sold in the future?
Shareholders should consult with their own tax advisors with respect to the impact of the Distribution.
8.) Are there audit issues with the previous IMVS and is the SEC also asking questions about your accounting?
No. The company has no issues with its auditing nor the SEC is questioning its accounting. Arcland filed the 10-KSB due to recent notification from the Independent Registered Public Accounting firm that no longer is qualified to issue audit reports. They stated that they will get a successor firm, which will continue and complete the audit they were working on.
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