Last week, ERF Wireless provided investors with an update regarding the upcoming dividend consisting of 100 Energy Broadband common shares, one warrant to purchase 100 shares at a fixed price of $4.00 per share and one warrant to purchase an additional 100 shares at a fixed price of $6.00 per share. This dividend will be issued for each 200 shares of ERF Wireless common stock, or preferred stock convertible into 200 common shares, an investor owns as of September 30, 2011, up to 5% of the existing common stock in Energy Broadband.
Energy Broadband, a wholly owned subsidiary of ERF Wireless, utilizes the wireless broadband expertise, project management skills, wireless network coverage footprint, monitoring and maintenance capabilities, proprietary security technology and the resources of the other divisions of ERF Wireless to provide wireless broadband products and service offerings to the major oilfield producers and service providers. The data transmission capabilities of Energy Broadband are extremely cost-effective and much more robust than any of the existing sources of data transmission previously utilized by the oil and gas industry.
ERF Wireless shareholders that hold shares in a brokerage account and are non-objecting beneficial owners will not have to take any action to receive the dividend. They will receive their units based on the number of full 200-share increments of ERF Wireless they hold as of the record date. The units will be sent to the address on the account, unless the company is notified in writing otherwise. Those who hold shares in certificate form will receive units based on the transfer agent’s records.
According to the release, it is expected that most stockholders will receive their units within 90 days of the record date, unless the company is unable to make contact at the address recorded. Shareholders who do not receive units within 120 days after the record date and are qualified to receive units should contact the company immediately.
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