Published On: Sun, May 4th, 2014

Pardee Resources Company (OTCMKTS: PDER) Sets Aside $6M For Share BuyBack

Pardee Resources Company (OTCMKTS:PDER) disclosed on 2nd May  that it has commenced its previously announced offer to buy back nearly 22,600 shares of common stock at a price of $265.5 per share.  The buyback offer has been dictated by the terms set in the Purchase Offer Memorandum, which has been shared with its share holders in advance via mails. The offer is scheduled to be open through the month of May and end on 13th June midnight. The buyback offer was circulated post the board of directors of the company approving the same.

The public announcement by Pardee Resources Company (OTCMKTS:PDER) goes on to clarify that its board does not solicit nor dissuade its share holders from pursuing the offer.  To this effect, the firm would be putting out only a “Purchase Offer Memorandum” in conjunction with “Letter of Transmittal”. It also goes on to advise its share holders to read through the fine print in the Purchase Offer Memorandum and take advise from its own tax advisors before arriving at a decision on the share buyback offer.

The share buyback comes on the heels of Pardee Resources Company (OTCMKTS:PDER) investing $10.8 million in order to acquire a 2.8 mega watt solar power generating plant in Arizona earlier this year in February. The big ticket investment into the acquisition of nearly 10 solar photovoltaic systems are expected to bring the company huge tax benefits and is going to add to the fiscal earnings at the end of the fiscal year.

The combined impact of a broader portfolio of product offerings in tandem with an increased share holder value on the back of the stock buyback is expected to further grow the demand for its shares on the OTC platform in the near term.

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