Value Investing News

http://biz.yahoo.com/prnews/070727/nyf048.html?.v=101

MIDDLETOWN, R.I., July 27 /PRNewswire-FirstCall/ -- BNS Holding, Inc. (OTC Bulletin Board: BNSIA - News; the "Company") confirms that the Company has elected to require banks, brokers or other nominee to aggregate any fractional shares within the Depository Trust Company totals upon the consummation of the Company's proposed 200-for-1 reverse stock split immediately followed by a 1-for-200 forward stock split (the "Reverse/Forward Stock Split") scheduled to take effect on August 2, 2007. As a result, the Company need not provide for cash payout to any stockholders holding shares of Common Stock in street name (such as a bank, broker or other nominee). In addition, stockholders holding their shares in street name would retain the same number of shares they held immediately prior to the Reverse/Forward Stock Split. Following the consummation of the Reverse/Forward Stock Split, the Company intends to cease the listing and trading of the Company's Class A Common Stock, $.01 par value per share and Preferred Stock Purchase Rights on the Boston Stock Exchange and cease to be a reporting company pursuant to Sections 12(b) and 12(g) of the Securities and Exchange Act of 1934, as amended.

ADVERTISEMENT
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of assumptions, risks, and uncertainties that could cause the actual results of the Company to differ materially from those matters expressed in or implied by such forward-looking statements. They involve known and unknown risks, uncertainties, and other factors, which are in some cases beyond the control of the Company, including whether it will be able to acquire a business or operate it profitably. Additional information regarding these risk factors and uncertainties is described more fully in the Company's SEC filings. A copy of all filings may be obtained from the SEC's EDGAR web site, www.sec.gov, or by contacting: Kenneth Kermes, President and Chief Executive Officer or Terry Gibson, CFO, telephone (401) 848-6300. Further information regarding the Company can be found at the Company's web site, www.collinsind.com.

Source: BNS Holding, Inc.

I did and I'm ripping mad. This is a very underhanded move by the company.

Are you kidding me? Is this as shady as it appears to be? Is there another article explaining this?

yeah this SUCKS. this is my second arbitrage play. im not starting off very well..I also hold kaiser as an arbitrage play. they're posponing their meeting, and i have this feeling that it won't work out. -.-

i sold. what are you guys going to do?

My immediate thought was to try selling as well. But the price dropped pretty quickly. I think my broker will cash out my shares. Also, this press release might not be the final word from BNS. I have a few posts on the company over on my investing blog, if anyone is interested in my experience so far.

Good luck.