Courtesy of Benzinga.
Texas Gulf Energy, Inc (OTC: TXGE) announced today that it intends to spin off the remaining shares owned by the company in its former wholly owned subsidiary Texas Gulf Oil & Gas, Inc (TGOG) to TXGE stockholders in a pro-rata, tax-free dividend. Completion of the spin-off is subject to a number of conditions, including the effectiveness of the Form 10 of Texas Gulf Oil & Gas, Inc to be filed with the SEC, a Private Letter Ruling from the IRS on the transaction, and other customary conditions.
Texas Gulf Energy CEO Craig Crawford stated “We want to unlock the value of the Texas Gulf Oil & Gas shares we continue to own, and the Company believes the best way to do this is to spin them off to our shareholders as a dividend. Each shareholder will receive the newly public Texas Gulf Oil & Gas free trading shares, without restriction, pro-rata to their current ownership in TXGE as of the effective date. The effective date will be announced as soon as it is known by the company after the completion of all regulatory, accounting and legal requirements of the transaction.”
About Texas Gulf Energy, Incorporated (www.tgnrg.com)Focused on providing expert advisory services on program
