Oil and gas exploration company ArPetrol Ltd. (RPT.V) has moved even closer to year low $0.055 today after an almost 6% drop to 8 cents in the afternoon from yesterday's $0.085 close, following its announcement that its board of directors has approved the adoption of a shareholder rights plan.
The company said the plan is effective as of December 29, 2011. The company's shareholders, however, will still be asked to confirm and ratify the plan at the next meeting of shareholders and in any event not later than June 20, 2012.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
