Sunair Services Corporation
SNR is a buy @ $1.85
SNR provides lawn care and pest control services to residential and commercial customers in Florida.
SNR offers pest control services and protection against termite damage, rodents, and insects to homes and businesses.
One of SNR’s main competitors in Florida is a company called Massey Services, Inc. Massey recently disclosed in an SEC filing that they have accumulated 1,260,972 shares of SNR or 9.63% of the company.
It was also disclosed that Massey had previously signed a consulting agreement with another large SNR shareholder to facilitate a potential acquisition of SNR by Massey.
The price Massey offered to acquire SNR was $3 per share. However, SNR’s management turned it down because they pay themselves ridiculously high salaries as well as a management fee that is 1% of SNR’s annual revenues per year.
During the recent months, the shareholder Massey hired to facilitate the sale of SNR at $3 per share along with a group of other shareholders have acquired a large amount of SNR stock. Between Massey and the group of shareholders, they now own a total of 7,037,468 shares of SNR, which is 53.8% of the total shares outstanding of 13,091,088.
The Proof
The purpose of them acquiring these shares was stated as:
- To accumulate shares of common stock of the Issuer in connection with a proposal by the Reporting Person to acquire the Issuer by merger or other form of acquisition,
- To own shares which may be voted to effectuate an acquisition of the Issuer by the Reporting Person or
- To hold shares in the Issuer for investment purposes.
Now check out the insider transactions for SNR: [ link ]
Just last week, the shareholder which Massey previously signed a consulting agreement with to help facilitiate the acquisition of SNR for $3 per share, accumulated more shares of SNR in the open market!
Now take a look at this filing from March 9th: [ link ]
You will see that Massey along with the shareholder and a group of other shareholders associated with him… now own a total of 7,037,468 shares of SNR, which is 53.8% of the total shares outstanding of 13,091,088.
The shareholder group has now filed the appropriate proxies to kick out SNR’s present management team, and replace them with their own Board of Directors!
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Reasons for selling off PGYC: Too much speculation behind the buyer not being named, and other ongoing concerns.
By reading StocksHaven dot com you agree not to hold Michael Vlaicu accountable for any transactions or decisions you make!
I’m trusting you on SNR – not holding you accountable – but your track record is pretty solid.
I just bought in at 2.10. Do you suggest going long term with this one, or when do you think is a good time to sell?
I would suggest putting a stop loss @ 2.05 in case things go wrong, for every 15 cent increase add another 7-8 cents to that stop loss.
So if it hits 2.20, my new stop loss would be 2.12.
GLTA
hey…are u still solid about SNR? I bought in at 2.05 and am still holding.
SNR will be a bit of a long term hold. Patience, yes I’m still holding.
What concerns do you have about PGYC besides the buyer not being named? Do you think these CEO’s are a bunch of scam artists? The website brought me a lot of concern, definitely rings of a scam.
@ Rob, Unfortunately I will choose not to comment on this matter publicly beyond the statements of, “Too much speculation behind the buyer not being named, and other ongoing concerns.”
I guess time will tell
Are you still holding SNR? It went down at the end of the day… not sure if I should still hold.
ughh… 1.78 now ><
@ Catherine and Raggy, patience — There is alot of takeover chatter of upwards of $4 per share. They recently declined 3$ share acquisition. Something big is coming!
any updates on SNR??
I have no insider information, only what was filed with the SEC. This is just another potential buyout spec.
They recently declined 3$ share acquisition? Where is this news?