Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, August 18, 1993 TAG: 9308180006
SECTION: BUSINESS PAGE: B5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
J. Tyler Pugh, manager of Wheat's office in Roanoke, said the brokerage cannot estimate the impact, if any, of Roanoke's attempt to acquire assets of the utility within the city limits.
Wheat, which provides quotations of regional companies, said its current quote for Roanoke Gas is "N.B.," meaning no bid.
The stock of Roanoke Gas is not traded on a national exchange or the NASDAQ system. Rather, it is listed in the so-called pink sheets, reports mailed from time to time listing the latest prices for thinly traded stocks.
A stockholder who wants to sell must go to a dealer who then must find a buyer for the security. Purchases are made the same way.
When a daily price is quoted, it most often is simply carried forward from the last reported trade.
The last quote for Roanoke Gas was $32 for Thursday's market, the day before the company announced the city's attempt to acquire its assets.
Pugh said it is difficult to determine whether the city's move to condemn the gas distribution system in Roanoke has had an effect on the stock price. The brokerage house is waiting for a trade in order to give a price.
Trading in Roanoke Gas stock happens infrequently, Pugh said.
The company says it has about 900 stockholders, most of them from Southwest Virginia. Roanoke Gas officials said no individual owns as much as 2.5 percent of its stock. - Staff report
by CNB