Sign in Subscribe
Insurance industry

Millenium Holding Group Incorporated Surges 25% in Share Value Amidst Plans for Diversification

Strategic Insights

— 2 min read

Millenium Holding Group Incorporated (OTC: MNHG) has seen a significant increase in its share value, surging 25% to finish the day at $0.50 per share. The company, led by CEO Richard Ham, aims to become a comprehensive financial services provider through targeted acquisitions in life and health insurance, full-service banking, and broker/dealer transactions. Ham anticipates five to six acquisitions within the next year, aligning with the company's business plan. Meanwhile, other companies mentioned in the article, such as Lincoln National Corporation and Jefferson-Pilot Corporation, are undergoing significant changes, including a merger that will create the nation's largest seller of universal life insurance products.

Key Takeaways:

  • Millenium Holding Group Incorporated (OTC: MNHG) saw a 25% surge in share value to finish the day at $0.50 per share.
  • CEO Richard Ham plans to acquire life and health insurance, full-service banking, and broker/dealer transactions to become a comprehensive financial services provider.
  • Ham anticipates five to six acquisitions within the next year to align with the company's business plan.
  • Lincoln National Corporation and Jefferson-Pilot Corporation are merging to create the nation's largest seller of universal life insurance products.
  • Lincoln National Corporation will retain its "LNC" ticker symbol on the New York Stock Exchange.
  • The merged company will operate as Lincoln Financial Group and will be based in Philadelphia.
  • Jefferson-Pilot's home base of Greensboro, N.C., will be the center of operations for the life insurance business.
  • Refco, Inc. (NYSE: RFX) is embroiled in a painful accounting scandal involving its CEO, Phil Bennett.
  • Bennett took a leave of absence after the company determined it was carrying a $430 million receivable from him.

Statistics:

  • Millenium Holding Group Incorporated's share price surged 25% to finish the day at $0.50 per share.
  • The company plans to acquire five to six businesses within the next year.
  • Lincoln National Corporation and Jefferson-Pilot Corporation will merge to create the nation's largest seller of universal life insurance products.
  • The merged company will have 39% of its shares owned by Jefferson-Pilot stockholders.
  • Refco, Inc. (NYSE: RFX) saw a $12.96 decline in its share price, closing at $15.60 after Bennett repaid the $430 million receivable.
  • Refco's shares had previously been trading above $30 a share, with its stock close at $15.60 after the scandal.

Sources:

  • M2 PressWIRE - October 11, 2005
  • Millenium Holding Group Incorporated (OTC: MNHG)
  • Lincoln National Corporation (NYSE: LNC)
  • Jefferson-Pilot Corporation (NYSE: JP)
  • Refco, Inc. (NYSE: RFX)

Read more