Caddo International Shares Climb on Word of Spin Off
Shares of Caddo International Inc. (CII) (Pink Sheets: PTLD) are up 22 percent in Monday trading, moving up 2 cents to 11 cents on volume of 55,000 just after noon. Today the company announced it will spin off its wholly-owned subsidiary, Petrol Lind Drilling, to operate as an independent company, feeding shareholders a 20 percent dividend of the new entity. Petrol Lind will focus its operations on the exploration and drilling of oil fields, operating with its own board of directors and management team. According to the statement, Petrol Lind intends to offer shares through an initial public offering; however,…