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Gold/Mining/Energy : Indo-Pacific Energy Ltd. (INDX)
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To: shalom who wrote (231)7/18/1997 12:56:00 PM
From: Survivor   of 866
 
shalom,

There have been several questions during the past few months concerning a stock split of INDX shares. Three different stock split options were approved at Indo-Pacific's General Shareholder Meeting on 9 Oct 96. The options were:
3 for 1 split increasing the number of authorized shares to 300,000.
4 for 1 split increasing the number of authorized shares to 400,000.
5 for 1 split increasing the number of authorized shares to 500,000.

I believe the the INDX Board of Directors can implement a stock split anytime they want. I don't think there was a time limit.

I personally voted against the stock split because of the massive dilution of shares. e.g., increasing authorized shares from 100,000 to 300,000 (3 for 1 split), etc. Previous stock splits contained a provision to decrease the authorized share capital back to 100,000. This is probably not reasonable based on the proposed stock splits but I would think shareholders dilution would be somewhat mitigated if the authorized shares were reduced as much as feasible, after the split.

For Alex Guidi: If I am incorrect in the stock split information above, please correct it for me.

Best regards,

Del Parker

p.s. I reloaded AOL3.0 and loaded MS Internet Explorer. Now I can access the INDX web site. Really looks good. I would suggest that make copies of all press releases available on the site as well.
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