Bismillah released news today and it is very discouraging. With only 5 million shares outstanding, there is absolutely no reason why there needs to be a share consolidation. If management feels the company needs a private placement they should make an effort to get BVN back up past the 15 cent minimum. On top of all of that, the current name is bad enough, the suggested one is truly horrible!
I know which way my 50,000 votes are going to be cast and I hope everyone else reading this feels the same way.
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Bismillah Ventures Inc BVN
Shares issued 5,127,520 Jul 21 close $0.12
Fri 25 Jul 97 News Release
Mr Willy Rasmussen reports
The company has mailed to members, an amended information circular and form of proxy in connection with the AGM in August.
In order to facilitate future financings, the directors of the company have proposed to the members that the shares without par value be consolidated on a 5:1 basis or on the basis of such other consolidation ratio as acceptable to the VSE, the BC Securities Commission, and the directors of the company.
In the event that the consolidation is approved, the members will be asked to increase the authorized capital of the company to 100,000,000 post consolidated shares; and to approve the changing the name of the company from Bismillah Ventures Inc to Consolidated Bismillah Ventures Inc, or to such name as may be presented to the shareholders at the meeting and or approved by the directors of the company, the VSE and the Registrar of Companies. |
