jmt,
Well ok, help me out here.
The relative paragraphs of the solicitation are:
"The Company's Board of Director has passed a resolution
calling for an amendment to the Company's Articles of
Incorporation. The Company's Board of Directors is soliciting
consents in writing to authorize the proposed amendment which
would increase the authorized Common Stock of the Company from
50,000,000 shares, par value $0.001 per share, to 100,000,000
shares of Common Stock, $0.001 par value per share.
The Company's Board of Directors has established the close
of business on June 4, 1998, as the record date (the "Record Date") for determining the shareholders of record. On June 4, 1998, the Company had 49,326,018 shares outstanding and entitled to vote.
Officers and Directors of the Company are expected to execute consents in favor of the foregoing action. Officers and Directors own 0.69% of the outstanding shares the Company's Common Stock."
____________________________________________________________________
Company had 49,326,018 shares outstanding therefore it would require 24,663,009 +1 voting shares to carry or better. They had 69% of the outstanding in their pocket, so no need to mail out notices to every one.
So:
0.69% = 0.0069 x 49,326,018 = 340,349 (this is less than half of outstanding shares,
so I have to assume that there use of 0.69% is in error and they meant 69% = 0.69 x 49,326,018 = 34,034,952 = majority of outstanding shares
My guess would be that it was a typo.
What do you think ?
Jim K. |
