Chuck et al. - NO it does not mean a 5:1 consolidation, if you multiply 6,666,667 by 15 you find that it equals 100,000,000 (considering rounding) and this pertains to the authorized number of common shares the company has at it's disposal for total issuance. They are proposing, as All companies executing a consolidation do, that they will then request to be authorized for 100,000,000 shares again after the restructure. This part of the circular has NO bearing on intent for dilution whatsoever. This is a standard clause in ALL consolidations.
Again please do not take my explaining the issue as any form of support for the 15:1 idea.
"Just Starting" - thanks for clarifying the statement pertaining to "up to 15:1", this does make a significant difference. Without the "up to" part of that, if passed, it would allow only a 15:1, in this format a 2:1, 3:1 or 5:1 would all be doable without a special shareholders meeting.
Salut,
Leigh McBain |
