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Microcap & Penny Stocks : CYCOMM (CYII)-on aquisition trail
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To: Robert Morrison who wrote (1677)3/6/1999 2:21:00 PM
From: Sterling  Read Replies (2) of 1800
 
Rob

Do you know if CYI shares have 'statutory' or 'cumulative' voting rights? I know you mentioned a proxy fight at some point. I imagine they are statutory rights, but if cumulative, the 1 million shares can be applied to a single vote, giving a factor multiplier of the number of choices on the ballot.

For example, 100 shares statutory vote for 3 officers would be 100 shares per officer for a total of 300 voted shares. While 100 shares cumulative could be applied as 300 shares for one or against one officer and 0 shares for all other officers. It is a way for small shareholders to multiply their voice. But most companies don't set it up this way (i.e. as cumulative) for obvious reasons. In our case, cumulative rights applied to, say, 3 officers at a rate of 3 million for or against one, and 0 for the others.

If there are numerous private placement conversion holders (if the S-3 in fact went through), and if there are many unhappy shareholders who are not on the inside of the company, a corporate charter amendment resolution might be gotten through to be forced onto the ballot in June to change voting to cumulative representation. As shareholders, we could then express our opinion on corporate communications policies by targeting a single individual with our vote (for or against).

By the way, can you open the Yahoo! CYI thread? It does not appear for me on a search. Maybe the whole thread has been impounded for analysis as part of an investigative review of Cycomm.
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