It is fairly easy. When it came to voting on the name change and increase of authorized shares last year common retail shareholders were instructed their vote was not necessary and no proxy was to be sent since 53.7% of the voting power votes as a single class.
That is Heddle and/or associates, as a class, asserting full control over all company decisions irregardless of common shareholders.
The same would hold true for all other matters requiring a vote.
http://google.brand.edgar-online.com/displayf...253d728366
That is Heddle and/or associates, as a class, asserting full control over all company decisions irregardless of common shareholders.
The same would hold true for all other matters requiring a vote.
Quote:
PLEASE NOTE THAT THE HOLDERS OF A MAJORITY OF THE VOTING POWER OF OUR OUTSTANDING COMMON STOCK AND PREFERRED STOCK, VOTING TOGETHER AS A SINGLE CLASS, HAVE VOTED TO AUTHORIZE THE CHARTER AMENDMENT. THE NUMBER OF VOTES RECEIVED IS SUFFICIENT TO SATISFY THE STOCKHOLDER VOTE REQUIREMENT AND CONSEQUENTLY NO ADDITIONAL VOTES WILL BE NEEDED TO APPROVE THIS MATTER.
General Description of Corporate Action
On May 16, 2014, the Majority Stockholders delivered an executed written consent in lieu of a special meeting authorizing and approving an amendment to our Articles of Incorporation, in the form attached hereto as Appendix A (the “Charter Amendment”), to (i) change our name to “Plastic2Oil, Inc.” (the “Name Change”) and (ii) increase the total number of authorized shares of Common Stock from 150,000,000 shares to 250,000,000 shares (the “Share Increase”). The Majority Stockholders held on the Record Date an aggregate of approximately 53.7% of the outstanding voting power of our Common Stock and Preferred Stock voting together as a single class that were entitled to give such consent. The Majority Stockholders consist of Mr. Richard Heddle, our Chief Executive Officer, and Mr. John Bordynuik, our Chief of Technology. For further information on our voting securities and the securities owned by the Majority Stockholders, see the sections below entitled “Outstanding Voting Securities” and “Principal Stockholders.”
On May 16, 2014, the Board of Directors unanimously approved the Charter Amendment. The Board of Directors will effect the Name Change and the Share Increase by filing the Charter Amendment with the Nevada Secretary of State, which will occur no sooner than 20 calendar days after the date this Information Statement has been mailed to stockholders. No further action on the part of our stockholders is required to authorize or effectuate the Charter Amendment .
http://google.brand.edgar-online.com/displayf...253d728366
