It's apparent that this move to Wyoming will also
Post# of 22940
Posted On: 12/16/2016 11:53:59 AM
It's apparent that this move to Wyoming will also serve to clear up some issues with the manner in which the AS was increased beginning in 2014.
This is from the page 14 of the 14C just filed:
"Certain Corporate Matters
Since 2014, the company has increased its authorized capital stock on three separate occasions: (i) on September 11, 2014 to 500 million shares; (ii) on February 23, 2015 to 750 million shares and (iii) on June 17, 2015 to 4.5 billion shares. The documentation and procedures surrounding these increases in authorized stock appear to have been irregular and not in full compliance with requisite corporate law, specifically being that in each instance, the Company failed to document whether the requisite amendments to its Articles of Amendment for each such increase were duly authorized and to file such Articles of Amendment for each such increase with the Nevada Secretary of State (the Company incorrectly filed Certificates of Change to denote each such increase). These corporate irregularities described above are collectively referred to in this document as "Corporate Matters." Included among the following are all of the known instances of material non-compliance. TPAC-NV had been operating with the understanding that its prior increases in authorized capital, were effected in full compliance with the applicable laws of Nevada. The Company believes the reincorporation to Wyoming can cure these irregularities. The Articles of Incorporation for TPAC-WY will have authority to issue an unlimited number of shares of common stock and has been property approved by shareholder action and will therefore allow for issuance of a sufficient number of shares to TPAC-WY for all current outstanding shares of TPAC-NV irrespective of whether any such shares were issued while TPAC-NV had not properly complied with Nevada corporate law in effectuating the prior increases. Further, each shareholder of TPAC-NV will have dissenters rights, as discussed below thereby allowing any such shareholders to receive fair value of their shares in the event they no longer desire to hold common stock due to the corporate irregularities described herein or otherwise."
An interesting statement from that excerpt can be found in the last sentence. With this latest question mark involving the share count with a company that has drawn fire from certain shareholders due to the increase in issued and converted preferred shares, we may see somewhat of a sell-off of what could prove to be a significant number of shares by those who are not convinced the company's motives are in the best interests of the shareholders. This obviously will affect the pps in a negative way. However, this plays right into the waiting hands of the share buyback program.
I believe that this not only serves to save corporate costs and settle the authorized share issues from above, but serves to "shake the tree" to the benefit (in the future) of all who hang on during this tumultuous time. It's obvious that with business partnerships in the making, more preferred shares will need to be issued to secure those partnerships. Any increase is not to line Bill's pockets as he already has the lion's share of the company holdings, but is to serve the needs of the company as we see the business plan unfold into 2017 and beyond.
Big things are happening and Bill is getting the house in order for explosive growth.
This is from the page 14 of the 14C just filed:
"Certain Corporate Matters
Since 2014, the company has increased its authorized capital stock on three separate occasions: (i) on September 11, 2014 to 500 million shares; (ii) on February 23, 2015 to 750 million shares and (iii) on June 17, 2015 to 4.5 billion shares. The documentation and procedures surrounding these increases in authorized stock appear to have been irregular and not in full compliance with requisite corporate law, specifically being that in each instance, the Company failed to document whether the requisite amendments to its Articles of Amendment for each such increase were duly authorized and to file such Articles of Amendment for each such increase with the Nevada Secretary of State (the Company incorrectly filed Certificates of Change to denote each such increase). These corporate irregularities described above are collectively referred to in this document as "Corporate Matters." Included among the following are all of the known instances of material non-compliance. TPAC-NV had been operating with the understanding that its prior increases in authorized capital, were effected in full compliance with the applicable laws of Nevada. The Company believes the reincorporation to Wyoming can cure these irregularities. The Articles of Incorporation for TPAC-WY will have authority to issue an unlimited number of shares of common stock and has been property approved by shareholder action and will therefore allow for issuance of a sufficient number of shares to TPAC-WY for all current outstanding shares of TPAC-NV irrespective of whether any such shares were issued while TPAC-NV had not properly complied with Nevada corporate law in effectuating the prior increases. Further, each shareholder of TPAC-NV will have dissenters rights, as discussed below thereby allowing any such shareholders to receive fair value of their shares in the event they no longer desire to hold common stock due to the corporate irregularities described herein or otherwise."
An interesting statement from that excerpt can be found in the last sentence. With this latest question mark involving the share count with a company that has drawn fire from certain shareholders due to the increase in issued and converted preferred shares, we may see somewhat of a sell-off of what could prove to be a significant number of shares by those who are not convinced the company's motives are in the best interests of the shareholders. This obviously will affect the pps in a negative way. However, this plays right into the waiting hands of the share buyback program.
I believe that this not only serves to save corporate costs and settle the authorized share issues from above, but serves to "shake the tree" to the benefit (in the future) of all who hang on during this tumultuous time. It's obvious that with business partnerships in the making, more preferred shares will need to be issued to secure those partnerships. Any increase is not to line Bill's pockets as he already has the lion's share of the company holdings, but is to serve the needs of the company as we see the business plan unfold into 2017 and beyond.
Big things are happening and Bill is getting the house in order for explosive growth.
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(2)Trans-Pacific Aerospace (TPAC) Stock Research Links
JonnyBGood