The 8-K on 04/10/20 was a simple modification to t
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Posted On: 04/12/2020 11:48:29 PM
Re: josteinsul #62526
The 8-K on 04/10/20 was a simple modification to the 8-K that was put out back on March 2nd.
Recalling the 8-K on March 2nd: the company designated a new class of Series H Preferred Stock consisting of 5,000 shares, stated value $1,000 per share. Holders of those Series H Preferred Stock are entitled to receive dividends at the rate of 14% of the stated value to be paid quarterly.
NOTE in the March 2nd 8-K, it also stated that '1 subscribers at the stated value of $1,000 per share for a total of $11,000..' meaning 11 shares of the 5,000 Series H shares were issued on Feb 27th to someone.
--- The modification on 04/10 8-K simply changed the value of the 5,000 Series H shares from $1000 per share to $1200 per share; AND, the dividend was changed from 14% to 12%,
--- There is an Optional Redemption by the Company After One Year, and IF still held as Preferred after two years, there will be an Automatic Conversion to common at the 2 yr point, but the conversion cannot exceed 4.99% of all of the Common Stock outstanding at such time. (Note this redemption info is the same as in the original 8-K on 03/02/20.)
---so at best there will be at least 2 yrs before any of these preferred's get converted to common (adding to the OS), by then we, IMO, will be well off to the races with a much higher pps.
Happy Easter All!
Recalling the 8-K on March 2nd: the company designated a new class of Series H Preferred Stock consisting of 5,000 shares, stated value $1,000 per share. Holders of those Series H Preferred Stock are entitled to receive dividends at the rate of 14% of the stated value to be paid quarterly.
NOTE in the March 2nd 8-K, it also stated that '1 subscribers at the stated value of $1,000 per share for a total of $11,000..' meaning 11 shares of the 5,000 Series H shares were issued on Feb 27th to someone.
--- The modification on 04/10 8-K simply changed the value of the 5,000 Series H shares from $1000 per share to $1200 per share; AND, the dividend was changed from 14% to 12%,
--- There is an Optional Redemption by the Company After One Year, and IF still held as Preferred after two years, there will be an Automatic Conversion to common at the 2 yr point, but the conversion cannot exceed 4.99% of all of the Common Stock outstanding at such time. (Note this redemption info is the same as in the original 8-K on 03/02/20.)
---so at best there will be at least 2 yrs before any of these preferred's get converted to common (adding to the OS), by then we, IMO, will be well off to the races with a much higher pps.
Happy Easter All!
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