Friday, May 22, 2015 12:53:37 AM
Perhaps you will recall our last r/s had originally been planned as a 1:2500 (or thereabouts) in combination with an increase in the A/S to 500 BILLION (yes, your eyes are fine...500 BILLION). It was then modified to 1:1500 and the A/S still to increase to 500 BILLION.
The shareholders shockingly succeeded in voting down the proposal (due to an error by YA in calculating their % ownership), and the shareholders believed this was the end of YA's dilutive practices because they's maxed out the O/S and could no longer convert debentures.
However, six months later YA circumvented the shareholder vote and forced a 1:15 r/s and an increase in the A/S from 5 BILLION to 7.5 BILLION shares...WITHOUT A SHAREHOLDER VOTE!!
There is absolutely NOTHING which would surprise me when it comes to YA.
Best,
BC
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