On4 Communications Inc (ONCI)

[David1962]

These preferred shares are 5000 common to 1 preferred. This is just the beginning of the share reduction. Common shares will be reduced separately. To be honest I have no idea why Steve is reducing the preferred shares. It seems he may be losing the majority voting rights when he retires his 1.4 billion common shares. IMO he may be creating a new series of preferred stock which is for voting power only and are not convertible to common shares.